Apogee Announces Private Placement Financing and Sale of La Solucion Property

TORONTO, ONTARIO--(Marketwire - Aug. 6, 2009) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES Apogee Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:APE) is pleased to announce that it intends to complete a non-brokered private placement financing of units ("Units") at a price of $0.06 per Unit for gross proceeds in the amount of $300,000. Each Unit consists of one common share of the Company (a "Common Shares") and one-half of one share purchase warrant (each whole warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire a Common Share at the exercise price of $0.10 per share for a period of up to 24 months following the closing of the private placement. One strategic investor has agreed to purchase the entire financing. The Corporation intends to use net proceeds to continue the development of its key projects and for working capital purposes. The Common Shares, the Warrants and the shares issuable upon the exercise of the Warrants, are subject to resale restrictions. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval. In addition, the Company is pleased to announce that it has divested of its interest in the La Solucion property located in Bolivia. Through the Company's wholly-owned subsidiary, Apogee Minerals Bolivia S.A., the Company entered into a share purchase agreement whereby all the issued and outstanding shares of Empresa Minera La Solucion Ltd. and its underlying asset the La Solucion Mine were sold to a Bolivian purchaser. David Gower, P.Geo., Apogee's President and CEO, said, "The sale of this project benefits Apogee's exploration strategy as it enables Apogee to redirect funds and focus on its Pulacayo Project." For detailed project information please refer to Apogee's web site at www.apogeeminerals.com. About Apogee Minerals Limited 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 its projects are located in the historic silver producing regions of central and southwest Bolivia. 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. 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 terms of the financing and projected use of proceeds, 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.