Apex Silver Notified of Delisting

DENVER, CO--(MARKET WIRE)--Jan 30, 2009 -- Apex Silver Mines Limited (AMEX:SIL - News) has received notice from NYSE Alternext US LLC (the "Exchange") stating that (i) the Company continues not to be in compliance with Section 1003(a)(iv) of the Company Guide 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 (ii) the Company has become subject to Section 1003(c)(iii) of the Company Guide which states that the Exchange will normally consider delisting securities whenever advice has been received, deemed by the Exchange to be authoritative, that the security is without value, and (iii) the Exchange intends to strike the ordinary shares of the Company from the Exchange by filing a delisting application with the Securities and Exchange Commission. The delisting application is expected to be filed on or after February 2, 2009. The Company does not expect that it will appeal the Exchange's decision 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 shares will be delisted and whether and when the ordinary shares will trade in the over-the-counter market. 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