APE Apogee Opportunities

Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) reports assay
results from eight additional diamond drill holes from the ongoing drill
campaign at the Pulacayo deposit located in southwest Bolivia (See Table 1
below). All of the reported holes were drilled from surface. 


The highlights from these holes include: 



--  DDH PUD 178 intersected 2.6 meters grading 180.02 g/t silver, 0.08 %
    lead, 0.52% zinc. 
    
--  DDH PUD 181 intersected 5.0 meters grading 278.60 g/t silver, 1.26 %
    lead and 0.93% zinc. 
    
--   DDH PUD 182 intersected 3.0 meters grading 659.00g/t Ag, 0.02% lead,
    0.18% Zn and 1.85 g/t Au and 3.0 meters grading 142.33 g/t silver, 0.04%
    lead, 1.07% Zn and 0.36 g/t Au. 
    
--  PUD 183 intersected 2.0 meters grading 294.00 g/t silver, 0.06% lead and
    0.43% zinc in within a 5.0 meter interval grading 177.6 g/t silver,
    0.04% lead and 0.30% zinc. 



The holes intersected mineralization outside of the currently estimated mineral
resource and were drilled to continue delineation of the deposit along strike
east of the previously released National Instrument 43-101 ("NI 43-101")
resource. Since 2010, Diamond drilling has successfully extended the deposit
approximately 750 meters east of the current NI 43-101 resources. (See Press
Releases dated January 15th 2010, March 15th 2010, April 19th 2010, July 13th
2010, August 9th 2010, September 20th 2010, January 18th 2011, February 24th
2011, April 5th 2011 and the NI 43-101 technical report dated December 2008 and
filed under the SEDAR profile of the Company at www.sedar.com). The Company has
now completed a total of 49 drill holes in the area east of the previously
released NI 43-101 compliant resource (See Figure 2 and 3 below).


Chris Collins, P. Geo., President of Apogee, states, "We are very excited by the
latest drill results at Pulacayo which management believes indicates outstanding
silver grades over excellent widths. We have encountered significant gold
mineralization in DDH PUD182, one of the deepest intersections at the Pulacayo
deposit since Apogee initiated drilling and the most significant occurrence of
gold mineralization observed to date. Going forward we will systematically
evaluate the extent of this newly identified gold-rich area of the deposit. Four
drills are currently working on the deposit and fifth underground diamond drill
rig has been contracted and will be mobilized to the property in early June." 


To view, "Table 1 Summary of Significant Intercepts" please visit the following
link: http://media3.marketwire.com/docs/ape_tb1_517.pdf 


The Pulacayo Deposit is a thick east-west striking zone of conjugate veins,
stockwork and disseminated sulphides that locally are up to 200 meters thick
with a higher grade core that comprises the resource and may locally exceed 60
meters in thickness. The known strike length of the Tajo Vein System which hosts
the Pulacayo deposit is close to 3 kilometers and it remains open at both ends
along strike (Figure 2). Mineralization comprises sphalerite, galena and
tetrahedrite in sulphide-rich veins ranging from a few centimeters to greater
than one meter thick and heavily disseminated sphalerite, galena and
tetrahedrite between the veins.


In addition, the Company announces that in connection the closing of its
previously announced bought deal private placement financing, the Company has
paid to the underwriters a cash commission in the amount of $1,501,920 and has
issued an aggregate of 5,364,000 compensation warrants which entitle the holders
thereof to acquire up to 5,364,000 common shares of the Company at an exercise
price of $0.28 until December 3, 2012 (See Press Release dated May 3, 2011). The
compensation warrants remain subject to a statutory hold period which expires on
September 4, 2011. 


Quality Control

The Company employs a quality assurance/quality control protocol on all aspects
of the diamond drilling, sampling and analytical procedures. The Quality Control
and all aspects of the exploration program are supervised by Apogee's
Exploration Manager Mr. Hernan Uribe, who holds a Masters of Applied Science in
Mineral Exploration from the Imperial College of Science And Technology, Royal
School of Mines, London England. The scientific and technical information
presented in the press release has been reviewed and approved by Chris Collins,
P. Geo., President of Apogee and a qualified person, as defined by NI 43-101. 


For detailed project information please refer to Apogee's web site at
www.apogeesilver.com.


About Apogee Silver Ltd

Apogee Silver Ltd. 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 100% owned 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


Cautionary Note Regarding 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, the development of and the
anticipated timing with respect to the Pulacayo-Paca project, the current drill
program, and statements regarding exploration prospects. 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 state
that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking information is
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, including but not limited to: financing not being
available at desired prices; general business, economic, competitive, political
and social uncertainties; the actual results of current exploration activities;
timing and availability of external financing on acceptable terms; conclusions
of economic evaluations; changes in project parameters as plans continue to be
refined; future prices of mineral prices; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and other risks
of the mining industry; and, delays in obtaining governmental approvals or
required financing or in the completion of activities. Although 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
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, except in accordance with applicable
securities laws


On Behalf of the Board,

G. Scott Paterson, Chairman

To view Figure 1, 2 and 3, please visit the following link:
http://media3.marketwire.com/docs/ape_fgs_517.pdf

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