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APEX SILVER MINES LIMITED

Platform for Growth2007 ANNUAL REPORT

2007apex silver mines limited

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*Between Apex Silver Mines Limited, The S&P 500 Index and Hemscott Group Index

$0

$50

$100

$150

$200

$250

$300

12/02 12/03 12/04 12/05 12/06 12/07

Apex Silver Mines Ltd. S&P 500 Hemscott Group Index

*ThegraphabovecomparesthecumulativetotalshareholderreturnasofDecember31,2007on$100investedinourordinarysharesasofDecember31,2002,inthestockscomprisingtheHemscottGroupIndex,whichincludesonlycompanieswithsilvermininginvestments,andinthestockscomprisingtheS&P500Index,as-sumingthereinvestmentofalldividends.

ApexSilverMinesLimitedisamining,explorationanddevelopmentcompany

andinthefirstquarterof2008becameasignificantproducerofsilver,zincand

leadconcentrates.Itsflagshipassetisthe65%-ownedSanCristóbalsilver-zinc-lead

minelocatedinsouthwesternBolivia(35%isownedbySumitomoCorporation).

SanCristóbalisexpectedtobeamongtheworld’slargestproducersofsilver,zinc

andlead.Theminecommencedproductionduringthethirdquarterof2007and

planstobeinfullproductionduringthesecondquarter2008.During2008,the

mineisexpectedtoproducepayablemetaloutputofapproximately16million

ouncesofsilver,235,000tonnesofzincand80,000tonnesoflead,witha16-year

lifebasedontheexistingprovenandprobablereserves.Inadditiontoitsinterest

inSanCristóbal,ApexSilverholdsanextensiveportfolioofhighlyprospective

explorationpropertieslocatedprimarilyinthetraditionalpreciousmetals-

producingregionsofMexico,Peru,BoliviaandArgentina.

1

Note:Provenandprobablereservesarecalculatedonthebasisofathree-yearrollingpriceaverageforsilver,zincandlead.(1) Amountsareshownascontainedmetalsinoreandthereforedonotreflectlossesintherecoveryprocess.Sulfideorereservesare

expectedtohaveanapproximateaveragerecoveryof70%forsilver,89%forzincand87%forlead.Oxideorereservesareexpectedtohaveanaveragerecoveryof60%forsilverand50%forlead.Theestimatedstripratioofthemineis2.20:1.

San Cristóbal Proven and Probable Reserves

Parameter Units

Proven & Probable Reserves

(Dec. 31, 2007)

Proven & Probable Reserves

(Dec. 31, 2006)

Proven & Probable Reserves

(Dec. 31, 2005)Basis:

SilverPrice $/Oz. 10.76 8.51 6.28

ZincPrice $/Tonne 2,623.50 1,895.96 1,084.63

LeadPrice $/Tonne 1,609.38 1,036.16 782.64

Reserves Tonnes 250,089,000 250,773,000 230,570,000

Grade:

Silver Grams/Tonne 55.10 55.30 63.10

Zinc % 1.53 1.54 1.59

Lead % 0.53 0.53 0.58

Contained Metal(1):

Silver Ounces 443,000,000 446,000,000 467,656,000

Zinc Tonnes 3,826,000 3,870,000 3,652,000

Lead Tonnes 1,323,000 1,324,000 1,342,000

San Cristóbal 2008 Plan Parameters

Parameter Units 2008

OreThroughput Tonnes/day 40,000

Payable Metal Production:

Silver Ounces/Year 16,000,000

Zinc Tonnes/Year 235,000

Lead Tonnes/Year 80,000

Cash Operating Cost*:

Silver $/Oz. ($3.50)-($3.00)

