<SEC-DOCUMENT>0001062993-12-001145.txt : 20120404
<SEC-HEADER>0001062993-12-001145.hdr.sgml : 20120404
<ACCEPTANCE-DATETIME>20120403175641
ACCESSION NUMBER:		0001062993-12-001145
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20120403
FILED AS OF DATE:		20120404
DATE AS OF CHANGE:		20120403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34984
		FILM NUMBER:		12739232

	BUSINESS ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2
		BUSINESS PHONE:		604-688-3033

	MAIL ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MAJESTIC RESOURCE CORP
		DATE OF NAME CHANGE:	20041115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>First Majestic Silver Corp.: Form 6K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">


<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<P align=center>For the month of <B><U>April 3, 2012</U></B></P>
<P align=center>Commission File Number <B><u>001-34984</u></B></P>
<p align="center"><b><u><font size=5>FIRST MAJESTIC SILVER CORP. </font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>925 West Georgia Street, Suite 1805, Vancouver BC V6C 3L2</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>

<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<p align="center">Indicate by check mark whether by furnishing the information
  contained in this Form, the registrant is also thereby furnishing the information
  to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
  of 1934.</p>

<p align="center">Yes [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] No [ x ]</p>

<p align="center"> If &quot;Yes&quot; is marked, indicate below the file number
  assigned to the registrant in connection with Rule 12g3-2(b): 82-
  _________
</p>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="fmlogo.jpg"></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
<td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Material Change Report</a></td>
</tr>
<tr><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
<td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Press Release</a></td>
</tr>
<tr><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr bgcolor="#EEEEEE">
  <td>&nbsp;</td>
  <td><a href="exhibit99-3.htm">99.3</a></td>
  <td><a href="exhibit99-3.htm">Arrangement Agreement</a></td>
</tr>
<tr>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr bgcolor="#EEEEEE">
  <td>&nbsp;</td>
  <td><a href="exhibit99-4.htm">99.4</a></td>
  <td><a href="exhibit99-4.htm">Sprott Lock Up Agreement</a></td>
</tr>
<tr>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr bgcolor="#EEEEEE">
  <td>&nbsp;</td>
  <td><a href="exhibit99-5.htm">99.5</a></td>
  <td><a href="exhibit99-5.htm">Directors and Officers Lock Up Agreement</a></td>
</tr>
<tr>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr bgcolor="#EEEEEE">
  <td>&nbsp;</td>
  <td><a href="exhibit99-6.htm">99.6</a></td>
  <td><a href="exhibit99-6.htm">Jim Anderson Lock Up Agreement</a></td>
</tr>
</table>

<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><B>SIGNATURES </B></p>

<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
  1934, the registrant has duly caused this report to be signed on its behalf by
  the undersigned, thereunto duly authorized. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>FIRST MAJESTIC SILVER CORP. </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>/s/ Connie
      Lillico</I> </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Connie Lillico </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Corporate Secretary </TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="60%"  >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>April 3, 2012</TD>
    <TD align=left width="60%"
>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>FORM 51-102F3 <BR>MATERIAL CHANGE REPORT</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 1</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Name and Address of Company</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;First Majestic Silver Corp. </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;1805 - 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;Vancouver, BC </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;V6C 3L2 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
  <TD align=left width="90%">&nbsp;(the &#147;Company&#148; or &#147;First Majestic&#148;)</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 2</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Date of Material Change</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;April 3, 2012 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 3</B> </TD>
    <TD align=left width="90%">&nbsp;<B>News Release</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;The news release was disseminated on
      April 3, 2012 through Marketwire. </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 4</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Summary of Material Change</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">
      <P align=justify>The Company announced that it has entered into a
      definitive agreement (the "Arrangement Agreement") to acquire all of the
      issued and outstanding common shares of Silvermex Resources Inc.
      (&#147;Silvermex&#148;) for a consideration of 0.0355 common shares of First
      Majestic (the &#147;Exchange Ratio&#148;) and C$0.0001 in cash per common share of
      Silvermex. The transaction will be implemented by way of a plan of
      arrangement (the "Arrangement") under the <I>Business Corporations Act</I>
      (British Columbia). </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 5</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Full Description of Material
      Change</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;<B>5.1 Full Description of Material
      Change</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">
      <P align=justify>Under the terms of the Arrangement, on closing, each
      Silvermex shareholder will receive 0.0355 common shares of First Majestic
      and C$0.0001 in cash per Silvermex common share. Outstanding Silvermex
      options will be exchanged for First Majestic shares with a value equal to
      the in-the-money value of the options (based on the Exchange Ratio).
