TSX:ELEF $0.49
OTC:SILEF $0.36
Silver: $31.276
TSX:ELEF $0.485
OTC:SILEF $0.360
Silver: $31.276

Apogee Drilling Intersects 32 Metres of 308 G/T Silver at Paca Project

Underground Sampling at Esmeralda Exploration Adit Returns Silver Values to 13oz/t

TORONTO, ON May 1, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has intersected broad zones of high grade mineralization in the first drillholes at the Paca Silver-Zinc-Lead Open Pit Target. The results confirm previously reported historical drilling by joint venture partner, Apex Silver Mines Limited (AMEX:SIL).

Results received from the first two drillholes, PND-031 and PND-032, include:

– 32.0m averaging 308g/t silver (10 oz/t), 0.76% lead and 0.42% zinc, including 3.0m @ 644g/t silver (20.7 oz/t), 0.64% lead, 0.22% Zinc and,
– 23.5m averaging 89.3g/t silver, 1.00% lead and 2.00% zinc (Table 1; Figures 1, 2).

Sampling of the adjacent, historical Esmeralda Exploration Adit has also outlined substantial mineralized zones, with individual continuous channel sample lengths averaging up to:

– 406g/t silver (13 oz/t), 1.56% lead, 1.19% zinc over 16m,
– 126g/t silver (4.1oz/t), 0.98% lead, 0.89% zinc over 50m and,
– 287g/t silver (9.22oz/t), 1.05% lead and 1.11% zinc over 55m (Table 2, Figure 3).

Apogee President and CEO John Carlesso stated: “These first results from Paca are significant and lend confidence in our ability to meet our exploration objectives of defining a 43-101 compliant resource estimate in 2006. The pace of drilling at Paca and Pulacayo will accelerate.“

Surface drilling has also been completed at the nearby Pulacayo Project while underground drilling continues. Results from this work are expected within the next 7-10 days.

Apogee’s Vice President – Exploration, Mr Doug Currie, commented, “We are extremely excited bythe initial results we have received for Paca drilling and from the underground sampling at Esmeralda.These results confirm historical drilling results and provide the company sufficient encouragement to prepare for an accelerated drilling campaign to complete preliminary resource definition drilling for this open pit target. A 50m x 50m infill diamond drilling program totalling approximately 5000-7500m will commence late May to early June.”

The Phase 1 exploration program, which commenced in December upon signature of the formal agreement with Apex Silver, has consisted 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 (see below) and to outline areas of potential mineral resources at both Pulacayo and Paca.

Apogee has completed a total of 3356.5m of surface drilling to date, 2300.50m (23 drillholes, PND-031– PND-053) at the Paca project and 1,056 m (5 drillholes, PUD-028 – PUD032) at the Pulacayo Project. Underground drilling continues at Pulacayo with two of four planned drillholes to test the
deeper extensions of the Tajo Vein completed.

Geological mapping at the Paca prospect indicates that mineralization reported by Apex Silver in their 2002 drilling is 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 moderate to high grade silver values.

Historical exploration at Paca by Apex in 2002 included 3,448 meters of diamond drilling and 896 meters of Reverse- Circulation (RC) drilling. Some of the more significant assays reported in an Apex Press Release dated October 23, 2002 are listed in Table 2, Apogee Press Release September 13, 2005 and include:

(*All intercepts reported as True Widths)

The initial drill program was designed to twin 2002 drillholes completed by Apex Silver to verify the integrity of previous drill results, to infill between drillholes to confirm the geological interpretation and continuity of mineralization between holes and, beneath or along strike from previous intersections to extend potential resource blocks where no drilling exists (Figure 1).

Apogee drillhole PND-031 was drilled adjacent to Apex drillhole PND-008 and Apogee drillhole PND-032 was drilled adjacent to Apex drillhole PND-003. Comparative results are shown in Table 1.


Significant silver mineralization in PND-031, including 32.0m @ 308g/t silver (10 oz/t), 0.76% lead, 0.42% Zinc from 21.0 – 63.0m, compares extremely well with 30.0m @ 311.1 g/t silver (10oz/t), 0.90% lead, 0.50% zinc from 18.0 – 63.0m in PND-008 (Table 1, Figure 2).

PND-031 intersected the earlier hole PND-008 and was drilled to a depth of only 87.5m; nevertheless, the portion of PND-031 between 63.0 – 87.5m assayed 23.5m @ 89.3g/t silver, 1.00% lead, 2.99% zinc which compares favourably with the grade of a comparable zone in PND-008 which assayed 25m @
112.3g/t silver, 1.28% lead, 2.25% zinc.

Drillhole PND-032, drilled to twin historical drillhole PND-003, intersected mineralization from surface. Drill core recovered from 10.0m depth assayed 61.6g/t silver, 0.58% lead and 0.03% zinc over 24.0m. This also compares very well with a similar zone in PND-003 which assayed 179.68g/t silver, 0.90% lead and 0.04% zinc between 6.1 – 36.0m depth.

Due to the soft, friable nature of the oxidized surface bedrock, no core was recovered in the upper portion of the drillholes; however, sludge samples were mineralized. Techniques will be developed to recover this shallow, potentially mineralized surface zone in future drill programs.

Apogee has completed sampling of the Esmeralda exploration adit which is located at the base of the north face of the hill underlain by the porphyritic andesite Paca intrusive dome. The adit was excavated by Comibol in 1956-1958 to sample the brecciated and hydrothermally altered “feeder zone” and overlying “mantos” zone; no continuous production occurred. Channel sampling by Apogee along the length of the adit has provided an excellent section through the mineralized zone with several substantial mineralized zones with high grade silver, lead and zinc values, including individual continuous channel sample lengths averaging up to 406.31g/t silver (13 oz/t), 1.56% lead, 1.19% zinc over 16m, 126.18g/t silver (4 oz/t), 0.98% lead, 0.89% zinc over 50m and, 287.55g/t silver(9.25oz/t), 1.05% lead and 1.11% zinc over 55m (Table 2, Figure 3).

These values are similar to the historical high grade values Apex reported in drillholes PND-007 and PND-008, listed above, also within the brecciated and altered “feeder zone”.

The Pulacayo-Paca project is located in southwestern Bolivia near the city of Uyuni, 460km south of La Paz, 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 (Cerro Rico de Potosi, San Cristobal, and Pulacayo). Apogee entered into a joint venture agreement with Apex 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 have an option to increase its interest to 60% by funding development to production (see Press Release dated September 15, 2005).

History of Pulacayo-Paca Silver Mines

Discovered in 1883, the Pulacayo Silver Mine is 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. Today 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 Antofagasta. 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.

In addition, the Company has granted options to purchase 1,000,000 common shares at $1.20 per share valid for a period of 5 years to directors, officers and consultants of the Company, subject to regulatory approval.

Building A Premier Emerging Silver Producer

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

This press release is available on the company’s official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit www.agoracom.com/IR/Apogee. Alternatively, investors are asked to email all questions and correspondence to APE@agoracom.com where they can also request addition to the Apogee Minerals investor email list to receive all future press releases and updates directly.

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

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 and sampled by Company geologists then is cut in half using a diamond saw and sampled in one(1) meter sample intervals; 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.

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 1 PACA DRILL RESULTS and Table 2 ESMERALDA ADIT: www.prophecycoal.com/apogee/pdf/may01_2006_Tb_PACA _DRILL_RESULTS.pdf

FIGURE 1

FIGURE 2

FIGURE 3