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First Majestic Resource Corp.

First Majestic Resource Corp. - Corporate Update

First Majestic (ots/PRNewswire)

First Majestic Resource Corp.
would like to take this opportunity to update its shareholders on
corporate activities over the past couple months on the La Parrilla
Silver Mine, Perseverancia Silver Mine and the Niko Silver Project.
La Parrilla Silver Mine
During the initial pre-production stage which commenced in early
July the mill at La Parrilla began operations at 180 tpd. The initial
plan was to process above ground stockpiles which remained on site
from prior mining operations while new accesses within the mine were
completed. To date a total of 11,000 tonnes have been processed at
the mill with an average grade of 241g/t silver and 0.3g/t gold for a
total of 30,040 ounces of equivalent silver produced.
This stage identified a number of areas where low capital cost
improvements were implemented to enhance production and recovery. In
addition to previously announced items; four additional leaching
tanks are planned, two are presently under construction and will be
completed shortly; a new Butter Filter was constructed and now is in
use to prevent slimes from passing into the press filter from the
rich solution; and a new de-aeration tower was put in place in
August.
During the month of September a temporary explosives permit was
obtained in order to gain access to and develop the upper levels of
the mine containing oxide material. A total of 35 metres were
developed during the second and third weeks of September, gaining
access to old stopes which are now producing ore in the range of
250g/t to 300g/t silver. Also the main Rosario vein has been reached
and development is underway with the first 12 metres grading an
average of 260g/t silver. To arrive at this average grade, four
samples were collected from the back of the drift every 3 metres of
development.
Further expansions and upgrades to increase production will
continue to be implemented in the coming months.
Ramon Davila, Ing is the company's Qualified Person responsible
for the supervision and reporting on this project.
Perseverancia Silver Mine
The Company announced on June 10th that it had entered into seven
option agreements covering 283 contiguous hectares which included the
Perseverancia Silver Mine, the Magistral Mine and the Esmeralda Mine.
Since that time, First Majestic has added to its land position by
entering into another similar agreement covering an additional 204
hectares covering the San Juan Mine which had a historic production
in the range of 100,000 tonnes with an average grade of 450g/t silver
as reported by the vendors.
A crew consisting of six geologists have been mapping and
collecting rock samples from underground at the Perseverancia and
within other drifts on the property since July. Eleven kilometres of
grid lines have been established where a systematic soil geochemical
sampling program was completed. A detailed geophysics survey to
follow-up anomalous indications from the geochemical sampling and
mapping is anticipated to commence in mid October along these same
lines.
Lab results of 270 rock samples have now been received to date.
Samples 1 through 60 were collected systematically from 4 levels
underground at the Perseverancia, samples 61 through 196 were
collected from other drifts within the boundaries of the 487 hectare
property. The samples were collected and shipped to Laboratorios
Geologico Minero, S.A. de C.V. of Guadalajara, where they were
prepared and shipped directly to Acme Analytical Laboratory's Ltd.,
of Vancouver. A summary of the silver results grading higher then
150g/t silver (Ag) are as follows:
    Sample No.    Ag g/t    Sample No.    Ag g/t    Sample No.    Ag g/t
    01             493          51          516        113          318
    08           4,529          52          337        118          165
    13             696          55          183        119          383
    15             353          58        1,516        124          277
    16             424          60        1,828        126          249
    18             189          61          396        127          420
    21             269          91          657        131          153
    26           1,426          96          459        132          190
    34             608         104          271        157          171
    39             893         105          364        196          157
    43             659         112          645
The soil geochemistry samples as well as other rock samples from
surface and underground remain outstanding.
For the purpose of this news release the Company has not reported
values of silver grading less then 150 grams per tonne and has not
reported other metal values. Further analysis of the data is
presently underway to determine appropriate follow up work and
significance of these encouraging results.
Ramon Davila, Ing, is the company's Qualified Person responsible
for the supervision and reporting on this project.
Niko Silver Project
The drilling phase of the project was completed in late August for
a total of 2,849 metres drilled in 6 diamond drill holes.
The drilling was primarily targeted on large CSAMT and NSAMT
Geophysical anomalies - specifically resistivity lows. These were
interpreted to represent massive polymetallic sulphides potentially
containing silver, zinc, lead, copper and molybdenum.
No such bodies were intersected in the holes drilled to date.
Instead the low resistivity geophysical anomalies appear to be due to
complex geologic factors not directly related to mineralisation.
Resistive zones appear to be related to solid, unbroken limestone and
in some cases perhaps intrusive rock.
While the original objective of cutting significant mineralisation
has not been realised, the various geochemical and geophysical
programs as well as this drilling program have confirmed that the
Niko Silver Project has characteristics of a large hydrothermal
system. Five additional drill targets remain to be tested. The
Company will be undertaking a detailed evaluation of the results and
will be reviewing its options.
The Niko Silver Project is a joint venture between the Company and
JABA Explorations Inc.. Under the terms of this option agreement
First Majestic can earn up to an 80% interest by expending US$900,000
on exploration over a three year period, and by completing a bankable
feasibility study.
JABA's James Briscoe, MS., P.Geo. is the company's Qualified
Person responsible for the supervision and reporting on this project.
First Majestic continues to pursue other advanced stage silver
projects in Mexico in accordance with its acquisition strategy. The
Company is in negotiations with a number of potential vendors. At
this time no agreements have been reached. These potential target
acquisitions remain confidential in order for the Company to maintain
its competitive position.
FIRST MAJESTIC RESOURCE CORP.
"signed"
Keith Neumeyer President
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 mineralisation and
reserves, exploration results and future plans and objectives of
First Majestic Resource 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.
Visit our website at www.firstmajestic.com
TSX Venture Exchange - FR Pink Sheets - FMJRF

Contact:

Ryan Mulhern, tel +1-(604)-688-3033 or Toll Free: +1-866-529-2807,
E-mail: info@firstmajestic.com

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  • 03.08.2004 – 20:34

    First Majestic Resource Corp. - Silver production commences at La Parrilla Silver Mine

    Vancouver, British Columbia (ots/PRNewswire) - TSX Venture Exchange - FR Pink Sheets - FMJRF VANCOUVER, British Columbia, August 3 /PRNewswire/ -- First Majestic Resource Corp. is pleased to announce that silver production has begun and the first silver concentrates have been shipped to the Penoles smelter in Torreon, Mexico. Since the closing of ...