APE Apogee Opportunities

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Apogee Silver Ltd. (TSX VENTURE:APE) ("Apogee" or the "Company") is pleased to
announce that it has closed its previously announced bought deal private
placement (the "Offering") of 89,400,000 common shares (the "Offered Shares") of
the Company at a price of C$0.28 per Offered Share for aggregate gross proceeds
of C$25,032,000. The aggregate number of common shares issued includes
17,900,000 common shares issued pursuant to the full exercise of the
over-allotment option granted to the Underwriters (defined below) pursuant to
the Offering.


The Offered Shares were sold pursuant to an underwriting agreement between
Apogee and a syndicate of underwriters led by National Bank Financial Inc.,
together with Fraser Mackenzie Limited as co-lead underwriter and including
Desjardins Securities Inc., Jennings Capital Inc., Union Securities Limited and
Pope & Company Limited (collectively, the "Underwriters").


The Company intends to use the net proceeds from the Offering to fund
exploration activities at the 100% owned Pulacayo deposit in the Potosi region
of southwest Bolivia as well as to advance the Pulacayo project towards
production and for general corporate purposes.


Apogee is also pleased to announce that Sprott Resource Lending Partnership is
the proposed lender in connection with the letter of intent for project
financing for the Pulacayo-Paca project that it announced on April 26, 2011.


David Gower, Chief Executive Officer of Apogee commented: "The proceeds from the
Offering, together with the proposed C$15 million facility give Apogee a very
strong balance sheet with which to execute on the Pulacayo-Paca project. We are
delighted to welcome a dozen institutional investors as new shareholders of
Apogee and we are pleased to report that Coeur D'Alene, which operates a
successful silver/lead/zinc mine in Bolivia, participated in our private
placement too. We have had positive meetings with the Vice Minister of Mines in
Bolivia in the past week and the Ministry has confirmed its support for Apogee's
investment in the Project. We are happy to host a tour of analysts and
institutional investors later this week and the Vice Minister has further
demonstrated his support by offering to join the analysts tour to directly
address the group."


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, statements
with respect to the terms and use of proceeds of the Offering and the impact of
the Offering on the Company, and statements with respect to the ability to
obtain financing and the completion of the contemplated transactions on the
terms described. 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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