Apogee Closes First Tranche of Private Placement Financing

Toronto, Ontario – May 13, 2010 – Apogee Minerals Limited (“Apogee” or “the Company”) (TSX Venture Exchange: APE) announces that it has closed the first tranche of its previously announced non-brokered private placement financing of units (“Units”) of the Corporation (See Press Release Dated April 29, 2010) for gross proceeds in the amount of $2,785,000 through the issuance of 27,850,000 Units at a price of $0.10 per Unit (the “Offering Price”). Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one share purchase warrant (each whole warrant a “Warrant”), with each Warrant entitling the holder thereof to acquire a Common Share at the exercise price of $0.20 per share at any time prior to May 12, 2012. The Corporation intends to use the net proceeds to continue the development of its key projects and for working capital purposes.

The Company has paid Delano Capital Corp, an Ontario exempt market dealer (“Delano”), a cash commission in the amount of $15,000 and has issued to Delano 150,000 compensation warrants to acquire 150,000 common shares of the Company at an exercise price of $0.10 per common share until May 12, 2011 (the “Compensation Warrants”).

The Common Shares, the Warrants, the Compensation Warrants and the shares issuable upon the exercise of the Warrants and the Compensation Warrants, are subject to resale restrictions that expire on September 12, 2010.

Closing of the financing is subject to receipt of all necessary regulatory approvals, including final TSX Venture approval.

About Apogee Minerals Limited

Apogee Minerals Ltd. is an exploration 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.

For Further Information Contact:

Ana Lopes, Investor Relations – phone: + 416 861-2264
Email: info@apogeesilver.com