2008

First Majestic Silver Corp.: Another Major Intersection at Del Toro Silver Mine, Drill Hole Cuts 62.05 Metres (203.58 ft) of 422 g/t Ag, 6.29% Pb, 6.78% Zn & 0.74 g/t Au


October 28, 2008

First Majestic Silver Corp. (FR-T) (“First Majestic” or the “Company”) is pleased to announce additional drill results from the ongoing drilling program at the Del Toro Silver Mine located in Zacatecas, Mexico.

The Del Toro Silver Mine located in the Chalchihuites mining district is strategically located 60 km to the southeast of the Company’s flagship La Parrilla Silver Mine and consists of 393 hectares (943 acres) of contiguous mining claims which cover the historic Perseverancia and San Juan silver mines.

Further to the Company’s prior news release dated July 17th announcing the major intersection of hole SSJ-04 which intersected 74.20 metres (243.44 ft) grading 359 g/t Ag, 7.07% Pb and 7.60% Zn, additional drill results have now been received. Hole SSJ-08 was programmed to drill perpendicular to the SSJ-04 for the purpose of defining a second dimension of this third massive sulphide Orebody discovered with hole SSJ-04. Hole SSJ-08 successfully intersected all three Orebodies as can be seen in the table below. Orebodies 1 and 2, which appear to be joining at depth, are represented by the intersection of 29.35 metres (96.29 feet) grading 312 g/t Ag, 4.22% Pb and 2.20% Zn. The deeper third Orebody was also cut successfully represented by the intersection of 62.05 metres (203.58 ft) with an average grade of 422 g/t Ag, 6.29% Pb, 6.78% Zn and 0.74 g/t Au. Below are the most significant intervals of hole SSJ-08.
 

Hole

From

To

Intersection

Intersection

Ag

Pb

Zn

Au

Ag Eqv

SSJ-08

metres

metres

metres

Feet

g/t

%

%

g/t

g/t

Interval

358.40

387.75

29.35

96.29

312

4.22

2.20

0.07

581

Incl.

381.25

385.15

3.90

12.79

1,218

14.93

4.02

0.16

2,019

Interval

420.25

482.30

62.05

203.58

422

6.29

6.78

0.74

1,006

Incl.

421.85

428.00

6.15

20.18

1,191

9.96

12.42

0.17

2,102

Incl.

444.85

453.00

8.15

26.74

1,238

13.78

3.14

0.37

1,973

*Incl.

444.85

446.90

2.05

6.73

3,480

21.51

1.37

0.17

4,460


*Included in the previous interval
*It does not include recovery considerations
*True-width not available
Note: metal prices used to calculate equivalency are based on prices at October 24, 2008, of: Au/oz=US$731, Ag/oz=US$9.35, Pb/lb=US$0.58, Zn/lb=US$0.52

Holes SSJ-04 and SSJ-08 represent the discovery of a third deeper massive sulphide Orebody which is 25 metres below the ore bodies No. 1 and No. 2 previously discovered by direct methods. This newly discovered Orebody consists of a sequence of replacements and veins of massive galena and sphalerite with high silver content and disseminated mineralization in the contact between the skarn and the intrusive igneous rock with values of gold.

Results from hole SSJ-08 were not received in time to be included in the NI 43-101 Technical Report announced on October 10th. Total Resources announced at that time were 56,913,00 silver equivalent ounces consisting of 20,943,000 ounces in the Measured and Indicated category plus 35,970,000 ounces in the Inferred Resources category. The cut off date used for this prior Resource measurement was July 31, 2008. It is anticipated that hole SSJ-08 will add significantly to the NI 43-101 Resource Estimate dated October 9th, 2008 prepared by Pincock Allen & Holt, Lakewood, Colorado (PAH). The Report can be viewed on SEDAR (www.sedar.com) or on the Company’s website at www.firstmajestic.com.

First Majestic’s exploration efforts at Del Toro have been highly successful in delineating a significant resource base within a short period of time and at relatively low costs. Additional underground drilling is underway at the San Juan area with the purpose of defining the deep and West extensions of these three Orebodies which still remain open. Underground development is also continuing at both the Perseverancia and San Juan areas.

An updated longitudinal section, a plan view map showing the location of the drill holes, and the sampled crosscuts will be posted on First Majestic’s website at www.firstmajestic.com when available.


Quality Assurance & Quality Control

Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond saw. One half of the core was submitted to the SGS Laboratory facility in Durango, Mexico. The remaining half core is retained on-site for verification and reference purposes. Following preparation, sample pulps were assayed by the same laboratory where they are assayed for gold and silver by standard fire assay methods using a gravimetric finish. Multi-element analyses are also completed for each sample by ICP methods. The QA-QC program at San Juan includes the blind insertion of certified reference standards for silver and gold at a frequency of approximately 1 per 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples. All sample results reported in this news release correspond to NQ diameter core.

Qualified Person

Mr. Leonel Lopez, P.Geo., from Pincock Allen & Holt in Denver, CO. is the Company’s Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information contained in this news release.

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 info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.


FIRST MAJESTIC SILVER CORP.

“signed”

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.