Apogee Reports 43-101 Indicated Resource at 100% Owned La Solucion Silver-Zinc Mine

Indicated Resource of 116,300Tonnes at 5.1% Zinc, 54 g/t Silver, 1.2% Lead

TORONTO, ON February 21, 2007 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has received a NI 43-101 Resource Estimate totalling 116,300 tonnes grading 5.1% zinc, 54g silver/t, 1.2% lead in the Indicated category for the Hampaturi South Zone at its 100% owned La Solucion Mine.

Apogee President & CEO John Carlesso commented: “Apogee completed its purchase of 100% interest in the La Solucion Mine in May, 2006 and quickly accelerated exploration to establish a mineral resource which would form the basis for expansion of the current 120 tonne per day mining operation. We have now achieved that objective, establishing the first mineral resource estimation in the 17 year mining history of the mine. Details of an expansion plan to develop the Hampaturi South Zone will be released shortly. This, combined with the recent announcement of our Optimized Open Pit Resource Estimate at the Paca project, quantifies the success our exploration programs achieved in 2006.”

On February 19, 2007 Apogee announced a 43-101 Inferred Mineral Resource of 18.4 million tonnes of 43 g silver/t, 1.16% zinc, and 0.68% lead, or a silver equivalent grade of 181 g/t silver using metal prices of $US 10.43/oz silver, $US 1.30/lb zinc, and $US 0.55/lb lead.

The mineral resource is located on the southwestern extension of the Hampaturi Vein and approximately 150m from the portal of the La Solucion Mine (Figure 1). Mineral resources have been estimated within extensions of the main Hampaturi structure, as follows:

Indicated Mineral Resources
Hampaturi South Zone

“Zinc Equivalent” was calculated using the following formula: ZnEq=Zn(%) + Ag(g/t)*0.008 + Pb(%)*0.4
“Contained Metal” was calculated using the following metallurgical recoveries: 60% silver, 85% zinc and 80% lead; no consideration of mining or metallurgical dilution

Drilling to date indicates that the limits of mineralization are not yet defined and Apogee believes the current resource can possibly be augmented with further drilling. More detailed drilling will also be required to confirm continuity of mineralization between intersections and to plan stope outlines.

Referring to recent drill results from shallow drilling beneath the – 45 Level of the La Solucion Mine, not included in this mineral resource estimate (see Apogee Press Release dated 15 February, 2007; Figure 3), Apogee’s Vice President, Exploration, Doug Currie, added: “We are very pleased with the success we have had locating additional mineralization around the current mining zone and in defining the Hampaturi South resource. In addition to potential extensions of the current resource area, which is open at depth, we also believe there is excellent potential to define additional mineralization in plunge parallel structures and in other zones along the strike of the Hampaturi structure.”

Apogee has recently commenced drilling of a new target zone, Hampaturi Southwest, located 200m further southwest along the Hampaturi structure from Hampaturi South, where surface sampling of the exposed Hampaturi structure has returned anomalous mineralization.

The mineral resource estimation has been prepared by Mr Reno Pressacco, P.Geo., of Micon International Limited of Toronto, Canada, in accordance with CIM Standards for Mineral Resources and Mineral Reserves (2005), utilizing a 2.5% Zinc Equivalent cut-off grade over a 1.0m minimum true thickness and a weighted average density of 3.18t/cu-m (Figure 2). The Zinc Equivalent grade was calculated using metal prices of $US10.43/oz silver, $US1.30/lb zinc and $US0.55/lb lead and metallurgical recoveries of 60% for silver, 85% for zinc and 80% for lead. The 2.5% cut-off grade was chosen based on current mine operating costs of $US56.00/tonne. The current resource is based on drilling completed and results received to hole SH-55.

Information pertaining to the resource estimate is included in a NI43-101 Technical Report by Mr. Pressacco titled, “Technical Report on the Mineral Resource Estimate for the Veta Hampaturi Sur, La Solucion Mine, La Paz, Bolivia”, which will be filed shortly on SEDAR. Mr Pressacco has provided his consent for reference to his report in this press release.

Mineralization at La Solucion is related to the Hampaturi Vein, one of several major sub-parallel veins trending 050-060°, dipping 60-85° to the SE and NW, which extend for several kilometers across the project area (Figure 1). The veins, locally potentially as thick as 10m but generally more likely to average 5-8m, vary from massive quartz, barren of mineralization, to quartz-siderite veins with sphalerite, galena, chalcopyrite and lesser bornite, covellite, stibnite and varying amounts to abundant pyrite. High grade zinc/lead/silver “ore” mineralization averages 1-2m within brecciated zones along the edges of the quartz-siderite veins.

Encouraging silver-lead-zinc mineralization was intersected in four drill holes completed late in 2005 on the extension of the Hampaturi Vein up to 100m below and 200m to the southwest of historical mining areas above the -45 Level within the La Solucion Mine (See Press Release January 12, 2006). The current drill program was initially planned to follow-up the intersections in SH-03 and SH-04. Detailed results of this work have been reported in Apogee Press Releases dated October 19 and November 29, 2006, and February 15, 2007.

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.