First Majestic Silver Corp (FR)

[Mr. Zen]

First Majestic Silver Corp. Research Notes 2/15/09

The management of First Majestic Silver Corp.( Toronto:FR.TO) (FRMSF.PK) (Frankfurt:FMV.F ) are committed to building a senior silver producing mining company based on an aggressive development and acquisition plan with a focus on Mexico. First Majestic operates three silver mines and has acquired three additional advanced stage silver projects. The Company's flagship mine, the La Parrilla Silver Mine, located outside the city of Durango has seen an 18 month underground development program and the recent completion of an 800 tpd mill. Now that both programs are coming to completion, production levels will begin to increase dramatically to an annualized rate of around 2,000,000 ounces of silver for 2007. The most recent NI 43-101 compliant silver resource, which is planned to be upgraded every four months, stands at 21 million ounces of silver.

First Majestic's second producing mine is the San Martin Silver Mine located about a 40 minute flight from Guadalajara. Production in 2006 will end at around 2,000,000 ounces and is planned to be maintained at that production level for 2007. During 2007 several improvements and mill additions will be made to allow for further production increases for 2008. The San Martin also has a NI 43-101 compliant silver resource of 44 million ounces and further development and exploration is underway to increase this number.

First Majestic's third producing mine, the La Encantada Silver mine brings added value to the company with its 2006 production of 800,000 ounces. Production levels here are anticipated to be increased to 1 million ounces of silver for 2007. In addition, the historic resource will be upgraded to NI 43-101 compliance by mid 2007.

Exploration and development programs are underway at the Chalchihuites Group of Properties. In addition JV partners are being sought for it other exploration projects, the Quitaboca Silver Project and the Candamena Mining District.

Management strongly feels that investors will continue to witness a dramatic bull market in precious metals over the next several years. For this reason, a focus to continue to develop and increase production at its core assets will continue. In addition, management is determined to expand First Majestic's asset base and thus continues to investigate other interesting advanced stage silver projects in Mexico. With a Management team comprised of proven company and mine builders; shareholders are poised to capitalize on First Majestic's rapid evolution into a world class silver producer.

About Keith Neumeyer, President & CEO


Mr. Neumeyer has worked in the investment community for 21 years beginning his career at a number of national brokerage firms. Mr. Neumeyer moved on to work with several publically traded companies in the resource and high technology sectors. His roles have included senior management positions and directorships responsible in areas of finance, business development, strategic planning and corporate restructuring.
Mr. Neumeyer was the original and founding President of First Quantum Minerals Ltd. (T-FM). He was instrumental in the acquisition of the Bwana Mkubwa Mine in Zambia and the assembly of a team of mining professionals who in turn built the first new mine in the region in 25 years and who run the Company today. Mr. Neumeyer has collectively raised over $100 million to date, has listed two companies on the Toronto Stock Exchange and as such has extensive experience dealing with the financial, regulatory, legal and accounting issues that are relevant in the investment community.
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News
• First Majestic Receives Mexican Distinction as a "Socially Responsible Business"Marketwire(Mon, Mar 23)
• First Majestic Silver Corp.: La Parrilla Receives "Clean Industry Certification"Marketwire(Tue, Mar 17)
• First Majestic Silver Corp.: Resource Disclosure ClarificationMarketwire
(Thu, Feb 26)
• First Majestic Silver Corp.: La Parrilla Silver Mine Updates NI 43-101 ResourceMarketwire(Tue, Feb 17)
• First Majestic Silver Corp.: San Martin Updated NI 43-101 Report Increasing Reserves/Resources by 45.81%Marketwire(Tue, Jan 20)
• First Majestic Silver Corp.: Production Increases 27% in 4th QuarterMarketwire(Tue, Jan 13)
• First Majestic Silver Corp.: La Encantada Updated NI 43-101 Report Increasing Reserves By 183%