Silver Price: $24.03
NYSE: AG $12.59
TSX: FR $15.54
Frankfurt: FMV €10.90

First Majestic Silver Corp.: Closing of $45,475,000 Offering

March 25, 2008

First Majestic Silver Corp. (“First Majestic” or the “Company”) is pleased to announce the successful completion today of the offering announced on March 5, 2008. A syndicate of underwriters led by CIBC World Markets Inc. and including Blackmont Capital Inc., Cormark Securities Inc. and GMP Securities L.P., have purchased 8,500,000 Units (“Units”) from First Majestic at an issue price of $5.35 per Unit (the “Offering”). Each Unit consists of one common share (a “Common Share”) in the capital of First Majestic and one-half of one Common Share purchase warrant. Each whole Common Share purchase warrant (a “Warrant”) entitles the holder to acquire one additional Common Share at a price of $7.00 for a period of 24 months from the closing of the Offering. The underwriters have an option, exercisable up until 30 days following closing of the offering, to purchase up to an additional 1,275,000 Common Shares (the “Option Shares”) at a price of $5.07 per Option Share and up to an additional 637,500 Warrants at a price of $0.56 per Warrant.

The Company plans to use the net proceeds of the offering for mill expansion plans to increase the company’s production capacities going forward, ongoing development and exploration programs presently underway, and for general working capital.
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.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

For further information please contact:, visit our website at or call our toll free number 1.866.529.2807.



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.