Mr. Ross McElroy reports

APOLLO SILVER ANNOUNCES UPSIZE OF PRIVATE PLACEMENT OFFERING

Due to strong investor demand from current shareholders, Apollo Silver Corp. has elected to increase the size of its previously announced non-brokered private placement offering and will offer up to 7,437,680 units of the company at a price of $3.60 per unit for aggregate gross proceeds of up to $26,775,648.

Each unit issued pursuant to the upsized offering will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one share at an exercise price of $5.50 for 24 months from the closing date of the offering. The warrants will be subject to an acceleration provision, such that, if, at any time after the date that is four months and one day after the closing, the company's shares trade on the TSX Venture Exchange at a closing price of $7.50 or greater per share for a period of 10 consecutive trading days, the company may accelerate the expiry of the warrants by giving notice to the holders thereof, and, in such case, the warrant will expire on the 30th day after the date of such notice.

All securities issued in connection with the upsized offering will be subject to a four-month hold period from the date of closing. Finders' fees may be payable on some or all of the funds raised, in accordance with the policies of the TSX Venture Exchange. The company intends on using the net proceeds from the upsized offering to continue advancing the Calico silver project in San Bernardino, Calif.; to support community relations initiatives at Cinco de Mayo silver project in Chihuahua, Mexico; to cover continuing property maintenance costs at both projects; and for general corporate purposes.

Closing of the upsized offering is subject to final regulatory approval, including that of the TSX-V.

Insider participation

The upsized offering will include participation by certain insiders of the company, which constitutes a related-party transaction under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The issuance of securities to insiders will be exempt from the formal valuation requirement pursuant to Section 5.5(b) of MI 61-101 as the company's shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to Section 5.7(a) of MI 61-101 as the fair market value of the securities issued to related parties does not exceed 25 per cent of the company's market capitalization.

About Apollo Silver Corp.

Apollo is advancing one of the largest undeveloped primary silver projects in the United States. The Calico project hosts a large, bulk minable silver deposit with significant barite credits -- a critical mineral essential to the U.S. energy and medical sectors. The company also holds an option on the Cinco de Mayo project in Chihuahua, Mexico, which is host to a major carbonate replacement deposit that is both high grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.

We seek Safe Harbor.