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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/ --
FIRST MAJESTIC RESOURCE CORP.
VANCOUVER, Canada, December 2 /PRNewswire/ --
"signed"
VANCOUVER, Canada, December 2 /PRNewswire/ --
Keith Neumeyer
President
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.

Contact:

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:
www.firstmajestic.com , E-mail: info@firstmajestic.com

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