Minimal Impact of Hurricane Ike on Sherritt Operations
FOR IMMEDIATE RELEASE
June 2, 2008, Toronto, Ontario –Apogee Minerals Ltd. (TSX Venture Exchange: APE) reports additional high-grade intercepts at the Pulacayo silver-zinc-lead deposit, southern Bolivia (Figure1).
Results from eleven (11) diamond drill holes are included in this release (see Table 1 below). Highlights include drill hole PUD-069 which intersected 30 meters grading 413.87 g/t silver, 1.20% lead and 3.59% zinc within an 85.00 meter interval that graded 167.11 g/t silver, 0.74% lead and 2.56 % zinc. Drill hole PUD-074 intersected 7.00 meters grading 665.71 g/t silver, 8.59% lead and 3.01% zinc within a 47.00 meter interval that averaged 141.42 g/t silver, 1.55 % lead and 2.42% zinc. Results of earlier drill holes from this project were released on April 3, February 14, January 28, and January 8, 2008.
Helio Diniz, President of Apogee, states, “The upper part of the Tajo Vein System at Pulacayo continues to expand and deliver high grade silver-lead-zinc mineralized intercepts. We are most encouraged with these results and believe that a significant silver resource will be outlined within this portion of the Tajo Vein System at the Pulacayo Deposit.”
The Tajo Vein System consists of a thick (locally 200 meters) east-west trending zone of conjugate veins, stockwork and disseminated sulphides with a higher grade core known as the Main Zone that may exceed 60 meters in thickness locally. The area being drilled is the up-dip extension of the world class silver deposits of the Tajo Vein System, which have produced in excess of 600 million ounces of silver in the past. The known strike length of the Tajo Vein System has been drill tested along approximately one kilometer and it remains open along strike at both ends (Figure 2). Mineralization in the Tajo Vein System comprises sphalerite, galena and tetrahedrite in massive sulphide veins ranging from a few centimeters to greater than one meter thick and heavily disseminated sphalerite, galena and tetrahedrite between the veins.
The drilling at Pulacayo is expected to be completed in June to be followed by an in-house resource estimate. An independent third party will be contracted to validate a NI 43-101 resource estimate for the portion of the Pulacayo Deposit that has been drilled. This estimate, which is expected to be completed by the fourth quarter, will form the basis for completing an economic evaluation of the project.
The project is an option to joint venture with Apex Silver Mines Ltd. in which Apogee can earn up to a 60% interest in the Pulacayo/Paca project (see press release dated 13/09/05) by completing a feasibility study before July 30, 2009.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. The other half of the core is sent for analysis. Samples are taken in approximately 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation laboratory in Oruro, Bolivia and assayed at ALS Chemex laboratory in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample and standard samples representing a range of grades are inserted every 20th sample. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee’s Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release.
This press release has been reviewed and approved by Dr. Fernando Tallarico P. Geo., the qualified person as defined by National Instrument 43-101.
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@apogeesilver.com
Web: www.apogeesilver.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 on the progress of the program. 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. -30-
Table 1: Assay results for drill holes PUD-068 to PUD-078, Pulacayo Project.
