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Re: News Releases - Thursday, April 17, 2008
2007 Year End Financial Results
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FIRST MAJESTIC SILVER CORP. (FR-T) (the "Company") is pleased to
announce the annual financial results for the Company's year ended
December 31, 2007. The Company's prior annual audited results were for
the six month transitional year ended December 31, 2006, as the Company
changed its fiscal year in 2006. 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. The following are
highlights from the year end and fourth quarter. Shareholders or
interested parties are encouraged to review the complete financial
statements for further details.


FINANCIAL PERFORMANCE AND HIGHLIGHTSKeith Neumeyer, President and CEO,
commented, "First Majestic continued its strong growth in revenues and
mine earnings during 2007. With our recent financing and cash flow
generated from our mines we are in a positive position to continue our
growth through 2008 and into 2009. We are continuing toward our goal
of becoming a senior silver producer and I am assured that with
continued performance like we have delivered in 2007 that we will
continue to add value for our shareholders".

20008 Outlook

As the Company continues to grow, we will focus on expansion of our
mills. In 2008, management at First Majestic will focus on executing
our business plan by continuing the ongoing improvements at each mine
and achieving our production and resource targets.

As a result of the work we completed in 2007, the additions to our
management team, and the improvements made at each of our mines, we are
targeting production of 5.5 million ounces of silver equivalent for
2008. We are very focused on the success of the company and
improvements are expected to include: the completion of the flotation
circuit at the San Martin, the replacement of the secondary crusher at
the La Encantada, new filter presses at the La Parrilla, and we are
currently reviewing expansion plans for our mining operations. We are
in the third year of an equipment replacement program where 20
additional pieces of underground equipment are expected to be delivered
and be operational this year. These deliveries include scoop-trams,
underground trucks and jumbos. We expect this new equipment to provide
more efficient underground operations.

First Majestic anticipates that silver, gold, and lead prices will
continue to be volatile in 2008 but will continue their upward trends.
We expect all three of our producing mines to deliver positive cash
flows from production, and mine operating earnings during 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 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 Apr 18, 2008 at 7:12:34 AM Pacific Time
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