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Apogee
Minerals Limited ("Apogee" or "the Company") (TSX VENTURE:APE - News) is pleased to announce the appointment of Mr. Oscar Calero as the Vice President of Operations of the Company
effective February 15th, 2011. Mr. Calero brings
extensive engineering experience in both mine operations and development
projects with over 20 years of practice in both Peru and Canada. Most
recently, Mr. Calero was the Superintendent of
Projects and Productivity at Volcan Compania Minera, a publicly
traded Peruvian mining company that produces zinc, lead, silver, and copper
from six underground mining operations. Previously, Mr. Calero
held the position of Manager of Underground Mine Planning and Projects, Peru,
for Hochschild Mining PLC, and Mine Operations
Manager for Century Mining's Sigma-Lemaque
Operation in Val d'Or Quebec. Mr. Calero holds a
Bachelor's Degree in Mine Engineering from the National Engineering
University of Peru, and a Masters Degree in Business Administration from the
ESAN Graduate School of Business in Peru.
In
connection with his appointment, the Company shall grant Mr. Calero 100,000 stock options of the Company at an
exercise to be determined in accordance with the closing price of the
Company's common shares on the date immediately prior to his engagement with
the Company. The options shall vest immediately and will expire within five
years from the date of grant, in accordance with the terms of Apogee's stock
option plan. The options shall remain subject to receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange.
Apogee
is also pleased to report that that it has invited several South American
based mining contractors to submit detailed proposals for the provision of
contract mining services at its 100% owned Pulacayo
project during 2011. The Company is currently undertaking a comprehensive
evaluation of the feasibility of initiating a pilot mining and toll milling
program at the Pulacayo Deposit. The focus of the
mining program would be on higher grade zones within the deposit, which may
be readily accessible utilizing the historical mine
development. A key part of this assessment is identifying and engaging a
contract miner who would be responsible for the rehabilitation of the
existing level development and haulage drifts, development of new access to
planned stopes and the production of ore from these
stopes. It is anticipated that a comprehensive
pilot mining plan will be completed before the end March 2011 and a contract
would be awarded shortly thereafter.
The
toll milling development is viewed as the first stage in the development plan
at Pulacayo. The Company will also commission a
feasibility study for developing a stand-alone mill at the Pulacayo site which would support a higher production
rate in future.
Chris
Collins, P. Geo., the President of the Company, stated, "We are very
pleased to have Oscar Calero join the Apogee team
at this very exciting time in our development. His experience in underground
operations and development projects combined with his leadership skills will
be invaluable to us as we evaluate the opportunity to transition from exploration,
to development and production at Pulacayo."
In
addition to the pilot mining and toll milling initiative, Apogee is also
maintaining an aggressive exploration program at the Pulacayo
Deposit, with two diamond drills continuing to work on the property targeting
extensions to the known mineralization along strike east of the current
resources and a third drill being commissioned. (See Press Release dated
January 10th 2011 and January 18th 2011). Additional results from the
drilling program will be released as they become available.
For
detailed project information please refer to Apogee's web site at
www.apogeeminerals.com.
About
Apogee Minerals Limited
Apogee
Minerals Ltd. is an exploration stage company listed on the TSX Venture
Exchange under the symbol APE. Apogee targets advanced silver-zinc-lead
projects in South America that demonstrate potential to be rapidly developed
to production. Currently its projects are located in the historic silver
producing regions of southwest Bolivia and northern Chile.
Its
most advanced project is the 100% owned Pulacayo-Paca
project in Bolivia, This project includes the property that covered 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 impact of the appointment on
the Company, future financial or operating performance of the Company, its
subsidiaries and its projects, the development of the Pulacayo-Paca
project, and statements regarding exploration prospects. 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.
NEITHER
THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contact:
Marilia Bento
Apogee Minerals Ltd.
Vice President Corporate Development
(1) 416 309-2694
info@apogeeminerals.com
www.apogeeminerals.com
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