APE Apogee Opportunities

NOT FOR ISSUE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Apogee Silver Ltd. (TSX VENTURE:APE) ("Apogee" or "the Company"), is pleased to
announce that it has entered into an agreement with 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 (the "Underwriters"),
to purchase 71,500,000 common shares of the Company (the "Common Shares") at a
price of $0.28 per Common Share for gross proceeds of $20,020,000 on a bought
deal private placement basis (the "Offering"). The Underwriters will have the
option to acquire up to an additional 17,900,000 Shares at the price of $0.28
per Share at any time until 30 days following the closing of the Offering to
cover over-allotments, if any, for total gross proceeds to the Company of up to
$25,032,000. 


The net proceeds from the Offering will be used 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.


Closing of the Offering is anticipated to occur on or about April 28, 2011 (the
"Closing Date") and is subject to the receipt of applicable regulatory approvals
including approval of the TSX Venture Exchange. The Common Shares will be
subject to a statutory hold period of four months and one day following the
Closing Date.


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 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.


Forward-Looking Information

Except for statements of historical fact relating to the Company, certain
information contained herein constitutes "forward-looking information" under
Canadian securities legislation. Forward-looking information includes, but is
not limited to, statements with respect to the terms and use of proceeds of the
Offering, the ability of the Company to complete the Offering and the impact of
the Offering on the Company. 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 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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