Apogee Commences Drilling at Pulacayo-Paca Project

TORONTO, ON January 19, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE) is pleased to announce that it has commenced a 4,000m diamond drilling program at the Pulacayo-Paca silver-zinc-lead project, a joint venture with Apex Silver Mines Limited (AMEX:SIL)(See Press Release September 12, 2005).

The Pulacayo-Paca project is located 460 km south of La Paz in the historic Potosi Department of Southwestern Bolivia, near the city of Uyuni in the middle of the San Cristobal-Potosi Silver Belt, a wide, well-mineralized string of silver deposits that extends from the southwest to the northeast and includes the three largest silver deposits in Bolivian history (Potosi, San Cristobal, and Pulacayo). In 2002, exploration work by Apex Silver discovered several additional zones of silver-zinc-lead mineralization within the vein system at the Pulacayo Mine that are both broad and high-grade.

Phase 1 Exploration Program

The current program will consist of a comprehensive program of geological mapping, surface and underground sampling and diamond drilling to confirm historical work and results of more recent exploration by Apex Silver (see below) and to define mineral resources at both Pulacayo and Paca.

Preliminary evaluation of the Pacamayo zone adjacent to the Pulacayo Mine where co-operative miners are exploiting hand picked high grade ore (Apogee grab sample of miners’ “ore”: 3300g/t Ag, 5.88% Pb, 3.59% Zn) is also planned.

Surface chip and channel sampling at Pulacayo and Pacamayo has been completed and initial results (incomplete) have returned anomalous silver and lead values. Results of underground channel sampling, which is continuing, have not been received.

Geological mapping at the Paca prospect indicates that mineralization reported by Apex Silver in their 2002 drilling is predominantly “mantos” style within the shallow, flat-lying sedimentary unit.