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02.12.2004 – 21:50

First Majestic Resource Corp.

First Majestic Resource Corp. - Acquisition of the Candamena Mining District, Mexico

    Vancouver, Canada (ots/PRNewswire)

    TSX Venture Exchange - FR

    Pink Sheets - FMJRF

VANCOUVER, Canada, December 2 /PRNewswire/ --

    The Company is pleased to announce that it has signed two letter agreements with Mr. Miguel Perez Chavez and Mr. Angel Chaparro for the  purchase of the Candamena Mining District, located in the Eastern Sierra  Madre Mountain range about midway between Hermosillo and Chihuahua in east  central Sonora Mexico. The purchase includes all properties, assets and  equipment and all mining concessions consisting of 5,215 hectares.

    The Candamena Mining District hosts several highly mineralized areas;  the Nuevo Dolores, a volcanic-hosted epithermal gold-silver deposit; the La  Blanca, a similar highly prospective area and two old high grade silver- lead- zinc mines, called La Verde and La Prieta which include an old flotation mill and other equipment.

    The Nuevo Dolores deposit, also known as the Candamena Deposit, has a  number of old shafts and diggings; they are believed to date back two  centuries. It is located on the southern rim of the Ocampo Caldera and is  similar to other acid-sulphate systems in the district. Previous  exploration programs executed in 1996-97 by Manhattan Minerals Corp.,  included mapping, rock chip sampling and 11,500 meters in 60 diamond drill  holes tested only a small part of the property. The historic resource  estimate stated at that time by Manhattan was an inferred resource of 6,100 ,000 tonnes grading 0.905 grams of gold per tonne. They also reported a  potential for resources in this deposit of 1,000,000 ounces of gold and 20, 000,000 ounces of silver. Readers are however cautioned that this potential quantity and grade is conceptual in nature and that there has not been  sufficient exploration to define this estimated mineral resource and it is  uncertain if further exploration will confirm this potential mineral  resource on the property. The primary focus at that time was the properties  gold potential, however, silver appears to play an important role in the  future economics of this property as evidenced by drill results analysed by  Bonder Clegg and Chemex Labs of Vancouver in 1997; i.e.: Hole 97-CN-96  returned grades of 442 grams per tonnes silver and 0.69 grams per tonne  gold over 12 meters from 20 meters to 32 meters in depth; hole 97-CN-3 returned grades of 137 grams per tonnes silver and 1.70 grams per tonne  gold over 19 meters from 17 meters to 37 meters in depth. The mineralized  structure remains open at depth and to the south and was known to extend  off the past property boundaries of which the Company has now acquired  rights to the entire district. The Nuevo Dolores appears to be amenable to  open pit mining. It also appears by reviewing historical metallurgical  reports the ore responds well to conventional milling and flotation.

    The La Blanca represents an area of immediate and high interest. This  area has not been explored by modern methods but is clearly similar,  geologically and visually to the Nuevo Dolores deposit and appears to be an  important area for future development and extension of the main deposit.  The old La Verde mine has historic underground mined resources grading 466  grams per tonne silver, 0.13 grams per tonne gold, 4.33% lead and 3% zinc  and the La Prieta mine is reported by the vendors as containing similar  grades. Further studies of La Verde and La Prieta are required to confirm  these grades.

    The reader is cautioned that the historic reserve and resource estimates for the Candamena Mining District, including the Nuevo Dolores (Candamena Deposit), do not conform to National Instrument 43-101  requirements for reporting reserves and resources. The Company is not  treating these historic estimates as current resources. These resource  estimates should not be relied upon until they have been verified by  further due-diligence and by the Company's 'Qualified Person'.

    The Candamena Mining District is clearly similar to a number of other  economically important gold-silver mines in the district. The northern part  of the Sierra Madre Occidental in Chihuahua and Sonora, host some of the  largest volcanic-hosted, epithermal, precious metals mines in Mexico. They  all occur at the same general geological horizon, and are all very similar,  genetically, geologically, and mineralogically.

    The terms of the two Purchase Agreements are as follows: The Company  has agreed to pay Mr. Miguel Perez Chavez, a purchase price of US$7,000,000  for the purchase of 4602 hectares including the Nuevo Dolores, La Blanca  and La Verde areas, all the assets and the flotation mill located in the  property, payable in staged payments over a period of thirty six months.  The first payment of US$125,000 has been paid; on the 6th month anniversary  an additional payment of US$100,000 is due; on the 12th month anniversary  US$250,000; the 18th month anniversary US$500,000; the 24th month  anniversary US$850,000; the 30th month anniversary US$1,350,000; and on the  36th month anniversary a final payment of US$3,825,000. In addition a 1% NSR  is payable up to a maximum of US$5,000,000.

    Furthermore, the Company has agreed to pay Mr. Angel Chaparro Ortiz, a  purchase price of US$600,000 for the purchasing of 613 hectares including  La Prieta mine, payable in staged payments over a period of thirty six  months. The first payment of US$50,000 has been paid; on the 3rd month  anniversary a payment of US$50,000 is due; on the 6th month anniversary US$ 50,000; the 12th month anniversary US$50,000; the 18th month anniversary US $75,000; the 24th month anniversary US$75,000; the 30th month anniversary  US$75,000; and on the 36th month anniversary a final payment of US$175,000.

    Management is very excited by the opportunity to acquire an additional  asset of this potential size and in the same region as the previously  announced Dios Padre Silver Mine. The close proximity between the Candamena  Mining District and the Dios Padre Silver Mine will allow the company to  optimize its man power and resources very effectively. The Company's  objective is to proceed as rapidly as possible to confirm previous estimates  as reported.

    The purchase of the Candamena Mining District is subject to receipt of  any necessary regulatory approvals and formal purchase documentation.

VANCOUVER, Canada, December 2 /PRNewswire/ --


VANCOUVER, Canada, December 2 /PRNewswire/ --


VANCOUVER, Canada, December 2 /PRNewswire/ --

    Keith Neumeyer


VANCOUVER, Canada, December 2 /PRNewswire/ --

    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 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.

VANCOUVER, Canada, December 2 /PRNewswire/ --

    The TSX Venture Exchange has in no way passed upon the merits of the

    proposed transaction and the TSX Venture Exchange does not accept

    responsibility for the adequacy or accuracy of this release.

ots Originaltext: First Majestic Resource Corp.
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For further information: FIRST MAJESTIC RESOURCE CORP., Suite 1480 -
885 West Georgia Street, Vancouver, BC, Canada V6C 3E8, Telephone:
+1-(604)-688-3033, Fax: +1-(604)-601-2010, Web site: , E-mail:

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