Apogee Commences Drilling At Pulacayo-Paca Project.

TORONTO -- To Confirm Historical Drill Intersections & Define Resources at Historic Silver Mine

Apogee Minerals Ltd. (TSX VENTURE:APE) is pleased to announce that it has commenced a 4,000m diamond drilling program at the Pulacayo-Paca silver-zinc-lead project, a joint venture with Apex Silver Mines Limited (AMEX:SIL)(See Press Release September 12, 2005).

The Pulacayo-Paca project is located 460 km south of La Paz in the historic Potosi Department of Southwestern Bolivia, near the city of Uyuni in the middle of the San Cristobal-Potosi Silver Belt, a wide, well-mineralized string of silver deposits that extends from the southwest to the northeast and includes the three largest silver deposits in Bolivian history (Potosi, San Cristobal, and Pulacayo). In 2002, exploration work by Apex Silver discovered several additional zones of silver-zinc-lead mineralization within the vein system at the Pulacayo Mine that are both broad and high-grade.

Phase 1 Exploration Program

The current program will consist of a comprehensive program of geological mapping, surface and underground sampling and diamond drilling to confirm historical work and results of more recent exploration by Apex Silver (see below) and to define mineral resources at both Pulacayo and Paca.

Preliminary evaluation of the Pacamayo zone adjacent to the Pulacayo Mine where cooperative miners are exploiting hand picked high grade ore (Apogee grab sample of miners' "ore": 3300g/t Ag, 5.88% Pb, 3.59% Zn) is also planned.

Surface chip and channel sampling at Pulacayo and Pacamayo has been completed and initial results (incomplete) have returned anomalous silver and lead values. Results of underground channel sampling, which is continuing, have not been received.

Geological mapping at the Paca prospect indicates that mineralization reported by Apex Silver in their 2002 drilling is predominantly "mantos" style within the shallow, flat-lying sedimentary unit.

The initial drill program will consist of approximately 4,000m of surface and underground diamond drilling at Pulacayo (2100m) and Paca (1900m). Drillholes will be designed to confirm 2002 drillholes completed by Apex Silver to verify the integrity of previous drill results, to infill between drillholes to confirm the geological interpretation and continuity of mineralization between holes and, beneath or along strike from previous intersections to extend potential resource blocks where no drilling exists (Figure 1).

Surface drilling commenced on January 16, 2006 and an underground drill rig will be added mid-February; it is anticipated the program will be completed late March.

Apogee President & CEO, John Carlesso commented: "I am very pleased with the efforts our Bolivian technical staff have made to compile historical information and complete necessary geological work in preparation for this initial drill program and look forward to being able to report favourable drill results to our shareholders at the conclusion of the program which will be the basis for future resource estimates and advancement of the project to production."

History of Pulacayo-Paca Silver Mines

Discovered in 1883, the Pulacayo Silver Mine is the second largest silver mine in Bolivia after Cerro Rico de Potosi and one of the most important in Latin America, having produced over 206 million ounces of silver, 180,000 tonnes of zinc, and 180,000 tonnes of lead from 1883 to 1959 (ref. Sergeomin - Bulletin No 30, 2002). Production has been mainly from the non-outcropping Tajo vein system which was exploited to a depth of 1000 meters and averaged 30 ounces per tonne of silver over a strike length of 2500 meters. Revenue from the mine funded the first railway line to Bolivia, which connected the mine to the port of Antofagasta, Chile in 1888. Today the project is located 45 km by gravel road from the city of Uyuni which is connected by highway and railway to the sea port Antofagasta. The site contains all necessary services; power, water and an experienced labour force from the surrounding village of Pulacayo.

The Geology of Pulacayo and Paca

Silver-zinc-lead mineralization at Pulacayo-Paca is related to a high level epithermal system hosted in an east-west vein structure which cuts a series of Tertiary dacite to andesite porphyritic intrusive rocks and andesite flows which intrude Tertiary sandstones and conglomerates. The structure consists of a number of veins, veinlets and stockwork. The structure has been traced along strike for 2500 metres and to a vertical depth of 1000 metres and remains open. The width of the structure varies from 0.50 metre to 50 metres. Mineralization consists of silica, opal, barite, pyrite, ruby silver, argentite, galena and sphalerite.

