Apogee Minerals Ltd.

Apogee Minerals Ltd.

July 26, 2005 12:55 ET

Apogee Finalizes Agreement To Acquire Silver-Lead-Zinc Properties

TORONTO, ONTARIO--(CCNMatthews - July 26, 2005) - Apogee Minerals Ltd. (TSX VENTURE:APE) has reached a final agreement to acquire seven properties located in the Rancheria District of Yukon and British Columbia from Strategic Metals Ltd. The properties are located within close proximity to one another around the Watson Lake area and the Yukon - British Columbia border. All of the properties host Silver-Lead-Zinc mineralization in an area that is well-known for its exploration potential. The seven properties consist of Ranch and Shar in B.C. and Blue Heaven, Touchdown, Quarterback, Pigskin and End Zone in Yukon. The Ranch and Shar properties are located 28 km southwest of the Midway Silver-Lead-Zinc deposit owned by Silver Standard Resources Ltd.

In the current year, a $250,000 work program will begin in early August and will primarily involve trenching at the Ranch and Touchdown properties, to delineate specific targets for future drill programs. The Ranch property hosts an extensive system of sulphide deficient, silver rich veins cutting quartz monzonite of the Cassiar Batholith. Silver at Touchdown occurs in zinc-lead carbonate replacement zones and veins developed in Paleozoic sedimentary rocks adjacent to the batholith. Neither property has received previous trenching or diamond drilling.

Apogee President and CEO John Carlesso commented: "This agreement provides us the opportunity to diversify our portfolio by adding earlier-stage properties with exploration potential in well-known, stable jurisdictions. Work will begin immediately to advance and further evaluate these projects."

To earn a 100% interest in the projects, Apogee is required to spend a total of $2 million in exploration by March 1, 2008, with $250,000 to be spent by March 1, 2006 and a cumulative total of $1 million by March 1, 2007. Apogee has also agreed to issue 3 million common shares staggered over a period beginning with the execution of the agreement and ending March 1, 2008. If earn-in is completed, Strategic will be entitled to a 2% net smelter return royalty payable on production from any of the properties. The agreement remains subject to regulatory approval.

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol APE. The company has several advanced Silver-Zinc exploration properties in the historic Potosi Department of southwestern Bolivia and has received approval to acquire the Silver-Lead-Zinc producing La Solucion mine outside of La Paz, Bolivia.

This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/apogee . Alternatively, investors are asked to email all questions and correspondence to APE@agoracom.com where they can also request addition to the Apogee Minerals investor email list to receive all future press releases and updates directly.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".

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

Contact Information

  • Apogee Minerals Ltd.
    John Carlesso
    President and CEO
    (416) 861-5881