Apogee Intersects 32.6 Meters Grading 445 g/t Silver Including 1,148 g/t Silver Over 11 Metres at the Pulacayo Deposit, Bolivia
FOR IMMEDIATE RELEASE
September 29, 2008, Toronto, Ontario –Apogee Minerals Ltd. (TSX Venture Exchange: APE) today announced it has received the assay results from seventeen diamond drill holes completed at the Pulacayo Deposit in southern Bolivia (Figure 1 & 2). These results are the final drill results from the just completed drill campaign to delineate a NI 43-101 resource for the upper part of the Pulacayo deposit. All data has been transferred to Micon International who will provide the independent third party resource estimate. Micon initiated their assessment in August and they have indicated that they expect to provide the updated resource estimate within two weeks.
Highlights include the following intercepts, and complete results are listed in Table 1 below:
- PUD-118 – 32.6 meters grading 445.36 g/t silver, 0.82% lead and 1.32 % zinc
Including 11.0 meters grading 1,148 g/t silver, 1.55% lead and 2.52 % zinc - PUD-119 – 37.8 meters grading 106.9 g/t silver, 0.51% lead and 1.27 % zinc
Including 8.0 meters grading 328.1 g/t silver, 0.69% lead and 0.89 % zinc - PUD-122 – 44.0 meters grading 125.9 g/t silver, 0.42% lead and 0.97 % zinc
Including 9.0 meters grading 484.0 g/t silver, 1.15% lead and 1.28 % zinc - PUD-127 – 72.2 meters grading 118.6 g/t silver, 0.59% lead and 1.52% zinc
Including 26.3 meters grading 304.4 g/t silver, 1.10% lead and 1.95% zinc
Joaquin Merino, Vice President Exploration for Apogee states; “An important characteristic of the deposit is that the excellent silver grades are associated with a significant amount of lead and zinc base metal mineralization, which should provide an important contribution to the potential value of this deposit. We are looking forward to the results of Micon’s NI 43-101 resource report that we expect will result in a significant increase in the resource base of this project. The property also hosts the Paca deposit which is just 5 kilometers to the north of Pulacayo and has an inferred resource containing 26 million ounces of silver (NI 43-101 resource report completed by Micon International on the Paca deposit, see news release dated February 19, 2007).” According to David Gower, P.Geo., CEO of Apogee; “This drilling continues to expand and delineate the mineralized zone at the Pulacayo Deposit. The economic evaluation of the deposit will commence as soon as the resource estimate is completed. One concept we will examine in detail will be to take advantage of the existing underground workings to develop the higher grade parts of the deposit first. This approach may have potential to reduce initial capital and reduce time to production.”
The project is an option to joint venture with Apex Silver Mines Limited in which Apogee can earn up to a 60% interest in the Project (see press release dated 13/09/05) by completing a feasibility study.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee’s Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release.
This press release has been reviewed and approved by David Gower, P. Geo., a qualified person as defined by National Instrument 43-101.
About Apogee Minerals
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-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
The Company’s 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Limited. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.
For Further Information Contact:
Ana Lopes, Investor Relations – phone: + 416 861-2264
Email: info@apogeesilver.com
Web: www.apogeeminerals.com
Forward Looking Statements
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing for resource modeling and the preparation of a 43-101 compliant technical report and the impact of additional drills on the progress of the program. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not put undue reliance on forward-looking information. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. -30-
Table 1: Assay results for drill holes PUD-111 to PUD-127, Pulacayo project, Bolivia.
Figure 1: Pulacayo – Paca Project location map.
Figure 2: Vertical Longitudinal Section of the upper part of the Tajo Vein System, showing intersection.
