Calypso uranium has reported on the exploration and follow-up program on the Argentine properties controlled by its wholly-owned subsidiary Energia Mineral.

This program has been approved by the joint technical committee and is incorporated in the option agreement signed on 21 September 2010 with Cameco Global Exploration.

The Energia Mineral has focused on the development and follow-up exploration programs for the Central Block and Campesino Norte projects, both located in Neuquen Province and expected to be drilled during the upcoming summer season in the southern hemisphere.

The Central Block project is an ‘in-situ’ recovery (ISR) project located along the Chihuido High range in the Neuquen oil & gas producing basin.

After the anticipated approval of new mining licenses recently claimed, the Central Block ISR project would comprise more than 2,300sq km representing the most significant ISR project under exploration in Argentina.

The goal of the program is to define the first target for this ISR project, which the company expects to drill this southern summer with a program of approximately 4,500m by reverse circulation (RC).

In October 2010, Energia Mineral submitted the environmental impact report required by law to advance with the drill program and which is expected to be approved during the course of this year.

The Campesino Norte follow-up program includes a ground geophysical survey and a new RC drill program southwest of the drill fences completed in 2008.

The 4,135m in 135 short reverse circulation holes drilled in 2008 defined a main paleo-river channel in the Petrosaurius area at least 900m wide and containing several sand-and-gravel bars, which are preferentially altered and mineralized.

Mineralization was mainly copper and vanadium and the highest uranium value obtained was in the zone named Javier, more than 5km southwards of the Petrosaurios area, where hole CN-121 returned 2m, between 10 and 12m, grading 0.033% U3O8.

The new target area is located 3km southeast of the Javier zone and the goal of the exploration program is to define the main paleo-river channel depth using geophysical surveys, and testing with a 1,500m RC drill program later in the summer.

Energia Mineral has been granted all the environmental permits to conduct the prospecting and exploration program, which will be focused on the properties granted by the Provincial Mining Authority.