Apr 13, 2010 14:27 ET
Calypso Signs Letter of Intent With Cameco for a Joint Venture on Calypso's Argentine Uranium Properties
VANCOUVER,BRITISH COLUMBIA--(Marketwire - April 13, 2010) - CALYPSO URANIUM CORP. (TSX VENTURE:CLP)("Calypso" or the "Company") is pleased to announce theCompany has signed a non-binding Letter of Intent ("LOI") with CamecoCorporation ("Cameco") to enter into a joint venture agreement to explore anddevelop the majority of Calypso's uranium projects in Argentina through anequity investment by Cameco in Calypso's wholly-owned subsidiary EnergiaMineral Inc. ( "Energia Mineral" or "EMI").
Under the terms of the LOI, Calypsohas agreed to grant Cameco the option to acquire a 51% interest in EMI inconsideration of Cameco investing C$10,000,000 in exploration and developmentexpenses on Calypso's Argentine uranium properties over a maximum four yearperiod. The LOI provides that the first $2,500,000 of the option will be a firmcommitment and the balance will be at Cameco's discretion. The EMI projectareas included in the LOI cover approximately 423,000 hectares and include theLa Pintada, Ranquil Co, Central Block, Campesino Norte and San Jorge Basinprojects. EMI's Huemul project in the Province of Mendoza is excluded from theterms of the LOI. The arrangement with Cameco is subject to the completion ofdue diligence; the negotiation and execution of definitive agreements; and theapproval of the TSX Venture Exchange.
"Calypso is extremely pleased tohave Cameco as a potential partner and to be able to add Cameco's expertise andstrength to the already solid efforts of our Energia Mineral team in Argentina,"said Stephen Barley, President of Calypso. "EMI controls a large area ofexcellent prospects and the synergies generated by our joint participation willallow us to better advance the development of these projects over the longterm. As exploration operator, Energia Mineral brings its local capacity andexperience to carry out the project exploration phase. For projects that showpotential to move beyond the exploration stage, Cameco's industry experienceand leadership will provide solid backing for the development and productionphases."
Under the terms of the LOI, EMI willcontinue to lead exploration activities during the option period based onexploration proposals approved by a joint technical committee. In the eventCameco exercises its option and acquires a 51% interest in EMI, Cameco has theright but not the obligation to become the operator.
"Cameco is not only a global leaderin uranium exploration and development, but they also share our commitment toensure broad community support, and to work to the highest national andinternational health and safety and environmental standards," said GuillermoPensado, Vice President Exploration of Calypso and President of Energia Mineral(Inc.). Pensado added: "While Argentina currently imports all its uranium needs,we believe it has the geological potential to be totally self-sufficient. EnergiaMineral looks forward to contributing to the development of Argentina's uraniumpotential."
About Cameco
Cameco, with its head office inSaskatoon, Saskatchewan, Canada, is one of the world's largest uranium producers.The company's uranium products are used to generate electricity in nuclearenergy plants around the world, providing one of the cleanest sources of energyavailable today. Cameco's shares trade on the Toronto and New York stockexchanges.
About Calypso
Calypso Uranium Corp. is a mineralexploration company whose principal focus is the exploration anddevelopment ofuranium properties in Argentina and in the United States. Calypso isactive in Argentina with more than 447,000 hectares or 4,470km2 of claims and mineral concessions inthe provinces of Chubut, Mendoza and Neuquen. Through the Argentine branch ofits subsidiary Energia Mineral Inc., the Company has an exploration officelocated in Mendoza working closely with local communities while operating tothe highest national and international safety and environmental standards. Topromote transparency and to build awareness and public understanding of uraniumexploration, 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 thedevelopment of the Argentine uranium projects, in June 2008, Calypso enteredinto an option agreement to acquire an interest in the Sage Creek propertieslocated in Converse County, Wyoming. Calypso is well-funded to advance allexploration projects and has the technical team and management structure forthis 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 & CEO
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