Calypso Clarifies Previous Disclosure
VANCOUVER, BRITISH COLUMBIA, Nov 16, 2012 (Menafn - MARKETWIRE via COMTEX) --Calypso Uranium Corp. ("Calypso" or the "Company") is issuing this news release as a result of a review by theBritish Columbia Securities Commission ("BCSC") and to clarifyprevious disclosure.
La Pintada Project, Argentina
The Company's La Pintada Project is located in Mendoza Province,Argentina. The Company's website (the "Website") previously includeddisclosure of a uranium resource estimate for the La Pintada Project.The La Pintada Project was previously the subject of diamond coredrill programs conducted by the National Atomic Energy Commission("CNEA") in the 1970's. The previously reported historical resourceestimate, which was based on information from an unpublished CNEAtechnical report (La Pintada, 1980, by Perez, CNEA unpublished), wassmall and immaterial to the Company.
The previously disclosed historical resource estimate did not use theresource categories prescribed by Canadian National Instrument 43-101("NI 43-101") adopted by the CIM Council and also did not include theinformation required by NI 43-101 regarding quantities and grades ofresources. A qualified person has not been able to verify theresource estimate and is not able to classify such estimate ascurrent mineral resources in accordance with NI 43-101. The Companyis not treating this resource estimate as a current mineral resourceas defined in NI 43-101 and this resource estimate is not necessarilyindicative of potential quantities or grades of mineralization on theCompany's La Pintada Project. Because the previously discloseduranium resource was not compliant with NI 43-101 disclosurerequirements applicable to all disclosure of resource estimates, theCompany retracts its prior disclosure of the uranium resource.
Adjacent and Proximate Properties
The Website also previously included disclosure of resource estimatesfor the Sierra Pintada uranium mine. The Company's La Pintada Projectis located adjacent to and surrounds the southern portion of theSierra Pintada uranium mine properties. The Sierra Pintada uraniummine is not owned by the Company and is controlled by CNEA. TheSierra Pintada uranium mine was in production from 1976 until 1998,after which it was put into stand by. The information relating to thereserves and grades at the Sierra Pintada uranium mine was derivedfrom public disclosure made by CNEA including a report titled"Yacimiento Doctor Baulies y otros depositos del distrito uraniferoSierra Pintada, Mendoza", Salvarredi, Julio, 1999 at "RecursosMinerales de la Republica Argentina", Ed. E. O. Zappettini, Institutode Geologia y Recursos Minerales SEGEMAR, (anales 35:895-906)(anales 35:BuenosAires). A further report titled "The Uranium 2011: Resources,Production and Demand", 2012, by the Organisation for EconomicCo-operation and Development ("OECD"), Nuclear Energy Agency ("NEA"),and International Atomic Energy Agency ("IAEA") (OECD 2012 NEA Ndegrees 7059), includes new resource estimates for the Sierra Pintadauranium mine as of January 1, 2011 (the "Uranium 2011 Report").
The Company's news release dated February 22, 2012 (the "FebruaryNews Release") and the Website previously included disclosure aboutresource estimates about the Cerro Solo uranium deposit. The CerroSolo deposit referred to in the February News Release and the Websiteis a deposit controlled by the CNEA and not by the Company. CNEA'sCerro Solo deposit is located approximately 30km north of theCompany's San Blas properties included in the Company's San JorgeBasin Project. The Cerro Solo deposit has been the subject ofextensive historical exploration activity. Resource estimates for thedeposit included in the February News Release and the Website wereextracted from in public reports released by CNEA, titled, "ElDeposito Cerro Solo", 2005, Comision Nacional de Energia Atomica,Argentina" and "El Proyecto Cerro Solo, Provincia de Chubut: Unproyecto promisorio, 2007, Comision Nacional de Energia Atomica.Argentina". Further disclosure of resource estimates was included inthe Uranium 2011 Report.
The previously disclosed resource estimates regarding the CNEA'sCerro Solo deposit and the CNEA controlled Sierra Pintada uranium didnot use the resource categories prescribed by NI 43-101 adopted bythe CIM Council, and did not include the information required by NI43-101 regarding quantities and grades of resources. A qualifiedperson has not been able to verify the previously disclosed resourceestimates and is not able to classify such estimates as currentmineral resources in accordance with NI 43-101. The Company is nottreating these estimates as current mineral resources as defined inNI 43-101 and these estimates are not necessarily indicative ofpotential quantities or grades of mineralization on the Company's ownproperties. Because of their non-compliance with NI 43-101, theCompany retracts its prior disclosure of the uranium or U3O8 resourceor reserve estimates for the adjacent Sierra Pintada and nearby CerroSolo properties.
As previously disclosed by the Company, the Company has placed alloperations on the Company's properties in Argentina on care andmaintenance and has closed its Mendoza office.
Guillermo Pensado, the Company's VP of Exploration, a QualifiedPerson as defined by NI 43-101, approved this news release.
Calypso Uranium Corp. is a mineral exploration company whoseprincipal focus is the exploration and development of uraniumproperties in Argentina. Calypso holds approximately 442,000 hectaresor 4,420km2 of claims and mineral concessions in the provinces ofChubut, Mendoza and Neuquen. Further information is available underthe 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 (asthat term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
Calypso Uranium Corp.
SOURCE: Calypso Uranium Corp.
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