(Source: MARKETWIRE)Apogee Minerals Ltd. (TSX VENTURE: APE) has reached agreement with Valencia Ventures Ltd. whereby Apogee will have the option to purchase up to 100% of Valencia's interest in the Cachinal Silver property located in northern Chile. Under the terms of the agreement, Apogee will initially purchase 75% of Valencia's interest in the Cachinal property by paying Valencia $200,000 in cash and issuing to Valencia 3 million units of Apogee. Each unit will consist of one common share of the Company and one common share purchase warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $0.25 for a period of 12 months from the date of issue. Pursuant to the terms of the agreement, Apogee will have the option to purchase the remaining 25% interest by paying Valencia $1 million at any time prior to October 5, 2012 (the "Option Period"). During the Option Period Apogee will be responsible for all exploration costs with respect to the Cachinal property up to $2,000,000. A description of the Cachinal property is included below.

The Cachinal property is located in Region II, Chile and is an advanced silver property, with a National Instrument 43-101 resource estimate dated March 4, 2008 prepared for Valencia on the Cachinal Property, comprising 18.41 million ounces of silver in the indicated resource category and an additional 3.02 million ounces of silver in the inferred resource category. (Please see the NI 43-101 independent technical report of Valencia dated April 30, 2008 entitled "Mineral Resource Estimation, Cachinal Silver-Zinc-Gold Project, Region II, Chile", filed on the SEDAR profile of Valencia at www.sedar.com.) The Cachinal deposit is a low-sulfidation epithermal system which has had past production of 32 million ounces of silver. The Company believes there is good potential to expand the estimated resource.