Apogee Minerals Ltd.

Apogee Minerals Ltd.

January 11, 2011 08:30 ET

Apogee's Sampling Program Returns Assays up to 5270 g/t Ag, 4.69% Pb, 2.41% Zn and 1.87% Cu. A Second Diamond Drill is Added to the Property.

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2011) - Apogee Minerals Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to report assay results from recently completed surface and underground rock sampling and geological mapping program undertaken at the Pulacayo Project. The Pero and Socovan areas occur along strike to the southeast and west respectively from the existing resource at Pulacayo (Figure 2 below). Sampling in these areas provides confidence that the mineralization continues well beyond the area that has been drilled to date and will assist in targeting the expanded drill program. Apogee has mobilized a second drill to the project to accelerate drilling. See the Table 1 below for a complete summary of the sampling.

The Pacamayo area represents a separate mineralized system that occurs approximately 1.5 km to the north of the Pulacayo Deposit (Figure 2) and is a target with high grade silver values ( up to 5,270 g/t over 1.2 meters in channel samples – see table below) that will be delineated by future drilling in an area with historical artisanal mining.

Joaquin Merino, Apogee's Vice President of Exploration states, "We are very encouraged by the results from the mapping and sampling programs at the Pacamayo, Pero, and Socavon Flores areas. These mineralized areas are well outside of the current resource and provide strong evidence of the potential to significantly extend the resource well beyond the currently drilled areas It also demonstrates the excellent potential for developing new near surface resources within the Project area.

Table 1 Sample Location and Assays

Sample No. UTM-E (m) UTM-N (m) Zone Level Sample Type Estimated True Width (M) Ag (g/t) Pb (%) Zn (%) Cu (%)
PY-001 741303 7744099 Pero Surface Channel 1.20 73.90 1.47 0.07 0.01
PY-002 741304 7744104 Pero Surface Composite ~ 476.0 0.60 0.02 0.01
Py-003 741200 7744066 Pero Surface Channel 1.00 262 1.10 0.02 0.02
PY-004 741202 7744102 Pero Surface Channel 2.00 15.00 0.19 0.01 0.00
PY-005 741254 7744148 Pero Surface Channel 2.50 41.40 0.43 0.02 0.00
PY-006 741254 7744148 Pero Surface Channel 0.80 218.00 2.31 0.06 0.02
PY-007 741257 7744157 Pero Surface Composite ~ 41.90 0.26 0.01 0.01
PY-008 741269 7744150 Pero Surface Channel 3.50 43.60 0.38 0.01 0.01
PY-009 741254 7744195 Pero Shaft Composite ~ 1015.00 8.59 25.70 0.22
PY-021 739844 7744670 Socavon Flores Level 116 Channel 1.20 178.00 5.63 24.50 0.01
PY-022 739844 7744670 Socovan Flores Level 166 Channel 0.60 373.00 10.80 16.65 0.01
PY-023 739666 7744458 Socovan Flores Surface Composite ~ 405.00 17.70 30.00 0.01
PY-024 739620 7744627 Socovan Flores Surface Composite ~ 88.00 4.00 13.25 0.01
PY-026 740688 7745874 Pacamayo Level Cero Channel 1.20 5270.00 4.69 2.41 1.87
B50630 740688 7745874 Pacamayo Level Cerro Channel 1.30 1340.00 4.06 1.16 0.68

Pulacayo is a high sulphidation epithermal system associated with a dacitic dome complex covering an area approximately 2.5 km wide by 2.7 km long. The Tajo Vein, located along the southern boundary of this system, was the main source of historical ore production. It is also the area where Apogee Minerals has delineated NI 43-101 resources associated with the Pulacayo Deposit (see Press Release dated October 28, 2008 and the NI 43-101 technical report dated December 2008 and filed on the SEDAR profile of the Company at www.sedar.com), and is continuing to expand the mineralization with its ongoing drilling program. (see Press Releases dated July 14th 2010, April 19th 2010, March 15th, 2010, and January 15th 2010). 

The Pacamayo area is located about 1.5 km north of the current resource and diamond drilling area. It is a vein system comprised of more than five mineralized structures, on which there is no known previous exploration drilling. Two samples were taken from within a historical adit developed along one of the structures, with both samples returning silver values in excess of 1000 g/t (Table 1, Figure 1).

The Pero area is a stock work zone located approximately 1.0 km southeast along the strike of the current resources and diamond drilling area at Pulacayo. A total of nine samples were collected from mineralized veins within a 200 m by 100 m area. All of the samples returned significant silver values with a highest of 1015.0 g/t. (Table 1, Figure 1). This stock work zone may represent a separate mineralized structure, but this will need to be confirmed by drilling.

The Socavon Flores area is located approximately 400 m to the west of the current resources and diamond drilling area at Pulacayo. Four samples were collected from a historical adit which was developed along a structural splay of the Tajo Vein. All of the samples returned significant values of silver with a highest of 405.0 g/t (Table 1, Figure 1).

Quality Control

The Company employs a quality assurance/quality control protocol on all aspects of the diamond drilling, sampling and analytical procedures. The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino, P. Geo, a qualified person as defined by NI 43–101. Mr. Merino has reviewed and approves the scientific and technical information presented in this press release.

For detailed project information please refer to Apogee's web site at www.apogeeminerals.com.

This release has been reviewed and approved by Chris Collins, P. Geo., President of Apogee and a qualified person as defined by NI 43-101.

About Apogee Minerals Limited

Apogee Minerals Ltd. is a mineral exploration and development 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 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 Pulacayo-Paca project in Bolivia, which is an option to joint venture with Golden Minerals Company. 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 future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding the drill program at Pulacayo, development of the Pulacayo project, statements regarding exploration prospects, and requirements for additional capital. 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.

To view Figure 1: Pulacayo Project location map, please visit the following link: http://media3.marketwire.com/docs/apogee_0111_fig_1.pdf

To view Figure 2 Sample Location Map, please visit the following link: http://media3.marketwire.com/docs/apogee_0111_fig_2.pdf


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