Apex Silver Notified of Failure to Comply With Listing Standard

DENVER, CO--(MARKET WIRE)--Dec 29, 2008 -- Apex Silver Mines Limited (AMEX:SIL - News) has received notice from NYSE Alternext US LLC (the "Exchange") that it is not in compliance with the Exchange's continued listing standards in that it has sustained losses that are so substantial in relation to its overall operations or existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether it will be able to continue operations and/or meet its obligations as they mature.

The Company does not expect that it will be able to regain compliance with this listing standard and expects that the Exchange will commence delisting proceedings with respect to the Company's ordinary shares in early January 2009. The Company does not expect that it will appeal any decision by the Exchange to delist the ordinary shares.

The Company anticipates that upon delisting of the ordinary shares, the ordinary shares will commence trading in the over-the-counter market.

The delisting of the ordinary shares from the Exchange will not affect the Company's reporting obligations under the rules of the Securities and Exchange Commission.

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 continued listing of the ordinary shares of Apex Silver on the Exchange. These statements are subject to risks and uncertainties, including whether and when the Exchange may suspend trading in the Company's ordinary shares or commence delisting proceedings and the ability of the Company to comply with other continued listing standards of the Exchange. The Company assumes no obligation to update this information.

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