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

First Majestic Silver Corp.

April 24, 2007 14:28 ET

First Majestic Silver Corp.: Silver Production Increases by 38%

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - FIRST MAJESTIC SILVER CORP. (TSX VENTURE:FR)(PINK SHEETS:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) (the "Company") is pleased to announce that silver production in the first quarter ending March 31st, 2007 has increased by 38% over the prior quarter to 792,196 equivalent ounces of silver which is also an increase of 1358% over the same quarter ending March 2006. The increase in production is due to a 104% increase in production at the Company's flagship La Parrilla Silver Mine, and the two additional acquisitions, the San Martin Silver Mine, and the La Encantada Silver Mine completed in the quarter ending September 2006, and December 2006 respectively.

The equivalent silver production for the quarter consisted of 719,993 ounces of silver, 532 ounces of gold and 339,512 pounds of lead. Significant underground development is continuing at all three mines in addition to the improvements and upgrades being carried out at each mill. This ongoing program of enhancements will continue for the balance of the year and is focused on increasing the Company's silver production in each of the following quarters.

Resource development at the La Parrilla is meeting Company targets with the use of six diamond drill rigs which in this quarter completed 7,213 metres of drilling over 26 holes. In the Company's present NI 43-101 report published in February, which had a cut off of December 31st, 2006, included assays of only 100 holes in the present resource estimate. As of April 15th, a total of 35,613 metres have been drilled over 133 holes. A new updated resource estimate is anticipated to be published by the end the present quarter.

In addition to the ongoing diamond drill program at the La Parrilla, which is designed to increase resources and assist in production, 1481 metres of underground development and drifting has been completed. The Company is presently mining from La Rosa-Rosario, Quebradillas and San Marcos areas and is developing the new La Blanca area which appears to be a large disseminated structure.

As well, the San Juan Silver Mine which is now 100% owned by the Company located near Chalchihuites, is presently being developed and mined. Approximately 50 tonnes of high grade ore per day is being shipped to the La Parrilla mill which is 50 kilometres away from the San Juan.

At the San Martin Silver Mine, First Majestic in the quarter completed 1436 metres of diamond drilling which included 653 metres of drilling from surface over three holes and 783 metres of drilling from underground, which included 13 holes. In addition 1898 metres of underground development has been completed. The focus of this quarter has been to access upper levels in the mine where higher grade oxide ores appear to be present. This activity is ongoing and is for the purpose of grade control and development of additional resources and exploration to define additional targets for future mine expansion.

Additionally, at the San Martin, construction of a five kilometre road was completed to access and explore the upper part of the main Zuloaga vein in the areas of the La Escondida and Pinolea. These areas are presently being developed for mining purposes and defined to add new resources which are proving to contain high grades of silver.

At the La Encantada Silver Mine, utilization of the 1000 tpd mill has increased from 30% when the operations were taken over in November 2006 to the present mill rates reaching 75% of capacity in the first quarter. This improvement in operations has resulted in a 65% increase in silver production from the prior quarter. Further increases in mill output are anticipated to continue into the present quarter resulting in additional ounces of silver production from the La Encantada going forward.

In the short time since the operations of the La Encantada were taken over, several improvements have been implemented, including the installation of a new screening plant and commencement of an aggressive underground development campaign which included 1453 metres of drifting to several targets located in the San Javier Breccia area. The purpose of this ongoing development is for mining activity, confirmation of resources and exploration.

Recently, First Majestic received a substantial database of historic geological data on the La Encantada Silver Mine and the surrounding area. This data is presently being analyzed and digitized into the Company's newly incorporated mining software programs. This database of information will substantially assist the Company in its ongoing development and exploration program. This data is anticipated to be considered in an update NI 43-101 report which is expected to be published shortly.

Pincock Allen & Holt of Denver, Colorado has been retained to complete newly updated NI 43-101 reports on each of the Company's operating silver mines. The La Parrilla Silver Mine and the La Encantada Silver Mine reports are anticipated to be published prior to the end of June 2007 and the San Martin Silver Mine report is planned to be made public prior to the end of May.

Of further interest; the Company's three producing silver mines collectively produced 2,905,382 ounces of silver equivalent in calendar 2006. However, due to acquisition dates and the change of year end from June to December, only 1,601,796 ounces of silver equivalent could be attributed to First Majestic's credit for the calendar year 2006. The first quarter ending March 31st, 2006 marked the beginning of a new era for the Company which experienced all three mines producing silver under the First Majestic umbrella.

Keith Neumeyer, President & CEO, wishes to thank the management team and staff for their enormous achievements over the past two quarters. "It goes without saying that when any company grows at the rapid pace we've experienced, some growing pains are inevitable; however, our team has persisted, consuming two new mines while aggressively expanding the La Parrilla mine and mill. As a result of these achievements a substantial increase in silver production has resulted as anticipated, transforming the Company from a development and exploration stage company into a significant silver producer. It's hard not to be excited about being a part of First Majestic."

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 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.

Contact Information