First Majestic Resource Corp.
TSX VENTURE : FR
PINK SHEETS : FMJRF
FRANKFURT : 905910

First Majestic Resource Corp.

November 14, 2006 12:35 ET

First Majestic Resource Corp.: CDN$14.4 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - First Majestic Resource Corp. (the "Company") (TSX VENTURE:FR)(PINK SHEETS:FMJRF)(FWB:905910) is pleased to announce a non-brokered private placement offering of CDN$14,400,000 consisting of 4,000,000 units ("Units") of the Company at a price of CDN$3.60 per Unit (the "Offering"). Each Unit will consist of one common share (a "Unit Share") and one-half of one common share purchase warrant (a "Warrant"), with a full Warrant entitling the holder to purchase one additional common share of the Company ("Warrant Shares") at an exercise price of CDN$4.25 per Warrant Share for a period of two years after the closing of the Offering.

The majority of the final documentation has been received by the Company. The Offering is expected to close on or about November 23, 2006.

A Finder's Fee of 1.5% cash and 3.5% warrants will be payable on a portion of this private placement. The finders warrants issued in respect to this private placement will be exercisable at a price of $4.25 for a period of two years after closing.

The Company plans to use the net proceeds of the Offering as general working capital in respect to its three operating silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine all located in Mexico.

The private placement is subject to receipt of all required regulatory approvals.

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