CLP Calypso Uranium Corp.

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") is pleased
to announce the Company has signed a non-binding Letter of Intent ("LOI") with
Cameco Corporation ("Cameco") to enter into a joint venture agreement to explore
and develop the majority of Calypso's uranium projects in Argentina through an
equity investment by Cameco in Calypso's wholly-owned subsidiary Energia Mineral
Inc. ( "Energia Mineral" or "EMI").


Under the terms of the LOI, Calypso has agreed to grant Cameco the option to
acquire a 51% interest in EMI in consideration of Cameco investing C$10,000,000
in exploration and development expenses on Calypso's Argentine uranium
properties over a maximum four year period. The LOI provides that the first
$2,500,000 of the option will be a firm commitment and the balance will be at
Cameco's discretion. The EMI project areas included in the LOI cover
approximately 423,000 hectares and include the La Pintada, Ranquil Co, Central
Block, Campesino Norte and San Jorge Basin projects. EMI's Huemul project in the
Province of Mendoza is excluded from the terms of the LOI. The arrangement with
Cameco is subject to the completion of due diligence; the negotiation and
execution of definitive agreements; and the approval of the TSX Venture
Exchange.


"Calypso is extremely pleased to have Cameco as a potential partner and to be
able to add Cameco's expertise and strength to the already solid efforts of our
Energia Mineral team in Argentina," said Stephen Barley, President of Calypso.
"EMI controls a large area of excellent prospects and the synergies generated by
our joint participation will allow us to better advance the development of these
projects over the long term. As exploration operator, Energia Mineral brings its
local capacity and experience to carry out the project exploration phase. For
projects that show potential to move beyond the exploration stage, Cameco's
industry experience and leadership will provide solid backing for the
development and production phases."


Under the terms of the LOI, EMI will continue to lead exploration activities
during the option period based on exploration proposals approved by a joint
technical committee. In the event Cameco exercises its option and acquires a 51%
interest in EMI, Cameco has the right but not the obligation to become the
operator.


"Cameco is not only a global leader in uranium exploration and development, but
they also share our commitment to ensure broad community support, and to work to
the highest national and international health and safety and environmental
standards," said Guillermo Pensado, Vice President Exploration of Calypso and
President of Energia Mineral (Inc.). Pensado added: "While Argentina currently
imports all its uranium needs, we believe it has the geological potential to be
totally self-sufficient. Energia Mineral looks forward to contributing to the
development of Argentina's uranium potential."


About Cameco

Cameco, with its head office in Saskatoon, Saskatchewan, Canada, is one of the
world's largest uranium producers. The company's uranium products are used to
generate electricity in nuclear energy plants around the world, providing one of
the cleanest sources of energy available today. Cameco's shares trade on the
Toronto and New York stock exchanges.


About Calypso

Calypso Uranium Corp. is a mineral exploration company whose principal focus is
the exploration and development of uranium properties in Argentina and in the
United States. Calypso is active in Argentina with more than 447,000 hectares or
4,470km2 of claims and mineral concessions in the provinces of Chubut, Mendoza
and Neuquen. Through the Argentine branch of its subsidiary Energia Mineral
Inc., the Company has an exploration office located in Mendoza working closely
with local communities while operating to the highest national and international
safety and environmental standards. To promote transparency and to build
awareness and public understanding of uranium exploration, all of Calypso's
environmental impact reports and its "Radiological Safety and Protection Guide
for Uranium Exploration" are posted on its website. While maintaining its
principal focus on the development of the Argentine uranium projects, in June
2008, Calypso entered into an option agreement to acquire an interest in the
Sage Creek properties located in Converse County, Wyoming. Calypso is
well-funded to advance all exploration projects and has the technical team and
management structure for this effort. Further information is available at our
website, www.calypsouranium.com, or filed under the Company's profile at
www.sedar.com.


CALYPSO URANIUM CORP.

Stephen Barley, President & CEO

Shares Outstanding: 50,630,819

This press release does not constitute an offer to purchase securities. The
securities to be offered in the offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United States or to,
or for the benefit or account of, a U.S. person, except pursuant to an available
exemption from such registration requirements.


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.

Grafico Azioni Calypso Uranium Corp. (TSXV:CLP)
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Grafico Azioni Calypso Uranium Corp. (TSXV:CLP)
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