Apogee Announces Private Placement Financing

TORONTO, ON March 13, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE is pleased to announce that it has entered into an agreement to raise up to $10 million by way of a brokered private placement on a best efforts basis through a syndicate of agents (the “Agents”) led by Salman Partners Inc. The financing will consist of the issuance of up to 10 million units(the “Units”) priced at $1.00 per Unit, subject to regulatory approval. The Agents have been granted an option to offer for sale up to an additional 2.0 million Units at a price of $1.00 per additional Unit, exercisable until closing. Each Unit will consist of one common share and one half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one additional common share, at $1.25, for a period of eighteen months following the closing date. Closing is expected to occur on or about April 6, 2006.

The Agents will receive a commission of 6.5% of the gross proceeds raised in this private placement, as well as Broker Warrants equal in number to 10% of the aggregate number of Units sold under the financing which will entitle the Agents to purchase, at an exercise price equal to $1.25, one common share of the Company for a period of eighteen months.

The net proceeds of from the sale of the Units will be used for exploration and development of the La Solucion and Pulacayo-Paca projects and for general corporate purposes.

The securities comprised in the Units will be issued subject to a four-month hold period under applicable law. The transaction is subject to certain conditions, including (but not limited to) the receipt of all necessary regulatory and stock exchange approvals.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Building a Premier Emerging Silver Producer

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol APE. The company 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.

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 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.

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For further information contact:
John Carlesso
President and C.E.O.
(416) 861-5881

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.