Apogee Minerals Ltd.
TSX VENTURE : APE

Apogee Minerals Ltd.

February 14, 2011 08:00 ET

Apogee Announces Appointment of Vice President of Operations and Calls for Tenders for Mining Contract at Pulacayo

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) - Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:APE) is pleased to announce the appointment of Mr. Oscar Calero as the Vice President of Operations of the Company effective February 15th, 2011. Mr. Calero brings extensive engineering experience in both mine operations and development projects with over 20 years of practice in both Peru and Canada. Most recently, Mr. Calero was the Superintendent of Projects and Productivity at Volcan Compania Minera, a publicly traded Peruvian mining company that produces zinc, lead, silver, and copper from six underground mining operations. Previously, Mr. Calero held the position of Manager of Underground Mine Planning and Projects, Peru, for Hochschild Mining PLC, and Mine Operations Manager for Century Mining's Sigma-Lemaque Operation in Val d'Or Quebec. Mr. Calero holds a Bachelor's Degree in Mine Engineering from the National Engineering University of Peru, and a Masters Degree in Business Administration from the ESAN Graduate School of Business in Peru.

In connection with his appointment, the Company shall grant Mr. Calero 100,000 stock options of the Company at an exercise to be determined in accordance with the closing price of the Company's common shares on the date immediately prior to his engagement with the Company. The options shall vest immediately and will expire within five years from the date of grant, in accordance with the terms of Apogee's stock option plan. The options shall remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Apogee is also pleased to report that that it has invited several South American based mining contractors to submit detailed proposals for the provision of contract mining services at its 100% owned Pulacayo project during 2011. The Company is currently undertaking a comprehensive evaluation of the feasibility of initiating a pilot mining and toll milling program at the Pulacayo Deposit. The focus of the mining program would be on higher grade zones within the deposit, which may be readily accessible utilizing the historical mine development. A key part of this assessment is identifying and engaging a contract miner who would be responsible for the rehabilitation of the existing level development and haulage drifts, development of new access to planned stopes and the production of ore from these stopes. It is anticipated that a comprehensive pilot mining plan will be completed before the end March 2011 and a contract would be awarded shortly thereafter.

The toll milling development is viewed as the first stage in the development plan at Pulacayo. The Company will also commission a feasibility study for developing a stand-alone mill at the Pulacayo site which would support a higher production rate in future. 

Chris Collins, P. Geo., the President of the Company, stated, "We are very pleased to have Oscar Calero join the Apogee team at this very exciting time in our development. His experience in underground operations and development projects combined with his leadership skills will be invaluable to us as we evaluate the opportunity to transition from exploration, to development and production at Pulacayo."

In addition to the pilot mining and toll milling initiative, Apogee is also maintaining an aggressive exploration program at the Pulacayo Deposit, with two diamond drills continuing to work on the property targeting extensions to the known mineralization along strike east of the current resources and a third drill being commissioned. (See Press Release dated January 10th 2011 and January 18th 2011). Additional results from the drilling program will be released as they become available.

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 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 100% owned Pulacayo-Paca project in Bolivia, 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 impact of the appointment on the Company, future financial or operating performance of the Company, its subsidiaries and its projects, the development of the Pulacayo-Paca project, and statements regarding exploration prospects. 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.

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