Silver Price: $20.64
NYSE: AG $8.46
TSX: FR $10.86
Frankfurt: FMV €8.25

First Majestic Files Preliminary Short Form Prospectus

March 28, 2007

FIRST MAJESTIC SILVER CORP. (FR-V) (the “Company”) announces that it has filed a preliminary short form prospectus dated March 27, 2007 with the securities regulatory authorities in each of the Provinces of Canada, other than Quebec, in connection with an underwritten offering of 8,000,000 Units.

On March 21, 2007, the Company announced that it had entered into an agreement with several Canadian underwriters (the “Underwriters”) pursuant to which the Underwriters agreed to purchase 8,000,000 Units on an underwritten basis at a price of $5.00 per Unit (the “Issue Price”) for aggregate proceeds to the Company of $40 million. The Underwriters have been granted an over-allotment option to purchase, for market stabilization purposes, an additional 1,200,000 Units, for an additional $6 million in proceeds, at the Issue Price at any time prior to the closing date. Each Unit will entitle the holder to acquire one common share and one-half of one common share purchase warrant. Each whole common 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 will receive a commission of 5.5% of the gross proceeds of the offering at closing. The offering is scheduled to close on or about April 12th, 2007 and is subject to certain conditions including, but not limited to, satisfactory due diligence and the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

FOR FURTHER INFORMATION contact, visit our website at or call our toll free number 1.866.529.2807.




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 Silver 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 not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.