CLP Calypso Uranium Corp.

CALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") - Calypso
President Stephen Barley is pleased to announce that the Company's wholly owned
subsidiary in Argentina, Energia Mineral Inc., is launching its exploration
drilling program in the Neuquen Basin following the Declarations of
Environmental Impact for the Central Block and Campesino Norte Projects. The
Company is also pleased to announce that Eneria Mineral has signed a Mining
Exploration and Purchase Option Agreement with Miranda S.A., for three key
properties surrounding the Company's La Pintada property.


Exploration Program in the Neuquen Basin

"We are pleased to be able to launch an intensive exploration program in the
Neuquen Basin," said Stephen Barley, President and CEO of Calypso. "It is a key
element of Calypso's joint venture agreement with Cameco and we are eager to
advance with this drill program, at the first potential in-situ recovery (ISR)
exploration project in Argentina." In September 2010, Calypso signed an Option
Agreement with Cameco to explore and develop uranium projects in Argentina
through Energia Mineral.


Guillermo Pensado, Vice President Exploration for Calypso and President of
Energia Mineral, said, "The Central Block and Campesino Norte exploration
programs are a priority at this stage and represent an investment of about
$2,000,000 for the first phase. We have an expert team in place that will be
initiating the drilling program in the near future, working closely with the
local community and local suppliers."


The Declarations of Environmental Impact represent the approval of the
exploration drilling programs presented for the Campesino Norte and Central
Block Projects for the next two years, and were issued by the Sub-Secretariat
for the Environment for the Province of Neuquen, under Disposition Nos. 140-11
and 153-11, on April 15 and April 29, respectively. Based on national and
provincial regulations, the approval is founded on technical assessments by the
Provincial Directorates of Environment, of Mining, and of Water Resources.


The Central Block project is an ISR project located along the Chihuidos High
range in the Neuquen oil & gas producing basin and represents the most
significant ISR project under exploration in Argentina. The approved exploration
program includes drilling of 20,000 meters by reverse circulation (RC) that are
planned to be drilled in different phases. The first phase of drilling will be
initiated in the near future and the aim of the program is to confirm the most
potentially mineralized horizons interpreted by field mapping and historical oil
& gas geological and geophysical data. The Campesino Norte follow-up exploration
program includes a 10,000 meter RC drill program that will be initiated with a
first phase to the southwest of the mineralized paleo-channel intercepted during
the drill fences completed in 2008. 


Mining Exploration and Purchase Option Agreement with Miranda S.A. 

The Mining Exploration and Purchase Option Agreement with Miranda S.A. is for
three properties covering approximately 14,500ha or 1,450km2 in the Sierra
Pintada District in the Province of Mendoza. The properties comprise several
radiometric anomalies surrounding existing Energia Mineral properties and border
the south edge of the Sierra Pintada uranium deposit. The Agreement was signed
by Energia Mineral on March 31, 2011, and the properties will be covered by the
joint venture exploration agreement with Cameco.


"These three properties are strategically located respective to Energia
Mineral's La Pintada Project near the Sierra Pintada deposit. Our first step is
to begin work on the Environmental Impact Report required by law in order to
obtain the approvals for prospective activities," said Pensado.


Under the terms of the Agreement, Energia Mineral will lead prospecting and
exploration activities, and Miranda grants Energia Mineral the option to
purchase 100% of the Properties at any time five years and six months as from
the date of execution of the Agreement. 


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 500,000 hectares or
5,000km(2) of claims and mineral concessions in the provinces of Chubut, Mendoza
and Neuquen. In September 2010, Calypso signed an Option Agreement with Cameco
Global Exploration Ltd., to explore and develop Calypso's uranium projects in
Argentina with the exception of the Huemul property in the Province of Mendoza
which is being retained by Calypso. 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, environmental and ethical 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.
The Company works closely with local, provincial and federal authorities, as
well as non-governmental organizations (NGOs) and Provincial Mining Chambers in
order to maintain a fluid communication channel with the communities as part of
its transparency and sustainable development policy. While maintaining its
principal focus on the development of the Argentine uranium projects, Calypso
has a 50% interest and is operator of 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 the website, www.calypsouranium.com, or
filed under the Company's profile at www.sedar.com.


CALYPSO URANIUM CORP.

Stephen Barley, President & CEO

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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