Mineralization at Pulacayo and Pacamayo zones appear to be primarily associated with the Tajo and related vein structures. At Paca, Apex Silver identified two structures, a sub-vertical vein structure (feeder breccia) related to a dacite-andesite dome, similar to Pulacayo, and a second sub-horizontal (mantos) structure hosted in the sedimentary rocks.

Recent Work Completed by Apex Silver

At Pulacayo, Apex Silver has completed 3,130 meters of diamond drilling and intercepted mineralization in the Tajo vein. The most significant assays reported by Apex in a Press Release dated October 23, 2002 are summarized in Table 1, Apogee Press Release September 13, 2005 and include:

- 20.0(i) meters of 16.68 ounces/t Silver, 4.17% Zinc, and 2.29% Lead

- 8.0(i) meters of 16.81 ounces/t Silver, 2.42% Zinc, and 2.24% Lead

- 10.5(i) meters of 1.75 ounces/t Silver, 5.02% Zinc, and 1.37% Lead

- 25.0(i) meters of 1.19 ounces/t Silver, 4.90% Zinc, and 1.01% Lead

- 2.0(i) meters of 37.90 ounces/t Silver, 3.61% Zinc, and 3.38% Lead

- 2.0(i) meters of 86.10 ounces/t Silver, 2.46% Zinc, and 5.91% Lead

((i)All intercepts reported as True Widths)

The work by Apex Silver has outlined a significant zone of mineralization. This zone has been traced by drilling along strike for 900 metres and to a vertical depth of 840 metres. This structure varies in thickness from 10 to 50 metres. Further work is warranted to outline a significant mineral resource. Other work conducted by Apex Silver includes metallurgical testing on mineralized samples which demonstrated that flotation could produce zinc concentrates containing 3.30 kg/t silver and lead concentrates containing 10.9 kg/t Silver.

At Paca, Apex completed 3,448 meters of diamond drilling and 896 meters of Reverse- Circulation (RC) drilling. Some of the more significant assays reported in a Press Release dated October 23, 2002 are listed in Table 2, Apogee Press Release September 13, 2005 and include:

- 30.0(i) meters of 10.04 ounces/t Silver, 0.46% Zinc, and 0.88% Lead

- 22.0(i) meters of 12.26 ounces/t Silver, 2.49% Zinc, and2.55% Lead

- 18.0(i) meters of 5.26 ounces/t Silver, 0.34% Zinc, and 1.07% Lead

- 16.0(i) meters of 5.82 ounces/t Silver, 0.57% Zinc, and 1.34% Lead

((i)All intercepts reported as True Widths)

Terms of the Agreement

Under the terms of the agreement Apogee has the right to earn from Apex a 60% interest in the Property, which consists of sixteen (16) concessions totalling 33,978 hectares, by completing a bankable feasibility study and by spending US$ 1 million in exploration within three years of the Earn-In Period, including US$ 250,000 within the first six months of the Earn-In Period. Apogee will be the operator of all work programs on the property. In the event that the Feasibility Study evidences a critical mass of resources, Apex will have the option to increase its interest in the property to 60% by developing the property to production. Apex will also have the option to invest up to US$ 1 million in Apogee via private placement during the Earn-In Period subject to regulatory approval.

Mr. Douglas A. Currie, Vice President-Exploration, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and responsible for reviewing the technical disclosure in this press release.

Drillhole assay results referred to above and shown on the accompanying Figure 1 have been obtained from data provided by and reported in press releases issued by Apex Silver (AMEX:SIL) dated October 23, 2002 and January 29, 2003. Although they are believed to be accurate, they have not been independently verified by Apogee Minerals Ltd. The current program seeks to verify these results.

Building a Premier Emerging Silver Producer

Apogee Minerals Ltd. is a Canadian exploration and development company listed on the TSX Venture Exchange under the symbol APE. The company is focused on advanced Silver-Zinc projects in South America that demonstrate the potential to receive capital investment and be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest 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".

This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/apogee. Alternatively, investors are asked to email all questions and correspondence to [e-mail] where they can also request addition to the Apogee Minerals investor email list to receive all future press releases and updates directly.

NOTE: There are maps available on CCNMatthews' website at:

http://www.ccnmatthews.com/docs/Phase1.pdf

http://www.ccnmatthews.com/docs/PacaMap.pdf

Apogee Minerals Ltd. (TSX VENTURE:APE)