Apogee Announces Annual General Meeting Voting Results

TORONTO, ONTARIO–(Marketwire – Feb. 3, 2012) – Apogee Silver Limited (“Apogee” or “the Company”) (TSX VENTURE:APE) is pleased to announce that its shareholders have approved all of the resolutions presented at its annual and special meeting of shareholders (the “Meeting”) held on January 27, 2012, including the election of the Company’s proposed nominees to the Board of Directors of Apogee. At the Meeting, 99% of votes cast, representing approximately 40% of the issued and outstanding shares of the Company, were voted in favour of the election of the proposed Board members.

The returning Board members re-elected are Mr. Neil Ringdahl, the Chief Executive Officer of the Company, Mr. Scott Paterson, the Chairman of the Board, Mr. Stan Bharti, Ms. Marilia Bento, Mr. Peter Bojtos, Mr. Maurice Colson and Mr. Francois Perron.

In addition, the Company has granted an aggregate of 6,080,000 stock options to certain directors, officers, employees and consultants of the Company at an exercise price of $0.185. The options shall vest immediately and will expire within five years from the date of grant, in accordance with the terms of Apogee’s stock option plan and shall remain subject to a statutory hold period. The options shall remain subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

Neil Ringdahl, Chief Executive Officer of the Company commented, “On behalf of the Company, I would like to extend my appreciation to shareholders for their vote of confidence and continued support of Apogee and its corporate strategy. Management and the Board of Directors will continue to focus on aggressively pursuing Apogee’s development strategy designed to build current and long term value for all shareholders.”

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.

Apogee’s most advanced project is the 100% controlled Pulacayo-Paca project in Bolivia. This project includes the property that covered the second-largest silver mine in the history of Bolivia with a historical estimate of over 600 million ounces of past production.

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 anticipated timing with respect to completion of the diamond drill program, the current drill program, anticipated timing with respect to the trial mining 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

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

FOR FURTHER INFORMATION PLEASE CONTACT:

Apogee Silver Ltd.
Marilia Bento
Vice President Corporate Development
+1 (416) 309-2694

Apogee Silver Ltd.
G. Scott Paterson
Chairman of the Board
+1 (416) 368-6464
info@apogeesilver.com
www.apogeesilver.com
Source: Apogee Silver Ltd.