      Outstanding Silvermex warrants will be exchanged for First Majestic shares
      with a value equal to the in-the-money value of the warrants (based on the
      Exchange Ratio) or may be exchanged for equivalent warrants of First
      Majestic, at the election of the holder. Pursuant to the transaction,
      First Majestic will issue approximately 9.6 million First Majestic common
      shares valuing Silvermex at approximately C$175.4 million based on First
      Majestic&#146;s 30 day volume weighted average price on April 2, 2012.
      Following completion of the transaction, the current First Majestic
      shareholders will hold approximately 91.7% of the combined company, while
      current shareholders of Silvermex will hold approximately 8.3%. The transaction will be carried out
      by way of a court- approved plan of arrangement and will require the
      approval of at least 66 2/3% of the votes cast by the shareholders,
      warrant holders and option holders of Silvermex voting together as a
      single class at a special meeting expected to take place in June 2012. In
      addition to shareholder and court approvals, the transaction is subject to
      applicable regulatory approvals and the satisfaction of certain other
  closing conditions customary in transactions of this nature. </P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">
      <P align=justify>The Arrangement Agreement includes customary provisions,
      including no solicitation of alternative transactions, right to match
      superior proposals and fiduciary-out provisions. Silvermex has agreed to
      pay a termination fee to First Majestic of C$6.14 million upon the
      occurrence of certain termination events. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">
      <P align=justify>The Board of Directors of Silvermex has unanimously
      approved the transaction and is expected to provide a written
      recommendation that Silvermex shareholders vote in favour of the
      transaction in the information circular to be mailed to shareholders in
      connection with the Arrangement. Each of the directors and senior officers
      of Silvermex and certain shareholders of Silvermex representing
      approximately 21% of the issued and outstanding Silvermex securities have
      entered into voting agreements with First Majestic and have agreed to vote
      in favour of the transaction at the special meeting of Silvermex
      securityholders to be held to consider the Arrangement. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">
      <P align=justify>Full details of the Arrangement will be included in
      Silvermex&#146;s information circular to be filed with the regulatory
      authorities and mailed to Silvermex securityholders in accordance with
      applicable securities laws. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;<B>5.2 Disclosure for Restructuring
      Transactions</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;Not applicable. </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 6</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Reliance on subsection 7.1(2) or (3)
      of National Instrument 51-102</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;Not applicable. </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 7</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Omitted Information</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">&nbsp;Not applicable. </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 8</B> </TD>
    <TD align=left width="90%">&nbsp;<B>Executive Officer</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="90%">
      <P align=justify>The name and business number of an executive officer of
      the Company who is knowledgeable about the material change and this report
      is: </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
  <TD align=left width="90%">&nbsp;Keith Neumeyer, President &amp; CEO</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
<TD align=left width="90%">&nbsp;Telephone: 604-688-3033</TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A>
<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 9</B> </TD>
    <TD align=left width="90%"><B>Date of Report</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">April 3, 2012 </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>&nbsp;<BR>
<P align=right></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=center valign="top">&nbsp;<img src="fmlogo.jpg" width="194" height="116"></TD>
  <TD width="50%" align=center valign="top">&nbsp;<img src="silvermex.jpg" width="250" height="96"></TD>
  </TR>
  <TR>
    <TD align=center></TD>
    <TD align=center width="50%"><B>Suite 1210 &#150; 885 West Georgia Street
    </B></TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="50%"><STRONG>Vancouver, BC V6C
    3E8</STRONG>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Suite 1805 &#150; 925 West Georgia Street </B></TD>
    <TD align=center width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Vancouver, B.C., Canada V6C 3L2 </B></TD>
    <TD align=center width="50%"><B>TSX: SLX</B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Telephone: (604) 688-3033 Fax: (604) 639-8873 </B></TD>
    <TD align=center width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Toll Free: 1-866-529-2807 </B></TD>
    <TD align=center width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Web site: www.firstmajestic.com; E-mail:
      <U>info@firstmajestic.com </U></B></TD>
    <TD align=center width="50%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="50%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>NYSE - AG </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>TSX &#150; FR </TD>
    <TD align=right width="50%">April 3, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frankfurt &#150; FMV </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>TSX &#150; SLX </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frankfurt &#150; GSBN </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>OTCBB - GGCRF </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=center><B>FIRST MAJESTIC ANNOUNCES FRIENDLY ACQUISITION OF SILVERMEX
RESOURCES</B></P>
<P align=justify><B>Vancouver, BC, Canada &#150;First Majestic Silver Corp. ("First
Majestic") and Silvermex Resources Inc. (&#147;Silvermex&#148;) </B>are pleased to
announce that they have entered into a definitive agreement (the "Arrangement
Agreement") pursuant to which First Majestic has agreed to acquire all of the
issued and outstanding common shares of Silvermex for a consideration of 0.0355
common shares of First Majestic (the &#147;Exchange Ratio&#148;) and C$0.0001 in cash per
common share of Silvermex. The offer values Silvemex at approximately C$0.60 per
share, representing a premium of approximately 33% to the closing price of
Silvermex as at April 2, 2012 and approximately 43% to the 30 day volume
weighted average price (&#147;VWAP&#148;). The transaction will be implemented by way of a
plan of arrangement (the "Arrangement") under the Business Corporations Act
(British Columbia).<B> </B></P>
<P align=justify><B>BENEFITS TO FIRST MAJESTIC SHAREHOLDERS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Strengthens First Majestic&#146;s position as one of the world&#146;s leading silver
  producers.
