Apogee Closes Private Placement Financing

TORONTO, ONTARIO–(Marketwire – Dec. 21, 2010) –

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Apogee Minerals Ltd. (“Apogee” or “the Company”) (TSX VENTURE:APE) is pleased to announce that it has closed its previously announced non-brokered private placement financing of 1,578,946 units of the Company (“Units”) for gross proceeds of $300,000. Each Unit is comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire a common share of the Company at an exercise price of $0.25 until December 18, 2012. The common shares, warrant and warrant shares thereunder are subject to statutory resale restrictions which expire on April 19, 2011.

The Company intends to use net proceeds to continue the development of its key projects and for working capital purposes.

In addition, the Company is pleased to announce that Jennifer Wagner has been appointed as the Corporate Secretary of the Company effective December 20, 2010. Ms. Wagner is a corporate securities lawyer who works as a legal consultant to various TSX and TSX Venture listed companies in the mining industry. Ms. Wagner’s appointment follows the resignation of Mr. Patrick Gleeson. Mr. Gleeson will continue to act as a consultant to the Company.

The Company also provides an update with respect to its previously announced acquisition of the Cachinal silver property, located in Chile, from Valencia Ventures Inc. (“Valencia”). Apogee and Valencia are in the process of negotiating the terms of the definitive agreement. Completion of the acquisition remains subject to, among other things, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV”). The acquisition is a non-arm’s length transaction for the purposes of the TSXV as Apogee and Valencia have a common director, being Mr. Stan Bharti, and a common officer, being Mr. Greg Duras who is the Chief Financial Officer of both Apogee and Valencia.

For detailed project information please refer to Apogee’s web site at www.apogeeminerals.com.

About Apogee Minerals Ltd

Apogee Minerals Ltd. is an exploration stage company listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced stage silver-zinc-lead projects in South America that demonstrate potential to be accelerated to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile.

Its most advanced project is the Pulacayo-Paca project in Bolivia, which is an option to joint venture with Golden Minerals Company. This project includes the property that covered the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.

Cautionary Note Regarding Forward-Looking Information This press release contains “forward looking information” within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the projected use of proceeds, exploration prospects, the completion of the acquisition of the Cachinal property and requirements for additional capital. 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 state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although 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 information 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FOR FURTHER INFORMATION PLEASE CONTACT:
Apogee Minerals Ltd.
Chris Collins
President
(1) 416 861-2264

Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(1) 416 861-5902
info@apogeesilver.com
www.apogeesilver.com

Source: Apogee Minerals Ltd.