Apogee Minerals Closes Financing

TORONTO, ONTARIO–(Marketwire – Aug. 10, 2007) –

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Apogee Minerals Ltd. (“Apogee” or “the Company”) (TSX VENTURE:APE) is pleased to announce that it has closed its previously announced private placement financing pursuant to which it raised gross proceeds of $3,844,000 in connection with the issue of an aggregate of 9,610,000 units of the Company. Apogee plans to use the net proceeds to continue the development of its key projects.

Each Unit of the Company was comprised of one common share and one share purchase warrant. Each share purchase warrant entitles the holder thereof to acquire one Apogee common share at a price of $0.50 per warrant exercised prior to August 10, 2009.

The securities issued pursuant to this private placement are subject to a statutory four-month hold period that is scheduled to expire on December 11, 2007. This financing remains subject to receipt of final approval of the TSX Venture Exchange.

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.