Zinc $/Lb. $0.65-$0.75

*Theterm“averagecashoperatingcost”isusedonaper-ounceofpayablesilverandper-poundofpayablezincbasis.Ourestimatedcashoperatingcostsincludeestimatedmining,millingandotherminerelatedoverheadcosts.Theper-ounceofsilvercostalsoincludesoff-sitecostsrelatedtoprojectedsilverrefiningcharges.Theper-poundofzinccostalsoincludeschargesrelatedtotransportationofzincconcentratesandtheirprojectedtreatmentandsmeltingcharges.Allcashoperatingcostsexcludetaxes,depreciation,amortizationandprovisionsforreclamation.Theaveragecashoperatingcostper-ounceofsilverisequaltothepro-ratashareofestimatedaverageoperatingcostsfortheperiodreducedbytheestimatedvalueofleadby-productcreditsfortheperioddividedbythenumberof“payableounces.”Theleadby-productcreditsarenetofchargesrelatedtotransportationofleadconcentratesandtheirprojectedtreatmentandsmeltingcharges.The“payableounces”aretheestimatednumberofouncesofsilvertobeproducedduringtheperiodreducedbytheouncesrequiredtocoverestimatedrefining,treatmentandtransportationlossesfortheperiod.Averagecashoperatingcostperpoundofzincisequaltothepro-ratashareofestimatedaverageoperatingcostsfortheperioddividedbythenumberof“payablepounds.”The“payablepounds”aretheestimatednumberofpoundsofzinctobeproducedduringtheperiodreducedbythepoundsrequiredtocoverestimatedrefining,treatmentandtransportationlossesfortheperiod.WehaveincludedestimatedaveragecashoperatingcostinformationtoprovideinvestorswithinformationaboutthecashgeneratingcapabilitiesoftheSanCristóbalproject.ThisinformationmaydifferfrommeasuresofperformancedeterminedinaccordancewithGenerallyAcceptedAccountingPrinciples(GAAP)andshouldnotbeconsideredinisolationorasasubstituteformeasuresofperformancethatwillbepreparedinaccordancewithGAAP.ThesemeasuresarenotnecessarilyindicativeofoperatingprofitorcashflowfromoperationstobedeterminedunderGAAPandmaynotbecomparabletosimilarlytitledmeasuresofothercompanies.

2

ApexSilver’s2007front-pagestoryiswithout

questionthecompletionandstartofproduction

atourflagshipproject—theSanCristóbalmine

insouthwesternBolivia.Productionfrom

theSanCristóbalplantbeganinAugust,and

firstshipmentsofconcentratelefttheplant

inSeptember.Wehave

successfullydemonstrated

thecapabilityofour

planttoprocessoreatthe

designcapacityof40,000

tonnesperdayaswe

havecontinuedtowork

throughtypicalstart-up

issues.Plantthroughput

andconcentrate

productionhaveimproved

eachmonthaswe

movetowardssustained

fulldesigncapacity

production,anticipatedbymid-year2008.

ThesheermagnitudeoftheSanCristóbal

projectwasunprecedentedforayoung,

growingcompany,representingamassive

undertakinginaremote,undevelopedarea

atthecenteroflocalAndeanculture.After

adozenyearsofpreparationandhardwork,

todaythecompanybenefitsfromourstate-of-

the-artminingandoreprocessingoperation

thatwebelievewillsetthenewglobalstandard

forenvironmentallyandsociallyresponsible

mining.Weareparticularlyproudofthehard

workanddedicationdemonstratedbyallofour

employeesinmakingthispossible.

TomaketheSanCristóbalmineareality,we

constructedover180kilometersofelectrical

lines,engineeredand

installeddrinking

andirrigationwater

systems,builtover

230kilometersof

roads,2bridges,64

kilometersofrail

lines,established

acellularphone

communication

networkandhired

andprovided

trainingfora

localconstruction

workforceincludingapproximately3,500

Boliviancitizenswhoconstructedthemine

andbuilttheplant.Wemaintainandcontinue

totrainanoperatingworkforceincluding

approximately800Boliviancitizenswhooperate

themineandtheplant.Theresultisathriving

localeconomyandasolidpartnershipwiththe

localcommunities.

Astheworld’slargestdevelopmentinsilver,zincandlead,SanCristóbalservesasasolidplatformfromwhichourcompanyplanstoworktoachievediversifiedglobalgrowth.

