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      Second Quarter Financial Results
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FIRST MAJESTIC SILVER CORP. (FR-T) (the "Company") is pleased to
announce the unaudited financial results for the Company's second
quarter ending June 30, 2009. The full version of the financial
statements and the management discussion and analysis can be viewed on
the Company's web site at www.firstmajestic.com or on SEDAR at
www.sedar.com. Below are the highlights of the results.

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2nd Quarter Highlights
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Gross Revenue                                $15.8 million
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Net Revenue                                  $13.0 million
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Mine Operating Earnings                       $1.7 million
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Net Income after taxes                        $1.0 million
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Direct Cash Costs per ounce                        US$6.31
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Silver Equivalent Production            957,936 oz. Ag eqv.
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Silver Equivalent Oz. Sold            1,073,129 oz. Ag eqv.
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FINANCIAL PERFORMANCE AND HIGHLIGHTS

- For the second consecutive quarter in 2009, the Company
generated net income, with $1.0 million earned in the
quarter ended June 30, 2009, and a total of $2.0 million
earned on a year to date basis. This compares with a net
loss after taxes of $0.3 million for the quarter ended June
30, 2008, and a net income after taxes of $0.8 million for
the year to date ended June 30, 2008.

- In the second quarter ended June 30, 2009, the Company
sold more silver than it produced, selling 1,073,129 silver
equivalent ounces including 103,867 ounces of coins, ingots
and bullion, which is 115,193 ounces or 11% more silver
than it produced in the current quarter. This is compared
to 892,406 equivalent ounces, with no sold ounces of coins,
ingots and bullion for the quarter ended June 30, 2008.

- Gross revenue for the second quarter ended June 30, 2009,
prior to smelting and refining charges and metal deductions,
was $15.8 million (US$13.5 million) compared to $14.3 million
(US$14.1 million) in the second quarter of 2008, an increase
of 9.5%.

- Smelting and refining charges and metal deductions
decreased to 17% of gross revenue in the second quarter ended
June 30, 2009, compared to 20% in the second quarter ended
June 30, 2008, and 18% in the first quarter ended March 31,
2009. Net sales revenue (after smelting and refining charges
and metals deductions) for the quarter ended June 30, 2009
was $13.0 million, an increase of 14% compared to $11.4
million for the quarter ended June 30, 2008. This decrease in
charges is attributed to the revised smelting and refining
agreements renegotiated effective December 1, 2008; as well
as the new smelting and refining relationships entered into
in February and May 2009.

- Total production for the quarter ended June 30, 2009 was
957,936 ounces of silver equivalents consisting of 827,720
ounces of silver, 746 ounces of gold and 1,493,162 pounds of
lead. This compares to the 1,271,141 ounces of silver
equivalents produced in the quarter ended June 30, 2008,
which consisted of 1,109,821 ounces of silver, 482 ounces of
gold, 1,987,551 pounds of lead and 134,644 pounds of zinc.
Total production for the quarter ended March 31, 2009 was
1,040,117 ounces of silver equivalents which included 929,964
ounces of silver, 491 ounces of gold and 1,828,739 pounds of
lead.

- Mine operating earnings for the quarter ended June 30, 2009
were $1.7 million, a decrease of $0.5 million or 23% compared
to mine operating earnings of $2.2 million for the quarter
ended June 30, 2008, and mine operating earnings of $4.5
million for the quarter ended March 31, 2009.

- Direct cash costs per ounce of silver for the quarter ended
June 30, 2009 increased to US$6.31 per ounce of silver,
compared to US$4.84 per ounce of silver for the quarter ended
June 30, 2008, due to the reduced silver production at La
Encantada, lower by-product credits, lower average head
grades and lower recoveries in the second quarter of 2009.
Direct cash costs for the quarter ended March 31, 2009 and
the six months ended June 30, 2009 were US$4.94 per ounce and
US$5.58 per ounce, respectively.

- The Company had an operating loss of $1.2 million for the
second quarter ended June 30, 2009 compared to an operating
loss of $0.6 million for the quarter ended June 30, 2008, an
increase of $0.6 million or 110%. Operating income for the
first quarter ended March 31, 2009 was $1.8 million.

- At the La Encantada Silver Mine, construction is
progressing on the new 3,500 tpd cyanidation plant. The plant
is scheduled to begin commissioning in September 2009 and to
be fully operational by the end of 2009. Once completed, the
new plant is anticipated to produce over four million ounces
of silver annually in the form of dore bars. The Company has
revised its estimated capital expenditures for the completion
of the La Encantada construction project from US$24.5 million
to US$27.5 million. The primary reason for the increase in
capital expenditures is related to a decision to revise the
tailings pond design to a paste and filter design which will
allow the new plant to significantly savings in power and
water consumption once operational.

In Summary & Outlook

First Majestic has been making excellent progress on the 3,500 tpd
expansion projection at La Encantada while simultaneously making
operational improvements at the La Parrilla and San Martin mines.
Production at both La Parrilla and San Martin are on budget while the
La Encantada was under budget in the quarter. Third quarter production
is anticipated to be back on track.

As a result of engineering changes and the extension of the timeline of
the completion and commissioning of the new plant, the Company has
revised its forecast for production for 2009 to 5 million eqv silver
ounces. The addition of this new operation to the Company's assets is
expected to have a dramatic effect on revenues and profitability. The
La Encantada is anticipated to produce over 60% of the Company's
production in 2010 and thus its successful completion has been
management's primary focus. The recently announced private placement
will assure this project comes online within the new schedule.

First Majestic is a producing silver company focused in M�xico 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 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.

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Copyright (c) 2009 FIRST MAJESTIC SILVER CORP. (TSXV-FR)  All rights
reserved.  For more information visit our website at
http://www.firstmajestic.com/ or send mailto:investor@firstmajestic.com
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