Apogee Completes Resource Definition Drilling and Identifies Expansion Potential of Silver-Zinc Mineralization at Paca Open Pit High Grade Intersection of 33m @ 312.91g Silver/T

TORONTO, ON February 1, 2007 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has received additional results from the Phase II resource definition diamond drilling program at the Company’s Paca Silver-Zinc Open Pit Target that have confirmed the intersection of broad zones of silver, zinc and lead mineralization on the western side of target area. Drilling is complete and Micon International have commenced resource calculation and NI43-101 Technical Report.

A 40m wide silver-rich mineralized zone intersected in hole PND-084 commences 7m below surface, averages 81.28grams silver per tonne (g Ag/t), and contains a very high grade intersection of 22m @132.95g Ag/t, 1.91 % Pb and 1.37 % Zn (Tables 1, 3;Figure 1). Hole PND-084 is approximately 50m to the east of hole PND-069 which also had very significant shallow high grade silver values, including 17m @ 146.53 g Ag/t, 27m @ 127.67g Ag/t and 21m @ 81.57g Ag/t in the upper 89m of the hole (see Press Release dated November 7, 2006). Hole PND- 091, approximately 50m to the south of PND-084, intersected a 140m thick mineralized zone, also from surface.

High grade silver values were also intersected in holes PND-087, 089, 092 and 093 adjacent to the northern limit of the Paca intrusive; best results included 33.0m @312.91g Ag/t in PND-092, 19.0m @518.0g Ag/t in PND-093 and 18.0m @ 188.0g Ag/t in PND-096.

Apogee Vice President Exploration, Doug Currie, commented: “The near surface high grade silver zone identified in holes PND-069, 084 and 091 is very encouraging as we have now confirmed the potential for extension of the mineralized system both to the west and north. The thick, very high grade silver rich zones in holes PND-087, 089, 092 and 093 adjacent to the Paca andesite dome will significantly increase the potential silver resource.”

The Phase II Resource Definition Drill Program has now been completed and Micon International Limited of Toronto, Canada, have commenced the resource estimation and preparation of a NI43-101 Technical Report, both of which are expected by mid-February.

Significant results reported in this release are primarily for drillholes on the western extension of the potential resource area and adjacent to the contact with the Paca andesite intrusive dome. The results reported confirm that these zones are indeed mineralized with thick zones of encouraging zinc and lead mineralization greater than 1.5- 2.0% Pb+Zn which also contain higher grade silver intersections (Tables 1, 3; Figure 1). Highlights include:

TABLE 1 HIGHLGHTED SIGNIFICANT INTERSECTIONS APOGEE PHASE II Drillholes PND-073 – PND-106)

The Phase II drill program was designed to follow-up and expand on broad zones of high grade mineralization previously reported in historical drilling by joint venture partner, Apex Silver Mines Limited (AMEX:SIL), and Apogee Phase I confirmatory drilling which also intersected high grade silver mineralization within broad zones of zinc and lead mineralization (see Apex Silver Press Release October 23, 2002 and Apogee Press Release July 31, 2006).

Significant intersections for the first part of the Phase II program, reported in an earlier press release dated November 7, 2006, included:

TABLE 2 HIGHLGHTED SIGNIFICANT INTERSECTIONS APOGEE PHASE II (Drillholes PND-054 – PND-072) Press Release November 7, 2006)

Drilling to outline the extremities of the potential resource area with 100m x 100m spaced drilling and to infill previously identified areas of mineralization on a 50m x 50m drill spacing commenced in July and continued with two diamond drills until just prior to Christmas with two diamond drills on site. Results contained in this release relate to drillholes PND-073 – PND-106 ( 33 holes, 7471 m, excluding PND-101, in progress).

History of Pulacayo-Paca Silver Mines

The Pulacayo-Paca project is located in southwestern Bolivia near the city of Uyuni, 460km south of La Paz, Bolivia, in the historical San Cristobal-Potosi Silver Belt, a wide, well mineralized zone of significant historical silver producers, including the three largest silver deposits in Bolivian history (Potosi, San Cristobal, and Pulacayo).

