Apogee Extends High Grade Gold-Silver Mineralization at Buena Vista

TORONTO, ON May 8, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has intersected additional high-grade gold-silver mineralization in its 1024m Phase II drill program at the Buena Vista Gold-Silver-Zinc project in southwestern Bolivia. Additionally, trenching on the southeastern end of the previously defined target zone has located wide zones of gold-silver-zinc-lead mineralization to extend the mineralized corridor by 250m. This new extension abuts the recently-acquired Leoplan concession (see Press Release March 13, 2006). The company has now signed a Definitive Agreement on the acquisition of the Leoplan concession.

Apogee Vice President – Exploration, Mr Doug Currie, commented, “Exploration results from the narrow, structurally controlled, high grade silver-gold-zinc-lead mineralization at Buena Vista continue to generate new areas of interest that warrant further work. The eastern strike extension, where surface trenching indicates wider zones of higher grade mineralization, is of particular interest as it is viewed to continue onto the Leoplan concession. Work will continue toward the definition of a mineralized resource before the end of 2006 at Buena Vista, and work will commence immediately at Leoplan to better understand the potential it represents to host additional extensions of the mineralized zone.”

High-grade silver mineralization, with anomalous associated gold-zinc-lead values, was intersected in 4 of the 5 holes (BV-B5 to BV-B9) (Table 1, Figure 1). A maximum of 723g/t silver was intersected in hole BVB6, which also contained 1m that assayed 1.11g/t gold, 4.60% zinc and 1.26% lead. Hole BV-B6 is located approximately 200m northwest of the westernmost hole in the Phase I drilling program, Hole BV-B4 (see Press Release August 25, 2005).

The narrow high-grade zone of mineralization has been traced with surface trenching, sampling of historical underground workings and drilling over a strike length of approximately 900m (See also Press Release November 14, 2005) (Figure 1). The altered mineralized zone is between 10-50 m wide and contains narrow, steeply dipping high grade mineralized vein structures; it is these high grade veins which were mined historically (Figure 2).

A 600m zone of higher grade mineralization, with gold and silver values increasing to the southeast, has been outlined between hole BV-B7 and the southeastern limit of the drilling, holes BV-B3 and BV-B3a which included:

– 4.0m @ 4.0g/t gold, 41.7g/t silver, 1.3% zinc, 2.7% lead and
– 3.0m @ 3.2g/t gold, 62.0g/t silver, 2.5% zinc and 4.1% lead (See Press Release June 23, 2005).

Apogee has completed 14 bulldozer trenches along the main structure and 8 bulldozer trenches along a similarly altered parallel structure approximately 450m to the south (Figures 1 and 3). Results of recent trenching confirm that the zone of mineralization increases in width and grade to the southeast and is particularly strong adjacent to mapped offsets in the structure east of drillhole BV-B1 (Table 2). Significant mineralized widths, 12-18m, have been outlined in Trenches TCH-1, TCH-12 and TCH-13 on the eastern end of the system. These trench results include:

– TCH-1: 16m @ 0.55 g/t gold, 30.7 g/t silver, 0.32% zinc, and 0.46% lead
– TCH-12: 18m @ 0.88 g/t gold, 95.7 g/t silver, 0.60% zinc, and 1.16% lead
– TCH-13: 12m @ 0.62 g/t gold, 58.7 g/t silver, 0.70% zinc, and 0.91% lead

TCH-14 is considered to have been placed too far south and the zone is interpreted to be open to the southeast. No significant anomalism has been recorded in the trenches to the south.

Apogee recently announced that it has completed an agreement to acquire up to a 75% interest in the Leoplan concession which adjoins the eastern boundary of the Buena Vista property (See Press Release March 13, 2006). The main structure at Buena Vista is interpreted to extend on to the Leoplan property, hosts a high grade antimony-silver mine.

Apogee has commenced geological mapping and sampling of the Leoplan property and will shortly commence a further trenching program to continue to trace the surface expression of the two defined structures. Additional drilling will commence in mid-late June to infill the area of higher grade
mineralization east of hole BV-B7 located by the initial drill programs. Drilling to evaluate and extend the zone of mineralization located in trenches TCH-12 and TCH-13 will be planned after the results of the surface trenching are available.

The company has also granted options to purchase 1,300,000 common shares of the Company at $0.99 per common share 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.

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 Table of Significant Drill Intersections Phase II Drill Program(Buena Vista Project) and Table 2 Table of Significant Trench Samples Buena Vista Project: www.prophecycoal.com/apogee/pdf/may08_2006_Tb_Significant_Drill_Intersections.pdf

FIGURE 1: Compilation Map

FIGURE 2: Section BV-B7

FIGURE 3: Trench & Drill Hole Locations