Projects Overview

Calypso is dedicated to the exploration and development of mineral and energy projects with over 510,000 hectares or 5,100 km2 of highly prospective uranium properties in South America and the United States. Calypso is principally focussed on sandstone-type uranium deposits which are one of the most prolific forms of uranium deposits worldwide. Current projects are located in high potential uranium areas in Argentina comprised of former mines or exploration areas and include an area with the potential of becoming one of Argentina's first possible "in-situ recovery" (ISR) projects. In the United States, Calypso's joint venture project is next to the largest producing uranium mine in the Americas.

ARGENTINA

Through its subsidiaries Energía Mineral and Pampa Amarilla, Calypso is active in Argentina with over 500,000 hectares or 5,000 km2 of highly prospective uranium properties located in the provinces of Chubut, Mendoza and Neuquén. The Company is among the best positioned in Argentina to move from exploration to production given that several of the properties include resources previously confirmed by the national atomic energy commission (CNEA).

In September 2010, Calypso signed an Option Agreement with Cameco Global Exploration Ltd., a wholly-owned subsidiary of Cameco Corporation, one of the world's largest uranium producers, for a joint venture on the majority of Calypso projects in Argentina through Energía Mineral.

Energía Mineral

Energia Mineral projects covered in the joint venture Option Agreement signed with Cameco include:

• Projects in the Sierra Pintada uranium district in Mendoza, where the country's largest uranium deposit and historically producing mine is located;
• Neuquen Basin projects, including Ranquil-Co in Mendoza, and the Campesino Norte and Central Block projects in Neuquen, with Central Block being the first potential ISR uranium project being explored in Argentina; and,
• Projects in Chubut concentrated in the uraniferous San Jorge Basin, where the 5000tU (RAR and inferred) Cerro Solo uranium deposit is located.

Pampa Amarilla

In 2010, Calypso created Pampa Amarilla to focus on the Huemul Project which was excluded from the Option Agreement Calypso signed with Cameco, and to pursue other potential opportunities for Calypso. Pampa Amarilla projects in Argentina include past uranium producers Huemul, Arroyo Seco and Agua Botada in Mendoza Province.

UNITED STATES


Click to enlargeSage Creek Minerals

While maintaining the principal focus on the development of its Argentine uranium projects, Calypso has earned a 50% interest in the Sage Creek Claims project in Converse County, Wyoming, through its wholly-owned US subsidiary Sage Creek Minerals (Inc.). The Sage Creek Claims are a joint venture with Earth Minerals International and are being operated by Sage Creek Minerals.

The Sage Creek Claims Project includes 403 unpatented lode mineral claims with ISR potential covering 2,773 hectares or 27.7km2 in the prolific southern Powder River Basin. The Project is located next to the largest uranium production facility in the Americas, which operates with ISR technology.