Re: News Releases - Tuesday, April 29, 2008
1st Quarter Production Results
First Majestic Silver Corp. ("First Majestic" or the "Company") is
pleased to announce that production in the first quarter ending March
31st 2008 increased again to a record 1,061,720 equivalent ounces of
silver representing a 5% increase over the prior quarter production and
an increase of 36% over the same quarter in the prior year.
The equivalent silver production for the quarter consisted of 895,358
ounces of silver representing a 5% increase from the prior quarter,
1,857,897 pounds of lead representing a 68% increase over the previous
quarter, 240 ounces of gold representing a decrease of 49% and 318,539
pounds of zinc which represents the first zinc concentrates produced by
the Company. During the quarter the combined recoveries of silver at
the three different mills showed a decrease from 77% to 71% due to the
start up of the Flotation circuit at San Martin, metallurgy and head
grades. The overall average silver head grade in the quarter improved
for the three mines increasing to 248 g/t of silver compared to the
previous quarter of 240 g/t of silver.
The ore processed during the quarter at the Company's three operating
silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine
and the La Encantada Silver Mine, amounted to 158,398 tonnes
representing an 8% increase over the previous quarter and an increase
of 16% over the same quarter of 2007.
The Company's aggressive development program continues at all three
mines. This activity is ongoing for the purpose of opening up
additional producing stopes, improving grade control, and increasing
resource development and exploration. A total of 6,006 meters of
development was completed in the quarter compared with 5,346 metres of
underground development completed in the previous quarter. 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
Reserve and Resource development remains to be a top priority for the
Company. Presently sixteen drill rigs are operating; four rigs at La
Parrilla and three at the Chalchihuites, six rigs at San Martin and
three rigs at La Encantada. Two additional rigs are being added at the
San Martin, one additional rig is being deployed at La Parrilla, and
one drill rig at the La Encantada, bringing the total to twenty rigs
operating across the Company's properties by the end of May. Also, in
line with the Company's aggressive resource development strategy,
10,256 meters of diamond drilling was completed during the quarter,
covering a total of 47 holes. Plans for 2008 include the completion of
over 82,000 metres of drilling and over 46,000 metres of underground
As a result of the recently completed equity offering of $45 million,
the Company has been able to expand both its development and
exploration programs, which will continue for the foreseeable future
and will assist the Company in meeting its performance objectives.
Furthermore, expansion programs at each mill are presently in the
planning stage and will be announced as equipment is sourced and
permitting is in place.
Management at First Majestic is focused on executing the Company's
business plan by continuing the ongoing improvements at each mine and
mill and achieving its production and resource targets. Management
remains very encouraged by the continued progress occurring within the
Company and thus is presently anticipating 5.3 million ounces of silver
equivalent production for 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 corporate growth objectives.
FOR FURTHER INFORMATION contact email@example.com, visit our
website at www.firstmajestic.com or call our toll free number
FIRST MAJESTIC SILVER CORP.
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) 2008 FIRST MAJESTIC SILVER CORP. (TSXV-FR) All rights
reserved. For more information visit our website at
http://www.firstmajestic.com/ or send mailto:firstname.lastname@example.org
Message sent on Tue Apr 29, 2008 at 8:49:51 AM Pacific Time