Apogee Awards Contract for Scoping Study on High Grade Pulacayo Silver-Lead-Zinc Deposit, Bolivia

Apogee Minerals Ltd. announce that Micon International Limited has been awarded a contract to complete the scoping study on the Pulacayo deposit, located at Pulacayo, southwest Bolivia.

Apogee has reviewed proposals from various engineering firms for the completion of the Study and ultimately selected Micon. The Study will focus on two possible production scenarios to determine the optimal approach for developing a high grade underground mine. The alternatives to be evaluated include: a) fast-track to production by shipping ore to existing milling facilities within trucking distance of the Pulacayo Deposit; and b) construct a stand-alone operation with an on-site mill. The Study will also evaluate whether the operation would benefit from initiating production using a custom milling approach and transitioning to a stand-alone operation after cash-flow is established. It is anticipated that the Study will be completed prior to mid-October 2009.

The Study will be based on the independent mineral resource estimation prepared by Micon International (See Press Releases dated October 28, 2008 and February 10, 2009). The Pulacayo deposit remains open for further expansion and a drill plan is being finalized to expand the high grade resource in areas adjacent to existing intersections.

Apogee is also pleased to announce that the Bolivian Mining Corporation (“COMIBOL”), has granted Apogee a four month extension to complete a feasibility study on the Pulacayo Project, as required by the Joint Venture Agreement executed by Apogee, ASC Bolivia LDC (a subsidiary of Golden Minerals Company, formerly Apex Silver Mines Ltd.) and the Pulacayo Cooperative. The date for delivery of the feasibility study to COMIBOL has been extended to November 30, 2009. Golden Minerals Company has also agreed to this extension.

David Gower, P.Geo., CEO of Apogee stated, “We are very excited by the prospect of developing the Pulacayo deposit. We continue to have strong support from the local community and from the Ministry of Mines and the State mining company, COMIBOL, reflecting the continued excellent relationship between Apogee and the Bolivian government. This extension was endorsed by the Pulacayo Cooperative (a traditional miners group) and also a representative of the Pulacayo community, who have both expressed satisfaction with the progress to date on the project.”

The Pulacayo-Paca project is the primary focus for Apogee and is an option-joint venture with a subsidiary of Golden Minerals Company. The project is located 20 km by gravel road from the city of Uyuni, which is connected by highway and railway to the sea port of Antofagasta, Chile. The site contains power, water and an experienced labour force from the surrounding village of Pulacayo.