SIL Global X Silver Miners New

Apex Silver Mines Limited, (AMEX: SIL) (the "Company") today announced that it has reached agreement with holders of approximately 43% of the Company's $290 million convertible subordinated notes on the principle terms of a plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. As contemplated by the proposed plan of reorganization, if the class of convertible subordinated note holders accepts the plan, senior creditors under the Company's guarantees of the San Crist�bal mine's project financing facility will waive and release their senior claims and holders of convertible subordinated notes will receive a pro rata share of approximately $45 million in cash plus common stock of the reorganized Company. However, if the class of convertible subordinated note holders rejects the proposed plan, the class would receive an allocation of cash only after payment in full of the senior creditors. In such circumstances, the convertible subordinated note holders would receive common stock of the reorganized Company, but might not receive any cash distributions. The consummation of the proposed plan of reorganization is subject to the satisfaction of numerous conditions, including approval by the bankruptcy court of a disclosure statement relating to the proposed plan and the closing of the previously announced sale of the Company's interest in the San Crist�bal mine and related assets to Sumitomo Corporation. The Company expects to commence the Chapter 11 filing this week, possibly as early as Monday, January 12.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the Company's reorganization under Chapter 11 of the Bankruptcy Code and certain of the anticipated terms of the plan of reorganization. These statements are subject to risks and uncertainties, including the ability of the Company to continue business operations during the Chapter 11 proceeding; whether the Company's anticipated financial resources during the proceedings will be sufficient to fund its operations; the ability of the Company to obtain court approval of various motions it expects to file as part of the Chapter 11 proceeding; the ability of the Company to consummate a plan of reorganization as currently planned; risks associated with third party motions in the Chapter 11 proceeding, which may interfere with the Company's ability to develop and consummate a plan of reorganization; the potential adverse effects of the Chapter 11 proceeding on the Company's liquidity, results of operations or business, including its vendor terms and its ability to motivate and retain key executives and other necessary personnel while seeking to implement its plan of reorganization. The Company assumes no obligation to update this information. Additional risks relating to the Company may be found in the Company's periodic and current reports filed with the Commission.

CONTACT: Apex Silver Mines Corporation Jerry W. Danni (303) 839-5060 Sr. Vice President Corporate Affairs