  <LI>Enhances First Majestic&#146;s leading position in Mexico, one of the world&#146;s
  most prolific silver and gold regions.
  <LI>La Guitarra adds a fourth producing asset with additional growth potential
  to First Majestic&#146;s portfolio of Mexican assets.
  <LI>Further diversifies production and cash flow across a robust portfolio of
  producing mines and development projects. </LI></UL>
<P align=justify><B>BENEFITS TO SILVERMEX SHAREHOLDERS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Provides Silvermex shareholders with a highly attractive premium to
  current market price.
  <LI>Creates opportunity to participate in a leading silver producer and
  increases leverage to current strong silver price environment. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<UL style="TEXT-ALIGN: justify">
  <LI>Gain access to First Majestic&#146;s operational expertise and financial
  strength.
  <LI>Diversifies Silvermex&#146;s single asset risk profile and provides exposure to
  First Majestic&#146;s portfolio of Mexican assets.
  <LI>Increased analytical following and liquidity with a broader investor base.
  </LI></UL>
<P align=justify>Keith Neumeyer, President &amp; CEO of First Majestic, stated:
&#147;We believe this transaction provides an excellent opportunity for the
shareholders of both First Majestic and Silvermex. First Majestic shareholders
gain increased exposure to silver and can realize the significant upside in
production and reserves that we believe exists at La Guitarra, while Silvermex
shareholders realize an immediate premium and can capitalize on the value
creation that First Majestic brings going forward.&#148;</P>
<P align=justify>Duane Nelson, CEO of Silvermex added: &#147;First Majestic brings
the necessary capital and operational expertise required to accelerate
exploration activities and production growth at our La Guitarra Mine as well as
our other advanced projects. We believe that First Majestic&#146;s proven track
record of operational achievements and experience in Mexico will ensure a
successful future for the combined company.&#148;</P>
<P align=justify><B>TRANSACTION SUMMARY</B></P>
<P align=justify>Under the terms of the Arrangement, on closing, each Silvermex
shareholder will receive 0.0355 common shares of First Majestic and C$0.0001 in
cash per Silvermex common share. Outstanding Silvermex options will be exchanged
for First Majestic shares with a value equal to the in-the-money value of the
options (based on the Exchange Ratio). Outstanding Silvermex warrants will be
exchanged for First Majestic shares with a value equal to the in-the-money value
of the warrants (based on the Exchange Ratio) or may be exchanged for equivalent
warrants of First Majestic, at the election of the holder. Pursuant to the
transaction, First Majestic will issue approximately 9.6 million First Majestic
common shares valuing the company at approximately C$175.4 million based on
First Majestic&#146;s 30 day VWAP on April 2, 2012. Following completion of the
transaction, the current First Majestic shareholders will hold approximately
91.7% of the combined company, while current shareholders of Silvermex will hold
approximately 8.3% . The transaction will be carried out by way of a
court-approved plan of arrangement and will require the approval of at least 66
2/3% of the votes cast by the shareholders, warrant holders and option holders
of Silvermex voting together as a single class at a special meeting expected to
take place in June 2012. In addition to shareholder and court approvals, the
transaction is subject to applicable regulatory approvals and the satisfaction
of certain other closing conditions customary in transactions of this
nature.</P>
<P align=justify>The Arrangement Agreement includes customary provisions,
including no solicitation of alternative transactions, right to match superior
proposals and fiduciary-out provisions. Silvermex has agreed to pay a
termination fee to First Majestic of C$6.14 million upon the occurrence of
certain termination events. </P>
<P align=justify>The Board of Directors of Silvermex has unanimously approved
the transaction and is expected to provide a written recommendation that
Silvermex shareholders vote in favour of the transaction in the information
circular to be mailed to shareholders in connection with the Arrangement. Each
of the directors and senior officers of Silvermex and certain shareholders of
Silvermex representing approximately 21% of the issued and outstanding Silvermex
securities have entered into voting agreements with First Majestic and have
agreed to vote in favour of the transaction at the special meeting of Silvermex
securityholders to be held to consider the Arrangement. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify>Full details of the Arrangement will be included in a
Management Information Circular to be filed with the regulatory authorities and
mailed to Silvermex securityholders in accordance with applicable securities
laws. Silvermex expects to mail the Management Information Circular in May 2012.
