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Discovery of Third Ore Shoot at La Parrilla Silver Mine and Update
Vancouver, British Columbia (ots/PRNewswire) -
TSX Venture Exchange - FR
Pink Sheets - FMJRF
Frankfurt - 905910
First Majestic Resource Corp ("First Majestic" or the "Company") is pleased to announce the discovery of what is interpreted to be a third ore shoot (Ore Shoot No. 3) during its first stage development and exploration program at the La Parrilla Silver Mine in Durango, Mexico. The discovery was made as a result of mining and development activity 50 metres east of Ore Shoots No. 1 and No. 2 in the oxide cap of an identified regional mineralized structure 4 kms in length. The purpose of this development, which began in December 2004, has been to supply fresh oxide ore to the mill for silver production and to gain safe access to the sulphide levels 8 and 9 and to allow for further underground exploration and resource development and expansion.
The Company has prepared and filed a report pursuant to National Instrument 43-101 which can be accessed at www.sedar.com. The Qualified Person was Jan N. Helsen, Ph. D., P. Geo. Dr. Helsen visited the site on February 25 and 26, 2005, and reviewed the ongoing development and mining operations. To date 179 samples have been taken from the oxide ramp of Ore Shoot No. 3, which is in excess of 123 metres in length and is 1.83 meters in width. The average assayed grade in this section is 376 grams per tonne silver. These samples were sent to and assayed at the ALS Chemex Lab in Vancouver, British Columbia.
Previous work (see Orequest 43-101 report dated April 26, 2004), indicates that mineable sulphide ore is present in Ore Shoots 1 and 2 and that both are open to depth. The discovery of this third Ore Shoot is extremely important as it provides the Company a third potential option for future mining activity
As part of the ongoing exploration and underground development program the Company has defined a 25,000 metre diamond drilling program which will focus on the depth and strike extensions of all three ore shoots and two regional structures with a strike length of over 4 kms. The diamond drill program is scheduled to begin at the end of May 2005.
Improved Mill Recoveries
Over the last few months the mill has operated with a throughput of approximately 180 tonnes per day. The bulk of the Company's silver production has originated from oxides in level 0 (Ore Shoot No.1) and from ramp development in the newly discovered Ore Shoot No. 3.
The implementation of the additional five leaching tanks (announced October 4, 2004) which began full operation in March has resulted in improved silver recoveries from oxide ore from an initial 40% to 60%. The Company is targeting recoveries of 80%. Further improvements scheduled to take place over the next few months are designed to prepare the mill for mixed sulphide and oxide ore production. With the addition of sulphide ore production the Company plans to increase throughput to approximately 400 tonnes per day.
Letter Agreement signed to Acquire La Encarnacion Mining Claim
The Company is pleased to further announce that it has entered into a Letter Agreement with Oremex Resources Inc. to acquire its La Encarnacion Mining Claim adjacent to the La Parrilla Silver Mine. Terms of the agreement requires the Company to pay CDN$20,000 and 200,000 common shares to obtain a 100% interest. The 16 hectare claim, which hosts past production, lies within the land boundaries of the La Parrilla Silver Mine property and increases the Company's land holding to approximately 300 hectares. The terms and conditions of the Letter Agreement are subject to final legal due diligence review and regulatory approval.
Final Payment for La Parrilla Silver Mine
The Company is pleased to announce that it has made the final instalment of US$1,000,000 for the acquisition of a 100% interest in the La Parrilla Silver Mine. Pursuant to the terms to the original purchase documents signed January 9, 2004, title of the La Parrilla was transferred to the Company; however, an overriding mortgage agreement was placed on the property. As final payment has now been made, these mortgages will be removed and no further liens or encumbrances will be attached to the La Parrilla Silver Mine resulting in full ownership for the Company.
FIRST MAJESTIC RESOURCE CORP.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Web site: www.firstmajestic.com
ots Originaltext: First Majestic Resource Corp.
Im Internet recherchierbar: http://www.presseportal.ch
For further information: FIRST MAJESTIC RESOURCE CORP.: Suite 1480 -
885 West Georgia Street, Vancouver, B.C., Canada, V6C 3E8; Telephone:
+1-604-688-3033, Fax: +1-604-601-2010, Toll Free: 1-866-529-2807; Web
site: www.firstmajestic.com; E-mail: email@example.com