Silver Price: $22.45
NYSE: AG $12.31
TSX: FR $15.62
Frankfurt: FMV €10.36

First Majestic Silver Corp.: Settlement of Current Liabilities Closes

September 18, 2009

First Majestic Silver Corp. (the “Company”) is pleased to announce that it has settled certain current liabilities amounting to $1,919,209 by the issuance of 834,438 common shares of the Company at a deemed price of CDN$2.30 per common share. “This completes a onetime process of converting some old payables related to a select group of drilling and development partners, and demonstrates the strength and support of our business relationships in Mexico. With this settlement and the prior one announced on August 20th, we have reduced our current liabilities by more than $2.7 million and have further strengthened the Company’s balance sheet after our recent $9.6 million private placement” commented Raymond Polman, First Majestic’s Chief Financial Officer.

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 significant 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.