Calypso Acquisition Corp.
TSX VENTURE : CLP

Calypso Acquisition Corp.

February 20, 2007 12:56 ET

Calypso Reports Acquisition of the Rahueco Uranium District in Neuquen Province, Argentina

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 20, 2007) - Mr. Roney Long, President and CEO of Calypso Acquisition Corp. ("Calypso" or the "Company") (TSX VENTURE:CLP), reports that Calypso's exploration efforts have resulted in the acquisition of another uranium district in the Neuquen Province of Argentina. Calypso has signed a lease/purchase option contract with the owner of several large mining claims covering both the old uranium exploration district of Rahueco and adjacent exploration areas. Calypso had previously placed a protective claim to the south of Rahueco to cover potential extensions of the main mineralized zone. All together Calypso now controls, either by lease with option to purchase or direct claim, a total of 28,936 hectares in the Rahueco District, a total of about 289 square kilometres.

The Rahueco Uranium District is located in the northwest part of Neuquen Province, Argentina. Access to the project is very good through is a network of local improved roads. The district was extensively explored 30 years ago by CNEA, the National Atomic Energy Agency, and their work discovered numerous radioactive outcrops. CNEA excavated trenches, adits, and pits in three separate clusters to assess many of the outcrops. All of the known uranium mineralization in the district is contained in the Tordillo formation of Jurassic age. The host rocks are continental channel deposits of tuffaceous sandstone and pebble conglomerates, all associated with flood cycles. The observed uranium mineralization, with associated values of copper and silver, is associated with carbonaceous material. The initial evaluation suggests that as many as ten separate horizons are uranium anomalous in the main part of the Rahueco district. Initial spectrographic and geochemical analysis by Calypso has confirmed the uranium mineralization of the district.

General reconnaissance of the Rahueco area has disclosed some very large alteration zones. One of these crosses a local road, and has up to 50 meters of altered, pyritized, and copper-uranium mineralized stratigraphy. Calypso anticipates a three phase exploration program at Rahueco. Phase one will consist of imagery-assisted exploration of the total area. Phase two will be focused mapping and sampling in the main district and any other anomalies of merit. Phase three will be drilling of selected targets. The local community has reacted favorably to the initial work of Calypso and a program of community awareness will be included in the initial work phase, as is the Calypso policy in all areas it controls.

Acquisition of the Rahueco District now increases the Calypso uranium exploration land holdings to 332,662 hectares, contained in nine separate districts in three separate provinces in Argentina. This is the largest reported uranium exploration land holdings of any company or government agency exploring for uranium in Argentina. Calypso is now very well positioned to advance many of these projects to drill phases. Calypso now has its website open and a map of these projects can be viewed at www.calypsoacquisition.com.

Calypso has relied on the review of Mr. Steve Jones, a Certified Professional Geologist and a Qualified Person under NI 43-101 regulations, for data of a technical nature. Mr. Jones has visited the Rahueco Project area and collected a check sample from the district.

Calypso is an uranium exploration and development company with large highly prospective uranium properties known as the Huemel, Campesino Norte, La Pintada, Rahueco and Central Block located in four regions of Argentina. Calypso has a fully staffed exploration office located in Mendoza, Argentina.

CALYPSO ACQUISITION CORP.

This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.

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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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