</P>
<P align=justify><B>ADVISORS AND COUNSEL</B></P>
<P align=justify>BMO Capital Markets acted as exclusive financial advisor to
First Majestic and has provided an opinion to the First Majestic Board of
Directors that the consideration to be paid by First Majestic under the
transaction is fair, from a financial point of view, to First Majestic. GMP
Securities L.P., acting as financial advisor to Silvermex, has provided an
opinion to the Board of Directors of Silvermex that, based upon and subject to
the assumptions, limitations, and qualifications in the opinion, the
consideration to be received is fair, from a financial point of view, to the
shareholders of Silvermex. First Majestic&#146;s Canadian, Mexican and US legal
counsel are McCullough O&#146;Connor Irwin LLP, Todd y Asociados S.C. and Clark
Wilson LLP respectively. Silvermex&#146;s Canadian and Mexican legal counsel are
McMillan LLP and Urias Romero Y Asociados, S.C. respectively.</P>
<P align=justify><B>CONFERENCE CALL</B></P>
<P align=justify>First Majestic and Silvermex will host a joint conference call
and webcast on Tuesday, April 3, 2012 at 11:30 am Eastern time / 8:30 am Pacific
time for members of the investment community to discuss the proposed
transaction. The call-in details are as follows:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left>Toll Free Canada &amp; USA: </TD>
    <TD align=left width="50%"><B>1-800-319-4610</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Outside of Canada &amp; USA: </TD>
    <TD align=left width="50%"><B>1-604-638-5340</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Toll Free Germany: </TD>
    <TD align=left width="50%"><B>0800 180 1954</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Toll Free UK: </TD>
    <TD align=left width="50%"><B>0808 101 2791</B> </TD></TR></TABLE></DIV>
<P align=justify>Click on WEBCAST on the First Majestic homepage as a
simultaneous audio webcast of the conference call at
<U><font color="#0000FF">www.firstmajestic.com</font></U>.</P>
<P align=justify>The conference call will be recorded and you can listen to an
archive of the conference by calling: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left>Canada &amp; USA Toll Free: </TD>
    <TD align=left width="50%"><B>1-800-319-6413</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Outside Canada &amp; USA: </TD>
    <TD align=left width="50%"><B>1-604-638-9010</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pin Code: </TD>
    <TD align=left width="50%"><B>3928 followed by the # sign</B>
  </TD></TR></TABLE></DIV>
<P align=justify>An archived webcast of the conference call will also be
available at <U><font color="#0000FF">www.firstmajestic.com</font></U>.</P>
<P align=justify><B>ABOUT FIRST MAJESTIC</B></P>
<P align=justify>First Majestic is a producing silver company focused on silver
production in M&#233;xico and is aggressively pursuing its business plan of becoming
a senior silver producer through the development of its existing mineral
property assets and the pursuit through acquisition of additional mineral assets
which contribute to First Majestic achieving its aggressive corporate growth
objectives.</P>
<P align=justify>FOR FURTHER INFORMATION contact info@firstmajestic.com, visit
our website at <U><font color="#0000FF">www.firstmajestic.com</font> </U>or contact Todd Anthony, Investor
Relations at 1-866-529-2807.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=justify><B>ABOUT SILVERMEX</B></P>
<P align=justify>Silvermex is a mining company focused in Mexico with a
portfolio of projects ranging from early stage exploration to production.
