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Re:   News Releases - Thursday, March 05, 2009
      Closing of $21.2 Million Offering
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FIRST MAJESTIC SILVER CORP. (FR-T) ("First Majestic" or the "Company")
- The Company is pleased to announce the closing today of the offering
announced on February 18 and February 19, 2009.  A syndicate of
underwriters led by CIBC World Markets Inc. and including Blackmont
Capital Inc., GMP Securities L.P. and Thomas Weisel Partners have
purchased 8,487,576 Units (the "Units") from First Majestic at an issue
price of $2.50 per Unit (the "Offering") for gross aggregate proceeds
of $21,218,940.  Each Unit consists of one common share (a "Common
Share") in the capital of First Majestic and one-half of one Common
Share purchase warrant.  Each whole Common Share purchase warrant (a
"Warrant") entitles the holder to acquire one additional Common Share
at a price of $3.50 until March 5, 2011.  The underwriters have an
option, exercisable up until 30 days following closing of the offering,
to purchase up to an additional 1,273,136 Common Shares at a price of
$2.40 per share and up to an additional 636,568 Warrants at a price of
$0.20 per Warrant.

The Company plans to use $15.5 million of the net proceeds of the
offering for mill construction and mine improvements at the Company's
La Encantada Silver Mine, including the completion of a 3,500
tonne-per-day cyanidation plant on the property, and the remainder for
general working capital.

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.

The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements.  This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful.

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"
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) 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
Message sent on Thu Mar 5, 2009 at 9:03:11 AM Pacific Time
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