Apogee Issues Final Payment to Golden Minerals Company for the Pulacayo-Paca Silver Project, Bolivia

TORONTO, ONTARIO–(Marketwire – July 30, 2012) – Apogee Silver Limited (“Apogee” or “the Company”) (TSX VENTURE:APE) is pleased to announce that it has issued the final payment to Golden Minerals Company (“GMC”) (TSX:AUM)(NYSE MKT:AUMN)(NYSE Amex:AUMN) in connection with the definitive agreement (the “Agreement”) entered into between the Company and GMC in January 2011 to acquire all of the issued and outstanding shares of an indirectly held subsidiary of GMC, which holds a 100% interest in the Pulacayo-Paca Project located in Bolivia (See Press Release dated January 21, 2011).

Pursuant to the Agreement, on July 27, 2012, the Company issued to GMC an additional 3,000,000 common shares of Apogee and has paid GMC a cash fee in the amount of $500,000, which concludes Apogee’s payment obligations under the Agreement.

Neil Ringdahl, the C.E.O. of the Company, noted, “Golden Minerals has been an excellent partner and we are pleased to have completed our final payment under the agreement. This transaction solidifies our commitment to the development and further exploration of the Pulacayo and Paca projects.”

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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. As of the date hereof, there are 301,066,809 common shares of Apogee issued and outstanding.

Its 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.

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, statements regarding the acquisition of the Pulacayo-Paca property, the development of the Pulacayo-Paca project, statements regarding exploration prospects, and requirements for additional capital. 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.

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

Contact: Marilia Bento
Company Name: Apogee Silver Ltd.
Contact Title: Vice President Corporate Development
Phone: +1 (416) 309-2694
Other1: info@apogeesilver.com

Contact: Neil T. Ringdahl
Company Name: Apogee Silver Ltd.
Contact Title: Chief Executive Officer
Phone: +1 (647) 339-4484
Other1: info@apogeesilver.com
Other2: www.apogeesilver.com