Apogee Provides Clarification Update

TORONTO, ONTARIO–(Marketwire – March 6, 2012) – Apogee Silver Ltd. (“Apogee” or the “Company”) (TSX VENTURE:APE) provides an update to correct disclosure included in its press release dated March 6, 2012.

With respect to the fifty-seven meters of development completed on a “ramal” or hanging wall vein structure adjacent to the main “Veta Tajo” structure, which contains most of the resources at Pulacayo, as described in the NI 43-101 technical report filed on SEDAR, sampling of the veins during development has returned undiluted weighted average grades of 519.0 g/t Ag, 8.78% Pb and 5.41% Zn over 0.73 meters for Veta 1 and 469.3 g/t Ag, 4.78 % Pb, and 3.57% Zn over an average width of 0.87 meters in Veta 1b. The Company had previously reported that sampling of the veins had returned undiluted weighted average grades of 742.5 g/t Ag, 11.01% Pb and 5.65% Zn over an average width of 0.80 meters in Veta 1 and 470.1g/t Ag,4.78% Pb and 3.96%Zn over 0.86 meters in veta 1b.

Quality Control

Apogee Silver employs a QA/QC protocol on all aspects of its sampling programs and analytical procedures.

Analyses of all surface and underground diamond drill hole and surface channel samples taken for inclusion in mineral resource estimates are completed at the accredited facilities of ALS Chemex at Oruro, Bolivia and Lima, Peru. All HQ and/or NQ core samples are sawn with one half returned to the core box for future reference and the other half sent for analysis. The quality control protocol includes the insertion of certified geological standards and field blanks at a frequency of 1 every 20 samples. Field duplicates are taken at a frequency of 1 every 50 samples. Sample preparation duplicates are taken at the crushing and pulverizing stages at a frequency of 1 every 20 samples. Cross-check analysis is undertaken on 5% of all samples at the accredited facilities of SGS Mineral Services in Lima, Peru.

In order to achieve the analytical turnaround time required to facilitate geological control on underground development mining, samples from selected underground diamond drill holes and channel samples at the face are submitted to Laboratorio Quimico Conde Morales located in Oruro, Bolivia for analyses. This lab is not accredited. These drill core samples are 35 mm in diameter, which prohibits sawing, and the entire sample is sent for analysis. The quality control protocol on these drill and channel samples includes the submission of certified geological standards and field blanks at a frequency of 1 each per batch or 1 each in every 20 samples, should the batch exceed 20 samples. The analytical pulps are retrieved for cross-check analysis and validation at an accredited laboratory. Data from the accredited laboratory takes precedence over data from the unaccredited laboratory. Apogee is currently using ALS Chemex in Oruro, Bolivia and Lima Peru for cross check analysis on the pulps from the unaccredited labs. The Quality Control and all aspects of the exploration program are supervised by the Company’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, under the supervision of Mr. Chris Collins, P.Geo., President of Apogee.

All scientific and technical information presented in this press release has been reviewed and approved by Chris Collins, P. Geo., President of Apogee Silver and a qualified person, as defined by NI 43-101.

For more 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 anticipated timeline with respect to the development of the Pulacayo project, mineral resource estimates, mineral prices, exploration and development timetables and budgets, the ability to secure the necessary permitting and future production scenario’s. 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,

Neil T. Ringdahl, Chief Executive Officer

To view “Figure 1: Pulacayo Project Location Map”, please visit the following link: www.prophecycoal.com/apogee/img/F1-ApogeeSilver.jpg

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
info@apogeesilver.com

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