Exhibit 10.3

                               Relocation Advance

         Apex Silver  Mines  Limited made a $300,000  relocation  advance to Mr.
Edwards in August  2004  pursuant  to the  Company's  relocation  policy,  which
provides for a 90 day interest  free  advance to an employee who  completes  the
purchase of a residence in the new location  prior to completing the sale of the
employee's residence in the former location.