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Re: News Releases - Friday, May 16, 2008
Record First 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 first
quarter ending March 31, 2008. The full version of the financial
statements can be viewed on the Company's web site at
www.firstmajestic.com or on SEDAR at www.sedar.com.

Keith Neumeyer, President and CEO commented: "We've had an outstanding
start to 2008. Some challenges still exist and several improvements are
either underway or planned for 2008. However, the momentum underway at
each of the Company's three producing silver mines is extremely
encouraging. This first quarter marks the best quarter in the Company's
history and is the first quarter that a bottom line earnings per share
has been achieved."



First Quarter Highlights

Total Revenue increased by 28% to $12.96
million

Earnings from mine operations increased to $4.7
million

Net Income for the quarter $1.0
million

Operating Cash Flow for the quarter increased to $4.8
million

Total Equivalent Silver increased by 5% over
the prior quarter to 1,061,720
ounces

Total Cash Costs per Silver Ounce for the quarter
US$6.51

Total Mining Costs per Tonne for the quarter
US$45.83

Cash in Treasury at March 31, 2008 $52.8
million

-Cash costs and mining costs per tonne are non-GAAP measures.
-Financial information in this news release is based on Canadian GAAP.


Summary of Financial Results

- Sales revenues for the quarter were $12.96 million, an increase of
28% compared to $10.16 million for the quarter ended March 31, 2007.

- Mine operating earnings for the quarter amounted to $4.7 million,
compared to $0.4 million for the quarter ended March 31, 2007.

- The Company generated operating income of $1.5 million for the
quarter, compared to an operating loss of $1.4 million for the quarter
ended March 31, 2007.

- The Company generated its first quarterly net income for the quarter
ended March 31, 2008, with net income of $1,065,323 ($0.02 per share)
compared to a net loss of $3,061,899 ($0.06 per share) for the quarter
ended March 31, 2007. The net income for the year was after deducting a
non-cash stock-based compensation expense of $1,108,216.

- The Company has approximately $53 million in its treasury, is
generating significant cash flows from operations, and has sufficient
capital to support its operating requirements for the foreseeable
future provided it does not undertake any major acquisitions, or any
major capital projects.

- Total quarterly production consisted of 1,061,720 ounces of silver
equivalents, including 895,358 ounces of silver, 240 ounces of gold,
and 1,857,897 pounds of lead. Shipments in the quarter totalled
1,019,490 ounces of silver equivalents.

- In the quarter, the Company invested $5,593,433 million in capital
expenditures on its mineral properties, and a further $3,694,972
million on additions to plant and equipment.

- Direct cash costs per ounce of silver for the quarter ended March 31,
2008, were $US6.51 per ounce, and averaged $4.38 for La Parrilla and La
Encantada combined. Start-up costs of the new flotation circuit, and
low grades of the sulphide ore feed to the mill in March at San Martin
were responsible for increasing the consolidated cash costs to $US6.51.
It is anticipated that due to changes commenced in the first quarter at
San Martin, that costs will begin to improve at this operation in the
second quarter.

2008 Outlook

As the Company's Reserves and Resources continue to grow, the Company
continues to focus on expansion of its mills and mining operations in
order to increase output. Management at First Majestic is focused on
continuing the ongoing improvements at each operation to achieve
production and resource targets for 2008. The Company is targeting 5.3
million of silver equivalent production for 2008, and continued
increases in NI 43-101 compliant silver Resources. The Company's
primary focus is to build long term sustainable mining operations, and
shareholders can be assured management at First Majestic is very
focused on growth and profitable mining operations.

Improvements made to date in 2008 include; the completion of the
flotation circuit at the San Martin; the replacement of the secondary
crusher at the La Encantada; and, the addition of two new filter
presses at the La Parrilla.
An important part of improving mining efficiencies and costs, 20 pieces
of underground equipment were ordered for delivery in 2008, of which 12
have already been delivered. This new equipment includes scoop-trams,
underground trucks and jumbos.

Other improvements that are either in the planning stage or scheduled
for the remainder of the year, include: mill expansion plans at the La
Encantada anticipated to be launched in the second quarter; extensive
geophysics program at the La Encantada property is scheduled; changes
underway at the San Martin to increase tonnage and reduce the cost per
tonne; expansion of the San Martin mill in the early planning stage;
the Chalchihuites project is undergoing an extensive development
program which includes Diamond drilling in order to release a NI 43-101
report in July; at the Cuitaboca project the exploration and
development program will continue through the year for an anticipated
release of a NI 43-101 report by year end; updated NI 43-101 reports
will be released on each of the La Parrilla, La Encantada and San
Martin Silver Mines during the year.

Reserve and Resource development remains a top priority for the
Company. Presently twenty drill rigs are operating; five rigs at La
Parrilla and three at the Chalchihuites, nine rigs at San Martin and
three rigs at La Encantada.
The Company's plan for 2008 also includes the completion of over 82,000
metres of drilling and over 46,000 metres of underground development.

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 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 Fri May 16, 2008 at 7:48:13 AM Pacific Time
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