Apogee Minerals Ltd.
TSX VENTURE : APE

Apogee Minerals Ltd.

January 28, 2008 08:30 ET

Apogee Extends High Grade Silver-Zinc-Lead Mineralization at Pulacayo, Bolivia

Includes 19 meters grading 258.47 g/t Silver, 1.80% Lead and 2.85% Zinc in Hole PUD046

TORONTO, ONTARIO--(Marketwire - Jan. 28, 2008) - Apogee Minerals Ltd. (TSX VENTURE:APE) has received assays for an additional 4 drill holes from its ongoing diamond drilling program at the Pulacayo-Paca Silver-Lead-Zinc project (Figure 1 & 2, Table 1). These intersections continue to expand a thick zone of silver, zinc and lead mineralization in the center of the upper part of the world class Tajo Vein System at Pulacayo Silver Deposit (see press release dated January 8, 2008 for previous results). Hole PUD 046 intersected 19 meters grading 258.47 g/t silver, 1.80% lead and 2.85% zinc within a very thick mineralized intersection of 84 meters grading 106.29 g/t silver, 0.86% lead and 2.26% zinc. Drill Hole PUD047 intersected 12 meters grading 207.08 g/t silver, 1.55% lead and 0.82% zinc also within a much thicker mineralized interval. See Table 1 below for a summary of results for the four drill holes and Figure 2 for pierce point locations. Locally there are strong lead and zinc concentrations associated with the silver mineralization that could substantially contribute to the potential economic value of a resource. The Tajo Vein System has historical underground production (below 400 meters depth) of over 600 million ounces of silver from narrow, high bonanza grade veins and current drilling is targeting the near surface stock-work and vein mineralization between 0-400 meters depth, associated with this major silver-zinc-lead system.

The project is an option to joint venture with Apex Silver Mines Ltd. (Apex) 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. Apogee and Apex have agreed to amend the agreement in order to extend the date at which Apogee must complete a feasibility study from August 31, 2008 to a revised date of July 30, 2009.

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. Results of the first 6 drill holes have now been received and data from the remaining drill holes are expected within the next few weeks.

Helio Diniz, President of Apogee, states "We continue to be very encouraged by these results as we strive to quickly delineate a significant silver-rich resource at Pulacayo, which is located only 5 km to the south of the Paca Silver-Zinc Deposit where an inferrered 18.4 Mt resource containing in excess of 25 Million Oz silver has as already been delineated (see news release dated Feb 19 2007 for details about the resource). We have resumed drilling with two drills and are mobilizing a third rig in order to ensure the balance of the planned 14,000 meter drill program is completed in this quarter to allow Apogee to complete an initial NI 43-101 compliant resource estimate for this part of the Pulacayo Deposit. We are encouraged by results to date that indicate that the higher grades at Pulacayo are conservatively estimated to be on average 2 to 4 times the average silver grades published for the Paca Deposit. Our objective will be to triple the total in situ silver resource for the combined deposits. If successful, this will lead to a more robust project development plan for the feasibility studies and could allow a target on the order of 10 million ounces annual silver production as a base case for the study." At this time, the resource estimate objective for the combined deposits is conceptual in nature as the required analysis has not been completed to define a mineral resource of this size. Apogee can not be certain that further results and analysis will substantiate this estimate.

Table 1: PUD044 and PUD046-47 significant intercepts. The widths represent core widths, true thickness is expected to be at least 80% of the core width.



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Azi-
Coordinates muth Dip
Hole ----------- Depth (deg- (deg- From To Width Ag Pb Zn
No E N (m) rees) rees) (m) (m) (m) (g/t) (%) (%)
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PUD-
044 740,221 7,744,499 264 12 56
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Incl. 139 185 46 49.17 1.05 1.53
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Incl. 139 169 30 63.33 1.39 1.87
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Incl. 139 143 4 216.75 5.57 5.71
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PUD-
046 740,199 7,744,450 351 0 -57
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225 309 84 106.29 0.86 2.26
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Incl. 256 303 47 144.28 1.05 2.56
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Incl. 265 303 38 170.24 1.18 2.85
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Incl. 284 303 19 258.47 1.80 2.85
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Incl. 289 303 14 322.00 2.13 2.90
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Incl. 289 298 9 485.00 3.17 2.93
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PUD-
047 740,221 7,744,499 187 0 -57
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81 157 76 46.76 0.55 1.02
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Incl. 113 156 43 80.02 0.85 1.30
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Incl. 127 139 12 207.08 1.55 0.82
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PUD-
048 740,019 7,744,500 213 0 -43
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181 201 20 89.20 0.75 2.67
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The Tajo Vein System consists of a thick (locally 200 meters) east-west trending zone of conjugate veins, stockwork and disseminated sulphides with a higher grade core known as the Main Zone that may exceed 60 meters in thickness locally. The known strike length of the Tajo Vein System is approximately 1 kilometer and 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 current focus of the drilling 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 continue the economic evaluation of the project.

Joaquin Merino, Apogee's Vice President of Exploration, states; "Drilling to date demonstrates that mineralization starts near to surface. The upper part of the Tajo Vein System is characterized by swarms of mineralized fractures and stockwork in which the concentration of mineralized veins increases with depth. Preliminary results to date suggest increasing grade with depth with a zone of very high grades characterized by hole P-07 (44 meters grading 413.12 g/t silver) and hole PUD 045 (31 meters grading 472.89 g/t silver) occurring between 200 and 350 meters depth. This high grade mineralization remains open along strike and additional drilling is ongoing to fully evaluate this."

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 a 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 and should not be relied upon. 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.

Figure 1: Pulacayo - Paca Project location map is available at the following web link: http://www.ccnmatthews.com/docs/ape0128fig1.pdf

Figure 2: Vertical Longitudinal Section of the upper part of the Tajo Vein System, showing intersection locations is available at the following web link: http://www.ccnmatthews.com/docs/ape0128fig2.pdf. The dotted line marks the projection of the San Leon adit.

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

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