WORLD CLASS ASSET: UP AND RUNNING

“The sheer magnitude of the San Cristóbal project was unprecedented for a young,

growing company.”

to our shareholders

3

BEYOND COMPLIANCE: THE SAN CRISTÓBAL MODEL

DuringconstructionoftheSanCristóbal

mine,plantandportfacilities,we

setaworldwideminingindustry

safetyrecordofanunprecedented

12millionman-hourswithoutalost

timeaccident.Weimplementedan

environmentalandsafetymanagement

systemthatgoesbeyondcompliance,

andwehavedevelopedstrongand

lastingrelationships

atthelocal,regional

andnationallevelsof

government.Tothatend

wecontinuetoworkvery

closelywithBolivia’s

citizensandgovernment

officialstoensuretheir

supportatalllevels.

Extensiveon-the-ground

researchandplanning,

agenuinerespectfor

theculturalheritageof

thelocalcommunities,

andstrongleadership

inenvironmental

stewardshipand

sustainabilityhaveall

playedasignificantrolein

thesuccessfulconstruction

andstart-upofoperations

atSanCristóbal.

Itisourintentiontoexportour

successfulmodelforsustainable

developmentasweadvanceother

projectsworldwide.

GLOBAL DIVERSIFICATION

Asanestablishedoperator,ApexSilver

planstomovetowardsournextgoalof

growthandgeopoliticaldiversification.

Wewillaccomplishthisutilizingour

analyticalskillstoevaluatemining

opportunitiesthatenhanceshareholder

valueandthroughanaggressive

explorationprogram.

Wehavestrong,activeexploration

programs,representingadiversityof

locationsinArgentina,Mexico,Peru,

BoliviaandEcuador.Thereare58

professionalsinourexplorationgroup

whooverseethiseffort.Ourexploration

teamhasbeenworkinghardthispast

yearwithafocusonfourprojectsof

particularinterestintheAmericas.

Weinitiateddrillingprogramsat12

projectsduring2007.Thisincreased

efforthasresultedinthediscoveryof

significantmineralizationinArgentina,

MexicoandPeru,representedbyfour

projectsthatwehaveidentifiedfor

advancement.Tosupportthiseffort,we

plantoincreaseour2008exploration

spendingtoapproximately$21million.

“As an established operator, Apex Silver plans to move towards our next goal of growth and geopolitical diversification.”

4

• ARGENTINA

InnorthwesternArgentina,wehave

identifiedtwoimportantprojectsthatwe

plantoaggressivelyadvance—theElQuevar

andChinchillaprojects.Bothprojectsexhibit

characteristicsofmineraldepositsthatwe

believecouldaddsignificantvaluetoApex.

Primarilyasilverdeposit,ElQuevarhas

beenidentifiedforanexpandedexploration

effortin2008.Weplantodrillatleast50

additionalholes,initiateenvironmentaland

engineeringstudiesandconductfurther

metallurgicalwork.Itisimportanttonote

thatcomparedtoourcornerstoneproject

atSanCristóbal,theElQuevarproject

wouldrequireasmallerinfrastructure

investmentthanwasrequiredtobringSan

Cristóbalintoproduction,dueprimarilyto

theproximityofroadandenergysupply

infrastructure.ApexSilverisan80%owner

andtheoperatorofElQuevarasajoint

venturepartnerwithMineraHochschild.

TheChinchillaproject,northofElQuevar,

wasidentifiedinmid-2007.Theprojectisat

amuchearlierstageofexplorationthanEl

Quevar,butourteamhasseenencouraging

earlyindicationsthatChinchillamay

containapotentiallylargesilver-zinc-lead

deposit.WehaveselectedChinchillafor

furtherexplorationandhavescheduled

adrillingprogramtobegininthesecond

quarterof2008.Theprojectis100%owned

byApexSilver.

• MEXICO

InMexicowehaveidentifiedseveraltargets

intheZacatecasminingdistrict,aworld

classsilverdistrictwhereminingofsilver

andgolddatesbackmorethan500years.

