Apogee Intersects Significant Potential Open Pit Mineralization at Pulacayo Mine

WIDE ZONES OF SILVER, ZINC MINERALIZATION

TORONTO, ON March 28, 2007 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has intercepted wide zones of significant silver-lead-zinc mineralization in recent drillholes to evaluate the near-surface, Upper Tajo Vein System (UTVS) at the historic Pulacayo Silver project. The drillholes are located approximately 4 km from the company’s Paca Open Pit Resource (see Press Release dated February 19, 2007).

Apogee Vice President Exploration, Doug Currie stated: “These results confirm the potential to define zones of significant silver, zinc, and lead mineralization substantially wider than the high-grade lode structures historically mined underground at Pulacayo. With mineralization beginning at surface in some areas, this bodes well for the definition of an open pittable mineral resource. The proximity of this mineralization to the Paca Open Pit Resource also adds the possibility of impacting potential efficiencies and being complementary to any potential development scenarios at Paca. Further drilling will be completed during Q2-2007 to enable a 43-101 Resource Estimate in 2007.”

A mineralized zone extending at least 800m in strike length has been defined by surface diamond drilling within the brecciated and stockworked upper oxidized portion of the high grade, lode-style Tajo Vein System. The Pulacayo Mine was historically mined between 1883 and 1959 to a depth of over 1000m. It produced over 600 million ounces of silver with head grade averaging 30 oz/tonne, in addition to 180,000 tonnes each of lead and zinc.

The current program, completed in December 2006, included 10 infill drillholes (PUD-033-042) totalling 2312m (Figure 1). These holes were supplemental to programs of surface and underground drilling completed earlier to evaluate the near surface open pit and deeper underground potential of the Pulacayo vein system (See Press Releases September 7, 2006 and June 22, 2006). Drilling has concentrated on a 800m long strike zone of the western end of the Pulacayo structure which extends over 2500m. Drillholes are generally spaced along sections approximately 50m apart.

Silver-zinc-lead mineralization at Pulacayo is related to a high level epithermal system hosted in an east-west vein structure, the Tajo Vein, which cuts a series of Tertiary dacite to andesite porphyritic intrusive rocks and andesite flows which intrude Tertiary sandstones and conglomerates (Figure 2). The structure consists of a number of veins, veinlets and stockwork. The structure has been traced along strike for 2500 metres and to a vertical depth of 1000 metres and remains open. The width of the structure varies from 0.50 metre to 50 metres. When the structure rises towards the current surface it crosses the contact between the sediments (at depth) and the overlying volcanic flows and tuffs and develops to a disseminated and stockworked vein style mineralization style.

Results of the five surface holes, released earlier, designed to twin and infill between drillholes completed by joint venture partner Apex Silver Mines Limited (AMEX:SIL) in 2002 confirmed historical drill results and outlined potential for the definition of an open pitable resource within the upper oxidized portion of the Tajo Vein system. High grade silver and zinc intersections were reported within broader zones of rich silver, lead and zinc mineralization (See Table 1, Press Release June 22, 2006). Some of the better results from these earlier holes include:

PUD-028 13m @ 153.31g Ag/t, 1.74% Pb, 1.54% Zn

Including 2m @ 386g Ag/t, 3.90% Pb, 3.08% Zn, and

2m @ 560g/Ag t, 5.88% Pb, 1.82% Zn

27m @ 53.24g Ag/t, 0.38% Pb, 1.42% Zn

Including 1m @ 569g Ag/t, 1.85% Pb, 4.36% Zn, and

1m @ 428g Ag/t, 0.96% Pb, 3.15% Zn

PUD-032 42m @ 33.98g Ag/t, 0.48% Pb, 2.88% Zn

Including 10m @ 114.5g Ag/t, 1.07% Pb, 7.42% Zn

Narrower, very high grade silver, lead and zinc mineralization was also previously reported in underground drilling within the Tajo Vein (Press Release September 7, 2006). Significant results from the four underground drill holes, PUDU-001 to -004 include:

PUDU-001 7m @ 623.71 g silver/t, 4.95% lead, 4.59 % zinc

Including 3m @ 1443.33 g silver/t, 11.21% lead, 8.74% zinc

30m @ 244.70 g silver/t, 1.70% lead, 2.46% zinc

Including 2m @ 1331.5 g silver/t, 2.49% lead, 6.29% zinc

PUDU-002 19m @ 321.326 g silver/t, 0.44% lead, 0.73 % zinc

Including 4m @ 784.5 g silver/t, 0.91% lead, 0.96% zinc

PUDU-003 17m @ 219.0 g silver/t, 0.36% lead, 0.91 % zinc

PUDU-004 10m @ 355.2 g silver/t, 1.63% lead, 3.69% zinc

Including 2m @ 1407.5 g silver/t, 7.12% lead, 15.18% zinc

In addition to the Pulacayo-Tajo Vein System, the Pulacayo Project also includes the Paca Prospect, 4km to the north of Pulacayo, where Apogee have recently announced definition of an Inferred Mineral Resource of 18.42Mt @ 43g/t silver, 0.68% lead, 1.16% zinc (See Apogee Press Release February 19, 2007). It is thought that the metallurgical characteristics of the Upper Tajo Vein System at Pulacayo will be similar to Paca and that defining a mineral resource at Pulacayo would be complementary to any potential development scenario for Paca. Additional surface trenching and drilling will be required within the 800m long zone already defined and also to the east where drilling is very sparse.

Apogee President and CEO John Carlesso commented: “These very significant results, particularly when combined with the outstanding results we have received from drilling at the nearby Paca project, continue to give us considerable confidence in the future of the Pulacayo area. Our efforts will now be focused on follow-up and infill drilling of the UTVS mineralized system to outline a NI 43-101 compliant mineral resource at the earliest opportunity.”

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.

The Paca project is located approximately 5km north of the Pulacayo mine and town site. Only minimal historical mining has occurred at Paca. Previous interpretation of geological mapping and historical drilling by Apex Silver indicated that mineralization reported was 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 narrow, moderate to high grade, silver values.

Apogee geologists 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.

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 Canadin 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.