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Apex Silver Mines Limited

As of March 10, 2009, Apex Silver Mines Limited reported today that on March 4, 2009, the United States Bankruptcy Court for the Southern District of New York entered an order confirming the Company's Joint Plan of Reorganization.

In January, Apex Silver Mines Ltd. filed a reorganization plan and explanatory disclosure statement last week to comply with deadlines under an agreement reached before the Jan. 12 Chapter 11 to sell its 65 percent interest in the San Cristobal mine in Bolivia to Sumitomo Corp., the owner of the other 35 percent. The plan calls for Sumitomo to pay $30 million cash for the remaining equity interest in the mine.

According to AjaxWorld Magazine, under the Plan, holders of the Company's outstanding $290 million of 4.0% and 2.875% Convertible Senior Subordinated Notes due 2024 (collectively the "Subordinated Notes") will be entitled to receive a pro rata distribution of (i) common stock of Golden Minerals Company, and (ii) approximately $45 million in cash plus any other cash or cash equivalents held by the Company in excess of $15 million (plus a reserve for certain projected reorganization expenses), and the Subordinated Notes will be cancelled. Other unsecured creditors will receive cash payments for their claims, up to a maximum recovery of $10,000 per claim, or a pro rata distribution of common stock of Golden Minerals Company. Approximately three million shares of common stock of Golden Minerals Company will be issued to holders of the Subordinated Notes and other unsecured creditors under the Plan.

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**This is for informational purposes only.  This is not a recommendation.**

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