Reserves/Resources



Reserves & Resources

PROVEN AND PROBABLE RESERVES 2013                 
Mine/Project Category Mineral type Tonnes Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Oz)
AgEq
(Oz) 
LA ENCANTADA Proven (UG) Oxides 1,023,409 316 - 2.9 1.6 10,410,996 10,410,996
Proven (tailings) Oxides 5,304,946 105 - 0.6 0.2 17,903,993 17,903,993
Probable (UG) Oxides 1,030,341 269 - 2.6 1.2 8,916,063 8,916,063
Total Proven & Probable (UG) Oxides 7,358,696 157 - 1.2 0.5 37,231,053 37,231,053
                   
LA PARRILLA Proven (UG) Oxides 417,722 192  0.06 0.4 0.2 2,574,698 2,620,763
Proven (OP) Oxides 533,799 63  0.06 - - 1,081,207 1,140,073
Probable (UG) Oxides 1,105,650 190 0.06 0.5 0.5 6,751,587 6,873,515
Total Proven & Probable (UG)  Oxides 2,057,170 157 0.06 0.3 0.3 10,407,492 10,634,351
Proven (UG) Sulphides 660,333 207 - 2.7 2.5 4,403,326 7,320,761
Probable (UG) Sulphides 1,474,118 176 - 1.6 2.8 8,326,819 13,771,114
Total Proven & Probable (UG) Sulphides 2,134,451 186 - 1.9 2.7 12,730,145 21,091,875
Total Proven & Probable (UG) Oxides + Sulphides 4,191,621 172 0.03 1.2 1.5 23,137,637 31,726,226
                   
SAN MARTIN Proven (UG) Oxides 1,328,098 195  0.19 - - 8,330,574 8,795,400
Probable (UG) Oxides 2,506,767 175 0.19 - - 14,102,450 14,979,801
Total Proven & Probable (UG) Oxides 3,834,866 182 0.19 - - 22,433,025 23,775,201
                   
DEL TORO Proven (UG) Oxides 788,673 153 0.01 2.3 2.2 3,873,145 3,894,579
Probable (UG) Oxides 363,158 134 0.00 1.9 2.0 1,559,124 1,562,493
Total Proven & Probable (UG) Oxides 1,151,831 147 0.01 2.2 2.2 5,432,269 5,457,072
Proven (UG) Sulphides 1,132,390 180 0.00 3.2 3.0 6,537,571 12,547,372
Probable (UG) Sulphides 1,757,932 245 0.23 4.4 4.6 13,855,578 27,997,288
Total Proven & Probable (UG) Sulphides 2,890,322 219 0.14 3.9 4.0 20,393,149 40,544,659
  Total Proven & Probable (UG) Oxides + Sulphides 4,042,153 199 0.10 3.4 3.5 25,825,417 46,001,731
  Total Proven and Probable reserves Oxides + Sulphides 19,427,336 174 0.06 1.4 1.2 108,627,132 138,734,210


MEASURED AND INDICATED RESOURCES 2013                
Mine/project Category Mineral type Tonnes Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Oz)
AgEq
(Oz) in situ
LA ENCANTADA Measured (UG) Oxides 1,380,065 199 - 1.6 3.3 8,830,896 8,830,896
Indicated (UG) Oxides 1,805,358 225 - 1.6 5.3 13,032,801 13,032,801
Total Measured & Indicated  (UG) Oxides 3,185,423 213 - 1.6 4.4 21,863,698 21,863,698
                   
LA PARRILLA Measured (UG) Oxides 78,039 164 0.06 0.5 0.0 411,576 420,182
indicated (UG) Oxides 448,084 163 0.06 0.5 0.3 2,354,795 2,404,209
indicated (OP) Oxides 608,203 88 0.06 - - 1,712,576 1,779,647
Total Measured & Indicated (UG & OP) Oxides 1,134,326 123 0.06 0.2 0.1 4,478,948 4,604,038
Measured (UG) Sulphides 262,831 191 - 1.2 0.7 1,614,844 2,046,756
Indicated (UG) Sulphides 313,417 181 - 1.7 1.9 1,821,572 2,775,774
Total Measured & Indicated (UG) Sulphides 576,248 185 - 1.5 1.4 3,436,416 4,822,530
Total Measured & Indicated (UG & OP) Oxides + Sulphides 1,710,574 144 0.04 0.6 0.5 7,915,364 9,426,568
                   
SAN MARTIN Indicated (UG) Oxides  475,399 158 0.19 - - 2,411,853 2,578,240
Measured & Indicated (UG) Sulphides 741,387 60 - 0.7 1.5 1,426,856 2,753,917
Total Measured & Indicated (UG) Oxides + Sulphides 1,216,786 98 0.07 0.4 0.9 3,838,709 5,332,156
                   
