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

First Majestic Silver Corp.

March 05, 2008 09:42 ET

First Majestic Silver Corp.: Drill Intersects 39.6 Metres of 199 g/t Ag, 3.92% Pb & 4.02% Zn at San Juan Silver Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2008) - First Majestic Silver Corp. (TSX:FR)(PINK SHEETS:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) ("First Majestic" or the "Company") is pleased to announce additional drill results from the ongoing drilling program at the Chalchihuites Group of Properties located in Zacatecas, Mexico.

The Chalchihuites Group of Properties is strategically located 60 km to the southeast of the Company's flagship La Parrilla Silver Mine and consists of 293 hectares of contiguous mining claims which cover the Perseverancia Silver Mine and the San Juan Silver Mine.

Further to the Company's news release dated December 3, 2007, additional assay results have now been received. Highlights include: Hole SJM-06 which cut 199 g/t Ag, 3.92% Pb and 4.02% Zn over 39.60 metres; Hole SJM-02 cut 342 g/t Ag, 4.45% Pb and 3.12% Zn over 13.55 metres, and; Hole SJM-04 cut 124 g/t Ag, 1.42% Pb and 1.44% Zn over 16.90 metres.

The Chalchihuites mining district comprises a regional metasomatic system of mineralization that includes: replacement mantos; breccia pipes; chimneys; vein type structures; dissemination and skarn deposits which occur in association with igneous dikes; and, stocks intruding a sequence of cretaceous sedimentary rocks. The Chalchihuites area hosts mineral deposits with high silver mineralization such as the nearby La Colorada mine, owned by Pan American Silver Corp., and other regional mines, such as, the San Martin and Sabinas mines owned and operated by Grupo Mexico and Penoles.

San Juan Silver Mine

The San Juan Silver Mine is one of the oldest mines in the district and was partially mined to a depth of 150 metres over nine levels. The mine has not been in operation since the 1950's. The previous owner constructed a 90-metre shaft which was initially used to access the old workings. First Majestic's exploration program consists of mapping, sampling, rehabilitation and development of old workings and additional underground development which now totals 1,758 metres.

In addition to what has been previously announced, assay results from five more underground drill holes at San Juan have been received and are summarized below showing the most significant interval intersections. An updated longitudinal section, a plan view map showing the location of the drill holes, and the sampled crosscuts will be posted on First Majestic's website at www.firstmajestic.com when available.



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Hole From (m) To (m) Interval (m) Ag g/t Pb % Zn %
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SJM-01 51.95 53.10 1.15 44 2.69 2.89
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54.60 59.15 4.55 50 1.54 4.93
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59.80 60.53 0.73 40 0.86 2.80
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63.65 64.70 1.05 30 0.58 2.21
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74.35 75.77 1.42 26 0.65 4.15
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79.40 80.25 0.85 137 1.65 4.00
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82.80 84.90 2.10 191 1.03 4.50
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Hole From (m) To (m) Interval (m) Ag g/t Pb % Zn %
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SJM-02 7.05 12.00 4.95 117 2.11 1.36
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47.40 49.15 1.75 100 2.04 1.84
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52.70 58.10 5.40 54 0.82 2.71
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67.70 72.30 4.60 11 0.20 3.44
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98.55 104.90 6.35 17 0.25 1.23
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172.32 173.95 1.63 309 2.57 6.74
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183.20 196.75 13.55 333 4.58 3.33
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incl. 183.95 186.10 2.15 553 8.84 5.29
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incl. 192.55 195.35 2.80 729 5.57 5.57
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Hole From (m) To (m) Interval (m) Ag g/t Pb % Zn %
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SJM-04 54.35 71.25 16.90 124 1.42 1.44
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incl. 69.25 71.25 2.00 891 8.60 5.50
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105.47 115.50 10.03 44 0.61 9.93
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incl. 109.80 115.50 5.70 19 0.40 14.45
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131.25 136.25 5.00 18 0.39 4.24
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140.00 141.45 1.45 133 1.45 2.14
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214.85 216.85 2.00 72 1.38 3.72
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222.65 236.05 13.40 64 0.58 3.33
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243.00 248.90 5.90 181 3.13 6.47
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incl. 244.00 245.10 1.10 385 2.13 2.50
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------------------------------------------------------------
Hole From (m) To (m) Interval (m) Ag g/t Pb % Zn %
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SJM-05 45.90 48.40 2.50 141 2.81 4.85
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56.35 61.10 4.75 74 2.13 2.60
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65.22 75.65 10.43 19 0.55 5.16
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Incl. 66.50 71.65 5.15 29 0.82 7.84
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103.85 109.10 5.25 54 1.95 3.76
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179.80 182.90 3.10 119 1.63 2.69
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193.30 194.37 1.07 121 2.96 0.09
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Hole From (m) To (m) Interval (m) Ag g/t Pb % Zn %
------------------------------------------------------------
SJM-06 42.30 43.70 1.40 136 3.86 0.99
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52.75 92.35 39.60 199 3.92 4.02
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Incl. 55.10 56.65 1.55 518 6.21 0.63
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Incl. 70.72 80.25 9.53 509 6.37 4.76
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These series of holes are located strategically in two sections separated 50 metres in plan view with intersections also every 50 metres in cross section. The holes are defining an ore-body with dimensions of an average of 20 metres in width by 100 metres in length by 150 metres in depth and open along strike and at depth.

Infill drilling which is presently underway at the San Juan continues to show consistent mineralization and high grades of silver, lead and zinc over broad widths in this initial ore shoot. This zone remains open at depth and to the foot wall where an additional ore body has been detected. Due to the significance of the results received from the initial 8 holes drilled, the Company has decided to go back and assay the entire length of each of these holes.

In addition to the 12 drill holes completed in the San Juan Silver Mine to date, 1,758 metres of development has been completed consisting of an access ramp and five underground cross cuts to test the continuity of the mineralized structure. Results for three initial holes at San Juan and the first four crosscuts were previously released on December 3, 2007.

Assay results are still pending for: four additional drill holes; the additional drill core associated with the holes announced today to ensure the core lengths are tested for the potential of a high volume ore body, and; one additional crosscut completed to date. Two drill rigs are presently active on sight and are continuing the drill program.

Due to increased industry activity, assay turn-around times from Inspectorate Laboratory have increased, and the Company is currently expecting delays of greater than three months to receive assay results.

Quality Assurance & Quality Control

Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond saw. One half of the core is submitted to the Inspectorate Laboratory sample preparation facility in Durango, Mexico. The remaining half core is retained on-site for verification and reference purposes. Following preparation, sample pulps are sent to Inspectorate Laboratory in Nevada, USA where they are assayed for gold and silver by standard fire assay methods using a gravimetric finish. Multi-element analyses are also completed for each sample by ICP methods. The QA-QC program at San Juan includes the blind insertion of certified reference standards for silver and gold at a frequency of approximately 1 per 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples. All sample results reported in this news release correspond to HQ or NQ diameter core.

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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