Apogee Closes Private Placement Financing

TORONTO, ONTARIO–(Marketwire – Dec. 3, 2010) –

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Apogee Minerals Ltd. (“Apogee” or “the Company”) (TSX VENTURE:APE) is pleased to announce that it has closed its previously announced brokered private placement financing of units (“Units”) whereby PowerOne Capital Markets Limited and Delano Capital Corp. acted act as exclusive agents (the “Agents”) for the sale of 36,111,112 Units at a price of $0.18 per Unit for gross proceeds in the amount of $6,500,000 (the “Offering”). Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire a Common Share at the exercise price of $0.25 per share until December 3, 2012.

The Company has paid the Agents and certain finders an aggregate cash commission of $455,000 and has issued to the Agents and certain finders a total of 2,527,777 compensation options to acquire 2,527,777 Units of the Company (the “Compensation Options”). Each Compensation Option is exercisable at a price of $0.18 and consists of one Common Share of the Company (a “Compensation Share”) and one warrant entitling the holder to acquire a Common Share at an exercise price of $0.25 until December 3, 2012 (a “Compensation Warrant”).

The Company intends to use net proceeds to continue the development of its key projects and for working capital purposes.

The Common Shares, the Warrants, the Compensation Options and the shares issuable upon the exercise of the Warrants, the Compensation Options and the Compensation Warrants, are subject to resale restrictions which expire on April 4, 2011.

In addition, Apogee is pleased to announce that it intends to complete a non-brokered private placement financing of units of the Company (the “Units”) at an exercise price of $0.19 per Unit for gross proceeds in the amount of $300,000. Each Unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire a common share of the Company at an exercise price of $0.25 for a period of 24 months after issuance. The common shares, warrant and warrant shares thereunder are subject to statutory resale restrictions. Closing of the financing is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

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

About Apogee Minerals Ltd.

Apogee Minerals Ltd. is an exploration stage company listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced stage silver-zinc-lead projects in South America that demonstrate potential to be accelerated 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 terms of the financing and projected use of proceeds, 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FOR FURTHER INFORMATION PLEASE CONTACT:
Apogee Minerals Ltd.
Chris Collins
President
(1) 416 861-2264

Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(1) 416 861-5902
info@apogeesilver.com
www.apogeesilver.com

Source: Apogee Minerals Ltd.