Apogee Receives Letter of Guarantee from Bolivian Government Appoints Enrique Arteaga as Chairman of Advisory Committee

Appoints Enrique Arteaga as Chairman of Advisory Committee

LA PAZ, BOLIVIA May 15, 2006 The Executive management team of Apogee Minerals Ltd. (TSX Venture Exchange: APE), has held meetings with Mr. Walter Villaroel, Minister of Mines and Metallurgy of the Republic of Bolivia and senior Ministry staff following which Apogee has received a letter of official notification of the government’s plans and objectives.

The letter states: “The Ministry of Mines and Metallurgy is currently preparing the ‘National Plan of Development’ which will be presented to the country in the following days. In the plan there is no consideration for the nationalization or expropriation of mining assets or for the running of the mining industry by the State. The State, through COMIBOL (Corporacion Minera de Bolivia), currently holds a large percentage of the mining concessions in Bolivia. Foreign investment is required to develop the mineral resources contained on these properties and legal security is guaranteed to all investment.”

“Regarding tax policy, the intent is to make some adjustments and reorganize the destination of some tax revenue, with the purpose of guaranteeing the normal functioning of mining operations.”

Apogee anticipates that it will have the opportunity to provide comment and input to the proposals of the National Plan of Development before it is finalized. The company has been advised that the process will be completed within the next several weeks.

Apogee President and CEO John Carlesso stated: “While we have always received assurances regarding the security of our operations in Bolivia this formal notification is a positive and welcome development for our company and our shareholders. We intend to remain proactive on these issues and to continue working with the ministry to effect positive change and growth within the mining industry in Bolivia.”

The company has also announced the appointment of Mr. Enrique Arteaga as Chairman of its newly created Advisory Committee in Bolivia. Mr. Arteaga is Bolivian and a geologist by training, and has vast knowledge and experience working in the mining industry and with mining communities. He is a former Vice Minister of Mines and Metallurgy and currently serves as President of the Mining Association of La Paz. He has served as Specialist Advisor to the United Nations on the identification, evaluation, and promotion of mining projects in Bolivia and has also served with the UN as a Technical Advisor to the Geological Service of Somalia. Mr. Arteaga began his career as a geologist with the Geological Service of Bolivia (SERGEOMIN) and went on to become a Senior Geoligist with US Steel Corp.

Mr. Carlesso commented: “We are extremely fortunate and pleased to have Enrique lead our Advisory Committee. His expertise will be invaluable in establishing and maintaining positive relationships on important matters relating to business, technical, government, and social issues.”

Building A Premier Emerging Silver Producer

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol APE. The company is focused on advanced Silver-Zinc projects in South America that demonstrate the potential to receive capital investment and be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.

This press release is available on the company’s official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit www.agoracom.com/IR/Apogee. Alternatively, investors are asked to email all questions and correspondence to APE@agoracom.com where they can also request addition to the Apogee Minerals investor email list to receive all future press releases and updates directly.

For further information contact:
John Carlesso
President and C.E.O.
(416) 861-5881