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

First Majestic Silver Corp.

October 10, 2008 08:00 ET

First Majestic Silver Corp.: Del Toro Silver Mine NI 43-101 Resources of 57 Million Ag eqv. Ounces

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2008) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(PINK SHEETS:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) ("First Majestic" or the "Company") is pleased to announce an update regarding its activities in Mexico at the Del Toro Silver Mine and the Resource development presently underway.

The Del Toro Silver Mine ("Del Toro", formerly referred to as the Chalchihuites Group of Properties) is located in the Municipality of Chalchihuites, Zacatecas State, Mexico approximately a two hour drive from the City of Durango east along Highway 45.

The Del Toro deposits types consist of fissure-filled (veins), metasomatic replacement (mantos) and cavity-filled (breccia pipes, chimneys and stockwork zones). These deposits have originated from hydrothermal solutions related to igneous activity. They consist of underground polymetallic silver / lead / zinc in both oxides in the upper parts and sulphides at depth. First Majestic, through a very aggressive exploration program is currently focused on the investigation of two areas, the San Juan and Perseverancia.

The Del Toro property consists of 393 hectares (943 acres) of mining rights that cover 21 titled concessions located in the Chalchihuites mining district representing a typical Mexican mining district which was discovered in Colonial times (XVI-XVII centuries) and were only developed from outcroppings by following mineralization along the structures, until high grade ore shoots were discovered and mined. Del Toro consists of numerous areas of interest for mineral exploration, including the San Juan Silver Mine and Perseverancia Silver Mine which are historic mines; the Perseverancia was mined for high grade silver rich sulphide ore and the San Juan is believed to be the oldest mine in the district dating back possibly 500 years.

First Majestic, during the past 3 years, conducted an aggressive development and exploration program in the area. This program focused on developing Resources including diamond drilling and underground development. The development program includes underground workings, such as ramps for access, drifting and crosscutting into the San Juan and Perseverancia mines. This program was designed to accomplish the following: 1) access of old mine workings; 2) recovering oxide and sulphide ore for shipment to the La Parrilla mill; 3) consolidate mining blocks to support future production; 4) support additional exploration activities for development; 5) carry out an aggressive exploration program to include deeper drilling from underground sites; and, 6) to ultimately determine if the Del Toro could support a standalone mill operation.

First Majestic launched the present aggressive drilling program in 2005 to explore the various areas of interest within the Del Toro property holdings. From that time to July 2008, a total of 56 drill holes have been completed for a total of 11,716 drilled metres. In addition, underground mine workings for development and exploration total 1,212 metres in declines, drifts, ramps and raises.

First Majestic's exploration efforts at Del Toro have been highly successful in delineating a significant resource base within a short period of time at relatively low cost. To July 31, 2008, the Del Toro Measured and Indicated Resources represent about 21 million ounces of silver equivalent for the San Juan and Perseverancia deposits. Additionally, about 36 million ounces of silver equivalent have been estimated in Inferred Resources for both deposits. The Del Toro mineralization occurs associated with lead and zinc in polymetallic mineralization; therefore, to report silver equivalent ounces estimated metallurgical recoveries were considered.

To date, the Del Toro Resource development continues to exceed management's expectations due to the success of the ongoing drilling program. The following Resource Table outlines the current NI 43-101 compliant estimates as of July 31, 2008. However, additional drilling has been conducted and is confirming the additional potential of the San Juan area.

The following summary tables were taken from the complete Del Toro Silver Mine NI 43-101 Technical Report prepared by Pincock Allan & Holt, Lakewood, Colorado (PAH). Shareholders and interested parties are encouraged to read this positive report which can be viewed on SEDAR (www.sedar.com) and the Company's website at www.firstmajestic.com.

Mineral Resource Estimates Prepared by First Majestic, Reviewed by PAH as of July 31, 2008



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Ag
Mineral- Resource Metric Width Ag Pb Zn only
Mine ization Category Tonnes m g/t % % Ounces
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San Juan Oxides Measured 269,739 20.92 166 1.50 1.53 937,000
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San Juan Oxides Indicated 458,705 210 3.01 3.40 2,010,000
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Sub-total Oxides Measured+
Indicated 728,444 194 2.45 2.71 2,947,000
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Perseve- Sulph- Measured 18,928 great-
rancia ides er
than
2.50 381 10.01 4.74 197,000
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Perseve- Sulph-
rancia ides Indicated 45,928 2.00 350 9.00 3.58 439,000
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San Juan Sulph-
ides Indicated 584,618 69.66 353 6.97 7.50 5,633,000
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Sub-total Sulph- Measured+
ides Indicated 649,528 353 7.20 7.14 6,269,000
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Total SJ+P Oxides+
Sulph- Measured+
ides Indicated 1,377,972 269 4.69 4.80 9,216,000
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San Juan Oxides Inferred 656,778 11.56 214 3.35 3.20 2,935,000
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San Juan Sulph-
ides Inferred 1,141,210 71.33 359 7.07 7.59 11,193,000
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Perseve- Sulph-
rancia ides Inferred 33,750 332 8.66 3.40 306,000
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Total SJ P Oxide+
Sulph-
ides Inferred 1,831,738 306 5.77 5.94 14,434,000
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Resource Ag only Ag Eq. Oz. Ag Eq. Oz
Mine Mineralization Category Ounces Pb/Zn Ounces
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San Juan Oxides Measured 937,000 937,000
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San Juan Oxides Indicated 2,010,000 2,010,000
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Sub-total Oxides Measured+
Indicated 2,947,000 2,947,000
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Perseverancia Sulphides Measured 197,000 359,000 556,000
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Perseverancia Sulphides Indicated 439,000 746,000 1,185,000
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San Juan Sulphides Indicated 5,633,000 10,622,000 16,255,000
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Sub-total Sulphides Measured+
Indicated 6,269,000 11,727,000 17,996,000
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Total SJ+P Oxides+ Measured+
Sulphides Indicated 9,216,000 11,727,000 20,943,000
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San Juan Oxides Inferred 2,935,000 2,935,000
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San Juan Sulphides Inferred 11,193,000 21,011,000 32,204,000
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Perseverancia Sulphides Inferred 306,000 525,000 831,000
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Total SJ+P Oxide+
Sulphides Inferred 14,434,000 21,536,000 35,970,000
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(1) Resource estimated "in situ"
(2) Price considerations $12.70/oz Ag, $0.90/lb-Pb and $0.85/lb-Zn.
(3) Mill recovery estimated: Oxides - Ag 65%: Sulphides - Ag 85%, Pb 85%
and Zn 80%.
(4) Minimum mining width - 2.00 m.
(5) Rounded figures.


First Majestic is extremely pleased with the successes achieved to date at Del Toro and would like to also take this opportunity to state that its exploration and development efforts continue to achieve significant results at the Company's three operating mines: the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine. Newly updated NI 43-101 reports are expected to be completed for each of these operations by year end.

Qualified Person

Mr. Leonel Lopez, P.Geo., from Pincock Allen & Holt in Denver, CO. is the Company's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information contained in this news release.

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

FIRST MAJESTIC SILVER CORP.

Keith Neumeyer, President & CEO

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.

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