2008

First Majestic Silver Corp.: Drill Intersects 39.6 Metres of 199 g/t Ag, 3.92% Pb & 4.02% Zn at San Juan Silver Mine


March 5, 2008

First Majestic Silver Corp. (“First Majestic” or the “Company”) has today entered into an agreement with a syndicate of underwriters led by CIBC World Markets Inc. and including Blackmont Capital Inc., Cormark Securities Inc. and GMP Securities L.P., under which the underwriters have agreed to buy 8,500,000 Units (“Units”), from First Majestic at an issue price of $5.35 per Unit representing an aggregate offering of approximately $45 million (“The Offering”). Each Unit will consist 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”) will entitle 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 Company will grant the underwriters an option, exercisable up until 30 days following closing of the offering, to purchase up to an additional 15% of the number of Common Shares and Warrants at the issue price. Closing is expected on or about March 25, 2008.

The Company plans to use certain of the net proceeds of the offering for the expansion of each of the mill capacities at the Company’s three producing silver mines in Mexico, the La Parrilla, La Encantada and San Martin silver mines. In addition, certain of the net proceeds will be used for the ongoing development and exploration programs presently underway and for general working capital.

Closing of the Offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the Toronto Stock Exchange.

The Offering is being made in all Provinces of Canada except Quebec and is subject to the approval of regulatory authorities. 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: 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.