DEL TORO Measured (UG) Oxides 631,191 142 0.00 1.3 1.5 2,883,228 2,887,098
Indicated (UG) Oxides 808,295 157 0.04 1.9 1.4 4,076,180 4,134,962
Total Measured & Indicated (UG) Oxides 1,439,486 150 0.02 1.6 1.4 6,959,408 7,022,059
Measured (UG) Sulphides 169,994 207 0.01 3.3 2.1 1,131,518 1,920,105
Indicated (UG) Sulphides 672,288 165 0.04 3.7 2.0 3,557,624 6,886,611
Total Measured & Indicated (UG) Sulphides 842,282 173 0.03 3.6 2.0 4,689,142 8,806,715
Total Measured & Indicated (UG) Oxides + Sulphides 2,281,768 159 0.03 2.4 1.6 11,648,550 15,828,775
                   
LA LUZ Measured & Indicated (UG) Oxides 2,656,428 222 - - - 18,960,160 18,960,160
Measured & Indicated (UG) Oxides (tailings) 1,403,233 90 - - - 4,060,348 4,060,348
Measured & Indicated (UG) Sulphides 1,052,170 316 - - - 10,689,662 10,689,662
Total Measured & Indicated (UG) Oxides + Sulphides 5,111,831 205 - - - 33,710,170 33,710,170
                   
Total Measured and Indicated Resources Oxides + Sulphides 13,506,381 182 0.02 0.9 1.5 78,976,490 86,161,366


INFERRED RESOURCES 2013                
Mine/Project Category Mineral type Tonnes Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
Ag
(Oz)
AgEq
(Oz) in situ
LA ENCANTADA Total Inferred (UG) Oxides + Sulphides 4,348,724 156 - 1.1 1.5 21,822,446 21,822,446
                   
LA PARRILLA Inferred (UG) Oxides 4,928,449 178 0.06 0.4 0.3 28,251,697 28,795,192
Inferred (UG) Sulphides 8,325,556 168 - 1.9 2.3 45,094,192 74,162,354
Total Inferred (UG) Oxides + Sulphides 13,254,005 172 0.02 1.3 1.5 73,345,889 102,957,546
                   
SAN MARTIN Inferred (UG) Oxides 10,010,526 172 0.19 - - 55,316,021 58,819,635
Inferred (UG) Sulphides 993,661 54 - 0.7 1.6 1,722,204 3,622,607
Total Inferred (UG)  Oxides + Sulphides 11,004,187 161 0.17 0.1 0.1 57,038,225 62,442,241
                   
DEL TORO Inferred (UG) Oxides 1,602,922 167 0.04 2.4 2.1 8,589,178 8,701,325
Inferred (UG) Sulphides 5,283,964 174 0.12 3.5 5.4 29,500,830 70,594,560
Total Inferred (UG) Oxides + Sulphides 6,886,886 172 0.10 3.3 4.6 38,090,008 79,295,885
                   
LA LUZ Total Inferred (UG) Oxides + Sulphides 1,854,964 220 - - - 13,120,462 13,120,462
                   
  Total Inferred Resources Oxides + Sulphides 37,348,766 169 0.08 1.2 1.6 203,417,030 279,638,580

DEL TORO Other (Inferred Zn body) Sulphides 4,181,904 7 0.01 0.2 3.1 991,969 12,522,062
                   
PLOMOSAS Historic reserves (UG) Sulphides 895,512 191 0.80 2.1 3.4 5,499,152 11,001,048

(1) In all cases, the metal prices considered were $24.00 USD/Oz -- Ag, $1,400.00 USD/Oz -- Au, $0.95 USD/lb -- Pb, and $0.90 USD/lb -- Zn.
(2) For the La Luz Silver Project, there have been no changes since the Technical Report dated July 25, 2008, except an update of Ag eq. according to recent metal prices.
(3) Management of First Majestic is not confident that the open pit mining plan contained in the technical reports commissioned by Silvermex for the La Guitarra Silver Mine is feasible. Accordingly, the Reserve and Resource calculations contained in the La Guitarra Silver Mine technical reports will need to be recalculated on the basis of an underground only mine. The results of this review may result in a revised mine plan which may necessitate the filing of a new technical report. Accordingly, the Resource and Reserve calculations contained in the technical reports commissioned by Silvermex for the La Guitarra Silver Mine have not been included in this Table. Readers are cautioned against relying on the previously filed technical reports relating to the La Guitarra Silver Mine and upon the Resource and Reserve calculations therein.
(4) The Reserve and Resources information provided above is based on internal qualified persons' (QPs) reporting as at December 31, 2013. The information provided was reviewed and validated by the Company's internal QP Mr. Ramon Davila, who has the appropriate relevant qualifications, and experience in mining and resource geology.
(5) The modification factors for Reserves and Resources are different, and are different for all mines.

Cautionary Notes to U.S. Investors Concerning Reserve and Resource Estimates


The definitions of Proven and Probable Reserves used in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7. Under SEC Guide 7 standards, a "Final" or "Bankable" feasibility study is required to report reserves, the three year history average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.


In addition, the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into Reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.


Accordingly, information contained in this website containing descriptions of First Majestic's mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations there under.


To download the entire La Parrilla Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 8.7MB)
To download the entire San Martin Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 12.27MB)
To download the entire La Encantada Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 21.7MB)
To download the entire La Luz Silver Project NI 43-101 Technical Report - Click here to view (PDF, 8.7MB)
To download the entire Del Toro Silver Mine NI 43-101 Technical Report - Click here to view (PDF, 20.6MB)