Silvermex&#146;s core asset is the producing La Guitarra silver-gold mine located in
the Temascaltepec Mining District of Mexico.</P>
<P align=justify>For more information please visit the Silvermex&#146;s website at
<U><font color="#0000FF">www.silvermexresources.com</font> </U>or contact Fiona Grant, Manager, Investor
Relations at 604-682-4004.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>ON BEHALF OF THE BOARD OF </TD>
    <TD align=left width="50%">ON BEHALF OF THE BOARD OF </TD></TR>
  <TR vAlign=top>
    <TD align=left>FIRST MAJESTIC SILVER CORP. </TD>
    <TD align=left width="50%">SILVERMEX RESOURCES INC. </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&#147;<I>Keith Neumeyer&#148;</I> </TD>
    <TD align=left width="50%">&#147;<I>Duane Nelson&#148;</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Keith Neumeyer </TD>
    <TD align=left width="50%">Duane Nelson </TD></TR>
  <TR vAlign=top>
    <TD align=left>President &amp; CEO </TD>
    <TD align=left width="50%">CEO &amp; Director </TD></TR></TABLE>
<P align=justify><B>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</B></P>
<P align=justify>This news release includes certain "Forward-Looking Statements"
within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities laws. When used in this news release,
the words "anticipate", "believe", "estimate", "expect", "target", "plan",
"forecast", "may", "schedule" and similar words or expressions, identify
forward-looking statements or information. These forward-looking statements or
information relate to, among other things: the price of silver and other metals;
the accuracy of mineral reserve and resource estimates and estimates of future
production and costs of production at our properties; estimated production rates
for silver and other payable metals produced by us, the estimated cost of
development of our development projects; the effects of laws, regulations and
government policies on our operations, including, without limitation, the laws
in Mexico which currently have significant restrictions related to mining;
obtaining or maintaining necessary permits, licences and approvals from
government authorities; and continued access to necessary infrastructure,
including, without limitation, access to power, land, water and roads to carry
on activities as planned.</P>
<P align=justify>These statements reflect the Company's current views with
respect to future events and are necessarily based upon a number of assumptions
and estimates that, while considered reasonable by the Company, are inherently
subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different
from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements or information and the Company has
made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in the spot and forward
price of silver, gold, base metals or certain other commodities (such as natural
gas, fuel oil and electricity); fluctuations in the currency markets (such as
the Canadian dollar and Mexican peso versus the U.S. dollar); changes in
national and local government, legislation, taxation, controls, regulations and
political or economic developments in Canada, Mexico; operating or technical
difficulties in connection with mining or development activities; risks and
hazards associated with the business of mineral exploration, development and
mining (including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins and flooding); risks relating to the
credit worthiness or financial condition of suppliers, refiners and other
parties with whom the Company does business; inability to obtain adequate
insurance to cover risks and hazards; and the presence of laws and regulations
that may impose restrictions on mining, including those currently enacted in
Mexico; employee relations; relationships with and claims by local communities
and indigenous populations; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses, permits and
approvals from government authorities; diminishing quantities or grades of
mineral reserves as properties are mined; the Company's title to properties; and
the factors identified under the caption "Risk Factors" in the Company's Annual
Information Form, under the caption "Risks Relating to First Majestic's
Business".</P>
<P align=justify>Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has attempted to
identify important factors that could cause actual results to differ materially,
there may be other factors that cause results not to be anticipated, estimated
or intended. The Company does not intend, and does not assume any obligation, to
update these forward-looking
statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.</P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>ARRANGEMENT AGREEMENT
<TEXT>
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   <TITLE>First Majestic Silver Corp.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B>ARRANGEMENT AGREEMENT</B></P>
<P style="MARGIN-LEFT: 10%" align=justify>MEMORANDUM OF AGREEMENT made as of the
3rd day of April 2012.</P>
<P align=justify>BETWEEN:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B><U>FIRST MAJESTIC SILVER
CORP.</U></B>, a company existing under the <BR>laws of the Province of British
Columbia</P>
<P style="MARGIN-LEFT: 10%" align=justify>(hereinafter referred to as &#147;<B>First
Majestic</B>&#148;)</P>
<P align=justify>AND:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B><U>SILVERMEX RESOURCES
INC.</U></B>, a company existing under the laws of the <BR>Province of British
Columbia</P>
<P style="MARGIN-LEFT: 10%" align=justify>(hereinafter referred to as
&#147;<B>Silvermex</B>&#148;)</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT WITNESSETH THAT in consideration of the respective covenants and
agreements herein contained and for other good and valuable consideration (the
receipt and sufficiency of which is hereby acknowledged by each Party), the
Parties hereby covenant and agree as follows:</P>
<P align=center><B>ARTICLE 1 <BR>INTERPRETATION</B></P>
<P align=justify>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Definitions</B>. In this Agreement, unless there is something in the subject
matter or context inconsistent therewith, the following terms shall have the
following meanings respectively:</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>2008 Plan</B>&#148; means Silvermex&#146;s
stock option plan dated May 20, 2008;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>2010 Financial Statements</B>&#148;
means the audited consolidated financial statements of Silvermex as at December
31, 2010, consisting of (a) the balance sheets as of December 31, 2010; (b) the