Asaresultofouracquisitionprogram,

ApexSilvernowcontrolsabout60%of

thedistrict.A30-holedrillingprogram

wasinitiatedin2007,withafocusonthe

Mulerostarget,amultipleveinswarm

withmorethanfivekilometersofveins.

Webelieveweareintheupperportionof

asignificantveinsystemthatmayberich

insilverwithgoldandbasemetals.Our

explorationteamwillfurtherassessthe

potentialofthisprojectduring2008.

• PERU

Our2007explorationprogramatthe

Joncojircaprojectinnorth-centralPeru,now

ajointventurewithourpartnerSumitomo,

hasproducedencouragingresultsandour

explorationteamhasselectedtheprojectfor

furtherexplorationincludinganadditional

drillingprogramin2008.

Inadditiontoourworkontheseprojects

andothersinourAmericasexploration

portfolio,wecontinuetolookforand

evaluateexplorationopportunitiesinother

partsoftheworld.

• AUSTRALIA

WeareexploringtwoprojectsinAustralia.

TheIronhurst–WarrigalCreektargetsin

northwesternQueenslandarezinc-gold-

silverbrecciabodiesthataresimilarto

knowndepositsintheregion.Wehavethe

righttoearn-intoa65%interestoverfour

yearsfromajuniorAustraliancompany.

Wehaveconductedageophysicalsurvey

andidentifiedseveraltargetsthatweplan

todrilltestin2008.Wearealsoexploring

forzinc,copperandgoldnortheastof

AliceSprings.Fieldworkisunderwayin

preparationforadrilltestlaterthisyear.

Wehavetherighttoearna70%interestin

thisproject.

FOCUS ON EXPLORATION

5

Duringthestart-upandramp-uptofull

operationsoftheSanCristóbalMine,

weandSumitomoCorporation,which

owns35%ofthemine,havecontinued

toprovidecashfundingforitsoperations.

Wearefundingourshareofthese

amounts,plusourgeneralcorporatecosts

andexplorationprogram,fromexisting

unrestrictedcashandinvestments,interest

andotherincome,andSumitomo’s

deferredpaymentstousonSanCristóbal

silverandzincproduction.During2008

weplantoseekadditionalfinancing

throughdebt,equityorothermeans.

PaulSorosretiredfromtheApexSilver

BoardofDirectorsinearly2008.Paul

servedasaDirectorofApexSilversinceits

founding,andIwouldliketothankPaulfor

themanyyearsofguidanceandleadership

hehasprovidedtoourcompany.Joining

theBoardduring2007wereRodDrakeand

IanHume.Mr.Drakeisacorporatedirector

andformerchiefexecutiveofficerwith

morethan30yearsofdiverseconsulting

andexecutivemanagementexperience.

Mr.Humeisacorporatedirectorwith

approximately30yearsofexperiencein

corporatefinanceandinvestmentmanagement

andconsulting,primarilyinthenaturalresources

andtelecommunicationsindustries.Bothofthese

gentlemencomewithconsiderableexperience

andexpertiseandareactivelycontributingtothe

successofourcompany.

Mostimportantly,Iwouldliketothankour

shareholdersandourmanyotherpartnersand

stakeholdersforyourloyalsupportduringthe

yearsofhardworkthathave

broughtustothisexcitingpoint

inourcompany’sdevelopment.

Commodityfundamentals

continuetoremainstrong

andglobalconditionsremain

favorableforcontinuedgrowth

inthesector.Ourtiming

couldnothavebeenbetterfor

launchingSanCristóbal,and

forusingSanCristóbalasthe

platformtogrowApexSilver.

JeffreyG.Clevenger

President,ChiefExecutiveOfficerandDirector

March31,2008

“Production from the San Cristóbal plant began in August, and first shipments of concentrate left the plant in September.”

6

SAN CRISTÓBAL PRODUCTIONOur65%-ownedSanCristóbalmineinsouthwesternBoliviaconsistsofan

openpitmineandconcentratorwithadesignedcapacityof40,000tonnes

perday.Oreisextractedfromtheopenpitbyaconventionaltruckand

shoveloperationandthencrushed.Thecrushedoreisgroundinasemi-

autogenous(SAG)andballmillcircuit,andundergoesafrothflotationprocess

thatproduceslead-silverandzinc-silverconcentrates.Theconcentratesare

transportedinsealedcontainerstoApex’sstate-of-the-artconcentrate-handling

Open pit mine. Over 250 million tonnes of ore in proven and probable reserves.

