APE Apogee Opportunities

Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:APE) is pleased
to announce that it has entered into a definitive agreement (the "Agreement")
with Golden Minerals Company ("GMC") (TSX:AUM)(NYSE Amex:AUMN) to acquire all of
the issued and outstanding shares of an indirectly held subsidiary of GMC which
holds a 100% interest in the Pulacayo-Paca Project. The Pulacayo-Paca Project,
located in southern Bolivia, was previously subject to a joint venture agreement
between the Company and GMC wherein the Company has the right to acquire up to a
60% joint venture interest in the Pulacayo-Paca Project. Upon completion of the
proposed transaction, the Company will acquire a 100% interest in the property.


Pursuant to the Agreement, the Company shall acquire all of the issued and
outstanding shares of a subsidiary of GMC, which holds a 100% interest in the
Pulacayo-Paca Project. In consideration, Apogee shall issue 5,000,000 common
shares of the Company (the "Common Shares") upon closing of the transaction and
shall issue an additional 3,000,000 Common Shares and shall pay GMC a cash fee
in the amount of $500,000 eighteen (18) months following closing of the
transaction. Closing of the transaction is scheduled to occur next week and
remains subject to the receipt of all necessary regulatory and securities
approvals, including the approval of the TSX Venture Exchange, along with other
customary closing conditions.


David Gower, P.Geo., the C.E.O. of the Company, noted, "Today's announcement
represents a major achievement for Apogee and provides an immediate boost to the
silver resource base owned by the Company. Golden Minerals has been an excellent
partner and we are pleased to have their continued involvement as a major
shareholder of Apogee. This transaction solidifies our commitment to the
development and further exploration of the Pulacayo-Paca Project." 


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


About Apogee Minerals Limited

Apogee Minerals Ltd. is an exploration stage company listed on the TSX Venture
Exchange under the symbol APE. Apogee targets advanced silver-zinc-lead projects
in South America that demonstrate potential to be rapidly developed 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 future financial or operating performance of
the Company, its subsidiaries and its projects, statements regarding the
potential acquisition of the Pulacayo-Paca property, the timing with respect to
the completion of the proposed acquisition, the development of the Pulacayo-Paca
project, statements regarding exploration prospects, 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.

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