New Drilling at Apogee’s Santa Isabel Property Returns 15m of 253g/t Silver, 13% Zinc, 230g/t Indium

TORONTO, ONFebruary 10,2005 Apogee Minerals Ltd. (TSX Venture Exchange : APE) has received initial results from its Phase I drillingprogram at the Santa Isabel project in the Potosi district ofsouthwestern Bolivia(see Press Release dated December 3, 2004). Assay results for the upper portion (0 –235m) of Apogee’s drill Hole #1 (SI-04-01)included several significant Silver-Zinc-Indium rich mineralized intersections, including 15m of 252.9 g/t Silver, 13.11% Zinc, 1.36% Leadand 230.2 g/t Indium. Hole #1was drilled adjacent to an earlier mineralized drill hole completed by Samex Mining Corp.

Apogee President and CEO John Carlesso commented: “We continue to bevery pleased with theresults we arereceiving from our Phase 1 program at Santa Isabel. These new drill results showing high Silver-Zinc-Lead values, combined with recently confirmed existing data and highly mineralized surface samples, strengthens ourlevel of confidence in the potential for the large mineralized system identified at Santa Isabel. Once again, the presence of Indium is also a very interestingaddition to the generalpotential of the target areas.”

The Santa Isabel Project is located in southwestern Bolivia, approximately 1050 km from La Paz, within the San Antonio de Lipez District, Potosi Department, near the border with Argentina(Figure 1). The property is comprised of one 200 ha block and Apogee Minerals hasreached an agreement with the owner to acquire up to a 95% interest in the property through exploration expenditures and cash and share payments over a four year
period (see Press Release dated Oct. 6, 2004). Samex Mining Corp. drilled 23 diamond drill holes totaling 7241m on the property from 1996 –1998, primarily targeting copper-gold porphyry targets.

Apogee’s Phase 1 Exploration program at the Santa Isabel project consists of detailed geological mapping, re-sampling existing mineralized drill core and anomalous trenching to verify previous results, new surface sampling and 1,012m of new confirmatory diamond drilling.

Drill Hole #1 (SI-04-01)was drilled to twin hole SI-98-19, drilled in 1998 by Samex Mining Corp. during their exploration of the Santa Isabel property. The new hole was collared approximately 4m from the original hole and was drilled parallel to the older hole, at the same orientation (Table 1). Mineralized intersections in Apogee’s Hole #1correlate well with mineralization reported by Samex in hole SI-98-19, with a wide zone of high grade Silver-Zinc-Indium reported in both holes in the 200m –230m interval (Tables 2, 3).

Results fromthe re-sampling of core drilled by Samex Mining Corp. in 1998 and from surface sampling taken on a recent field visit (see Press Release dated January 18, 2005) also returned very positive results for Silver, Zinc, Lead, and Indium. Indium is most frequently associated with Zinc, and is used in applications such as bearing alloys, transistors in microprocessors, thermistors in temperature sensors, and in display technology such as x-rays, touch-screens,and flat-screen televisions.

Assay results from the remainder of Apogee drill Hole #1and two other holes drilled, SI-04-03and SI-04-04, also drilled in the Consuelito target area, are expected shortly.

The initial results from Hole #1and results from both the re-sampling of the Samex drill holes and the surface samples have confirmed the validity of historical indications of mineralization. The next phase will focus on defining the strike extent of the Consuelito and Vera Cruz vein systems intersected by the Samex drilling, as well as testing of additional parallel vein systems which were not drilled by Samex.

Geological work on the Santa Isabel Project has been planned and performed under the supervision of Mr.Douglas Currie, MAusIMM, Q.P. of Gwynva Resources Management Inc.who has the ability and authority to verify the authenticity and validity of the information contained within this news release. Historical drilling performed by Samex Mining Corporation is summarizedin a NI 43-101 compliant technical report summarizing historical exploration activities entitled “TECHNICAL REPORT No GRM-04-106, PRELIMINARY ASSESSMENTSANTA ISABEL PROJECTSAN ANTONIO DE LIPEZ, BOLIVIA” which has beenlodged on SEDAR separately (dated January 18, 2005)and isalso available on the Apogee website at www.apogeeminerals.com.

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.

Apogee Minerals Ltd. Is a Canadian exploration and development company listed on the TSX VentureExchange under the symbol APE.The company has several advanced Silver-Zinc exploration properties in the historic PotosiDepartment ofsouthwestern Bolivia.

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

Table: Santa Isabel Project www.prophecycoal.com/apogee/pdf/feb10_2005_tb1_Santa.pdf