Apogee Returns High Silver and Gold Values from Underground and Surface Sampling Results at Buena Vista

TORONTO, ON May 24, 2005 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has received results from the surface and underground sampling portion of the Phase I exploration program at its Buena Vista property in the Potosi district of southwestern Bolivia. Surface trench sampling and underground sampling was recently completed and returned high values of silver and gold. The company has also completed 6 diamond drill holes totalling 1200 metres as part of a preliminary Phase 1 exploration program to test the vein structure at Buena Vista over a strike length of 800 metres. The analytical results from the drilling program should be completed in the next 2 to 4 weeks.

Significant results from underground chip sampling include:

8 metres of 202 g/t Silver, 4.0 g/t Gold, 7.1% Lead, and 6.1% Zinc including 2 metres of 673 g/t Silver, 12.95 g/t Gold, 25.4% Lead, 22.3% Zinc and 1.63% Copper.

Significant results from surface trenches include:

20 metres of 81g/t Silver, 20 metres of 35g/t Silver, and 12 metres of 70g/t Silver. The mineralization in these trenches represents more of the broader zone of mineralization.

Apogee’s Phase 1 Exploration program at the Buena Vista consists of detailed geological mapping, re-sampling existing trench and underground workings to verify previous results, new surface sampling and 6 completed holes totalling 1,200 metres of diamond drilling. Sampling and drill targets were selected based on favourable results from prior underground and surface sampling by Corporacion Minera de Bolivia (COMIBOL) (see press release dated May 3, 2005). Drilling that was recently completed is adjacent to the surface and underground sampling reported in this press release (see Figure 1 attached).

Apogee’s next phase of work will focus on reviewing results from the present program, completing the compilation on the rest of the veins, underground and surface sampling and trenching, mapping, and preparing the property for a second phase drill program.

The Bolivian Altiplano and Eastern Cordillera hosts an important metallogenic event. Major hydrothermal ore deposits of gold, silver, tin, lead, zinc, bismuth and antimony are related to near-surface stocks and subvolcanic eruptive centers. The mineralization occurs in veins, fracture swarms, dissemination and breccias. The deposits are telescoped with early high temperature phases and have some affinities with the epithermal low-sulfidation type model.

The Buena Vista property is located in southwestern Bolivia, approximately 600 km south southeast of La Paz, within the San Antonio de Lipez District, Potosi Department, near the border with Argentina. The property is comprised of one 200 ha block. The mineralized system consists of one major and several minor northwesterly striking, steeply dipping, sulphide-rich silver-lead-zinc-antimony-gold veins that are hosted in dacitic ash-flow tuffs, agglomerates, and lava flows.

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol APE. The company has several advanced Silver-Zinc exploration properties in the historic Potosi Department of southwestern Bolivia and has an agreement to acquire the Silver-Zinc-Lead producing La Solucion mine approximately 17 km outside of La Paz.

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.

All analytical work has been completed by ALS Chemex of North Vancouver, BC, Canada. A suite of 30 elements was analyzed using aqua regia digest and ICPAES analysis (ALS Analytical Code ME-MS41). Any samples exceeding threshold limits were re-analyzed using the most appropriate technique: silver, zinc and lead – agua regia digestion, AAS finish (ALS Analytical Code AA46), gold – 30g fire assay with AAS finish (ALS Analytical Code AA25). ALS Chemex is a respected international analytical service which is accredited with NATA and complies with standards of ISO 9001:2000 and ISO 17025:1999. They employ a variety of international standards for quality control purposes. The company has initiated a QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks.

Mr. Robert Anderson Campbell, M.Sc., P.Geo., is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release.

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:
John Carlesso
President and C.E.O.
(416) 861-5881