21 Caterpillar trucks with load capacities ranging from 150 to 180 tonnes are mining at a rate of 150,000 tonnes per day.

Conveyor belt moves crushed ore a distance of 1.7 kilometers at a speed of 4 meters per second.

Gyratory crusher fed with approximately 40,000 tonnes of ore per day.

7

facilityattheportofMejillones,Chile.Attheportfacility,thetrainentersa

sealedbuildingwheretheconcentrateisunloadedontoaspecialconveyor

thatrollsupintoatubeforcontaineddeliverytotheship.Apexbelievesits

ore-handlingoperationsattheMejillonesportfacilityrepresentanewworld

standardfortheenvironmentalhandlingofleadconcentrates.Oncethe

concentrateisloadedintotheships,itissenttosmeltersaroundtheworld.

“Apex believes its concentrate-

handling operations at

the Mejillones port facility

represent a new world standard

for the safe-handling of lead

concentrates.”

More than 90 cells used for the differential froth flotation process with separate zinc and lead circuits.

Port facility. Storage of concentrates and facility to load material into ships.

1 SAG mill (36 foot diameter) and 2 ball mills (22 foot diameter).

Concentrates are transported approximately 650 kilometers by train in sealed containers from San Cristóbal to the port of Mejillones.

8

ApexSilveriscommittedtoitsroleasaleaderincorporatesocialresponsibilityand

sustainabledevelopment.Webelievethatthisisnotonlytherightthingtodo;itis

partandparcelofthewaywemustrunourbusinessinordertoultimatelysucceed.

Aswelookforward,webelievethemost

successfuloperatorswilltaketheinitiativeto

createprocessesthatallowthemtodothings

better,cleanerandmoreefficiently,while

atthesametimeactivelyimprovinglifefor

thepeopleandcommunitiesthataremost

closelyinvolvedwitheachproject.Weare

closelylinkedwiththelocalcommunities

whereweoperatenotonlybecausetheyrepresentourmainsourceoflabor,butalso

becausewehavedevelopedprojects,independentfromthemine,thatprovidethe

communitieswithsustainablesocio-economicgrowth.

Ourcommitmenttoresponsibledevelopmenthasproventobeastrongcompetitive

advantage.WecangointodiversecountriessuchasArgentina,MexicoandPeruand

establishcredibilityfromdayonebecauseofourreputationforimplementingthese

programs.SocialresponsibilityisacorebusinessvalueofApexSilver.

SOCIAL RESPONSIBILITY

“Social responsibility is part and parcel of the way we must run our business in order to ultimately succeed.”

9

GLOBAL EXPLORATIONApexSilvercurrentlyhasnumerousexploration

propertiesinPeru,Argentina,Mexico,Ecuador,Bolivia

andAustralia.Theprojectsofprimaryinteresttousare

inareaswherewebelievetheopportunityforlowcost

miningcouldresultinveryattractivemargins.In2007

wecompleteddrillingprogramsat12projects.Weplan

toadvanceatleastfourprojectsin2008,includingthe

ElQuevarandChinchillaprojectsinArgentina,the

ZacatecasprojectinMexicoandtheJoncojircaproject

inPeru.Weplantoexpandourexplorationefforts

againin2008andtoincreaseourexplorationbudget

to$21milliontosupporttheexpandedprogram.

“We plan to expand our exploration

efforts again in 2008 and

to increase our exploration

budget to $21 million

to support the expanded

program.”

