Apogee to Complete Scoping Study on High Grade Pulacayo Silver-Lead-Zinc Deposit, Bolivia

TORONTO, ONTARIO–(Marketwire – Feb. 10, 2009) – Apogee Minerals Ltd. (TSX VENTURE:APE) today announced it is proceeding with the scoping study on the Pulacayo Deposit, located at Pulacayo, southwest Bolivia.

The company has been conducting economic studies and reviewing development scenarios since completion of the revised resource estimate by Micon International (news release October 28, 2008, NI 43-101 Technical Report). Apogee is presently reviewing proposals from engineering firms for the completion of the scoping study and finalizing the scope of work for the contract. The focus of the scoping study will be on evaluating development of a high grade underground mine, with at least a ten year mine life.

David Gower, P.Geo., CEO of Apogee states; “Apogee’s preliminary economic modeling indicates there is good potential to develop the project by focusing on the high grade portion of the deposit which remains open along strike in both directions for further expansion. The economic modeling indicates potential for a commercially viable operation and a formal scoping study is warranted in order to allow for a more comprehensive evaluation of the project.”

On October 28, 2008 the company announced that it had increased the mineral resources at its Pulacayo-Paca project adding 11.6 million ounces of silver in the Indicated category plus 22.4 million ounces of silver in the Inferred category, 225 million pounds of zinc in the Indicated category plus 307 million pounds of zinc in the inferred category and 97 million pounds of lead in indicated category plus 128 million pounds of lead in the Inferred category (see below for classification, grades and tonnages). The Pulacayo resource is in addition to the previously disclosed inferred mineral resource estimate from the Paca deposit (press release February 19, 2007 or technical report on SEDAR), which contains 58.8 million ounces of silver, 994 million pounds of zinc and 501 million pounds of lead. The independent third party resource estimates were completed by Micon International Limited (Micon), is based on CIM standards and compliant with the requirements of National Instrument 43-101.

Summary of Mineral Resources for the Pulacayo and Paca Deposits (refer to news release date October 28, 2008 or NI 43-1-1 reports for details with respect to resource calculation).

(1) Tonnages have been rounded to the nearest 1,000 tonnes. Average grades may not sum due to rounding.
(2) Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource. It is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
(4) The total resources listed as “Open Pit only” + the total resources listed as “Underground Only” do not add to equal “Combined Pit and Underground” as there is some overlap in the models between “Open Pit Only” and “Underground Only”.

The Pulacayo-Paca project is the major focus for Apogee and is an option-joint venture with a subsidiary of Apex Silver Mines Ltd. (“Apex Silver”). The project is located 20 km by gravel road from the city of Uyuni which is connected by highway and railway to the sea port of Antofagasta, Chile. The site contains power, water and an experienced labour force from the surrounding village of Pulacayo. Apogee has held discussions with Apex Silver with respect to recent announcements regarding Apex Silver entering reorganization under chapter 11 of the US Bankruptcy Code (Apex Silver press release dated January 13, 2009). Apex Silver has indicated that this status does not alter the current joint venture relationship. The property was the second largest silver mine in the history of Bolivia with over 600 million ounces past production of silver.

Bolivia Update

Apogee Minerals continues to have a good, working relationship with the Bolivian government and maintains frequent contact with the Ministry of Mines of Bolivia. The ministry has been supportive of Apogee’s activities. The state owned corporation (COMIBOL) with whom there is an underlying agreement on the Pulacayo properties, has expressed satisfaction with the results achieved by Apogee to date. The recent Constitution passed in Bolivia is expected to provide a clear framework in which Apogee can continue with the development of the Pulacayo Project.

Quality Control

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.

This press release has been reviewed and approved by David Gower, P. Geo., CEO, a qualified person as defined by National Instrument 43-101.

About Apogee Minerals

Apogee Minerals Ltd. is a Canadian Company 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 Pulacayo-Paca project is an option to joint venture with a subsidiary of Apex Silver Mines Limited. 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.

Forward Looking Statements

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; economic and scoping studies, projected capital and operating expenditures; metal prices; permitting time lines and permitting; availability of skilled labour; 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 statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources are based on the assumptions and parameters set out above and on advice from independent, qualified consultants. Estimates regarding the economics of projected production are based on preliminary analysis conducted by Apogee management and have not been verified by independent experts. Assumptions underlying these estimates include future metal price projections, ability to finance development costs of such development, research and experience of Apogee management. 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 risks described in the public record of the Company posted under the profile of the Company on SEDAR at www.sedar.com . Although management of 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 statements 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.