Apogee Silver Ltd. Announces C$20,000,000 Bought Deal Private Placement

TORONTO, ONTARIO–(Marketwire – April 6, 2011) –

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.

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
mbento@apogeeminerals.com

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

Source: Apogee Silver Ltd.