Calypso Uranium Corp. Provides an Update on Operations

VANCOUVER, Aug. 17, 2012 - Calypso Uranium Corp. ("Calypso" or the "Company") (TSX VENTURE:CLP) provides an update on operational activities in Argentina and the USA. The Company has placed all operations in Argentina on care and maintenance and has closed the Mendoza office and let go all but essential personnel required to maintain the current Argentine land holdings. In addition, the Company's subsidiary Sage Creek Minerals Inc. and its joint venture partner in the Sage Creek Wyoming properties, have sold 100% of their interest to a third party.

Stephen Barley, President and CEO of Calypso commented: "The current market conditions combined with uncertainty in Argentina have compelled our group to make difficult operational decisions in order to protect the $4.5 million in unrestricted cash we have in treasury. Sage Creek was not a core asset and was sold in order to avoid further carrying costs. We believe the Argentine land holdings will continue to be valuable and we are considering alternatives in regard to their development. The Company is also reviewing projects in other sectors and jurisdictions."


About Calypso

Calypso Uranium Corp. is a mineral exploration company whose principal focus is the exploration and development of uranium properties in Argentina. Calypso holds more than 460,000 hectares or 4,600km2 of claims and mineral concessions in the provinces of Chubut, Mendoza and Neuquén. 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



Shares Outstanding: 50,630,819

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.



Contact

Calypso Uranium Corp.
Investor Relations
1-604-639-4671
1-604-639-4670 (FAX)
info@calypsouranium.com
www.calypsouranium.com