Mr. Ross McElroy reports

APOLLO SILVER ANNOUNCES $2.5 MILLION UPSIZE TO PREVIOUSLY ANNOUNCED FINANCING TO ALLOW FOR INSIDER PARTICIPATION

Apollo Silver Corp. has upsized its previously announced non-brokered private placement by an additional $2.5-million, to be subscribed for primarily by insiders of the company, for total aggregate gross proceeds of up to $27.5-million, through the issuance of up to 5.5 million units at a price of $5 per unit.

As previously announced, Eric Sprott and a fund managed by Jupiter Asset Management, Apollo Silver's two largest shareholders, are participating in the upsized offering and will each subscribe for 2.5 million units of the company for combined gross proceeds of $25-million. Following completion of the upsized offering, the Jupiter Fund will own approximately 12 per cent of Apollo Silver's issued and outstanding common shares, while Mr. Sprott will own approximately 9.5 per cent, on an undiluted basis. On a partially diluted basis, each investor's ownership interest will increase accordingly.

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 $7 for 24 months from the closing date of the upsized offering.

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 to use the net proceeds from the upsized offering to finance exploration and development activities across the company's projects as well as for general working capital and corporate purposes.

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

The upsized offering is expected to include participation by certain insiders of the company for an aggregate amount of up to $2.5-million. Such participation 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 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 will not exceed 25 per cent of the company's market capitalization.

About Apollo Silver Corp.

Apollo Silver 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 (CRD) deposit that is both high grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.

We seek Safe Harbor.