First Majestic Resource Corp.
TSX VENTURE : FR
PINK SHEETS : FRMSF
FRANKFURT : FMV

First Majestic Resource Corp.

November 28, 2006 13:30 ET

First Majestic Silver Corp.: Cdn$15.9 Million Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - First Majestic Silver Corp. (the "Company") (TSX VENTURE:FR)(PINK SHEETS:FRMSF)(FWB:FMV)(WKN:A0LHKJ) is pleased to announce that the private placement (the "Offering") previously announced on November 14, 2006 was oversubscribed and has now closed. A total of 4,429,250 Units were subscribed for representing gross proceeds to the Company of CDN$15,945,300. Each Unit consists of one common share of the Company and one half of one-non-transferable common share purchase warrant (the "Warrant"). One whole Warrant will entitle the holder to purchase an additional common share of the Company at any time over a period of two years from the date of closing of the private placement at an exercise price of $4.25. A finders fee in the amount of 1.5% cash and 3.5% Finders Warrants are payable in respect to a portion of this private placement. The Finders Warrants are subject to the same terms and conditions as those issued to the subscribers.

The Company intends to use the net proceeds of the Offering for general working capital and for continued work at 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.

Further to the Company's news release dated June 6, 2006, the Company has now changed its name as shown above. The Company's trading symbols on the Pink Sheets and Frankfurt exchanges has changed to FRMSF and FMV (WKN:A0LHKJ) respectively.

Also, further to the Company's news release dated September 7, 2006; as a result of the Company's successful acquisition campaign in 2006, First Majestic now controls three silver mines, the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine in addition to a large portfolio of exploration projects previously acquired. Management intends to focus most of its efforts and resources on its operating mines versus its more grass roots projects. The Company has therefore decided to release the Dios Padre Silver Project and the Candelaria Silver Project. The Company is also in discussions with potential joint venture partners for the Company's Candamena Group of Properties and the Quitaboca Silver Project.

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 SILVER 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 Silver 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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