statements of loss and comprehensive loss for the year ended December 31, 2010;
(c) the statements of cash flows and shareholders&#146; equity for the year ended
December 31, 2010; and (d) the notes thereto;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>2011 Financial Statements</B>&#148;
means the audited consolidated financial statements of Silvermex as at December
31, 2011, consisting of (a) the statements of financial position as of December
31, 2011; (b) the statements of comprehensive loss for the year ended December
31, 2011; (c) the statements of cash flows and equity for the year ended
December 31, 2011; and (d) the notes thereto;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>2011 Plan</B>&#148; means Silvermex&#146;s
stock option plan dated July 26, 2011;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Acquisition Proposal</B>&#148; means any
proposal or offer made by any Person, whether written or oral, other than First
Majestic (or any affiliate of First Majestic or any Person acting in concert
with First Majestic or any affiliate of First Majestic) with respect to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any Person or group of
      Persons acting jointly or in concert of any capital stock or other voting
      securities, or securities convertible into or exerciseable or exchangeable
      for any capital stock or other voting securities of Silvermex or any of its subsidiaries
      representing 20% or more of the outstanding voting securities of Silvermex
  or such subsidiary, on a fully diluted basis;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 2-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any Person or group of
      Persons acting jointly or in concert of 20% or more of the consolidated
      assets of Silvermex and its subsidiaries, taken as a whole, or of assets
      which contribute 20% or more of the consolidated revenue or net income of
      Silvermex and its subsidiaries, taken as a whole, or any of Silvermex&#146;s
      subsidiaries whose assets or revenues, individually or in the aggregate,
      represent 20% or more of the consolidated assets or contribute 20% or more
      of the consolidated revenue or net income of Silvermex and its
      subsidiaries, taken as a whole, (or any lease, license, joint venture or
      other arrangement having the same economic effect as an acquisition or
      purchase);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a merger, amalgamation, recapitalization, reorganization,
      joint venture or other business combination involving Silvermex or any of
      its affiliates;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any other extraordinary business transaction involving or
      otherwise relating to Silvermex or any of its affiliates; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any other transaction the consummation of which would
      reasonably be expected to impede, interfere with, prevent or materially
      delay the transactions contemplated by this Agreement, or any public
      announcement of an intention to do any of the foregoing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>other than the Arrangement;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>affiliate</B>&#148; has the meaning
ascribed thereto in the Business Corporations Act;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Antitrust Clearance</B>&#148; means all
applicable approvals or clearances shall have been received from the appropriate
Governmental Entities and all applicable waiting periods shall have expired or
been terminated or waived by the appropriate Governmental Entities relating to
any Antitrust Filing identified in Exhibit C;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Antitrust Filing</B>&#148; means a
filing that must be made by either Party (or both Parties) to or with a
Governmental Entity under any applicable antitrust, competition or similar Law
of any jurisdiction applicable to the transactions contemplated by this
Agreement as identified in Exhibit C;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Arrangement</B>&#148; means an
arrangement under the provisions of Division 5 of Part 9 of the Business
Corporations Act, on the terms set forth in the Plan of Arrangement, subject to
any amendment or supplement thereto in accordance with this Agreement and the
Plan of Arrangement or made at the direction of the Court in the Final
Order;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Arrangement Resolution</B>&#148; means
the special resolution approving the Arrangement, to be substantially in the
form and content of Exhibit A, to be considered, and if deemed advisable, passed
with or without variation, by the Silvermex Securityholders at the Silvermex
Meeting;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Business</B>&#148; means the business of
Silvermex and the Silvermex Subsidiaries as it is currently conducted, including
the exploration for and exploitation of minerals in Mexico;</P>
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<P align=center>- 3-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Business Corporations Act</B>&#148;
means the <I>Business Corporations Act </I>(British Columbia), as amended;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Business Day</B>&#148; means any day
other than a Saturday, a Sunday or a day observed as a holiday in Vancouver,
British Columbia under the laws of the Province of British Columbia or the
federal laws of Canada;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Change of Control Payments</B>&#148;
means the payments described in Schedule 3.1.3 of the Silvermex Disclosure
Letter;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Confidentiality Agreement</B>&#148;
means the confidentiality agreement entered into between the Parties dated July
13, 2011;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Court</B>&#148; means the British
Columbia Supreme Court;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Debt Instrument</B>&#148; means any
bond, debenture, mortgage, promissory note or other instrument evidencing
indebtedness for borrowed money; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Dissent Rights</B>&#148; means the
rights of dissent in respect of the Arrangement described in the Plan of
Arrangement;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>EDGAR</B>&#148; means the Electronic
Data Gathering and Retrieval System of the United States Securities and Exchange
Commission;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Effective Date</B>&#148; means the date
