Apogee Minerals Announces Amendment to Option Agreement for the Pine Channel Property

Vancouver, British Columbia, March 28, 2024 (GLOBE NEWSWIRE) -- Apogee Minerals Ltd. (“Apogee” or the “Company” or the “Optionee”) (TSXV: APMI) has amended the option agreement (the “Amendment Agreement”) with Eagle Plains (the “Optionor”) whereby the Optionor granted the Company the right to acquire up to an 80% interest in the Pine Channel Property (the “Property”).

Under the amended terms of the Amendment Agreement, Apogee has been granted an extension on the due date of the CAD $50,000 cash payment from June 30, 2024, to December 31^st, 2024, and the $50,000 cash payment from December 31^st, 2023, to December 31^st, 2025, as well as an extension on the last three exploration expenditure due dates, with the aggregate amount over the course of the option remaining the same. The new exploration expenditure schedule is as follows:

1. $500,000 on or before June 30, 2025; and
   
2. $2,000,000 on or before December 31, 2025.

In consideration of the amendment, Apogee shall issue the Optionor 50,000 common shares within three (3) business days of receipt of TSX Venture Exchange approval of the Amendment Agreement. All the other terms and conditions of the Agreement remain unchanged. The shares issued shall be subject to a statutory hold period of four months and one day from issuance.

About Apogee Minerals Ltd.:

Apogee Minerals Ltd. is a mineral exploration company. Our goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.

To find out more about Apogee Minerals Ltd. (TSX-V: APMI) visit the Company’s website: 
www.apogeemineralsltd.com

Apogee Minerals Ltd.

“Tim Fernback”          

Tim Fernback
Interim CEO and Director

For further information, please contact:

Apogee Minerals Ltd. 
Riley Trimble, Director
Email: [e-mail] 
Tel: [phone]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statements Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the structure of the Proposed Transaction, the terms and conditions of the Proposed Transaction, the Consolidation, the Name Change, the terms of the Financing. the composition of the board of directors and officers of the Resulting Issuer upon completion of the Proposed Transaction, the intention of the parties to seek a sponsorship exemption or waiver, the issuance of subsequent news releases, and Alto Verde’s future exploration plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.