First Silver Reserve Inc.

First Silver Reserve Inc.

March 14, 2005 21:03 ET

First Silver Reserve Inc. Reports 2004 Production and Completion of Rosario Adit


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRST SILVER RESERVE INC.

TSX SYMBOL: FSR

MARCH 14, 2005 - 21:03 ET

First Silver Reserve Inc. Reports 2004 Production and
Completion of Rosario Adit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 14, 2005) - First
Silver Reserve Inc. (TSE:FSR) today announced its 2004 production
results.

In the year ended December 31, 2004, First Silver produced 2,141,300
ounces of silver from the Company's wholly owned San Martin silver mine,
located in Jalisco State, Mexico. 2004 silver production was an increase
of 12.8% over 2003 silver production of 1,899,300 ounces. The Company
also produced 4,270 ounces of gold, which was an increase of 52.5% over
2003 gold production of 2,798 ounces. As previously reported, production
during 2003 was constrained by an unusually long and severe rainy season
and by delays associated with the repair of a ball mill.

For the three months ended December 31, 2004, silver production was
555,015 ounces or 38.4% higher than 2003 silver production of 401,022
ounces and gold production was 907 ounces or 55.6% greater than Q4 -
2003 gold production of 583 ounces.

Total mill throughput for the year was 266,592 tonnes (2003 - 234,557
tonnes) of which 68,033 tonnes (2003 - 55,975 tonnes) were milled in the
three months ending December 31. During the year, the mill head grade
was 277 g/tonne silver (2003 - 290 g/tonne) and the mill recovery rate
was 90.3% (2003 - 86.8%) as compared to a grade of 277 g/tonne (2003 -
271 g/tonne) and a recovery rate of 91.6% (2003 - 82.2%) for the three
months ended December 31, 2003.

In keeping with Company policy, financial results for the year will be
released upon completion of the Company's audit, which is currently
underway.

To improve mine safety, access and ventilation, the Company has recently
completed work on a new haulage adit. The Rosario adit intersects the
western-most workings of the San Martin mine and opens up several new
areas for exploration. The adit is sized for production, 4 m wide and
3.5 m high, and has been routed alongside the Rosario-Condesa Fault,
allowing systematic drill hole sampling of this fault zone. Including
double width sections, the new tunnel has a total length of 1,480 m and
will reduce mine haulage by some 1,200 m.

First Silver Reserve is a company focused on the production and
exploration of precious metals in Mexico. First Silver owns and operates
the San Martin Mine in Jalisco State, Mexico.

On behalf of the Board of Directors

"Len Brownlie"

Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    First Silver Reserve Inc.
    Len Brownlie
    Director
    (604) 602-9973 or Toll Free 1-888-377-6676
    (604) 681-5910 (FAX)
    or
    First Silver Reserve Inc.
    Suite 584 - 885 Dunsmuir Street
    Vancouver, B.C., Canada V6C 1N5
    info@firstsilver.com
    www.firstsilver.com