First Majestic Silver Corp. Del Toro Silver Mine NI 43-101 Resources of 57 Million Ag eqv. Ounces by 24hgold

Re: News Releases - Friday, October 10, 2008
Title: Del Toro Silver Mine NI 43-101 Resources of 57 Million Ag eqv. Ounces

FIRST MAJESTIC SILVER CORP. (FR-T) ("First Majestic" or the "Company") is pleased to announce an update regarding its activities in Mexico at the Del Toro Silver Mine and the Resource development presently underway.

The Del Toro Silver Mine ("Del Toro", formerly referred to as the Chalchihuites Group of Properties) is located in the Municipality of Chalchihuites, Zacatecas State, Mexico approximately a two hour drive from the City of Durango east along Highway 45.

The Del Toro deposits types consist of fissure-filled (veins), metasomatic replacement (mantos) and cavity-filled (breccia pipes, chimneys and stockwork zones). These deposits have originated from hydrothermal solutions related to igneous activity. They consists of underground polymetallic silver / lead / zinc in both oxides in the upper parts and sulphides at depth. First Majestic, through a very aggressive exploration program is currently focused on the investigation of two areas, the San Juan and Perseverancia.

The Del Toro property consist of 393 hectares (943 acres) of mining rights that cover 21 titled concessions located in the Chalchihuites mining district representing a typical Mexican mining district which was discovered in Colonial times (XVI-XVII centuries) and were only developed from outcroppings by following mineralization along the structures, until high grade ore shoots were discovered and mined. Del Toro consists of numerous areas of interest for mineral exploration, including the San Juan Silver Mine and Perseverancia Silver Mine which are historic mines; the Perseverancia was mined for high grade silver rich sulphide ore and the San Juan is believed to be the oldest mine in the district dating back possibly 500 years.

First Majestic, during the past 3 years, conducted an aggressive development and exploration program in the area. This program focused on developing Resources including Diamond drilling and underground development. The development program includes underground workings, such as ramps for access, drifting and crosscutting into the San Juan and Perseverancia mines. This program was designed to accomplish the following: 1) access of old mine workings; 2) recovering oxide and sulphide ore for shipment to the La Parrilla mill; 3) consolidate mining blocks to support future production; 4) support additional exploration activities for development; 5) carry out an aggressive exploration program to include deeper drilling from underground sites; and, 6) to ultimately determine if the Del Toro could support a standalone mill operation.

First Majestic launched the present aggressive drilling program in 2005 to explore the various areas of interest within the Del Toro property holdings. From that time to July 2008, a total of 56 drill holes have been completed for a total of 11,716 drilled metres. In addition, underground mine workings for development and exploration total 1,212 metres in declines, drifts, ramps and raises.

First Majestic's exploration efforts at Del Toro have been highly successful in delineating a significant resource base within a short period of time at relatively low cost. To July 31, 2008, the Del Toro Measured and Indicated Resources represent about 21 million ounces of silver equivalent for the San Juan and Perseverancia deposits. Additionally, about 36 million ounces of silver equivalent have been estimated in Inferred Resources for both deposits. The Del Toro mineralization occurs associated with lead and zinc in polymetallic mineralization; therefore, to report silver equivalent ounces estimated metallurgical recoveries were considered.

To date, the Del Toro Resource development continues to exceed management's expectations due to the success of the ongoing drilling program. The following Resource Table outlines the current NI 43-101 compliant estimates as of July 31, 2008. However, additional drilling has been conducted and is confirming the additional potential of the San Juan area.

The following summary tables were taken from the complete Del Toro Silver Mine NI 43-101 Technical Report prepared by Pincock Allan & Holt, Lakewood, Colorado (PAH). Shareholders and interested parties are encouraged to read this positive report which can be viewed on SEDAR (www.sedar.com) and the Company's website at www.firstmajestic.com.

Mineral Resource Estimates Prepared by First Majestic, Reviewed by PAH as of July 31, 2008

Mine	Mineralization	Resource	Metric	Width	Ag	Pb	Zn	Ag only	Ag Eq. Oz.	Ag Eq. Oz
		Category	Tonnes	m	g/t	%	%	Ounces	Pb / Zn	Ounces
San Juan	Oxides	Measured	269,739	20.92	166	1.50	1.53	937,000		937,000
San Juan	Oxides	Indicated	458,705		210	3.01	3.40	2,010,000		2,010,000
Sub-total	Oxides	Measured + Indicated	728,444		194	2.45	2.71	2,947,000		2,947,000
Perseverancia	Sulphides	Measured	18,928	>2.50	381	10.01	4.74	197,000	359,000	556,000
Perseverancia	Sulphides	Indicated	45,928	2.00	350	9.00	3.58	439,000	746,000	1,185,000
San Juan	Sulphides	Indicated	584,618	69.66	353	6.97	7.50	5,633,000	10,622,000	16,255,000
Sub-total	Sulphides	Measured + Indicated	649,528		353	7.20	7.14	6,269,000	11,727,000	17,996,000
Total SJ + P	Oxides + Sulphides	Measured + Indicated	1,377,972		269	4.69	4.80	9,216,000	11,727,000	20,943,000
San Juan	Oxides	Inferred	656,778	11.56	214	3.35	3.20	2,935,000		2,935,000
San Juan	Sulphides	Inferred	1,141,210	71.33	359	7.07	7.59	11,193,000	21,011,000	32,204,000
Perseverancia	Sulphides	Inferred	33,750		332	8.66	3.40	306,000	525,000	831,000
Total SJ + P	Oxide + Sulphides	Inferred	1,831,738		306	5.77	5.94	14,434,000	21,536,000	35,970,000

Resource estimated "in situ"
Price considerations $12.70/oz Ag, $0.90/lb-Pb and $0.85/lb-Zn.
Mill recovery estimated: Oxides -- Ag 65%: Sulphides -- Ag 85%, Pb 85% and Zn 80%.
Minimum mining width -- 2.00 m.
Rounded figures.

First Majestic is extremely pleased with the successes achieved to date at Del Toro and would like to also take this opportunity to state that its exploration and development efforts continue to achieve significant results at the Company's three operating mines: the La Parrilla Silver Mine, the San Martin Silver Mine and the La Encantada Silver Mine. Newly updated NI 43-101 reports are expected to be completed for each of these operations by year end.

Qualified Person

Mr. Leonel Lopez, P.Geo., from Pincock Allen & Holt in Denver, CO. is the Company's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information contained in this news release.
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.

Copyright � 2008 FIRST MAJESTIC SILVER CORP. (TSXV-FR) All rights reserved. For more information visit our website at http://www.firstmajestic.com/ or send email to general@firstmajestic.com ..
Message sent on Fri Oct 10, 2008 at 5:12:14 AM Pacific Time

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