Ed's Thread

[Ed Monton]

APE

Apogee Minerals Acquires Bolivian Company And Enters
Into Joint Venture Agreements

TORONTO, ONTARIO--(CCNMatthews - Sept. 21, 2004) - Apogee
Minerals Ltd. (TSX VENTURE:APE) has entered into an agreement to
acquire Forbes Manhattan Bolivia, a private Bolivian company that
has the right to earn, through joint venture agreements,
interests in three separate silver projects in Bolivia,
specifically the "Buena Vista" project, the "Tiawanku" project
and the "Jaquegua" project.

These properties, all of which have been mined historically for
silver since the Spanish occupation of Bolivia in the middle of
the 16th Century, exhibit polymetallic
silver-tin-gold-zinc-lead-antimony-tungsten-bisimuth
mineralization of the Bolivian Polymetallic Vein Style. The large
Kori Kollo Deposit (gold-silver) mined by Newmont Mining Company
and the San Cristobol Deposit (silver) owned by Apex Silver Inc
are two of the larger and better known Bolivian examples of this
mineralization style. There has been little modern exploration of
these properties.

The Buena Vista project is a 200 hectare mining concession
located in the San Antonio de Lipez District, Potsoi Department,
near the border with Argentina. To earn a 95% interest in the
project, 500,000 common shares of Apogee are to be issued along
with cash payments of US$5,000 per month for 36 months with a
balloon payment of US$250,000 after 24 months to the owner of the
project, Oscar Bonifaz Olivar or as he may direct. Additionally,
the owner is to receive the equivalent of US$80,000 of common
shares on the 36 month anniversary. The Company is required to
spend a minimum of US$1,000,000 in work expenditures on the
project within the first 36 months.

Historical underground workings are extensive, with one
mineralized zone supposedly traced over 1,100 meters along
strike. Historical, unconfirmed, pre-NI 43-101 sampling reported
average grades for the San Pablito and Once veins of 222g/t Ag,
2.66% Pb and 4.39% Zn that may be indicative of potential grades.
Historically, assaying for gold has been sporadic, however, a
recent grab sample (as reported in a technical report completed
by Douglas A. Currie, MAusIMM, of Gwynva Resources Management
Inc. referred to hereinafter) from a small mine dump which was
visually mineralized, contained 65.1 g/t Au, 569g/t Ag, 24.7% Pb
and 15.1% Zn; it also contained elevated Sb (9,490 ppm). A small
prospect, possibly on the same structure but on an adjacent
property, is currently being mined for antimony.

The Jaquegua project is a 596 hectare mining concession located
in the San Antonio de Lipez District, Potsoi Department near the
border with Argentina. To earn an initial 51% interest in the
project, 250,000 common shares and a US$50,000 cash payment are
required at execution of a definitive agreement with an
additional 250,000 common shares and a US$50,000 cash payment
required at the one year anniversary of the definitive agreement
to the owner of the project, Empressa Minera Unificada S.A.
(EMUSA) or as they may direct. The Company is required to spend
US$1,000,000 in work expenditures by the end of the second year.
Within 12 months of earning the initial 51% interest, the Company
could acquire an additional 19% interest in the project by making
a further US$750,000 payment to the owner and incurring
additional work expenditures of US$1,000,000.

The Jaquegua project area consists of 30-40, predominantly
east-west trending, vertical dipping silver-lead-zinc bearing
barite-manganese-quartz veins having widths in excess of 1m. The
mineralization also includes veinlets, stockworks and
disseminated sulphides (pyrite, galena, minor sphalerite).
Evidence of historical mining has demonstrated that the
mineralized vein system at Jaquegua is large, with several veins
extending over several hundred meters. Locally, mineralized zones
with several sub-parallel veins are up to 10m wide.

The Tiawanaku project is a 250 hectare mining concession located
in the Canton of Tiawanaku, Ingavi Province, Department of La
Paz. To earn a 95% interest in the project, 20,000 common shares
are required at the time of signing, 50,000 common shares and a
US$30,000 cash payment at the first year anniversary of the
agreement, 100,000 common shares and a US$50,000 cash payment at
the second year anniversary of the agreement, 100,000 common
shares and a US$50,000 cash payment at the third year anniversary
of the agreement and 100,000 common shares and a US$50,000 cash
payment at the fourth year anniversary of the agreement. The
Company has minimum work expenditures of US$100,000 in the first
year, US$200,000 in the second year, US$300,000 in the third year
and US$400,000 in the fourth year. The owner retains a 2% N.S.R.
on the project with the Company having the option to purchase 50%
for a one time cash payment of US$500,000.

For Apogee to acquire Forbes Manhattan Bolivia, it will assume
all of its rights and obligations, make a CAN$200,000 cash
payment and issue 1,500,000 common shares to existing owners of
Forbes Manhattan Bolivia. The agreements referred to above,
including the issuance of any common shares and cash payments,
are subject to regulatory approval.

Apogee believes these prospects represent large mineralized
systems which have been unexplored by modern exploration
techniques with the potential to contain substantial silver-gold
and polymetallic base metal deposits. Bolivia has a historical
mining culture and favorable tax regulations, mining law and
political climate conducive to foreign exploration and mining
companies.

A technical report has been completed by Mr. Douglas A Currie,
MAusIMM, of Gwynva Resources Management Inc., an independent
Qualified Person as defined by National Instrument 43-101, on
both the "Jaquegua" and "Buena Vista" projects. These reports
will be filed on SEDAR shortly. Apogee is currently compiling
further information and outlining the exploration programs to be
carried out on the projects. A further press release in this
regard will be issued.

Apogee Minerals Ltd. is a Canadian exploration and development
company listed on the TSX Venture Exchange under the symbol
"APE".

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".



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FOR FURTHER INFORMATION PLEASE CONTACT:
Apogee Minerals Ltd.
Tony Wonnacott
Corporate Secretary
[phone]
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.