Apogee Silver Confirms Progress of Its Independent Feasibility Study and Files NI 43-101 Technical Report for Its Pulacayo Project Updated Mineral Resource Estimate

TORONTO, ONTARIO–(Marketwire – Nov. 13, 2012) – Apogee Silver Ltd. (“Apogee” or the “Company“) (TSX VENTURE:APE) confirms that the independent feasibility study currently being undertaken for the development of its 100% controlled Pulacayo Silver-Lead-Zinc Deposit, Potosi District, Quijjaro Province, Bolivia remains on track for completion in 2012. The feasibility study was awarded to TWP Sudamerica S.A. (See Press Release May 29, 2012).

The Company further announces that it has filed the National Instrument 43-101 compliant technical report entitled “Updated Mineral Resource Technical Report for the Pulacayo Silver-Lead-Zinc Deposit, Pulacayo Township, Potosi District, Quijjaro Province, Bolivia” in support of the September 28th, 2012 news release, which disclosed the results of the updated mineral resource estimate representing a significant increase in resources from an earlier mineral resource estimate dated October 19th, 2011, for the Pulacayo Deposit located in southwestern Bolivia.

The Technical Report is available at the companies profile on SEDAR at www.sedar.com and on Apogee Silver Ltd’s website at www.apogeesilver.com, and forms the basis for the feasibility study currently underway.

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. There are currently 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 anticipated timing of the feasibility study and the mineral resource estimate, the potential effect of the metallurgical results, the impact and anticipated timing of future metallurgical results, potential effect of the toll milling and trial mining process and impact upon the future development of the property, the potential of the Cachinal property, 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,

Neil T. Ringdahl , Chief Executive Officer

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 Information:

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

Apogee Silver Ltd.
Neil T. Ringdahl
Chief Executive Officer
+1 (647) 339-4484
info@apogeesilver.com
www.apogeesilver.com