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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HdLY02Wj3BSkfhyHjncLQB0fyU+WK9OWFCjeqxGnG9p0JfVtfo3NxWuGXT1cytXE
 wPb4HUEmlmbxFFdNqTaECw==

<SEC-DOCUMENT>0000932384-04-000400.txt : 20041004
<SEC-HEADER>0000932384-04-000400.hdr.sgml : 20041004
<ACCEPTANCE-DATETIME>20041004172459
ACCESSION NUMBER:		0000932384-04-000400
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041004
DATE AS OF CHANGE:		20041004

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HOEGH OVE
		CENTRAL INDEX KEY:			0001203741

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13627
		FILM NUMBER:		041063511

	BUSINESS ADDRESS:	
		STREET 1:		APEX SILVER MINES CORP.
		STREET 2:		1700 LINCOLN STREET
		CITY:			DENVER
		STATE:			CO
		ZIP:			80203

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APEX SILVER MINES LTD
		CENTRAL INDEX KEY:			0001011509
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841363747
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		CALEDONIAN HOUSE MARY STREET
		STREET 2:		GEORGETOWN BWI
		CITY:			GRAND CAYMAN ISLAND
		BUSINESS PHONE:		3038395060

	MAIL ADDRESS:	
		STREET 1:		CALEDONIAN HOUSE MARY STREET
		STREET 2:		GEORGETOWN BWI
		CITY:			GRAND CAYMAN ISLAND
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>zapex-hoegh593955_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-09-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001011509</issuerCik>
        <issuerName>APEX SILVER MINES LTD</issuerName>
        <issuerTradingSymbol>SIL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001203741</rptOwnerCik>
            <rptOwnerName>HOEGH OVE</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HOEGH INVEST A/S</rptOwnerStreet1>
            <rptOwnerStreet2>PARKREIEN 55, P.O. BOX 2416</rptOwnerStreet2>
            <rptOwnerCity>SOLLI</rptOwnerCity>
            <rptOwnerState>Q8</rptOwnerState>
            <rptOwnerZipCode>0201</rptOwnerZipCode>
            <rptOwnerStateDescription>NORWAY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-Employee Directors' Share Options (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>21.70</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-09-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>466</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-09-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-09-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>466</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>56123</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>/s/Mark A. Lettes for Ove Hoegh, Pursuant to Power of Attorney</signatureName>
        <signatureDate>2004-10-04</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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