the Arrangement completes, as determined in accordance with Section 2.11;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Effective Time</B>&#148; means the time
when the transactions contemplated herein will be deemed to have been completed,
which shall be 12:01 a.m. on the Effective Date;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Employee Benefits</B>&#148; means:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>salaries, wages, bonuses, vacation entitlements,
      commissions, fees, stock option plans, stock purchase plans, incentive
      plans, deferred compensation plans, profit-sharing plans and other similar
      benefits, plans or arrangements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>insurance, health, welfare, drug, disability, pension,
      retirement, travel, hospitalization, medical, dental, legal counseling,
      eye care and other similar benefits, plans or arrangements; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>agreements or arrangements with any labour union or
      employee association, written or oral employment agreements or
      arrangements and agreements or arrangements for the retention of the
      services of independent contractors, consultants or
  advisors;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Encumbrance</B>&#148; means any
mortgage, charge, easement, encroachment, lien, adverse claim, assignment by way
of security, security interest, servitude, pledge, hypothecation, conditional
sale agreement, security agreement, title retention agreement, financing
statement, option, right of pre-emption, right of first refusal or right of
first offer, privilege, obligation to assign, license, sublicense trust,
royalty, carried, working, participation or net profits interest or other third
party interest or other encumbrance or any agreement, option, right or privilege
capable of becoming any of the foregoing;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 4-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Environmental Laws</B>&#148; means all
applicable Laws relating to pollution or the protection and preservation of the
environment, occupational health and safety, product safety, product liability
or Hazardous Substances, including Laws relating to Releases or threatened
Releases of Hazardous Substances into the indoor or outdoor environment
(including ambient air, surface water, groundwater, land, surface and subsurface
strata) or otherwise relating to the manufacture, processing, distribution, use,
treatment, storage, Release, transport or handling of Hazardous Substances and
all laws and regulations with regard to recordkeeping, notification, disclosure
and reporting requirements respecting Hazardous Substances, and all laws
relating to endangered or threatened species of fish, wildlife and plants and
the management or use of natural resources;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Environmental Permits</B>&#148; includes
all permits, licenses, authorizations or program participation requirements with
or from any Governmental Entity under any Environmental Laws;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Final Order</B>&#148; means the final
order of the Court approving the Arrangement as such order may be amended at any
time prior to the Effective Date or, if appealed, then, unless such appeal is
abandoned or denied, as affirmed;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>First Majestic Information
Record</B>&#148; means any annual information form, press release, material change
report, information circular, financial statement, management's discussion and
analysis or other document of First Majestic which has been publicly filed by it
on SEDAR or EDGAR since January 1, 2010;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>First Majestic Shares</B>&#148; means
the common shares in the authorized share structure of First Majestic;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>First Majestic Material
Subsidiaries</B>&#148; means Corporacion First Majestic S.A. de C.V., First Majestic
Plata S.A. de C.V., Minera El Pilon S.A. de C.V., Minera La Encantada S.A. de
C.V. and Minera Real Bonanza S.A. de C.V.;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>GAAP</B>&#148; means, in relation to any
financial year beginning on or before December 31, 2010, generally accepted
accounting principles in Canada as then set out in the Canadian Institute
Chartered Accountants Handbook, and, in relation to any financial year beginning
after December 31, 2010, generally accepted accounting principles set out in the
Canadian Institute for Chartered Accountants Handbook for an entity that
prepares its financial statements in accordance with IFRS;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Governmental Entity</B>&#148; means
any</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>multinational, federal, provincial, state, regional,
      municipal, local or other government, governmental or public department,
      central bank or Tribunal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any subdivision, agent, commission, board, or authority
      of any of the foregoing; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any quasi-governmental or private body exercising any
      regulatory, expropriation or taxing authority under or for the account of
      any of the foregoing;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Guarantee</B>&#148; means any agreement,
contract or commitment providing for the guarantee, indemnification, assumption
or endorsement or any like commitment with respect to the obligations,
liabilities (contingent or otherwise) or indebtedness of any Person;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 5-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Hazardous Substance</B>&#148; means,
collectively, any contaminant, toxic substance, dangerous goods, or pollutant or
any other substance that when Released to the natural environment is likely to
cause, at some immediate or future time, material harm or degradation to the
natural environment or material risk to human health, including (i) any
petroleum substances, radioactive materials, asbestos in any form that is or
could become friable, urea formaldehyde foam insulation, transformers or other
equipment that contains dielectric fluid containing polychlorinated biphenyls,
and radon gas; (ii) any chemicals, materials or substances defined under
Environmental Laws as or included in the definition of &#147;hazardous substances&#148;,
&#147;hazardous wastes&#148;, &#147;hazardous materials&#148;, &#147;restricted hazardous materials&#148;,