Discovered in 1883, the Pulacayo Silver Mine was the second largest silver mine in Bolivia after Cerro Rico de Potosi and one of the most important in Latin America, having produced over 600 million ounces of silver, 180,000 tonnes of zinc, and 180,000 tonnes of lead from 1883 to 1959 (ref. Sergeomin – Bulletin No 30, 2002). Production has been mainly from the non-outcropping Tajo vein system which was exploited to a depth of 1000 meters and averaged 30 ounces per tonne of silver over a strike length of 2500 meters. Revenue from the mine funded the first railway line to Bolivia, which connected the mine to the port of Antofagasta, Chile in 1888. The project is located 20 km by gravel road from the city of Uyuni which is connected by highway and railway to the sea port of Antofagasta, Chile. The site contains all necessary services: power, water and an experienced labour force from the surrounding village of Pulacayo.

The Paca project is located approximately 5km north of the Pulacayo mine and town site. Only minimal historical mining has occurred at Paca. Previous interpretation of geological mapping and historical drilling by Apex Silver indicated that mineralization reported was predominantly “mantos-style” within a shallow, flat-lying sedimentary unit which overlies a sub-vertical brecciated “feeder” zone related to an andesite intrusive dome. Mineralization within the “mantos” is dominantly high grade silver, with weaker lead and zinc values; mineralization in the “feeder” zones generally has higher grade lead and zinc values than in the mantos, with narrow, moderate to high grade, silver values.

Apogee geologists now believe that the geology of the Paca mineralized zone is more complicated than originally interpreted, with potential for feeder-style mineralization being more widespread than originally thought and for additional zones of flat lying mantos-style mineralization at depth within the sedimentary unit.

Apogee entered into a joint venture agreement with Apex Silver late in 2005 which allows Apogee to earn a 60% interest in the property by spending US$1.0million on exploration, including US$250,000 during the first six months, and completing a Feasibility Study during a three year Earn-in Period; Apex Silver have an option to increase its interest to 60% by funding development to production (see Press Release dated September 15, 2005).

Building A Premier Silver Producer

Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The company is listed on the TSX Venture Exchange under the symbol APE. Apogee 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.

The 100%-owned La Solucion Mine has a 14 year production history and hosts a 120 tonne per day flotation mill. The Pulacayo-Paca project is a Joint Venture with Apex Silver Mines Ltd. on the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production. The Buena Vista Project is a high-grade gold-silver project with historic production dating back over 200 years.

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

Mark Feeney
Director of Business Development (604) 786-2587

Regulatory Footnotes:

Mr. Douglas A. Currie, MAusIMM, Apogee’s Vice President-Exploration, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release.

All analytical work has been completed by ALS Chemex of North Vancouver, BC, Canada; ALS Chemex is a respected international analytical service which is accredited with NATA and complies with standards of ISO 9001:2000 and ISO 17025:1999. They employ a variety of international standards for quality control purposes.

Samples are transported from field projects to the ALS Chemex sample preparation facility in Oruru, Bolivia, by Company personnel or a reputable commercial carrier. All analytical testing is performed utilizing a variety of industry standard analytical techniques, including: (i) ALS Analytical Code ME-MS41 – 50 element analysis using aquaregia digest and ICPAES analysis, (ii) ALS Analytical Code AA46 & AA62 – specific element analysis using aquaregia digest and AAS determination (Ag, Zn, Pb, Cu, As) and, (iii) Analytical Code Au-AA26 – Gold using a 50g Fire Assay-AAS finish.

All diamond drill core is geologically logged, cut in half using a diamond saw and sampled in one (1) meter sample intervals by Company geologists; the archive portion of the sample is securely stored at each project site. The Company has initiated a QA/QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks and routinely repeats sample analysis.

Trench samples are chip-channel samples taken over a 5-10cm wide channel cut in the bottom of an excavated trench. Sample intervals are normally 2m composites in zones of alteration or mineralization and 5m composites through unaltered selvedges. Underground samples are generally taken as 1m horizontal chip-channel samples cut in the wall or roof of the adit.

Although project geologists have developed visual guides to mineralization, indications of “visual mineralization” shown on the attached figure will require verification by geochemical analysis and must be considered indicative only.

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”.

To view Table 3 PACA DRILL RESULTS: www.prophecycoal.com/apogee/pdf/feb01_2007_tb3_pacadrill.pdf