Apogee Provides an Update on the Pulacayo Study

Apogee Provides an Update on the Pulacayo StudyTORONTO, ONTARIO, Nov 16, 2009 (MARKETWIRE via COMTEX) — Apogee Minerals Limited (“Apogee” or “the Company”) (APE) announces that it has received an initial draft report from Micon International Limited (“Micon”) with respect to the Pulacayo deposit located in southwest Bolivia. The report is currently being translated into Spanish for inclusion in the study to be submitted to the Bolivian Mining Corporation (“COMIBOL”) by November 30, 2009 in accordance with the Company’s obligations pursuant to the joint venture agreement entered into among the Company, Golden Minerals Company and Pulacayo Co-operative (a traditional miners group) (the “Joint Venture Agreement”).

The report will focus on alternative scenarios to determine the optimal approach to developing a high grade underground mine which will include an analysis of: (a) fast-track to production by shipping ore to existing milling facilities within trucking distance of the Pulacayo deposit; (b) construction of a stand-alone operation with an on-site mill; and (c) whether the operation would benefit from a custom milling approach and transitioning to a stand-alone operation once cash-flows are established. The report will be based upon the independent mineral resources estimation previously prepared by Micon for the Company.

The Pulucayo deposit remains open for further expansion and drill plans are in place to expand the high grade resources in areas adjacent to existing intersections.

Chris Collins, P. Geo., President of Apogee stated, “We are on schedule to meet our obligations to Comibol and the Pulacayo Cooperative. This will represent an important milestone in Apogee’s development of the Pulacayo-Paca project.”

The Quality Control and all aspects of the exploration program are supervised by Apogee’s Vice President of Exploration, Joaquin Merino, P. Geo., M.Sc. Joaquin Merino, P. Geo., who is a qualified person as defined by NI 43-101, has supervised the implementation of the QA/QC for the project and has reviewed and approved the technical and scientific content in this release.

About Apogee Minerals Limited

Apogee Minerals Ltd. is an exploration stage company a listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced silver-zinc-lead projects in South America that demonstrate potential to be rapidly developed to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile.

Its most advanced project is the Pulacayo-Paca project in Bolivia, which is an option to joint venture with Golden Minerals Company. This project includes the property that covered the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates and the ability to realize such estimates; projected mineral production and economics of such production; timing and completion of the Micon reports, results of the report, projected capital and operating expenditures; metal prices; permitting time lines and permitting; availability of skilled labor; ability to develop mining operations in Bolivia; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:
Apogee Minerals Limited
Ana Lopes
Investor Relations
(1) 416 861-2264
Email: info@apogeeminerals.com
Website: www.apogeeminerals.com