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TORONTO,
ONTARIO--(Marketwire - Feb. 10, 2009) - Apogee Minerals Ltd. (TSX
VENTURE:APE) today announced it is proceeding with the scoping study on
the Pulacayo Deposit, located at Pulacayo, southwest Bolivia.
The company has been conducting economic studies and reviewing
development scenarios since completion of the revised resource estimate
by Micon International (news release October 28, 2008, NI 43-101
Technical Report). Apogee is presently reviewing proposals from
engineering firms for the completion of the scoping study and
finalizing the scope of work for the contract. The focus of the scoping
study will be on evaluating development of a high grade underground
mine, with at least a ten year mine life.
David Gower, P.Geo., CEO of Apogee states; "Apogee's preliminary
economic modeling indicates there is good potential to develop the
project by focusing on the high grade portion of the deposit which
remains open along strike in both directions for further expansion. The
economic modeling indicates potential for a commercially viable
operation and a formal scoping study is warranted in order to allow for
a more comprehensive evaluation of the project."
On October 28, 2008 the company announced that it had increased the
mineral resources at its Pulacayo-Paca project adding 11.6 million
ounces of silver in the Indicated category plus 22.4 million ounces of
silver in the Inferred category, 225 million pounds of zinc in the
Indicated category plus 307 million pounds of zinc in the inferred
category and 97 million pounds of lead in indicated category plus 128
million pounds of lead in the Inferred category (see below for
classification, grades and tonnages). The Pulacayo resource is in
addition to the previously disclosed inferred mineral resource estimate
from the Paca deposit (press release February 19, 2007 or technical
report on SEDAR), which contains 58.8 million ounces of silver, 994
million pounds of zinc and 501 million pounds of lead. The independent
third party resource estimates were completed by Micon International
Limited (Micon), is based on CIM standards and compliant with the
requirements of National Instrument 43-101.
Summary of Mineral Resources for the Pulacayo and Paca Deposits (refer to news release date October 28, 2008 or NI 43-1-1 reports for details with respect to resource calculation). ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Class Tonnes Silver (g/t) Zinc (%) Lead (%) ---------------------------------------------------------------------------- Open Pit Only (Base Case Ag, 50 Degree Wall Slope Angle) ---------------------------------------------------------------------------- Indicated 6,577,000 49 1.41 0.63 ---------------------------------------------------------------------------- Inferred 8,358,000 64 1.48 0.62 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Underground Only (all blocks with NSR greater than $45) ---------------------------------------------------------------------------- Indicated 3,201,000 93 1.88 0.94 ---------------------------------------------------------------------------- Inferred 5,191,000 116 1.79 0.84 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Combined Pit and Underground ---------------------------------------------------------------------------- Pit Indicated 6,577,000 49 1.41 0.63 ---------------------------------------------------------------------------- UG Indicated 426,000 116 1.63 0.64 ---------------------------------------------------------------------------- Total Indicated 7,003,000 53 1.42 0.63 ---------------------------------------------------------------------------- Pit Inferred 8,358,000 64 1.48 0.62 ---------------------------------------------------------------------------- UG Inferred 1,198,000 149 1.30 0.58 ---------------------------------------------------------------------------- Total Inferred 9,556,000 75 1.46 0.61 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (1) Tonnages have been rounded to the nearest 1,000 tonnes. Average grades may not sum due to rounding. (2) Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. (3) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource. It is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. (4) The total resources listed as "Open Pit only" + the total resources listed as "Underground Only" do not add to equal "Combined Pit and Underground" as there is some overlap in the models between "Open Pit Only" and "Underground Only".
The
Pulacayo-Paca project is the major focus for Apogee and is an
option-joint venture with a subsidiary of Apex Silver Mines Ltd.
("Apex Silver"). 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.
Apogee has held discussions with Apex Silver with respect to recent
announcements regarding Apex Silver entering reorganization under
chapter 11 of the US Bankruptcy Code (Apex Silver press release dated
January 13, 2009). Apex Silver has indicated that this status does not
alter the current joint venture relationship. The property was the
second largest silver mine in the history of Bolivia with over 600
million ounces past production of silver.
Bolivia Update
Apogee Minerals continues to have a good, working relationship with the
Bolivian government and maintains frequent contact with the Ministry of
Mines of Bolivia. The ministry has been supportive of Apogee's
activities. The state owned corporation (COMIBOL) with whom there is an
underlying agreement on the Pulacayo properties, has expressed
satisfaction with the results achieved by Apogee to date. The recent
Constitution passed in Bolivia is expected to provide a clear framework
in which Apogee can continue with the development of the Pulacayo Project.
Quality Control
The Quality Control and all aspects of the exploration program are
supervised by Apogee's Vice President of Exploration, Joaquin Merino,
P.Geo., M.Sc. Joaquin Merino, P.Geo., who is a qualified person as
defined by NI 43-101 has supervised the implementation of the QA/QC for
the project and has reviewed and approved the technical and scientific
content in this release.
This press release has been reviewed and approved by David Gower, P.
Geo., CEO, a qualified person as defined by National Instrument 43-101.
About Apogee Minerals
Apogee Minerals Ltd. is a Canadian Company 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 all of 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 a subsidiary of Apex Silver Mines Limited. 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.
Forward Looking Statements
Except for statements of historical fact relating to the Company,
certain information contained herein constitutes "forward-looking
information" under Canadian securities legislation.
Forward-looking information includes, but is not limited to, statements
with respect to mineral resource estimates and the ability to realize
such estimates; projected mineral production and economics of such
production; economic and scoping studies, projected capital and
operating expenditures; metal prices; permitting time lines and
permitting; availability of skilled labour; ability to develop mining
operations in Bolivia; government regulation of mining operations; and
environmental risks. 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
statements that certain actions, events or results "may",
"could", "would", "might" or "will be
taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made. Estimates regarding
the mineral resources are based on the assumptions and parameters set
out above and on advice from independent, qualified consultants.
Estimates regarding the economics of projected production are based on
preliminary analysis conducted by Apogee management and have not been
verified by independent experts. Assumptions underlying these estimates
include future metal price projections, ability to finance development
costs of such development, research and experience of Apogee
management. 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 risks
described in the public record of the Company posted under the profile
of the Company on SEDAR at www.sedar.com. Although management of 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
statements 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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