10

El Quevar, Argentina •

TheElQuevarpropertyin

northwesternArgentinaisprimarily

asilverdepositthatourexplorationteambelieves

iscurrentlyourmostpromisingprospect.Drilling

in2007hasestablishedthepresenceofhigh-grade

silver-leadmineralizationinparallelstructuresoveramile

longandasmuchas30to40feetwide.Earlyresultsfrom

drillingin2007indicateathickeningofthemineralizedzone

atdepth.Weexpecttocompletesignificantadditionalanalysis

oftheElQuevarprojectin2008withthegoalofestablishinga

mineralresourcesandconductinganeconomicevaluationin2009.

ApexSilverisan80%ownerandtheoperatorofElQuevarasajoint

venturewithMineraHochschild.

Chinchilla, Argentina •

AlsolocatedinnorthwesternArgentina,

theChinchillaprojectcontainswhatwebelieve

tobealargesilver-dominantdepositwith

significantamountsofleadandzinc.Several

cross-cuttingbrecciapipescontaindisseminated

mineralizationoveranextensiveareaaboutone

milelongand1,500to2,000feetwide.Testpits

andtrencheshavebeendugandsampleshave

returnedvaluesintherangeof0.30%to7%

zincandupto400gramspertonsilverandsuggestasignificantmineral

prospectwithapotentialtohostmorethan100milliontonnesof

mineralization.Weareintheprocessofconductingageophysicalsurvey

overtheareaandplantoinitiatedrillingin2008.TheChinchillaproject

hasgoodaccessandinfrastructureandis100%ownedbyApex.

FOUR PROJECTS TO BE ADVANCED

“With continued exploration of 11 target areas in 2008, El Quevar has a potential to be a significant silver deposit.”

11

• Peru

Oftheeightprojectareaswecurrentlyhave

inPeru,theJoncojirca,Cochabamba

andAnitaprospectsarethe

mostpromising.Partofour

explorationjointventure

withSumitomo,the

Joncojircaprojectis

alargezinc,silverand

leadsystemassociated

withvolcanicintrusions.In

Anita,agold-silverprospect

innorthernPeru,weare

currentlynegotiatingsurface

accessandcommunityparticipation

agreementsinpreparationfordrilling.

• Zacatecas, Mexico

InMexicowehaveidentifiedseveralprojectsto

considerforpossibleadvancementintheZacatecas

miningdistrict,aworldclasssilverdistrictwherewe

maintain100%ownershipofapproximately14,500

hectares.Wehaveinterceptedmineralizedveinsat

eachofthe20holeswehavedrilledattheMuleros

target,yieldingevidenceofgoldandsilverdeposits

withvisiblesilver-zincmineralization.Samplinghas

returnedupto700gramspertonsilveroverfivefeetin

theveins.Ourplanin2008istotesttheveinsatgreater

depthoncewehaveidentified

potentialoreshoots.

52°

Sect

ion

MU

-07-

05

2.10m @ 131 g/t Ag

3.30m @ 61 g/t Ag2.00m @ 93.1 g/t Ag

2.00m @ 105 g/t Ag

1.00m @ 91 g/t Ag

1.30m @ 105 g/t Ag

0.60m @ 153 g/t Ag

0.90m @ 136 g/t Ag

1.40m @ 104 g/t Ag

1.50m @ 193 g/t Ag1.20m @ 99 g/t Ag

2.00m @ 264 g/t Ag

1.50m @ 60.2 g/t Ag

1.00m @ 124 g/t Ag

1.00m @ 202 g/t Ag

1.50m @ 77 g/t Ag2.20m @ 113 g/t Ag

2.10m @ 104 g/t Ag

1.20m @ 100 g/t Ag

MU-07-??

San Sab

XXXXXX-XX

MU-07-I

MU-07-H

MU-07-G

MU-07-F

MU-07-E

MU-07-D

MU-07-C?

MU-07-05DRILL HOLEIN PROCESS

“The Chinchilla

Project is a large

breccia-hosted zinc, silver

and lead deposit which

is 100% owned by

Apex.”

All exploration results can be found at www.ApexSilver.com

12

ABOUT THE THEMEThisyear’sannualreportcelebratesthelaunchofoperations

atourflagshipasset,theSanCristóbalsilver-lead-zincminein

southwesternBolivia.

