Apogee Minerals Ltd.

Apogee Minerals Ltd.

January 11, 2008 08:14 ET

Apogee Intersects 31 Meters Grading 472.8 g/t Silver, 4.19% Zinc at Pulacayo, Bolivia

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2008) - Apogee Minerals Ltd. (TSX VENTURE:APE) has received assays for the first two holes from its ongoing diamond drilling program at the Pulacayo-Paca Silver-Lead-Zinc project (Figure 1). These intersections confirm the presence of a thick zone of silver, zinc and lead mineralization in the center of the upper part of the world class Tajo Vein System. The Tajo Vein System has historical production of over 600 million ounces of silver. The project is an option to joint venture with Apex Silver Mines Ltd. in which Apogee can earn up to a 60% interest in the Project (see press release dated 13/09/05) by completing a feasibility study.

PUD043 intersected a 31 meters wide silver-rich mineralized zone at 371 meters core depth (approximately 285 meters vertical depth relative to the collar) grading 146.9 g/t silver, 0.31 % lead, and 0.96% zinc. This zone includes 6.0 meters grading 483.7 g/t silver, 0.36% lead and 0.39 % zinc (Table 1, Figure 2).

PUD045 intersected 61 meters grading 262.5 g/t silver, 0.79 % lead, and 2.93 % zinc at 254 meters core depth (approximately 215 meters vertical depth relative to the collar). This zone includes 31.0 meters grading 472.8 g/t silver, 0.90% lead and 4.19 % zinc (Table 1, Figure 2).

Joaquin Merino, Vice President Exploration for Apogee comments: "These are the first intercepts from the program and we expect additional positive results in the coming weeks. We are focused on the near-surface, silver-rich portion of the Upper Tajo Vein System, which is known to extend laterally for at least 1 kilometer and at depth for more than 700 meters. Furthermore, other subparallel mineralized systems have been identified, including "Veta 4" which is just 150m north of the Tajo Vein System. I believe that this part of the Tajo Vein System has excellent potential to develop into a resource with significant grade and tonnage".

Drilling commenced in the fourth quarter of 2007 during which time 14 holes totaling 3,745 meters were completed prior to shut down for the Christmas break. Intercepts from drill holes PUD043 and PUD045 are located approximately 90 m apart. PUD043 is 75 meters vertically below a historical drill hole P-7 and PUD045 is 60 meters along strike to the west of hole P-7 which intersected 44 meters grading 413 g/t silver, 3.5% zinc and 1.8% lead.

David Gower, P.Geo., CEO of Apogee, states "We are very encouraged to see thick intercepts on large step outs from hole P-7 as it provides support for the presence of a thick enriched zone that could quickly add a new and significant resource. Drilling will resume on this project by mid January. Additional drill results from the other 12 holes completed in November and December are expected over the next few weeks. Apogee's intention is to complete the resource drilling and resource calculation at Pulacayo in Q2, 2008 in order that it can be included in upcoming scoping and prefeasibility studies."

Table 1: PUD043 and PUD045 significant intercepts. The widths represent core widths, true thickness is expected to be at least 80% of the core width.

Hole N From To Width Silver Lead Zinc
Degrees (m) (m) (m) (g/t) (%) (%)
PUD-043 371.00 402.00 31.00 146.90 0.31 0.96
Incl. 376.00 382.00 6.00 483.67 0.36 0.39
Incl. 399.00 402.00 3.00 274.67 1.14 2.22

PUD-045 254.00 315.00 61.00 262.51 0.79 2.93
Incl. 256.00 315.00 59.00 271.27 0.82 3.00
Incl. 277.00 315.00 38.00 402.92 0.86 3.58
Incl. 278.00 309.00 31.00 472.87 0.90 4.19
Incl. 283.00 305.00 22.00 482.45 1.11 4.92
Incl. 283.00 292.00 9.00 647.00 1.26 6.77

The Tajo Vein system is an east-west system of conjugate veins, stockwork and disseminated sulphides that locally is 200 meters thick but containing a higher grade core known as the Main Zone that reaches 60 meters in thickness. The known strike length of the Tajo Vein System is approximately 1 kilometer but it remains open at both ends along strike (Figure 2). Mineralization in the TVS comprises sphalerite, galena and tetrahedrite in massive sulphide veins ranging from a few centimeters to greater than one meter thick and heavily disseminated sphalerite, galena and tetrahedrite between the veins.

The central part of the upper Tajo Vein System (above approximately 400 meters depth) is presently being targeted. The present focus is on a target area that is approximately 450 meters long by 400 meters vertical. Previous wide spaced drilling provided very encouraging results and the objective is to quickly establish a resource and reactivate the economic evaluation of the project.

Option Grant

Apogee is also pleased to announce that Ana Lopes has joined Apogee as Manager of Investor Relations. Ms. Lopes will be working with management to strengthen all aspects of communication with our investors. As part of her compensation package, Apogee has granted to Ms. Lopes a total of 25,000 options under the stock option plan of the Company. The options have an exercise price of $0.27 per option exercised and are subject to regulatory approval.

Quality Control

The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.

The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release.

This press release has been reviewed and approved by David Gower, P.Geo., CEO of Apogee and the qualified person as defined by National Instrument 43-101.

About Apogee Minerals

Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The Company is listed on the TSX Venture Exchange under the symbol APE. Apogee is focused on advanced silver-zinc-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.

The Company's 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Ltd. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.

Forward Looking Statements

This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing for resource modeling and the preparation of a 43-101 compliant technical report and the impact of additional drills on the progress of the program. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

To view Figure 1: Pulacayo - Paca Project location map, please visit the following link: http://www.ccnmatthews.com/docs/APEFIG1_0110.jpg.

To view, Figure 2: Vertical Longitudinal Section of the upper part of the Tajo Vein System, showing intersection locations. The dotted line marks the projection of the San Leon adit., please visit the following link: http://www.ccnmatthews.com/docs/APEFIG2_0110.jpg.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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