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Press release from Marketwire

Calypso Earns 50% Interest and Enters Into Joint Venture on Wyoming Potential in Situ Recovery Uranium Exploration Property

Friday, September 03, 2010

Calypso Earns 50% Interest and Enters Into Joint Venture on Wyoming Potential in Situ Recovery Uranium Exploration Property12:17 EDT Friday, September 03, 2010VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 3, 2010) - NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICESCALYPSO URANIUM CORP. (TSX VENTURE:CLP) ("Calypso" or the "Company") is pleased to announce the Company and Earth Minerals International Inc. have amended their option agreement dated June 18, 2008 and Calypso through its wholly owned US subsidiary Sage Creek Minerals Inc. has now earned a 50% interest in 403 unpatented lode mineral claims with in situ recovery ("ISR") potential located in Converse County, Wyoming known as the Sage Creek claims. The two companies have entered into a joint venture agreement with Calypso being the initial operator.The Sage Creek claims are in the prolific southern Powder River Basin area of the State of Wyoming. The Smith Ranch uranium ISR facility operated by Power Resources Inc., a wholly owned subsidiary of Cameco Corporation, is immediately adjacent to the east of the Sage Creek claims. The Smith Ranch ISR operation is one of the largest uranium ISR fields in production in the world. Calypso and its partner are now assessing the manner in which they will advance exploration on the claims.The Company re-elected Stephen Barley, Kurt Bordian, Robert Pendreigh, and Omar Beretta as directors at the Shareholders Meeting held on August 26th. Regrettably, Dr. Jon P. Thorson has determined to not stand for re-election due to other business commitments, however the Company is very pleased Dr. Thorson has agreed to remain as a technical advisor to the Company.About CalypsoCalypso 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 470,257 hectares or 4,702km2 of claims and mineral concession lands 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, 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 our website, www.calypsouranium.com, or filed under the Company's profile at www.sedar.com.CALYPSO URANIUM CORP.Stephen Barley, President & CEOThis 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.Shares Outstanding: 50,630,819FOR FURTHER INFORMATION PLEASE CONTACT: Calypso Uranium Corp. Investor Relations 1-604-639-4671 604-639-4670(FAX) info@calypsouranium.com www.calypsouranium.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.