Silver Price: $24.14
NYSE: AG $12.49
TSX: FR $15.45
Frankfurt: FMV €10.90

First Majestic Silver Corp.: Many Positive Developments Underway

September 11, 2008

President and CEO, Keith Neumeyer commented at the Denver Gold Show in Colorado and the Hard Asset Conference in Las Vegas this week that with the shares now trading at close to three year lows that the fundamentals of our business are not being recognized.

He further commented that, “Severe market corrections are common in bull markets, however, the recent world wide sell off in commodities and mining shares appears over done in management’s opinion”.

No one can predict bottoms in the market; however management remains very optimistic and encouraged by the successes occurring within the Company and strongly feel the recent sell off in the Company’s shares is unwarranted.

Two major expansion projects are presently underway at the San Martin Silver Mine and the La Encantada Silver Mine which are undergoing significant facelifts. Construction has been ongoing since June at both operations and will result in much higher levels of silver production for 2009. Shareholders can expect more detailed news on both these expansion programs as they develop.

Also, 23 drill rigs are active within the Company’s four core projects which represents one of the largest drill programs underway in Mexico. As a result of this aggressive program, new NI 43-101 Resource estimates will be released on each project by year end. Furthermore, by achieving these important milestones, the Company is in a position to commence scaling back its drill program in order to conserve capital.

Mr. Neumeyer also stated that, “Management remains very committed to meeting and maintaining the growth of the business through continued expansion of production and Resource development which we are confident will result in bringing true value to shareholders.”

The Company is well capitalized and thus has sufficient funds to meet its targets for 2008 and 2009. Even though an unusually wet raining season in Mexico may impact the third quarter somewhat in production levels this has little or no impact on the long term growth focus of the Company. Also, due to present market conditions, management is very aware of the necessity to conserve cash and has implemented cost savings programs internally in order to cut costs where possible.

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.

FOR FURTHER INFORMATION 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.