First Majestic Resource Corp.
TSX VENTURE : FR
PINK SHEETS : FMJRF

First Majestic Resource Corp.

May 30, 2006 10:45 ET

First Majestic Resource Corp. Closes Acquisition of Majority Interest in First Silver Reserve Inc.

TORONTO, ONTARIO--(CCNMatthews - May 30, 2006) - First Majestic Resource Corp. (TSX VENTURE:FR)(PINK SHEETS:FMJRF)(FRANKFURT:905910) (the "Company") is pleased to announce that further to the announcement of April 5, 2006 the Company has now closed on the purchase of approximately 63% of the issued and outstanding shares of First Silver Reserve Inc.

First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a mid-tier silver producer through development of its existing assets and the pursuit through acquisition of additional assets that make sense to achieving our corporate objective.

FIRST MAJESTIC RESOURCE CORP.

Keith Neumeyer, President

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of First Majestic Resource Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and the TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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