Apogee Closes $2.9 Million Financing

Toronto, Ontario – May 23, 2008 – Apogee Minerals Limited (“Apogee” or “the Company”) (TSX Venture Exchange: APE) is pleased to announce that it has completed its previously announced non-brokered private placement offering of 7,394,525 units for gross proceeds of $2,957,810.00 at $0.40 per Unit on May 23, 2008. Each unit is comprised of one common share and one share purchase warrant. Each share purchase warrant will be exercisable for one Apogee common share at a price of $0.50 per warrant exercised until May 23, 2010.

The gross proceeds from the sale of the Units will be used to continue the development of Apogee’s key projects.

The financing remains subject to receipt of applicable regulatory approvals including final approval of the TSX Venture Exchange. All of the securities issued, including the shares issuable on exercise of the warrants, are subject to resale restrictions for a period of four months and one day from the closing date.

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

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.

For Further Information Contact:

Ana Lopes, Investor Relations – phone: (1) 416 861 5902
Email: info@apogeeminerals.com
Web: www.apogeeminerals.com

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 drill hole data on the existing resource estimate and the Company’s understanding of the Property. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. 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.

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