Apogee Minerals Acuires Bolivian Company and Enters into Joint Venture Agreements

Toronto, Ontario, September 6, 2004: Apogee Minerals Ltd. (TSX.V: APE) has entered into an agreement to acquire Forbes Manhattan Bolivia, a private Bolivian company that has the right to earn, through joint venture agreements, interests in three separate silver projects in Bolivia, specifically the “Buena Vista” project, the “Tiawanku” project and the “Jaquegua” project.

These properties, all of which have been mined historically for silver since the Spanish occupation of Bolivia in the middle of the 16th Century, exhibit polymetallic silver-tingold-zinc-lead-antimony-tungsten-bisimuth mineralization of the Bolivian Polymetallic Vein Style. The large Kori Kollo Deposit (gold-silver) mined by Newmont Mining Company and the San Cristobol Deposit (silver) owned by Apex Silver Inc are two of the larger and better known Bolivian examples of this mineralization style. There has been little modern exploration of these properties.

The Buena Vista project is a 200 hectare mining concession located in the San Antonio de Lipez District, Potsoi Department, near the border with Argentina. To earn a 95% interest in the project, 500,000 common shares of Apogee are to be issued along with cash payments of US$5,000 per month for 36 months with a balloon payment of US$250,000 after 24 months to the owner of the project, Oscar Bonifaz Olivar or as he may direct. Additionally, the owner is to receive the equivalent of US$80,000 of common shares on the 36 month anniversary. The Company is required to spend a minimum of US$1,000,000 in work expenditures on the project within the first 36 months.

Historical underground workings are extensive, with one mineralized zone supposedly traced over 1,100 meters along strike. Historical, unconfirmed, pre-NI 43-101 sampling reported average grades for the San Pablito and Once veins of 222g/t Ag, 2.66% Pb and 4.39% Zn that may be indicative of potential grades. Historically, assaying for gold has been sporadic, however, a recent grab sample (as reported in a technical report completed by Douglas A. Currie, MAusIMM, of Gwynva Resources Management Inc. referred to hereinafter) from a small mine dump which was visually mineralized, contained 65.1 g/t Au, 569g/t Ag, 24.7% Pb and 15.1% Zn; it also contained elevated Sb (9,490 ppm). A small prospect, possibly on the same structure but on an adjacent property, is currently being mined for antimony.

The Jaquegua project is a 596 hectare mining concession located in the San Antonio de Lipez District, Potsoi Department near the border with Argentina. To earn an initial 51% interest in the project, 250,000 common shares and a US$50,000 cash payment are required at execution of a definitive agreement with an additional 250,000 common shares and a US$50,000 cash payment required at the one year anniversary of the definitive agreement to the owner of the project, Empressa Minera Unificada S.A.(EMUSA) or as they may direct. The Company is required to spend US$1,000,000 in work expenditures by the end of the second year. Within 12 months of earning the initial 51% interest, the Company could acquire an additional 19% interest in the project by making a further US$750,000 payment to the owner and incurring additional work expenditures of US$1,000,000.

The Jaquegua project area consists of 30-40, predominantly east-west trending, vertical dipping silver-lead-zinc bearing barite-manganese-quartz veins having widths in excess of 1m. The mineralization also includes veinlets, stockworks and disseminated sulphides (pyrite, galena, minor sphalerite). Evidence of historical mining has demonstrated that the mineralized vein system at Jaquegua is large, with several veins extending over several hundred meters. Locally, mineralized zones with several sub-parallel veins are up to 10m wide.

The Tiawanaku project is a 250 hectare mining concession located in the Canton of Tiawanaku, Ingavi Province, Department of La Paz. To earn a 95% interest in the project, 20,000 common shares are required at the time of signing, 50,000 common shares and a US$30,000 cash payment at the first year anniversary of the agreement, 100,000 common shares and a US$50,000 cash payment at the second year anniversary of the agreement, 100,000 common shares and a US$50,000 cash payment at the third year anniversary of the agreement and 100,000 common shares and a US$50,000 cash payment at the fourth year anniversary of the agreement. The Company has minimum work expenditures of US$100,000 in the first year, US$200,000 in the second year, US$300,000 in the third year and US$400,000 in the fourth year. The owner retains a 2% N.S.R. on the project with the Company having the option to purchase 50% for a one time cash payment of US$500,000.

For Apogee to acquire Forbes Manhattan Bolivia, it will assume all of its rights and obligations, make a CAN$200,000 cash payment and issue 1,500,000 common shares to existing owners of Forbes Manhattan Bolivia. The agreements referred to above, including the issuance of any common shares and cash payments, are subject to regulatory approval.

A technical report has been completed by Mr. Douglas A Currie, MAusIMM, of Gwynva Resources Management Inc., an independent Qualified Person as defined by National Instrument 43-101, on both the “Jaquegua” and “Buena Vista” projects. These reports will be filed on SEDAR shortly. Apogee is currently compiling further information and outlining the exploration programs to be carried out on the projects. A further press release in this regard will be issued.

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol “APE”.

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”.

For further information contact:
Tony Wonnacott
Corporate Secretary
(416) 861-5879