| Hole N° | UTM-E (m) |
UTM-N (m) |
Azimuth | Angle | From (m) |
To (m) |
Core Lenght (m) |
Estimated True Width (m) |
Ag (g/t) |
Pb (%) | Zn (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PUD-068 | 740,046 | 7,744,448 | 000 | -40 | 234.50 | 298.00 | 63.50 | 54.99 | 14.32 | 0.23 | 1.22 |
| Including | 273.50 | 279.00 | 5.50 | 4.76 | 67.09 | 0.48 | 2.83 | ||||
| PUD-069 | 740,094 | 7,744,436 | 000 | -50 | 243.00 | 328.00 | 85.00 | 65.11 | 167.11 | 0.74 | 2.56 |
| Including | 271.00 | 314.00 | 43.00 | 32.94 | 316.79 | 1.11 | 3.54 | ||||
| Including | 276.00 | 306.00 | 30.00 | 22.98 | 413.87 | 1.20 | 3.59 | ||||
| PUD-070 | 740,021 | 7,744,502 | 000 | -5 | 76.80 | 87.00 | 10.20 | 10.16 | 48.49 | 1.43 | 0.08 |
| Including | 79.00 | 83.00 | 4.00 | 3.99 | 93.50 | 2.35 | 0.08 | ||||
| And | 149.00 | 186.00 | 37.00 | 36.86 | 23.80 | 0.49 | 1.56 | ||||
| Including | 150.00 | 153.70 | 3.70 | 3.69 | 72.57 | 1.42 | 4.08 | ||||
| PUD-071 | 740,145 | 7,744,452 | 000 | -49 | 213.00 | 293.00 | 80.00 | 62.17 | 43.60 | 0.48 | 1.36 |
| Including | 239.00 | 245.00 | 6.00 | 4.66 | 112.17 | 0.73 | 1.96 | ||||
| Including | 252.00 | 258.50 | 6.50 | 5.05 | 95.45 | 0.82 | 0.71 | ||||
| Including | 265.00 | 272.50 | 7.50 | 5.83 | 102.45 | 0.77 | 1.97 | ||||
| Including | 276.00 | 282.00 | 6.00 | 4.66 | 108.19 | 1.23 | 2.61 | ||||
| PUD-072 | 740,095 | 7,744,556 | 000 | -9 | 0.00 | 9.00 | 9.00 | 9.00 | 75.44 | 1.21 | 0.12 |
| Including | 0.00 | 5.00 | 5.00 | 5.00 | 129.80 | 1.58 | 0.22 | ||||
| And | 71.00 | 107.00 | 36.00 | 36.00 | 51.65 | 1.13 | 0.15 | ||||
| Including | 94.00 | 99.00 | 5.00 | 5.00 | 222.40 | 3.84 | 0.03 | ||||
| PUD-073 | 740,134 | 7,744,543 | 000 | -20 | 87.00 | 116.29 | 29.29 | 28.85 | 19.97 | 0.56 | 0.60 |
| PUD-074 | 740,144 | 7,744,380 | 000 | -48 | 298.00 | 400.00 | 102.00 | 80.38 | 68.10 | 0.81 | 1.52 |
| Including | 321.00 | 393.00 | 72.00 | 56.74 | 93.95 | 1.06 | 1.84 | ||||
| Including | 342.00 | 369.00 | 27.00 | 21.28 | 222.77 | 2.43 | 1.79 | ||||
| Including | 358.00 | 365.00 | 7.00 | 5.52 | 665.71 | 8.59 | 3.01 | ||||
| PUD-075 | 739,922 | 7,744,564 | 020 | -26 | 57.00 | 63.00 | 6.00 | 5.45 | 136.33 | 2.71 | 0.05 |
| Including | 60.00 | 63.00 | 3.00 | 2.72 | 222.33 | 4.47 | 0.07 | ||||
| And | 123.00 | 147.00 | 24.00 | 21.79 | 16.13 | 0.42 | 1.45 | ||||
| PUD-076 | 740,175 | 7,744,496 | 000 | -13 | 114.20 | 161.00 | 46.80 | 46.74 | 21.86 | 0.55 | 1.35 |
| Including | 126.00 | 129.00 | 3.00 | 3.00 | 127.33 | 1.82 | 2.71 | ||||
| Including | 155.00 | 159.00 | 4.00 | 4.00 | 74.00 | 1.84 | 4.62 | ||||
| PUD-077 | 740,094 | 7,744,367 | 000 | -47 | 394.00 | 395.00 | 1.00 | 0.80 | 5.00 | 0.16 | 0.56 |
| PUD-078 | 740,175 | 7,744,496 | 000 | -37 | 153.00 | 193.00 | 40.00 | 35.64 | 17.82 | 0.41 | 1.51 |
Figure 1: Pulacayo – Paca Project location map.
Figure 2: Vertical Longitudinal Section of the upper part of the Tajo Vein System, showing intersection locations and planned drill holes, including underground drilling.
