Apogee Completes Private Placement Financing

Toronto, Ontario, February 9, 2005: Apogee Minerals Ltd. (TSX Venture Exchange: APE)has completed its private placement offering of 5,282,500 Units at $0.40 per Unit for gross proceeds of $2,113,000. Each Unit consists of one common share and one half common share purchase warrant. Each whole warrant entitles the holder to acquire one common share, exercisable at a price of$0.60 per share until August 8, 2006. Each of the common shares and the shares issued upon the exercise of the warrants will be subject to a hold period that will expire on June 10, 2005. The proceeds will be used by the Company for exploration purposes as well as for general corporate purposes. In connection with the financing, Forbes & Manhattan, Inc. was provided with a finder’s fee of $211,300.

The company has granted 300,000 options to officers and directors of the company to purchase common shares at $0.40 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”.

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