Apogee Reports Assays From the Final 24 Drill Holes of Near Surface Oxide Drilling at Pulacayo Including 33 Meters Grading 95.9 g/t Silver, and 14.0 Meters Grading 163.4 g/t Silver

TORONTO, ONTARIO--(Marketwire - May 7, 2012) - Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to report assay results from the final 24 diamond drill holes of its silver oxide drill program conducted at its Pulacayo silver deposit, located in Bolivia (See Table 1 and Figures 1-4 below). In addition, the Company is pleased to report the results from additional samples collected within the oxide zone from 20 diamond drill holes, completed as part of the sulphide zone drilling programs during 2010 and 2011. The oxide drilling program was undertaken to evaluate the potential for near surface silver oxide resources above the sulphide resources at Pulacayo. All of the holes reported below were drilled from surface.

Highlights from the final set of drilling results from the oxide program include:

• 11PUD245 intersected 15.0 meters grading 63.5 g/t silver, from 70.0 to 85.0 meters.
• 11PUD247 intersected 10.0 meters grading 85.9 g/t silver from 101.0 to 111.0 meters.
• 11PUD249 intersected 14.0 meters grading 163.4 g/t silver from 152.0 to 166.0 meters.
• 11PUD262 intersected 33.0 meters grading 95.9 g/t silver from 45.0 to 78.0 meters.
• 11PUD263 intersected 9.0 meters grading 78.7 g/t silver from 57.0 to 66.0 meters.
• 11PUD264 intersected 11.0 meters grading 125.5 g/t silver from 67.0 to 78.0 meters, and 5.0 meters grading 104 g/t silver from 93.0 to 98.0 meters.
• 11PUD266 intersected 8.0 meters grading 102.8 g/t silver from 86.0 to 94.0 meters.

Zinc and lead mineralization was also sampled and found to be present in all of the holes, but may not be recoverable due to the oxidation. The silver oxide drilling program was initiated in August 2011, following successful metallurgical testing on composite samples from existing drill core at Pulacayo. The metallurgical tests were designed to determine silver mineralogy in the oxide zone and its amenability to recovery by conventional cyanide leaching. Seventy-two hour leach tests with various reagent additions indicated that silver dissolutions of 77% to 81% can be achieved (See Press Release dated August 3^rd, 2011).

Chris Collins, P. Geo., President of Apogee, stated, "We are very pleased with the final set of assay results from the silver oxide diamond drilling program at Pulacayo. These results are consistent with those results returned from the first 23 holes reported earlier this year. Both results, coupled with the positive results from oxide zone metallurgical testing undertaken last year, offer excellent potential for an increase in silver ounces in resources at the Pulacayo project, with the addition of oxide zone mineralization. We are looking forward to the completion of the initial independent mineral estimate of oxide zone resources associated with the Pulacayo deposit, which we expect to be completed by June 2012."

Table 1 Summary of Significant Drill Hole Intervals

Hole No.	UTM E (m)	UTM N (m)	Az. (deg)	Dip (deg)	From (m)	To (m)	Core Length (M)*	Ag g/t	Pb %	Zn %
11PUD243	740,472	7,744,683	180	-25	69.0	74.0	5.0	81.6	0.70	2.84
					110.0	113.0	3.0	48.0	0.15	0.01
11PUD244	740,550	7,744,430	0	-25	143.0	153.0	10.0	50.2	0.76	1.18
11PUD245	740,550	7,744,653	180	-22	70.0	85.0	15.0	63.5	0.13	0.001
11PUD246	740,590	7,744,439	0	-15	7.0	10.0	3.0	66.7	0.84	0.01
					124.0	127.0	3.0	72.7	0.08	0.004
11PUD247	740,700	7,744,403	0	-15	101.0	111.0	10.0	85.9	0.44	0.01
					103.0	107.0	4.0	166.5	0.76	0.004
11PUD248	740,700	7,744,588	180	-30	No significant assays
11PUD249	740,641	7,744,387	0	-15	32.0	36.0	4.0	30.5	0.18	0.01
					138.0	140.0	2.0	35.0	0.24	0.01
					152.0	166.0	14.0	163.4	0.21	0.28
11PUD250	740,796	7,744,450	0	-30	No significant assays
11PUD251	740,500	7,744,676	180	-30	66.0	75.0	9.0	31.3	0.40	0.01
					106.0	113.0	7.0	58.7	0.40	0.003
					140.0	142.0	2.0	59.0	0.40	1.30
11PUD252	740,650	7,744,500	0	-25	51.0	56.0	5.0	30.6	0.05	0.001
11PUD253	740,750	7,744,400	0	-20	17.0	21.0	4.0	26.0	0.01	0.002
11PUD254	740,850	7,744,329	0	-20	53.0	55.0	2.0	59.5	0.22	0.01
11PUD255	740,850	7,744,385	0	-20	No significant assays
11PUD256	740,800	7,744,303	22	-25	89.0	93.0	4.0	21.8	0.29	0.004
					127.0	132.0	5.0	43.8	0.49	0.002
11PUD257	740,900	7,744,320	0	-30	44.0	45.0	1.0	53.0	0.04	0.001
					71.0	72.0	1.0	88.0	0.19	0.008
11PUD258	739,998	7,744,457	0	-16	No significant assays
11PUD259	740,900	7,744,320	0	-20	48.0	51.0	3.0	19.7	0.12	0.003
					66.0	70.0	4.0	21.5	0.15	0.01
					75.0	77.0	2.0	34.0	0.09	0.01
11PUD260	740,950	7,744,300	22	-15	24.0	30.0	6.0	47.2	0.26	0.004
11PUD261	740,950	7,744,262	0	-22	76.0	78.0	2.0	123.5	0.83	0.01
					98.0	102.0	4.0	69.5	1.24	0.003
11PUD262	741,000	7,744,261	22	-30	45.0	78.0	33.0	95.9	0.29	0.002
Incl.					45.0	53.0	8.0	192.4	0.68	0.003
Incl.					59.0	69.0	10.0	94.1	0.16	0.002
Incl.					75.0	78.0	3.0	103.7	0.08	0.003
11PUD263	741,050	7,744,370	202	-25	57.0	66.0	9.0	78.8	0.12	0.001
					68.0	71.0	3.0	437.0	0.22	0.001
Incl.					68.0	69.0	1.0	1180	0.12	0.002
					77.0	79.0	2.0	35.0	0.29	0.005
					89.0	94.0	5.0	34.8	0.04	0.004
11PUD264	741,050	7,744,227	022	-25	67.0	78.0	11.0	125.5	0.22	0.005
Incl.					67.0	72.0	5.0	218.8	0.24	0.008
					93.0	98.0	5.0	104.0	0.86	0.001
11PUD265	741,150	7,744,328	202	-20	51.0	57.0	6.0	360	0.64	0.01
Incl.					51.0	53.0	2.0	645	0.58	0.009
Incl.					54.0	57.0	3.0	277	0.85	0.01
					67.0	70.0	3.0	28.0	0.08	0.006
					72.0	76.0	4.0	108	1.13	0.002
11PUD266	741,100	7,744,210	022	-28	44.0	46.0	2.0	36.5	0.07	0.004
					86.0	94.0	8.0	102.8	0.07	0.004
Incl.					88.0	89.0	1.0	489	0.23	0.005
					101.0	104.0	3.0	66.0	0.66	0.53
PUD142	740,580	7,744,360	020	-47	Oxide Zone sampled from 60.0 m to 85.0 m
					No significant assays
PUD149	740,669	7,744,323	022	-36	Oxide Zone sampled from 52.0 m to 77.0 m
					54.0	56.0	2.0	38.0	0.24	0.007
PUD150	740,668	7,744,322	022	-46	Oxide Zone sampled from 59.0 m to 76.0 m
					60.0	63.0	3.0	64.0	0.34	0.005
PUD155	740,6678	7,744,322	022	41	Oxide Zone sampled from 49.0 m to 80.0 m
					56.0	60.0	4.0	21.0	0.30	0.003
PUD163	740,835	7,744,330	022	-47	Oxide Zone sampled from 78.77 m to 142.57 m
					78.77	82.0	3.23	444.0	6.65	0.004
Incl.					78.77	80.0	1.23	1065.0	15.40	0.01
					89.0	96.0	7.0	45.0	0.25	0.001
					122.0	125.0	3.0	49.0	0.39	0.87
PUD164	730,835	7,744,330	022	-36	Oxide Zone sampled from 37.0 m to 101.0 m
					64.0	68.0	4.0	140.0	1.10	0.005
Incl.					65.0	67.0	2.0	236.0	1.89	0.003
PUD165	740,930	7,744,300	022	-35	Oxide Zone sampled from 34.0 m to 81.0 m
					38.0	43.0	5.0	162.0	1.46	0.005
					39.0	41.0	2.0	344.0	3.08	0.01
PUD168	740,884	7,744,316	022	-48	Oxide Zone sampled from 48.0 m to 89.0 m
					52.0	56.0	4.0	142.8	0.45	0.001
PUD169	741,099	7,744,190	022	-28	Oxide Zone sampled from 54.0 m to 97.0 m
					76.0	79.0	3.0	24.7	0.13	0.004
PUD170	740,884	7,744,316	022	-38	Oxide Zone sampled from 43.0 m to 94.52 m
					46.0	48.0	2.0	52.0	0.21	0.005
					89.0	91.0	2.0	66.5	0.44	0.001
PUD172	741,061	7,744,227	022	-48	Oxide Zone sampled from 27.0 m to 92.0 m
					40.0	41.0	1.0	60.0	0.18	0.006
PUD175	741,013	7,744,241	022	-35	Oxide Zone sampled from 30.0 m to 50.0 m
					No significant assays
PUD185	740,930	7,744,300	022	-45	Oxide Zone sampled from 47.0 m to 87.0 m
					56.0	59.0	3.0	129.3	0.90	0.007
					74.0	77.0	3.0	43	0.48	0.004
					79.0	86.0	7.0	36.9	0.40	0.003
Incl.					83.0	86.0	3.0	54.0	0.28	0.003
PUD186	740,766	7,744,297	022	-43	Oxide Zone sampled from 159.0 m to 193.0 m
					160.0	163.0	3.0	62.3	0.32	0.02
					168.0	180.0	12.0	83.6	0.79	0.006
PUD188	740.539	7,744,399	020	-34	Oxide Zone sampled from 48.0 m to 56.0 m
					52.0	54.0	2.0	27.0	0.08	0.004
PUD195	740,641	7,744,387	022	-27	Oxide Zone sampled from 24.0 m to 41.0 m & 66.0 m to 96.0 m
					No significant assays
PUD197	740,689	7,744,375	022	-25	Oxide Zone sampled from 22.0 m to 55.0 m
					No significant assays
PUD200	740,689	7,744,375	022	-40	Oxide Zone sampled from 27.0 m to 54.0 m
					No significant assays
PUD208	740,850	7,744,385	000	-47	Oxide Zone sampled from 5.0 m to 40.0 m
					No significant assays

