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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Contacts: Apogee Silver Ltd. Marilia Bento Vice President
Corporate Development +1 (416) 309-2694 info@apogeesilver.com
Apogee Silver Ltd. G. Scott Paterson Chairman of the Board +1 (416)
368-6464 info@apogeesilver.com www.apogeesilver.com
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