Bolivian Government Mining Initiatives to Focus on Investment, Job Creation

TORONTO, ON November 2, 2006 Apogee Minerals Ltd. (TSX Venture Exchange: APE) has reviewed policy statements made over the past week by the President of Bolivia Evo Morales and the Minister of Mines Guillermo Dalence. The company views the statements as positive and conducive to encouraging mining investment in the country.

Apogee President and CEO John Carlesso stated: “We are pleased that on an occasion that the government has pronounced as significant, it has taken the opportunity to emphasize the need to attract investment capital to the Bolivian mining industry and the important role that job creation can play in revitalising the Bolivian economy. We continue to view our Bolivian projects as secure investments that offer our company the possibility for excellent returns on investment. We will continue to move forward with our plans to expand the La Solucion Mine and establish a 43-101 Resource Estimate at the Paca Open Pit target.”

Government officials have stated that reforms will focus on the reactivation of the mining industry, commencing with an expansion of the State mining agency’s (COMIBOL) activities at the Huanuni tin mine, including the hiring of additional miners. Mining Minister Dalence has stated there will be incentives and security for foreign investment and that there are no plans for project expropriations. Major mining investments currently being planned in the country for the next several years are in excess of US$3 Billion.

Building A Premier Emerging Silver Producer

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 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.

The 100%-owned La Solucion Mine has a 14 year production history and hosts a 120 tonne per day flotation mill. The Pulacayo-Paca project is a Joint Venture with Apex Silver Mines Ltd. on the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production. The Buena Vista Project is a high-grade goldsilver project with historic production dating back over 200 years.

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