First Majestic Silver Corp.: Many Positive Developments Underway
September 11, 2008
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
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 firstname.lastname@example.org, visit our
website at www.firstmajestic.com
or call our toll free number
FIRST MAJESTIC SILVER CORP.
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.