CIM Investment Management Limited provides updated information on interest in Apogee Minerals Ltd

TORONTO, July 31 /CNW/ – CIM Investment Management Limited (“CIM”) wishes to clarify that it currently has control over 22.04% of the outstanding common shares (“Shares”) of Apogee Minerals Ltd. (“Apogee”). CIM has control over the Shares held by each of CIM Special Situations Fund Limited (“CSSF”) and CIM Discovery Fund Limited (“Discovery”) (together, the “Controlled Entities”). On October 24, 2008, Key Special Situations Fund Limited (“KSSF”) disaggregated and therefore the Shares and warrants of Apogee (the “Warrants”) held by KSSF that were reported in the early warning report filed on April 29, 2008, ceased to be affiliated with CIM. After KSSF disaggregated, CIM had control or direction over 8,907,500 Shares and 7,500,000 Warrants (all held by CSSF). If the warrants were exercised at such time, CSSF could have acquired an additional 7,500,000 Shares, for a total of 16,407,500 Shares, representing approximately 23.99% of the Shares, based on a total of 68,391,000 Shares issued and outstanding. The 68,391,000 value has been calculated to include the 7,500,000 Shares that would have been issued if all of the Warrants held by CSSF were exercised and added to the 60,891,000 Shares had issued and outstanding, as reported by the TSX website on 31 July 2009.

On February 20, 2009, CSSF transferred in a private transaction 4,251,406 Shares and 3,579,629 Warrants held by CSSF to Discovery. After the transfer CIM still had control or direction over an aggregate of 8,907,500 Shares (CSSF held 4,656,094 Shares and Discovery held 4,251,406 Shares) and an aggregate of 7,500,000 Warrants (CSSF held 3,920,371 Warrants and Discovery held 3,579,629 Warrants).

As such, the Controlled Entities continued to hold approximately 23.99% of the issued and outstanding Shares, based on a total of 68,391,000 Shares issued and outstanding, calculated as aforesaid. As of July 31st, 2009, CIM has control or direction over an aggregate of 7,574,500 Shares (CSSF holds 3,323,094 Shares and Discovery holds 4,251,406 Shares) and an aggregate of 7,500,000 Warrants (CSSF holds 3,920,371 Warrants and Discovery holds 3,579,629 Warrants). As such, if such Warrants are exercised, the Controlled Entities could acquire an additional 7,500,000 Shares, for a total of 15,074,500 Shares, representing approximately 22.04% of the issued and outstanding Shares, based on a total of 68,391,000 Shares issued and outstanding, calculated as aforesaid.

The Shares held by the Controlled Entities are for investment purposes. The Controlled Entities may, from time to time acquire additional securities of Apogee, dispose of some or all of the existing or additional securities, or may continue to hold the current position. CIM Investment Management Limited is incorporated under the laws of England which is authorized and regulated by the Financial Services Authority (FSA Firm Reference Number 443440).

CIM Investment Management is an asset management company which manages, amongst others, Funds on behalf of the CIM Special Situations Fund Limited and the CIM Discovery Fund Limited. For further information: please contact Ashley Retter of CIM Investment Management Limited. Ashley Retter, CIM Investment Management Limited, 1 Regent Street, London, SW1Y 4NS; CIM Special Situations Fund Limited, P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands; CIM Discovery Fund Limited, P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands