Apogee Closes Financing Transaction With Global Resources Investments Ltd.

Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) - Further to
the Company's news release of February 10, 2014, the Company announces that it
has closed its share exchange transaction with Global Resources Investment Trust
plc ("GRIT"). 


The Company issued 73,000,000 units of the Company at $0.05 per unit (each a
"Unit"), in exchange for 1,977,462 ordinary shares of GRIT (the "GRIT Shares"),
at the deemed price of GBP 1.00 per GRIT Share for a total deemed value of GBP
1,977,462 (approximately CAD$3,650,000). Each Unit consists of one common share
of Apogee (a "Common Share") and one common share purchase warrant entitling the
holder to acquire a Common Share at $0.05 per Common Share for a period of 60
months (a "Warrant"). The Common Shares, Warrants and shares underlying the
Warrants will remain subject to resale restrictions expiring on July 8, 2014. 


The Company will look to sell GRIT Shares as necessary to fund its working
capital requirements through the facilities of the London Stock Exchange. There
may not be liquidity immediately for the GRIT Shares, and the Company may choose
to only monetize a portion of the GRIT Shares initially. While the Company will
seek to maximize the proceeds it receives from the sale of its GRIT Shares,
there is no assurance as to the timing of disposition or the amount that will be
realized. 


The GRIT Shares were distributed pursuant to a prospectus published by GRIT in
the UK on February 28, 2014. GRIT's application to list its ordinary shares on
the premium listing segment of the Official List and to trade on the London
Stock Exchange's main market became effective today. GRIT's distribution of the
GRIT Shares to the Company and other Canadian based issuers was also made
pursuant to a discretionary exemption order granted by the Ontario and British
Columbia Securities Commissions by order dated November 13, 2013. 


GRIT has been established to exploit investment opportunities in the junior
mining and natural resources sectors worldwide, with an investment objective to
generate medium and long-term capital growth. GRIT has completed share exchange
transactions with 41 junior resource companies (32 headquartered in Canada),
acquiring an initial portfolio of their securities in exchange for 39,520,012
ordinary shares having a deemed value of GBP 39,520,012 (approximately
C$73,250,000). 


Upon closing of the transaction, GRIT has acquired approximately 16% of Apogee
on a non-diluted basis. Assuming the full exercise of the Warrants, GRIT would
hold approximately 27.8% of the Company. Accordingly, GRIT shall provide an
undertaking to the TSXV and to the Company that it will not exercise any portion
of the Warrants that would exceed 19.9% of the Company on a partially diluted
basis.


The Company intends to pay an arm's length finder a cash fee in an amount equal
to 2.5% of the cash value received by the Company in connection with the actual
sale of the GRIT Shares. 


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, high
grade 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.


Apogee's most advanced project is the 100% controlled Pulacayo Paca project in
Bolivia for which a positive feasibility study has been completed. The Company
also has additional properties in Chile. 


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 made with respect to the proposed
transaction, the ability for the Company to sell its GRIT shares 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 ability to obtain financing and/or financial
partners; and the impact of concerns relating to permitting, reusltation,
governmental and local community relations. 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". Estimates underlying the results of the feasibility
study arise from engineering, geological and costing work of TWP Sudamerica,
Mercator Geological Services, P&E Mining Consultants and the Company. See the
technical report relating to the feasibility study for a description of all
relevant estimates, assumptions and parameters. 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: general business,
economic, competitive, geopolitical and social uncertainties; the actual results
of current exploration activities; other risks of the mining industry and the
risks described in the annual information form of the Company. 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 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.
Neil T. Ringdahl
Chief Executive Officer
[phone]
[e-mail]
www.apogeesilver.com