Apogee Silver Provides Pulacayo Development Update and Files its Pulacayo Feasibility Study Report

Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) today announces
an update in relation to its Pulacayo development and that it has filed a
National Instrument 43-101 Technical Report (the "Technical Report") on SEDAR
(www.sedar.com) for the Feasibility Study of the Company's 100% controlled
Pulacayo Project in the Potosi Department of Bolivia (the "Project").


Pulacayo Development Update

Commencing on January 23, 2013, the Company conducted further bulk-scale
flotation tests undertaken on mineralized material from the Project, at the
FEDECOMIN toll concentrator. Recovery results have been improving and the
Company was able to deliver approximately 41.4 dry tonnes of lead-silver
concentrates in February 2013 for sale to the Consorcio Minero S.A. (Cormin)
Oruro warehouse, also in Bolivia. Cormin is a wholly-owned subsidiary of the
Trafigura Group. Proceeds of approximately US$ 229,000 representing
approximately 85% of the gross value for this shipment are expected to be
received shortly.


Zinc-silver concentrates were also produced but were not shipped due to
warehousing capacity issues on the part of the buyer. It is expected such issues
will be resolved shortly. The outstanding payment for the balance of the
concentrates shipped in February 2013 is expected in June 2013, once final
analysis of the concentrates is completed. Similarly, outstanding payments for
concentrates sold in December 2012 and January 2013 are expected in April 2013.


Apogee plans to continue with its trial mining and bulk scale flotation test
work ahead of ramp up to anticipated commercial production later in 2013. 


After a successful community consultation meeting held in December 2012 (see the
Company's press release dated January 14, 2013), the "Environmental Impact
Assessment - Specific Analytical Study" (IAES-AE) was submitted to the Ministry
of Mining, Metallurgy, and Environmental Authority Sector for review and comment
on January 14, 2013. The IAES-AE forms the basis for the Company's application
for an environmental permit, submitted by independent consultants MEDMIN S.A.,
that would allow expanded mineral extraction, the construction of a concentrator
and a tailings storage facility at the Project. Included in the application is a
comprehensive and independent report on the proceedings of the community
consultation meeting, in which the Company received full support for the
development of the Project. 


Management Changes

Apogee announces that its former President, Mr. Christopher Collins, resigned
for personal reasons. Apogee's Chief Executive Officer, Neil Ringdahl, stated
"On behalf of the board and management of Apogee, I would like to thank Mr.
Collins for his valuable contributions and tireless efforts in helping guide the
Company and for being a valuable advisor with respect to its mineral resources.
We wish him the very best for the future." 


The Company further announces that Mr. Francois Perron, a Director of Apogee
Silver Ltd., will act as interim Chief Financial Officer of the Company
replacing Mr. David Hunter. The Company has commenced a search for a permanent
Chief Financial Officer. 


Technical Study Filed on SEDAR

The Technical Report, entitled "NI 43-101 Technical Report - Pulacayo Project
Feasibility Study", has been prepared by TWP Sudamerica S.A. ("TWP"). The
Technical Report has an effective date of January 17, 2013 and will be available
under the Company's profile on SEDAR at www.sedar.com and on the Company's
website at www.apogeesilver.com.


The results of the Technical Report were originally announced in a news release
dated January 17, 2013, and since that date no material amendments have been
made to the Technical Report other than the following correction: The lead metal
in the feasibility study and used in the calculation of the Probable Reserve
Estimate should have read US$0.86/lb and not US$0.89/lb as previously stated. 


Independent Qualified Persons

Professor Jim Porter is a Fellow of the Southern African Institute of Mining and
Metallurgy and Director of the Centre for Mechanised Mining Systems at the
University of the Witwatersrand, and accordingly a qualified person under
National Instrument 43-101. He is responsible for the Mineral Reserve Estimate
and has reviewed and approved the mineral feasibility study section of this
press release. 


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.


On Behalf of Apogee Silver Limited,



Neil T. Ringdahl                     G. Scott Paterson                    
Chief Executive Officer              Chairman                             



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 about the results of the Technical
Report and the development potential of the Company and its Project; the timing
and amount of future exploration and development of the Project; and the future
financial or operating performance of the Company and its projects. 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
KCA, MDA 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Apogee Silver Ltd.
Marilia Bento
Vice President Corporate Development
[phone]
[e-mail]


Apogee Silver Ltd.
Neil T. Ringdahl
Chief Executive Officer
[phone]
[e-mail]
www.apogeesilver.com