*	True widths of the intersections listed above are estimated to range between 80% and 95% of the core lengths provided in the table above.
**	Indicates an interval adjacent to historical mine workings.
Drill holes with the prefix 11 were completed between August 2011 and December 2011 and targeted the oxide zone; Drill holes without the prefix 11 were completed between January 2010 and September 2011 and targeted the sulphide zone and were sampled in December 2011 and January 2012 were mineralization in the oxide zone had been previously noted.
Bold Intervals are interpreted to represent the Veta Tajo Structure.
Italic Intervals are interpreted to be transitional between the oxide and sulphide zones.

The silver oxide diamond drilling program was carried out between August and December 2011 and totaled 6,250 meters in 45 drill holes. In addition to these drilling approximately 727 samples from within the oxide zone in 20 drill holes which had been completed during previous sulphide zone programs at Pulacayo and which had not been previously sampled where these holes intersected mineralization in the oxide zone, and 250 surface channel samples from trenching programs during the fall of 2011 also contribute to the oxide zone database. Mercator Geological Services Limited have been contracted to prepare an independent mineral resource estimate of the oxide mineralization at Pulacayo. This mineral resource estimate is expected to be completed by June 2012.

Quality Control

The Company employs a quality assurance/quality control protocol on all aspects of the diamond drilling, sampling and analytical procedures. The quality control and all aspects of the exploration program are supervised by Apogee'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. The scientific and technical information presented in the press release has been reviewed and approved by Chris Collins, P. Geo., President of Apogee, and a qualified person, as defined by NI 43-101.

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.

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 mineral resource estimate, the potential effect of the silver oxide drill results, 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

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