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Re: News Releases - Tuesday, March 25, 2008
Closing of $45,475,000 Offering
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First Majestic Silver Corp. ("First Majestic" or the "Company") is
pleased to announce the successful completion today of the offering
announced on March 5, 2008. A syndicate of underwriters led by CIBC
World Markets Inc. and including Blackmont Capital Inc., Cormark
Securities Inc. and GMP Securities L.P., have purchased 8,500,000 Units
("Units") from First Majestic at an issue price of $5.35 per Unit (the
"Offering"). Each Unit consists of one common share (a "Common Share")
in the capital of First Majestic and one-half of one Common Share
purchase warrant. Each whole Common Share purchase warrant (a
"Warrant") entitles the holder to acquire one additional Common Share
at a price of $7.00 for a period of 24 months from the closing of the
Offering. The underwriters have an option, exercisable up until 30
days following closing of the offering, to purchase up to an additional
1,275,000 Common Shares (the "Option Shares") at a price of $5.07 per
Option Share and up to an additional 637,500 Warrants at a price of
$0.56 per Warrant.

The Company plans to use the net proceeds of the offering for mill
expansion plans to increase the company's production capacities going
forward, ongoing development and exploration programs presently
underway, and for general working capital.
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.

The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.

For further information please 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) 2008 FIRST MAJESTIC SILVER CORP. (TSXV-FR) All rights
reserved. For more information visit our website at
http://www.firstmajestic.com/ or send mailto:general@firstmajestic.com
Message sent on Tue Mar 25, 2008 at 6:21:57 AM Pacific Time
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