=======================================================================
Re: News Release - Monday, April 27, 2009
Silver production increases 4% in 1st Quarter
=======================================================================
First Majestic Silver Corp. ("First Majestic" or the "Company") is
pleased to announce that production in the first quarter ending March
31, 2009 consisted of 1,040,117 equivalent ounces of silver.
The equivalent silver production for the quarter consisted of 929,964
ounces of silver representing an increase of 4% compared with the first
quarter of 2008 and a minor decrease of 156 ounces of silver when
compared with the fourth quarter of 2008. 1,828,739 pounds of lead
were produced in the quarter representing a 2% decrease over the first
quarter of 2008 and a decrease of 13% or 265,248 pounds when compared
with the fourth quarter of 2008. 491 ounces of gold were produced in
the quarter representing an increase of 105% when compared with the
first quarter of 2008 and an increase of 22% compared with the fourth
quarter of 2008.
The ore processed during the quarter at the Company's three operating
silver mines: La Parrilla Silver Mine, the San Martin Silver Mine and
La Encantada Silver Mine; amounted to 216,047 tonnes showing an
increase of 36% over the same quarter of 2008 and a modest increase of
401 tonnes over the fourth quarter of 2008.
The overall average silver head grade in the quarter for the three
mines increased to 222 g/t silver compared to 207 g/t Ag achieved in
the fourth quarter of 2008.
Total combined recoveries of silver at the Company's three different
mills were 60% compared to 65% in the prior quarter. At the La
Encantada operation low recoveries were caused by high manganese in the
ore and increased throughput through the mill. At the San Martin
operation, some high carbonaceous ore affected metallurgy however this
was compensated by increased head grades. Steps are being taken at La
Encantada to improve recoveries; however, until the new 3500 tpd
cyanidation plant is completed in June of this year, recoveries are
only expected to increase modestly.
As reported previously the Company has reduced exploration and
development programs at each of its operations in the fourth quarter of
2008. The Company continues to analyze its expenditures in order to
optimize the operations and improve profitability.
A total of 4,610 meters of underground development was completed in the
quarter compared to 6,006 metres of development completed in the first
quarter of 2008 and 5,847 metres completed in the fourth quarter of
2008. This program is important as it provides access to new areas
within the different mines and prepares the mines for continued growth
of silver production going forward. The Company has recently reduced
its drilling program to two rigs operating at San Martin only; however,
in the first quarter 31 holes were completed marking an end to those
drill programs commenced last year. A total of 5,048 meters of diamond
drilling was completed during the quarter compared to 10,256 metres
drilled in Q1 2008 and 4,193 metres drilled in Q4 2008.
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 significant 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 (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
=======================================================================
.
<
|
First Majestic Silver Corp.
|
|
PRODUCER |
CODE : FR.TO |
ISIN : CA32076R1029 |
CUSIP : 32076R1029 |
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
First Majestic is a silver producing company based in Canada. First Majestic produces silver, gold, lead and zinc in Mexico, and holds various exploration projects in Canada and in Mexico. Its main assets in production are LA PARRILLA SILVER MINE, LA ENCANTADA (FIRST MAJESTIC SILVER), SAN MARTIN and LA ENCANTADA SILVER MINE in Mexico and its main exploration properties are REAL DE CATORCE, DEL TORO and CUITABOCA in Mexico and PITT ISLAND, PINCOURT, DOMPIERRE and DESJARDINS in Canada. First Majestic is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.1 billions as of today (US$ 884.3 millions, € 774.7 millions). Its stock quote reached its lowest recent point on November 02, 2001 at CA$ 0.01, and its highest recent level on December 22, 2017 at CA$ 9.99. First Majestic has 164 340 000 shares outstanding. |