Apogee Minerals Ltd.
TSX VENTURE : APE

Apogee Minerals Ltd.

November 29, 2006 08:00 ET

Apogee Intersects 4m of 212.5 g/t Silver, 26% Zinc at La Solucion Mine

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) - Apogee Minerals Ltd. (TSX VENTURE:APE) has intersected additional significant, very high grade silver-zinc-lead mineralization on the Hampaturi Vein South Extension, adjacent to the company's mining activities at the southwestern end of Apogee's 100% owned La Solucion Mine.

Vice President, Exploration Doug Currie stated: "These further positive results solidify our view that the vein systems at La Solucion host the potential to define a significant silver-zinc resource. We are very pleased with the success we have had locating additional mineralization around the current mining zone and the positive impact we believe this will have on our plans to expand the existing mining operations. We believe this also bodes well for our long-term objective of identifying additional similar zones of mineralization along the approximately 30 km of veining on the La Solucion property."



Mineralized intersections include:

- SH-35 2.0m (1.86m TT) 61.5g/t silver, 1.10% zinc,
3.76% lead, 0.08g/t gold
Incl 1.0m (0.93m TT) 104.0g/t silver, 1.91% zinc,
6.10% lead, 0.13g/t gold

- SH-36 8.0m (7.43m TT) 139.63g/t silver, 16.56% zinc,
2.30% lead, 0.06g/t gold
Incl 4.0m (3.72m TT) 212.50g/t silver, 26.33% zinc,
3.74% lead, 0.05g/t gold

- SH-37 6.0m (5.57m TT) 10.50g/t silver, 10.41% zinc,
0.01% lead, 0.12g/t gold
Incl 2.0m (1.86m TT) 20.50g/t silver, 20.10% zinc,
0.03% lead, 0.02g/t gold

- SH-40 8.0m (7.43m TT) 49.38g/t silver, 2.25% zinc,
0.37% lead, 0.42g/t gold
Incl 5.0m (4.65m TT) 46.60g/t silver, 3.19% zinc,
0.42% lead, 0.46g/t gold
(TT equals True Thickness)


Micon International Limited of Toronto, Canada, has been contracted to complete a mineral resource estimate and NI 43-101 Technical Report; this work has commenced and a resource estimate is expected early in the New Year.

Based on assay results received and visual observations of the mineralized structure, indications are that a zone of silver-zinc-lead+/-anomalous gold mineralization measuring approximately 100-125m wide, 125-150m down dip/plunge and averaging 4.3m in True Thickness has been identified around Hampaturi South; the zone is still open in all directions (Table 1; Figure 2).

These new high grade results in holes SH-35 and SH-36 have confirmed similar high grades results reported earlier in adjacent holes SH-22 (8.0m @84.38g/t Ag, 5.17% Zn, 0.59% Pb, 0.05g/t Au) and SH-24 (9.0m @ 64.0g/t Ag, 1.64% Zn, 1.18% Pb, 0.29g/t Au) (See Apogee Press Release dated October 19, 2006). It is apparent from these holes that there is a narrow (1- 6m thick), very high grade silver-zinc rich core with silver values to 348g/t Ag and zinc values to 36.8% Zn within these broader intersections.

High grade results in hole SH-37 confirm that the mineralized system is open on the western edge. The thick mineralized intersection in hole SH-40 confirms that the mineralized system is open down plunge to the northeast, beneath holes SH-04 and SH-40; additional drilling will be required to explore the increased potential in this area.

The current drill program is nearing completion, with one diamond drill currently on site. It is anticipated that planned holes will be completed early in December and final drill assay results will be received prior to year- end. Micon International has completed a site inspection and has begun preliminary preparations to complete the resource estimate in early 2007.

Encouraging silver-lead-zinc mineralization was intersected in four drill holes completed late in 2005 on the extension of the Hampaturi Vein (Hampaturi Southwest), up to 100m below and 200m to the southwest of historical mining areas above the -45 Level within the La Solucion Mine (See Press Release January 12, 2006). The current drill program was initially planned to follow-up the intersections in SH-03 and SH-04.

Mineralization at La Solucion is related to the Hamapturi Vein, one of several major sub-parallel veins trending 050-060 degrees, dipping 60-85 degrees to the SE and NW, which extend for several kilometers across the project area (Figure 1). The veins, locally potentially as thick as 10m but generally more likely to average 5-8m, vary from massive quartz, barren of mineralization, to quartz-siderite veins with sphalerite, galena, chalcopyrite and lesser bornite, covellite, stibnite and varying amounts to abundant pyrite. High grade zinc/lead/silver "ore" mineralization averages 1-2m within brecciated zones along the edges of the quartz-siderite veins. The La Solucion Mine produces approximately 2,300 tonnes of ore each month averaging 49g/t silver, 1.3% lead and 4.5% zinc (2005 average). Apogee management is focused on modernizing mining methods, improving revenue, increasing efficiencies, and delineating a NI43-101 Resource Estimate that will expand production in intermediate and long-term stages.

Building A Premier Emerging Silver Producer

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 projects in South America that demonstrate the potential to receive capital investment and be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.

