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: [email protected] 
Tel: (604) 416-2978

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.

Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the Company's ability to complete the Proposed Transaction; the expected timing and terms of the Proposed Transaction and the Financing; the state of the financial markets for the Company's securities; the state of the natural resources sector in the event the Proposed Transaction is completed; recent market volatility and potentially negative capital raising conditions resulting from the continued COVID-19 pandemic and risks relating to the extent and duration of such pandemic and its impact on global markets; the Company's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time.

The forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities.