Apogee Announces Financing Transaction With Global Resources Investments Ltd.

Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to
announce that it has entered into a share exchange agreement with Global
Resources Investments Ltd. ("GRIL"), an arm's length party to the Company.
Currently, GRIL is conditionally approved for listing on the London Stock
Exchange ("LSE") and upon listing it will become re-registered as a public
company and constituted as a UK Investment Trust under the name Global Resources
Investment Trust Plc ("GRIT"). 


Pursuant to the terms of the agreement, upon the successful listing of the GRIT
shares on the LSE, the Company will issue an aggregate of 73,000,000 units at a
price of CDN$0.05 (approx. GBP 1,977,462) per unit (a "Unit") and in
consideration shall acquire 1,977,462 common shares of GRIT at GBP 1.0 per share
(the "GRIT Shares") at a deemed value of GBP 1,977,462 (approx. CDN $3,650,000).
Each Unit will consist of one common share of Apogee (a "Common Share") and one
common share purchase warrant entitling the holder thereof to acquire a Common
Share at a price of $0.05 for a period of 60 months (a "Warrant"). Upon
completion of GRIT's going public transaction, Apogee may sell all or a portion
of its GRIT Shares through the facilities of the LSE in order to realize the
private placement proceeds.


GRIL has been established to exploit investment opportunities in the junior
mining and natural resources sector worldwide, with an investment objective to
generate mediumand long term capital growth.


Neil Ringdahl, President and CEO commented, "We are extremely pleased to be
entering into this transaction with GRIL. GRIL has an extensive track record of
successfully identifying excellent projects within the global natural resources
sector and we welcome their expertise and involvement in the Company going
forward."


Closing of the transaction is subject to a number of conditions precedent,
including approval of the TSX Venture Exchange, and GRIT successfully listing on
the LSE. The Common Shares, Warrants and the shares underlying the Warrants
shall be subject to a four month and one day statutory hold period.


Upon completion of the private placement, Apogee will have 450,816,059 Common
Shares issued and outstanding and GRIT will hold approximately 16% of the
Company on a non-diluted basis. Assuming the full exercise of the Warrants, GRIT
would hold approximately 27.8% of the Company. Accordingly, GRIT has agreed that
it shall not exercise any portion of the Warrants which would result in GRIT
holding greater than 19.9% of the Company on a partially diluted basis. 


In addition, the Company announces that it has received notice from the Servicio
de Impuestos Nacionales, the national tax authority in Bolivia, that its
indirectly held Bolivian subsidiary ASC Bolivia LDC Surcusal Bolivia (the
"Subsidiary") owes approximately Bs36,573,270 (USD$ 5,254,780) as of July 2011
relating to a historical tax liability which occurred in 2004, prior to the
Company acquiring the Subsidiary in 2011. 


The Company was not aware of this historical liability, originally assessed by
the tax authority at a amount equivalent to approx. CAD$837,236 in 2004, and
believes that this notice was improperly provided by the tax authority. The
Company is currently investigating the merits and legitimacy of this assessment.
The Company has hired local counsel in Bolivia to investigate the matter and
pursue all avenues of recourse available to the Company. 


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, and contains
60 millon silver ounces in the Indicated Resource category, including 27 million
silver ounces in Probable Reserve category, not including base metal credits.
The Company has already conducted test mining and toll milling activies at
Pulacayo. 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 silver ounces of past production. 


Seven kilometers to the north of Pulacayo lies the Paca project which contains
25 million silver ounces in the Inferred Resource category. In Chile, the
Cachinal project contains over 18 million silver ounces in the Indicated
Resource category, not including gold and base metal credits. 


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 timing with respect to the proposed transaction, the ability of
GRIT to complete its going public transaction, the ability for the Company to
sell its GRIT shares the future financial or operating performance of the
Company, the ability of the Company to resolve the impending tax liability and
the ability of the Company to satisfy its debt obligations in the event the
issue is not resolved, 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