Apogee Intersects 42m @ 405g/T Silver at Paca – Micon International Commences Resource Estimate Calculation

TORONTO, ON November 7, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has again intersected broad zones of high-grade silver, zinc and lead mineralization at the Paca Open Pit target. Drilling continues to expand the potential resource area, with significant alteration and visually encouraging mineralization recently intersected on the western flank of the Paca Dome. The zone remains open to the west and north. Micon International Limited of Toronto, Canada, has been contracted to complete a mineral resource estimation and NI 43-101 Technical Report; this work has commenced and a resource estimation is expected by early in the first quarter of 2007. Apogee President and CEO, John Carlesso stated: “Following the number of exploration successes we have had at the project earlier this year, these results solidify our view that the Paca target has the potential to host a significant silver-lead-zinc deposit that can be developed quickly as an open pit mine. Exploration and development staff are working with Micon to aggressively advance resource delineation and are preparing for potential development of the project to provide Apogee a second mining area.” Significant results include very thick zones of silver, zinc and lead mineralization containing high grade silver intersections (Tables 1, 3; Figure 1). Highlights include: TABLE 1 HIGHLGHTED SIGNIFICANT INTERSECTIONS APOGEE PHASE II 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 continues with two diamond drills on site. Results contained in this release relate to drillholes PND-054 – PND-072 (18holes, 4485m). An additional 17 drillholes, to hole PND-089, have been completed to date with assay results pending. More drilling will be planned to further define open zones, with the objective of outlining potential for additional mineral resources at the project. Following this recent round of drilling, Apogee has now achieved its three-year expenditure requirement at the Pulacayo-Paca project, as per the terms of the Joint Venture agreement with partner Apex Silver (AMEX:SIL), over a period of ten months. Apogee Vice President, Exploration Doug Currie commented: “We continue to be extremely excited by the results we have received from the drilling at Paca. Recent drilling to the west of the andesite dome has intersected very thick sections of both silver and zinc mineralization; this zone is currently open to the west and north. We are very encouraged by the potential to add substantial resources in this area.” Apogee technical staff 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. Infill drilling will continue as required to acquire necessary information within the central portion of the indicated mineralized zone to enable calculation of the first mineral resource, to better define the limits of mineralization to the north and on the eastern flanks and also to expand the resource area to the west where recent drilling has intersected significant alteration normally associated with mineralization (Figure 1). 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. The Phase II drill program is 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 Phase I confirmatory drilling which also intersected high grade silver mineralization within broad zones of zinc and lead mineralization, which included the following significant intersections (See Apex Silver Press Release October 23, 2002 and Apogee Press Release July 31, 2006)(Table 2): TABLE 2 HIGHLGHTED SIGNIFICANT INTERSECTIONS APEX SILVER (2002) & APOGEE PHASE I (2006) 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. 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). 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 Ltd. 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: (1) 416 861 5902 Email: info@apogeeminerals.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 drill hole data on the existing resource estimate and the Company’s understanding of the Property. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. 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.