First Majestic Silver Corp.: Resource Disclosure Clarification
February 26, 2009
FIRST MAJESTIC SILVER CORP. (FR-T) (“First Majestic” or the “Company”)
In connection with the filing of the Company’s Amended and Restated
Preliminary Short-Form Prospectus for an offering of $17,000,000, the
British Columbia Securities Commission has requested that certain
disclosure by the Company be clarified. The Company wishes to clarify
the disclosure in its news releases dated December 23, 2008, January 13,
2009 and February 17, 2009.
In respect of the January 13, 2009 news release, the Company advises
that it added Resources and Reserves in compiling its global resource
figures. Also, the news releases issued on December 23, 2008, January
13, 2009 and February 17, 2009, added Inferred Resources to other
categories of Reserves and Resources. These practices are not permitted
under NI 43-101 and the Company has now discontinued this practice.
The disclosure in each of the news releases and the Company’s technical
reports as to each separate category of Resources or Reserves are
accurate as of their respective dates, however prior disclosure of
global resources and total resources should not be relied upon.
The Company’s independent Qualified Persons under the policies of
National Instrument 43-101 who have reviewed the contents of this news
release and who authored the most recent qualifying report are Leonel
López, C.P.G., P.G., and Richard Addison P.E., Principal Process
Engineer, of Pincock Allen & Holt, who are employees of PAH and are
independent of the Company.
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.
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