APE Apogee Opportunities

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Apogee Silver Ltd. (TSX VENTURE:APE) ("Apogee" or the "Company") is pleased to
announce that it has entered into a letter of intent with for the provision of a
$15,000,000.00 loan facility (the "Facility") to Apogee for the development of
the Pulacayo-Paca project, in the Potosi District of south west Bolivia.


The Company proposes to use the proceeds from the Facility to fund the
construction and development of the Pulacayo Project. It is proposed that the
Facility would be made available to Apogee in two tranches, comprised of an
initial tranche of $10,000,000 and an accordion tranche of $5,000,000, and would
be due and payable on or before September 28, 2012. Interest would accrue at a
rate of 1.00% per month (12.68% annually) following draw down of amounts under
the Facility. Outstanding amounts under the Facility would be secured against
certain assets of the Company and its subsidiaries.


The Facility remains subject to a number of conditions precedent, including
obtaining all necessary government approvals, including approval of the TSX
Venture Exchange, execution of a definitive facility agreement, and satisfactory
completion of due diligence investigations by the proposed lender.


In connection with entering into the letter of intent, the Company has agreed to
pay the proposed lender a structuring fee of $25,000 and, subject to TSX Venture
Exchange approval, issue 2,000,000 share purchase warrants to the proposed
lender. Each warrant will entitle the lender to acquire one Apogee common share
at a price of $0.40 for a period of three years from the date of issue. Each
warrant and any shares issued on exercise will be subject to a statutory hold
period of four months and one day. 


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 ability to
obtain financing, the completion of the contemplated transactions on the terms
described, the future financial or operating performance of the Company, its
subsidiaries and its projects, and statements regarding the development of the
Pulacayo-Paca project. 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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