Located in Neuquen Province, the Campesino Norte project comprises 48,230 hectares covering uranium mineralized outcrops over one of the more important gas-oil fields in Argentina.

The prospect is located in restricted channel-fill sandstones and conglomerates carrying a lot of petrified wood, vegetative matter, and bitumen in the gravels of a paleo-channel. Outcrops are limited so it is difficult to predict the orientation, width or form of those channels. The mineralization here is of the typical Colorado Plateau style, with a lot of copper, uranium, silver, and vanadium and comparable to those in the Jurassic Saltwash member of the Morrison Formation on the Colorado Plateau, USA.

Regional Geology Map

Airborne Radiometric U Count Map

The airborne radiometric survey disclosed 42 uranium anomalies areas and follow-up of these anomalies disclosed additional exposed uranium mineralization.

Initial Drilling Program

Drilling of the initial phase was completed between May 1st and July 4th, 2008. This test phase was designed as a combination of trenching substitute and prospective drilling due to the scarce outcrops observed in the project.

Calypso drilled a total of 4,135 metres in 135 short reverse circulation holes in a total of seven fences at five different target areas named Petrosaurios, Alexis, Daniel, Javier and Ariel. After re-logging, a total of 2,974 samples were analyzed by Alex Stewart Argentina SA laboratory in Mendoza, Argentina, including 254 QAQC samples representing 8.5%.

Results confirmed the surface appearance of major copper, vanadium, and uranium mineralized paleo-river system. The main mineralized channel drilled, in the center of the project and named Petrosaurios, intersected a true width of 900 metres, averaging 6.8 metres thick, and grading 0.14% V2O5. Drilling indicated other area 350 metres wide, averaging 5.4 metres in thickness and grading 0.36% Cu. Both of these areas sampled partially overlap, and are in outcrop and in the very shallow sub-surface.

Two other areas were drilled at seven kilometres to the southwest of Petrosaurios, but 70 metres higher in the topography. The bedding is essentially flat, so, their stratigraphic position is higher to the south. Alteration thickness and intensity and uranium values, both at the surface and in drilling, all increase to the southwest. The total strike length of the undrilled part of the main mineralized river channel, going to the southwest, is at least 18 kilometres on claims of Calypso. All mineralized intercepts to date are oxidized.

At Petrosaurios, a total of three fences (see sections below), spaced 200 metres apart and crossing the channel trend, were drilled for lengths of 2.2 to 0.5 kilometres, with holes spaced between 25 and 50 metres along the fences. At this area the main paleo-river channel is at least 900 metres wide and contains several sand-and-gravel bars which are preferentially altered and mineralized. The first Petrosaurios fence has, in addition to the intercepts cited above, a zone of 75 metres wide, 3.3 metres thick and grading 0.37% Cu. The second fence contains more vanadium than copper, and the third fence little copper but vanadium continues, with a section 500 metres wide, 4.5 metres thick, grading 0.13%V2O5. The control for this zoning pattern is currently unknown, but zonal arrangements between uranium, vanadium, and copper are common in these environments.

PETROSAURIOS AREA

The highest uranium value obtained was to the south, in the zone named Javier, where hole CN-121 returned 4 metres, between 8 and 12 metres, grading 0.0231%U3O8 (0.5 lb). This intercept was in sheet-flood sandstone, and the main channel horizon was not drilled due to drill rig limitations.

Cross-Section 1, Petrosaurios Area

Cross-Section 2, Petrosaurios Area

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