Apogee Closes Second Tranche of Private Placement Financing

Toronto, Ontario – June 1, 2010 – Apogee Minerals Limited (“Apogee” or “the Company”) (TSX Venture Exchange: APE) announces that it has completed the second tranche of its previously announced non-brokered private placement financing of units (“Units”) of the Corporation (See Press Releases Dated April 29, 2010 and May 13, 2010). The second tranche provides additional gross proceeds in the amount of $96,000 through the issuance of 961,000 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 31, 2012. The Corporation closed the initial tranche for gross proceeds in the amount of $2,785,000 through the issuance of 27,850,000 Units on May 12, 2010. Upon completion of the second tranche, the Company has issued an aggregate of 28,811,000 Units for aggregate gross proceeds in the amount of $2,881,100. The Corporation intends to use net proceeds to continue the development of its key projects and for working capital purposes.

The Common Shares, the Warrants and the shares issuable upon the exercise of the Warrants, are subject to resale restrictions that expire on October 1, 2010. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval.

About Apogee Minerals Limited

Apogee Minerals Ltd. is an exploration stage company a 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 rapidly 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: (1) 416 861-2264
Email: info@apogeesilver.com