Apogee Closes Private Placement Financing

TORONTO, ON April 24, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE) announced today that it has closed its previously announced brokered private placement of 8,810,000 Units at a price of $1.00 per Unit for gross proceeds to the Company of $8,810,000. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at the price of $1.25 until October 24, 2007. Each of the common shares and warrants remain subject to a hold period that will expire on August 25, 2006.

Salman Partners Inc., Sprott Securities Inc. and Wolverton Securities Ltd. acted as agents on a best efforts basis in connection with the brokered private placement. The Agents received a commission of 6.5% of the gross proceeds raised in this private placement, as well as an aggregate of 881,000 Broker Warrants. Each Broker Warrant entitles the Agents to purchase, at an exercise price equal to $1.25, one common share of the Company until October 24, 2007.

In addition, the Company has closed a non-brokered private placement financing through the issuance of 378,423 Units at a price of $1.00 per Unit for gross proceeds from the non-brokered private placement of $378,423. Each Unit consisted of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at the price of $1.25 until October 24, 2007. Each of the common shares and warrants remain subject to a hold period that will expire on August 25, 2006.

The net proceeds 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.

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 http://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.

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

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