BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - First Majestic Silver Corp.
("First Majestic" or the "Company") (TSX:FR)(OTCQX:FRMSF)(FRANKFURT:FMV)(WKN:A0LHKJ) announces today that production
in the third quarter ending September 30, 2009 reached 1,089,481 equivalent
ounces of silver, representing a 14% increase over the previous quarter's
production and a 30% increase over the same quarter in 2008.
equivalent silver production for the third quarter consisted of 935,996 ounces
of silver, representing a 13% increase from the previous quarter and 30%
increase over the third quarter of the previous year, 1,690,354 pounds of lead,
representing a 13% increase from the previous quarter and an increase of 11%
over the same quarter of the previous year and 732 ounces of gold, representing
a decrease of 2%, compared to the previous quarter and an increase of 37% over
the same quarter in 2008.
the quarter the combined recoveries of silver at the three operating silver
mines in Mexico showed an increase from 64% to 66%. The overall average silver
head grade in the quarter for the three mines increased to 205 g/t of silver,
compared to the previous quarter of 196 g/t of silver.
processed during the quarter at the Company's three mines; the La Encantada
Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine
increased to 215,459 tonnes, representing a 5% increase over the previous
quarter and an increase of 27% when compared to the third quarter of 2008.
Company's development programs resulted in 6,597 metres of underground
development globally over all mines, which represented an increase of 34% when
compared to the 4,919 metres of underground development completed in the
previous quarter. The diamond drill programs underway are for the purpose of
assisting in mining activities only, and consisted of 498 meters of definition
drilling in the quarter compared to 363 metres of drilling in the previous
quarter, all of which was at the San Martin mine.
Keith Neumeyer, CEO & President stated; "our operations team
deserves to be congratulated for delivering a solid quarter. Even though our
focus continues to be on the completion of the large construction project at La
Encantada, this quarter's results are an excellent accomplishment. It should be
further noted, that even though commissioning of our new 3500 tpd plant
commenced in the third quarter, no production in this quarter was attributed to
this expansion as first revenues won't be recognized until the fourth quarter".
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.
MAJESTIC SILVER CORP.
Neumeyer, President & CEO
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.