Apogee Commences Phase 1 Exploration Program at Candelaria at Santa Isabel

Toronto, Ontario, December 3, 2004: Apogee Minerals Ltd. (TSXV: APE) has commenced a Phase 1 exploration program beginning immediately on its Santa Isabel joint-venture project in the San Pablo de Lipez district of Bolivia. Apogee management recently completed a field visit to the area to commence the initial planning stages of the program.

High-grade silver has been exploited historically from the mines of Santa Isabel since the Spanish occupation of Bolivia in the 16th century. The geological environment is similar to the San Cristobol silver deposit, owned by Apex Silver (AMEX:SIL), a well-known example of the Bolivian Polymetallic Vein Style mineralization. Apogee’s joint-venture partner has been mining and selling silver-lead-zinc ore on a small scale for the past ten years. Apogee believes that the property has been inadequately explored using modern exploration techniques and represents a large mineralized system with the potential to contain substantial silver-gold, lead and zinc deposits.

Apogee President and C.E.O. John Carlesso stated: “The number and extent of historical workings is impressive and indicative of a potentially large mineralized system. We are excited about the future of this property and look forward to commencing exploration.”

The Phase 1 Exploration Program will be comprised of three components: detailed geological mapping, with emphasis on identifying structural controls to the mineralization and identification of new alteration/mineralization, re-sampling existing mineralized drill core and anomalous trenches to verify previous results, and confirmatory diamond drilling. During the recent field visit, surface samples were taken from several locations around existing mining areas where veined mineralization was visible. These samples have been sent to a laboratory in La Paz and results are expected within the next 15 days.

Local geologists familiar with the property and its exploration history have been contracted and have commenced preparatory work. A drill contractor has been selected for the Phase 1 drilling program of approximately 1000m, which is expected to begin December 10.

A NI 43-101 report has been initiated by Mr. Douglas Currie, President of Gwynva Resources Management, and should be available within the coming weeks.

The company has granted 400,000 options to officers and directors of the company to purchase common shares at $0.31 per share, subject to regulatory approval.

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol “APE”.

Statements in this release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these “forward-looking statements”.

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