Apogee Minerals Ltd.

Apogee Minerals Ltd.

June 02, 2009 09:06 ET

Apogee Awards Contract for Scoping Study on High Grade Pulacayo Silver-Lead-Zinc Deposit, Bolivia

TORONTO, ONTARIO--(Marketwire - June 2, 2009) - Apogee Minerals Ltd. ("Apogee" or "the Company") (TSX VENTURE:APE) is pleased to announce that Micon International Limited ("Micon") has been awarded a contract to complete the scoping study (the "Study") on the Pulacayo deposit, located at Pulacayo, southwest Bolivia.

Apogee has reviewed proposals from various engineering firms for the completion of the Study and ultimately selected Micon. The Study will focus on two possible production scenarios to determine the optimal approach for developing a high grade underground mine. The alternatives to be evaluated include: a) fast-track to production by shipping ore to existing milling facilities within trucking distance of the Pulacayo Deposit; and b) construct a stand-alone operation with an on-site mill. The Study will also evaluate whether the operation would benefit from initiating production using a custom milling approach and transitioning to a stand-alone operation after cash-flow is established. It is anticipated that the Study will be completed prior to mid-October 2009.

The Study will be based on the independent mineral resource estimation prepared by Micon International (See Press Releases dated October 28, 2008 and February 10, 2009). The Pulacayo deposit remains open for further expansion and a drill plan is being finalized to expand the high grade resource in areas adjacent to existing intersections.

Apogee is also pleased to announce that the Bolivian Mining Corporation ("COMIBOL"), has granted Apogee a four month extension to complete a feasibility study on the Pulacayo Project, as required by the Joint Venture Agreement executed by Apogee, ASC Bolivia LDC (a subsidiary of Golden Minerals Company, formerly Apex Silver Mines Ltd.) and the Pulacayo Cooperative. The date for delivery of the feasibility study to COMIBOL has been extended to November 30, 2009. Golden Minerals Company has also agreed to this extension.

David Gower, P.Geo., CEO of Apogee stated, "We are very excited by the prospect of developing the Pulacayo deposit. We continue to have strong support from the local community and from the Ministry of Mines and the State mining company, COMIBOL, reflecting the continued excellent relationship between Apogee and the Bolivian government. This extension was endorsed by the Pulacayo Cooperative (a traditional miners group) and also a representative of the Pulacayo community, who have both expressed satisfaction with the progress to date on the project."

The Pulacayo-Paca project is the primary focus for Apogee and is an option-joint venture with a subsidiary of Golden Minerals Company. The project is located 20 km by gravel road from the city of Uyuni, which is connected by highway and railway to the sea port of Antofagasta, Chile. The site contains power, water and an experienced labour force from the surrounding village of Pulacayo.

Quality Control

The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino, P.Geo., M.Sc. Joaquin Merino, P.Geo., who is a qualified person as defined by NI 43-101, has supervised the implementation of the QA/QC for the project and has reviewed and approved the technical and scientific content in this release.

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

About Apogee Minerals

Apogee Minerals Ltd. is a Canadian Company 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 Pulacayo-Paca project is an option to joint venture with a subsidiary of Golden Minerals Company. 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

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates and the ability to realize such estimates; projected mineral production and economics of such production; timing of the Study, projected capital and operating expenditures; metal prices; permitting time lines and permitting; availability of skilled labour; ability to develop mining operations in Bolivia; government regulation of mining operations; and environmental risks. 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 statements 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: 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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