Apogee Minerals Ltd.

Apogee Minerals Ltd.

January 15, 2010 08:00 ET

Apogee Awards Contract for Diamond Drilling at Pulcayo Deposit

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2010) - Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:APE) is pleased to announce that it has awarded a contract for diamond drilling at its Pulcayo Deposit in southern Bolivia to Compania de Sondeos Fujita ("Fujita") of La Paz, Bolivia. Fujita was the drilling contractor at Pulacayo during the successful 20,000 meter resource delineation program undertaken during late 2007 and early 2008. This program culminated with an independent estimate of mineral resources at the Pulacayo deposit by Micon International Limited ("MICON"), as set out in the National Instrument 43-101 ("NI 43-101") compliant technical report dated December 2008 entitled "Technical Report for the Pulacayo Project, Potosi District, Quijarro Province, Pulacayo Township, Bolivia" (the "Technical Report") as filed on SEDAR. Such resources form the basis of the ongoing scoping study currently being prepared by MICON. 

The epithermal silver lead zinc deposit at Pulacayo comprises a thick zone (commonly up to 200 meters thick). A higher grade zone that locally exceeds 60 meters in thickness has been identified within the wide zone of epithermal mineralization and this high grade area is the focus of the ongoing evaluation. The sulphide mineralization typically consists of sphalerite, galena and tetrahedrite in veins and stockwork.

Historical production at the Pulcayo deposit, which was in excess of 600 million ounces of silver, was focused exclusively on narrow "bonanza" grade veins with silver grades typically in the order of thousands of grams per tonne. The mining methods applied were very selective and the bulk of the mineralized system was never extracted and remains intact.

The initial contract, which is expected to be extended, is for a minimum of 4000 meters and 10 holes, and is designed to expand the high grade portion of the mineral resource to the east of its current limits. (Figure 1). Four wide spaced holes drilled in the target area during the 2007/2008 programs returned significant intersections of silver, lead and zinc mineralization over substantial widths. The objective of the new drilling is to extend the resource approximately 350 meters to the east in the area supported by these existing drill intersections which included:

PUD063                      33.0 meters grading 146.61 g/t Ag, 0.73% Pb, 1.54% Zn
                                Including 10.0 meters grading 312.0 g/t Ag, 1.98% Pb, 3.77% Zn

PUD060                      53.0 meters grading 110.08 g/t Ag, 0.58% Pb, 0.94% Zn
                                Including 8.0 meters grading 216.3 g/t Ag, 0.65% Pb, 1.53 Zn

PUD060A                    25.00 meters grading 301.08 g/t Ag, 0.90%Pb, 2.27% Zn 
PUD 010                     11.35 meters grading 181.27 g/t Ag, 0.16% Pb, 0.23 % Zn

Mobilization of equipment to the site has commenced and drilling is expected to start on or before January 20th, 2010.

The company is also pleased to report that work is progressing on the NI 43-101 scoping study which is being prepared by MICON The economic study which was submitted to the Bolivian Mining Corporation forms the basis of this subsequent report which is evaluating alternative scenarios to determine the optimal approach to developing a high grade underground mine at Pulacayo. (See Press Release dated December 2, 2009.)The scoping study is expected to be completed early in the first quarter of 2010.

Quality Control

The Company employs a quality assurance/quality control protocol on all aspects of the diamond drilling, sampling and analytical procedures. The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino, P. Geo, a qualified person as defined by National Instrument 43 – 101. Mr. Merino has reviewed and approves the scientific and technical information presented in this press release.

For detailed project information please refer to Apogee's web site at www.apogeeminerals.com.

About Apogee Minerals Limited
Apogee Minerals Ltd. is an exploration stage company a listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced silver-zinc-lead projects in South America that demonstrate potential to be rapidly developed to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile.

Its most advanced project is the Pulacayo-Paca project in Bolivia, which is an option to joint venture with Golden Minerals Company. This project includes the property that covered the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.

Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding the drill program at Pulacayo, the results and timing of the MICON study, development of the Pulacayo project, statements regarding exploration prospects, and requirements for additional capital. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view Figure 1 Pulacayo Vertical Long Section with 2010 Phase 1 drill target area, please visit the following link: http://media3.marketwire.com/docs/ape_0115_figure_1.pdf


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