Golden Minerals owns a part of this company.

"In January 2011, we closed a purchase and sale agreement with Apogee Minerals Limited ("Apogee") whereby we sold to Apogee all of the issued and outstanding shares of a Bolivian subsidiary which holds a 100% interest in the Paca Pulacayo property in Bolivia. Pursuant to the agreement, Apogee issued to us 5,000,000 of its common shares. Eighteen months following the closing of the transaction, Apogee will issue to us an additional 3,000,000 of its common shares and pay us a cash fee in the amount of $500,000."

Apogee Silver more than doubles indicated silver resources at Pulacayo deposit

"South-America-focused junior explorer Apogee Silver (CVE:APE) said Wednesday that indicated silver resources at its Pulacayo Deposit in Bolivia more than doubled.

Shares in Apogee shot up 10% to 16 cents Wednesday morning on Toronto's junior Venture exchange.

Apogee said the Pulacayo silver-lead-zinc deposit has 29.34 million ounces of indicated silver resources and 26.24 million ounces of inferred silver resources.

The new estimate also showed 268.05 million pounds of an indicated zinc resource and 119.57 million pounds of indicated lead resources, Apogee said in a statement.

Apogee Silver CEO Neil Ringdahl said: "The new resource estimate strongly demonstrates the additional blue-sky potential of this polymetallic deposit, and to this end we plan to continue our aggressive exploration and development efforts.

"We are particularly pleased with the significant increase in silver ounces in the Indicated category, upon which we are able to continue with the feasibility work for a mine that is now likely to be substantially larger than what has been previously projected in studies."

The Pulacayo deposit remains open for further extension, Apogee said, adding that the deposit was the second largest silver mine in the history of Bolivia, with over 600 million ounces of past production.

Ringdahl added: "The oxide drilling and trenching program has yielded encouraging results. These will be included in a resource update planned for the first half of 2012 that includes open pit resources as well."

"Together with the information obtained from our trial underground mining program and further results from ongoing drilling campaigns, we will be well positioned to conclude the feasibility study for a new multi-million ounce mine."