September 16, 2009 09:00 ET

Normabec Provides Additional Information on the New Normabec Spin-out

MONTREAL, QUEBEC--(Marketwire - Sept. 16, 2009) - Further to the announcement of First Majestic Silver Corp. ("First Majestic") (TSX:FR)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) and Normabec Mining Resources Ltd. ("Normabec") (TSX VENTURE:NMB) having entered into a definitive agreement whereby First Majestic will acquire Normabec pursuant to a plan of arrangement (the "Arrangement"), Normabec would like to clarify the proposed spin-out of Normabec's Pitt Gold Property (and all other Quebec mineral interests currently held by Normabec) (the "Spin-Out") into a newly formed public company ("NEWCO").

Pursuant to the Arrangement, each Normabec shareholder will receive 0.25 of a NEWCO share for each Normabec share held, for a total of 18.8 million NEWCO shares (excluding any Normabec shares which may be issued prior to the Arrangement following the exercise of outstanding warrants and options). NEWCO will continue to be managed by the existing Normabec management. Concurrently with the completion of the Arrangement, First Majestic will purchase, via a private placement, such number of shares of NEWCO as is equal to approximately 10% of the issued and outstanding shares of NEWCO for a purchase price of C$300,000. Based on the number of Normabec shares currently outstanding, these shares will be issued at a price of approximately C$0.16 per share (subject to certain adjustments, including adjustment for any shares of Normabec issued prior to closing, and subject to the approval of the TSX Venture Exchange).

The Pitt Gold Property is located approximately 35 km north of Rouyn-Noranda and more precisely 7 km to the east of the town of Duparquet, Abitibi. The Property is strategically located between the Beattie, Donchester and Central Duparquet former producers, to the west, and the Duquesne and Golconda gold mines, to the east. They form part of the Duparquet gold camp which historically produced more than 1 million ounces of gold. Most of these former producers were located close to the Porcupine-Destor Fault. Since 2005, Normabec completed a total of 28,205 meters of diamond drilling on the property.

Neither the TSX Venture Exchange (TSX Venture) nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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