The 100%-owned La Solucion Mine has a 14 year production history and hosts a 120 tonne per day flotation mill. The Pulacayo-Paca project is a Joint Venture with Apex Silver Mines Ltd. on the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production. The Buena Vista Project is a high-grade gold-silver project with historic production dating back over 200 years.

Regulatory Footnotes:

Mr. Douglas A. Currie, MAusIMM, Apogee's Vice President-Exploration, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release.

All analytical work has been completed by ALS Chemex of North Vancouver, BC, Canada; ALS Chemex is a respected international analytical service which is accredited with NATA and complies with standards of ISO 9001:2000 and ISO 17025:1999. They employ a variety of international standards for quality control purposes.

Samples are transported from field projects to the ALS Chemex sample preparation facility in Oruru, Bolivia, by Company personnel or a reputable commercial carrier. All analytical testing is performed utilizing a variety of industry standard analytical techniques, including: (i) ALS Analytical Code ME-MS41 - 50 element analysis using aquaregia digest and ICPAES analysis, (ii) ALS Analytical Code AA46 & AA62 - specific element analysis using aquaregia digest and AAS determination (Ag, Zn, Pb, Cu, As) and, (iii) Analytical Code Au-AA26 - Gold using a 50g Fire Assay-AAS finish.

All diamond drill core is geologically logged and sampled by Company geologists then is cut in half using a diamond saw and sampled in one(1) meter sample intervals; the archive portion of the sample is securely stored at each project site. The Company has initiated a QA/QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks and routinely repeats sample analysis.

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 development or results may vary materially from those in these "forward-looking statements".



TABLE 1
La Solucion Project
HAMPATURI SOUTH

---------------------------------------------------------------------------
Inter- Interpreted
section True
Hole Depth From To Width Thickness Zn Pb Ag Au
No (m) (m) (m) (m) (m) (%) (%) (g/t) (g/t)
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-34 112.0 No Significant Results
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-35 130.0 103.0 107.00 4.0 3.72 1.65 0.33 16.00 0.24
---------------------------------------------------------------------------

---------------------------------------------------------------------------
110.00 114.00 4.0 3.72 0.75 0.36 12.00 0.05
---------------------------------------------------------------------------

---------------------------------------------------------------------------
116.00 118.00 2.0 1.86 1.10 3.76 61.50 0.08
---------------------------------------------------------------------------
116.00 117.00 1.0 0.93 1.91 6.10 104.00 0.13
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-36 116.5 88.00 96.00 8.0 7.43 16.56 2.30 139.63 0.06
---------------------------------------------------------------------------
89.00 96.00 7.0 6.50 18.80 2.38 144.57 0.07
---------------------------------------------------------------------------
91.00 95.00 4.0 3.72 26.33 3.74 212.50 0.05
---------------------------------------------------------------------------
92.00 94.00 2.0 1.86 36.80 6.92 348.00 0.06
---------------------------------------------------------------------------

---------------------------------------------------------------------------
100.00 102.00 2.0 1.86 2.61 0.70 39.00 0.42
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-37 120.0 102.00 104.00 2.0 1.86 12.93 0.58 73.00 0.06
---------------------------------------------------------------------------

---------------------------------------------------------------------------
107.00 113.00 6.0 5.57 10.41 0.01 10.50 0.12
---------------------------------------------------------------------------
107.00 109.00 2.0 1.86 20.10 0.03 20.50 0.015
---------------------------------------------------------------------------
110.00 111.00 1.0 0.93 13.25 0.02 9.00 0.44
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-38 120.0 88.00 90.00 2.0 1.86 0.01 0.00 9.00 0.61
---------------------------------------------------------------------------

---------------------------------------------------------------------------
92.00 95.00 3.0 2.79 0.01 0.01 16.33 0.08
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-39 142.0 103.00 105.00 2.0 1.86 0.04 0.04 43.00 0.06
---------------------------------------------------------------------------

---------------------------------------------------------------------------
118.00 120.00 2.0 1.86 1.38 0.01 8.50 0.02
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-40 166.0 125.00 133.00 8.0 7.43 2.25 0.37 49.38 0.42
---------------------------------------------------------------------------
127.00 132.00 5.0 4.65 3.19 0.42 46.60 0.46
---------------------------------------------------------------------------

---------------------------------------------------------------------------
141.00 142.00 1.0 0.93 1.26 0.02 12.00 0.01
---------------------------------------------------------------------------

---------------------------------------------------------------------------
SH-41 152.0 Results Not Received
---------------------------------------------------------------------------
SH-42 Results Not Received
---------------------------------------------------------------------------
SH-48 134.0 Results Not Received
---------------------------------------------------------------------------
SH-49 Results Not Received
---------------------------------------------------------------------------
SH-50 Results Not Received
---------------------------------------------------------------------------
SH-51 Results Not Received
---------------------------------------------------------------------------


Please note: There are maps available on CCNMatthews' website at the following link: http://www.ccnmatthews.com/docs/ape1128.pdf

Contact Information

  • Apogee Minerals Ltd.
    John Carlesso
    President & C.E.O.
    (416) 861-5881
    or
    Apogee Minerals Ltd.
    Mark Feeney
    Director of Business Development
    (604) 786-2587