Apogee Enters Into Definitive Agreement to Acquire a 100% Interest in the Pulacayo-Paca Silver Project, Bolivia

TORONTO, ONTARIO–(Marketwire – Jan. 21, 2011) – Apogee Minerals Limited (“Apogee” or “the Company”) (TSX VENTURE:APE) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Golden Minerals Company (“GMC”) (TSX:AUM)(NYSE Amex:AUMN) to acquire all of the issued and outstanding shares of an indirectly held subsidiary of GMC which holds a 100% interest in the Pulacayo-Paca Project. The Pulacayo-Paca Project, located in southern Bolivia, was previously subject to a joint venture agreement between the Company and GMC wherein the Company has the right to acquire up to a 60% joint venture interest in the Pulacayo-Paca Project. Upon completion of the proposed transaction, the Company will acquire a 100% interest in the property.

Pursuant to the Agreement, the Company shall acquire all of the issued and outstanding shares of a subsidiary of GMC, which holds a 100% interest in the Pulacayo-Paca Project. In consideration, Apogee shall issue 5,000,000 common shares of the Company (the “Common Shares”) upon closing of the transaction and shall issue an additional 3,000,000 Common Shares and shall pay GMC a cash fee in the amount of $500,000 eighteen (18) months following closing of the transaction. Closing of the transaction is scheduled to occur next week and remains subject to the receipt of all necessary regulatory and securities approvals, including the approval of the TSX Venture Exchange, along with other customary closing conditions.

David Gower, P.Geo., the C.E.O. of the Company, noted, “Today’s announcement represents a major achievement for Apogee and provides an immediate boost to the silver resource base owned by the Company. Golden Minerals has been an excellent partner and we are pleased to have their continued involvement as a major shareholder of Apogee. This transaction solidifies our commitment to the development and further exploration of the Pulacayo-Paca Project.”

For detailed project information please refer to Apogee’s web site at www.apogeeminerals.com.

About Apogee Minerals Limited

Apogee Minerals Ltd. is an exploration stage company listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced silver-zinc-lead projects in South America that demonstrate potential to be rapidly developed to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile.

Its most advanced project is the Pulacayo-Paca project in Bolivia, which is an option to joint venture with Golden Minerals Company. This project includes the property that covered the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.

Cautionary Note Regarding Forward-Looking Information This press release contains “forward looking information” within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, statements regarding the potential acquisition of the Pulacayo-Paca property, the timing with respect to the completion of the proposed acquisition, the development of the Pulacayo-Paca project, statements regarding exploration prospects, and requirements for additional capital. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FOR FURTHER INFORMATION PLEASE CONTACT:
Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(1) 416 861-2264
info@apogeeminerals.com
www.apogeesilver.com

Source: Apogee Minerals Ltd.