First Majestic Silver Corporation

First Majestic Silver Corporation is a pure silver producing company engaged in exploration, development, and mining operations in Mexico. Among the company’s corporate objectives is to become a senior silver producer through the development and acquisition of properties on the territory of Mexico. The company is headquartered in Vancouver, Canada, and its shares are listed under the symbol FR on the Toronto Stock Exchange. The miner is a mid-tier producer.

A present, company’s properties are the following silver mining sites located in Mexico: the La Parrilla Silver Mine, the San Martin Silver Mine, and the La Encantada Silver Mine. Production at these three mines is expected to reach approximately 5.0 - 5.3 million ounces of silver in 2009. Further increases are envisaged in 2010 and after.

The Company owns a suite of other silver projects. Worth mentioning are the Del Toro Silver Mine and Cuitaboca Silver Project. Located outside the city of Durango (in the western part of the Mexican Altiplano), La Parrilla has produced 1.3 million ounces of silver in 2008 and is expeceted to reach 1.5 million ounces. Wholly owned by First Majestic, the entire property occupies an area of over 53,000 hectares and consists of a new mill and an underground mine. The capacity of the mill was 800tpd in mid 2007 and expanded to 850 tpd at the end of 2008.

First Majestic's second operating mine, the San Martin Silver Mine is also currently100% owned by the Company. It is located 250 km north of Guadalajara in Jalisco State.The estimated annual production is 1.25 million ounces of silver. The Mine includes cyanide and flotation mill with a capacity of 800tpd, which was expanded to 950tpd at the end of 2008. The entire property covers 7840 hectares but First Majestic owns 1482 hectares of the surface rights. In the state of Coahuila, First Majestic's third operating mine, the La Encantada Silver Mine, had estimated production of 2.0 million ounces of silver in 2008. Its capacity was recently expanded from 800tpd to 1000tpd. The Mine is expected to enter into a fully running mode by mid-2009, thus reaching 3500tpd and producing up to 3.5 million ounces annually.

The Del Toro Silver Mine, located in the Municipality of Chalchihuites, holds deposits containing silver, lead, zinc, and ore. Del Toro is expected to turn into First Majestic's fourth silver mining property in the near future.

The Cuitaboca project, along with San Martin Silver Mine, is among the assets recently acquired by First Majestic. The Project is located in the State of Sinaloa, known for the best gold and silver producing districts, and covers 5,134 hectares of land holding high grade silver.

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