WithSanCristóbalunderway,wecannowbegintoaddressthe

question,“What’snext?”

“PlatformforGrowth”saysitall:SanCristóbalwillprovide

ApexSilverwiththemeanstoachievediversifiedglobalgrowth.

board of directorsJEFFREYG.CLEvENGERPresidentandChiefExecutiveOfficerApexSilverMinesLimitedAge58

HARRYM.CONGERFormerChairmanHomestakeMiningCompanyAge77

RODMANL.DRAkEMemberoftheAdvisoryBoardResourceCapitalFundsAge65

OvEHOEGHSeniorPartnerHoeghInvestAge71

kEITHR.HULLEYChairmanApexSilverMinesLimitedAge68

IANMASTERTON-HUMEFoundingPartnerSentinelGroupLimitedAge57

kEvINR.MORANOManagingPrincipalkEMCapitalLLCAge54

TERRYM.PALMERFormerPartnerErnst&YoungLLPAge63

CHARLESB.SMITHFormerPresidentandChiefOperatingOfficerSouthernPeruCopperCompanyAge69

Investor Relations ContactJerryW.DanniSeniorvicePresidentCorporateAffairsApexSilverMinesCorporation1700LincolnStreet,Suite3050Denver,CO80203(303)839-5060(888)696-2739Email:information@ApexSilver.comFax:(303)839-5907www.ApexSilver.com

Stock Transfer AgentQuestionsregardingyourshareholderaccountshouldbeaddressedto:AmericanStockTransfer59MaidenLaneNewYork,NY10038(718)921-8200(800)937-5449Attn:GeraldineZarbo

Market InformationApexSilverMinesLimitedOrdinarySharestradeontheAmericanStockExchangeunderthesymbol“SIL.”

Independent AccountantsPricewaterhouseCoopersLLP1670Broadway,Suite1000Denver,CO80202

Annual MeetingWednesday,May28,20089:00a.m.(MT)TheBrownPalaceHotelOnyxRoom32117thStreetDenver,CO80202

Shareholder Information

Corporate Headquarters AddressApexSilverMinesLimitedWalkerHouseMaryStreetGeorgeTown,GrandCaymanCaymanIslands,BritishWestIndieswww.ApexSilver.com

Unit Conversion Table1troyounce=31.103grams1(short)ton=0.907(metric)tonnes1(metric)tonne=2,204.62pounds1troyounceper(short)ton=34.286

gramsper(metric)tonne1foot=0.305meters1mile=1.609kilometers1acre=0.405hectares

General Information

Ourcompany’sordinarysharesarelistedontheAmericanStockExchangeunderthesymbol“SIL.”AsofMarch20,2008,wehadapproximately175shareholdersofrecordandanestimated8,600additionalbeneficialholderswhoseordinaryshareswereheldinstreetnamebybrokeragehouses.

Ourcompanyhasneverpaidanydividendsonitsordinarysharesandexpectsfortheforeseeablefuturetoretainallofitsearningsfromoperationsforuseinexpandinganddevelopingitsbusiness.Anyfuturedecisionasto

Stock Market Information

Des

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CTA

In

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thepaymentofdividendswillbeatthediscretionofourBoardofDirectorsandwilldependuponourearnings,receiptofdividendsfromoursubsidiaries,financialposition,capitalrequirements,plansforexpansionandsuchotherfactorsasourBoardofDirectorsdeemsrelevant.

Thefollowingtablesetsforththehighandthelowclosingpricespershareofourordinarysharesfortheperiodsindicated.TheclosingpriceoftheordinarysharesonMarch20,2008was$11.80.

Ordinary Shares

2007 2006

Period High Low High Low

1stQuarter $15.25 $12.68 $25.48 $14.61

2ndQuarter 21.99 13.21 26.00 12.85

3rdQuarter 20.80 16.23 17.65 13.41

4thQuarter 21.00 14.35 17.52 14.10SW-COC-002387

APEX SILVER MINES LIMITEDWalkerHouse

MaryStreet

GeorgeTown,GrandCayman

CaymanIslands,BritishWestIndies

www.ApexSilver.com