APE Apogee Opportunities

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES

Apogee Silver Ltd. (TSX VENTURE:APE) ("Apogee" or the "Company") wishes to
respond to recent reports that, subject to union demands, certain silver, zinc,
lead and tin mines currently operated by foreign companies may be "recovered" by
the Bolivian state. A spokesman for COMIBOL, the Corp. Minera de Bolivia, was
quoted as saying the government may issue a decree on May 1, 2011 in this
regard.


Apogee understands that several unions operating at foreign controlled mines
have communicated with the government that they oppose any "recovery" of such
mines by the government. Apogee believes that remuneration and employment
standards are generally high at these operations.


The Pulacayo mine, in the Potosi region of southwest Bolivia, is Apogee's
principal asset. Apogee and the Pulacayo Mining Cooperative (which is part of
FENCOMIN, the national federation of mining cooperatives) jointly hold a
renewable lease until 2025 of the concessions from COMIBOL, which relationship
is defined in a joint venture agreement executed in 2002. The agreement
stipulates that Apogee is the financing and managing partner. In addition, a
royalty is to be paid to the Pulacayo Mining Cooperative and COMIBOL under the
joint venture and lease agreements respectively. 


Apogee does not presently have a union at the Pulacayo mine and the Company
believes it enjoys significant support from the local community, as well as the
Pulacayo Mining Cooperative.


The Company does not believe at this time that it will be impacted by any
"recoveries" that may or may not occur. 


Apogee is continuing with its on going drilling program at Pulacayo where it
presently has four diamond drills operating. As announced on April 6, 2011,
Apogee expects to use the net proceeds from the bought deal private placement
offering announced on such date to fund further exploration and development
activities at the Pulacayo deposit, as well as to advance the Pulacayo project
towards production and for general corporate purposes.


About Apogee Silver Ltd.

Apogee is a mineral exploration and development 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 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 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.


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 future financial
or operating performance of the Company, its subsidiaries and its projects,
statements regarding the development of the Pulacayo-Paca project and the
impacts of reported government decrees. 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 information is based on the opinions
and estimates of management as of the date such statements are made and they are
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. 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 are 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 that is included herein, except in accordance with
applicable securities laws.

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