2007

Closing of $34,415,000 Private Placement

May 10, 2007

FIRST MAJESTIC SILVER CORP. (FR-V) (the “Company”) is pleased to announce the successful completion today of the private placement of special warrants announced April 20. The private placement consisted of a total of 6,883,000 special warrants sold at a price of $5.00 per Special Warrant (the “Issue Price”) for aggregate gross proceeds to the Company of $34,415,000 million and was conducted through Cormark Securities Inc. (formerly Sprott Securities Inc.), CIBC World Markets Inc. (as co-lead underwriters) and Blackmont Capital Inc. (the “Underwriters”). Each Special Warrant will be exercisable, without further consideration, for one Unit of the Company and will be automatically exercised for one Unit of the Company on the date the Company obtains a final receipt for a prospectus qualifying the underlying shares. In the event the Company has not obtained a final receipt prior to the date that is 11 weeks after the closing date, each Special Warrant will be exercisable for 1.08 Units. Each Unit will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant will be exercisable at a price of $6.50 for a period of 18 months from the date of closing. The underwriters received a cash commission of 5.5% of the gross proceeds of the offering at closing.

The net proceeds of the offering will be used to fund further expansion of the Company’s La Parrilla Silver Mine, The San Martin Silver Mine and La Encantada Silver Mine, to satisfy property and vendor commitments and 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 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 application 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.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

FIRST MAJESTIC SILVER CORP.

“signed”

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 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 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.