&#147;extremely hazardous substances&#148;, &#147;toxic substances&#148;, &#147;contaminants&#148; or
&#147;pollutants&#148; or words of similar meaning and regulatory effect; or (iii) any
other chemical, material or substance, exposure to which is prohibited, limited,
or regulated by any Environmental Law;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>IFRS</B>&#148; means International
Financial Reporting Standards;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Interested Person</B>&#148; means any
present or former officer, director, shareholder, employee, consultant or
advisor (excluding legal counsel, accountants and other third party professional
advisors of Silvermex or any Silvermex Subsidiary in connection with this
Agreement and the transactions contemplated herein) of or to Silvermex, any
Silvermex Subsidiary or any Person with which Silvermex, any Silvermex
Subsidiary or any of the foregoing does not deal at arm&#146;s length within the
meaning of the ITA (including a spouse, parent, child or sibling of any such
Person);</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Interim Order</B>&#148; means the
interim order of the Court made in connection with the process for obtaining
shareholder approval of the Arrangement and related matters, as such order may
be amended, supplemented or varied by the Court;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>ITA</B>&#148; means the <I>Income Tax
Act </I>(Canada);</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Laws</B>&#148; means all statutes,
regulations, statutory rules, regulatory instruments, principles of law, orders,
published policies and guidelines, and terms and conditions of any grant of
approval, permission, authority or license of any Governmental Entity, statutory
body or self-regulatory authority, and the term &#147;applicable&#148; with respect to
such Laws and in the context that refers to one or more Persons means that such
Laws apply to such Person or Persons or its or their business, undertaking,
property or securities and emanate from a Person having jurisdiction over the
Person or Persons or its or their business, undertaking, property or
securities;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Leased Property</B>&#148; means all the
right, title and interest of Silvermex and the Silvermex Subsidiaries in and to
the subject matter (whether realty or personally) of the Leases;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Leases</B>&#148; means the real or
personal property leases or subleases, or other rights of occupancy relating to
real property, which Silvermex or any Silvermex Subsidiary is a party to or
bound by or subject to, including those set forth and described in Schedule
3.1.19 of the Silvermex Disclosure Letter;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Licenses</B>&#148; has the meaning set
out in Section 3.1.30;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Lock-up Agreements</B>&#148; means the
lock-up agreements between First Majestic and each of the directors and officers
of Silvermex and certain other Silvermex Securityholders entered into on or
before the date hereof in connection with the Arrangement;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 6-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Mailing Deadline</B>&#148; means,
subject to Section 2.4(b), June 11, 2012 unless otherwise agreed by the
Parties;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Match Period</B>&#148; has the meaning
ascribed to such term in Section 4.5;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Material Adverse Change</B>&#148;, when
used in connection with First Majestic or Silvermex, means any change, effect,
development, event or occurrence either individually or in the aggregate which
prevents, or individually or in the aggregate would reasonably be expected to
prevent such Party from performing its material obligations under this Agreement
in any material respect to a date beyond the Outside Date or any change, effect,
event or occurrence that is, or would reasonably be expected to be, material and
adverse to the business, properties, assets, operations, condition, affairs,
liabilities (contingent or otherwise), obligations (whether absolute,
conditional or otherwise) or prospects of such Party and its subsidiaries taken
as a whole, other than any change, effect, event or occurrence:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>relating to the announcement of the execution of this
      Agreement or relating to the Arrangement or other transactions
      contemplated by this Agreement; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>relating to a decrease in the market price of such
      Party&#146;s common shares on any stock exchange (it being understood that, if
      the cause or causes of any decrease, in and of itself or themselves, is
      otherwise a Material Adverse Change, then such decrease may be taken into
      consideration when determining whether a Material Adverse Change has
      occurred);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>relating to the Canadian or international economy or
      securities markets in general;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>affecting the worldwide silver mining industry in
      general;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>relating to any effect resulting from an act of terrorism
      or any outbreak of hostilities or war (or any escalation or worsening
      thereof) of any natural disaster;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>relating to any generally applicable change in applicable
      Laws (other than orders, judgments or decrees against a Party or a
      subsidiary of a Party) or in GAAP, in each case, to the extent necessary;
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>relating to any action taken by First Majestic or
      Silvermex that is required or contemplated by this
  Agreement;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>provided, however, that the effect
referred to clauses (c), (d), (e) or (f) above does not primarily relate to (or
have the effect of primarily relating to) the Party or the Party&#146;s subsidiaries,
taken as a whole, or disproportionately adversely affect the Party and the
Party&#146;s subsidiaries, taken as a whole, compared with other companies of a
similar size operating in the industry in which that Party and that Party&#146;s
subsidiaries operate;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Material Adverse Effect</B>&#148;, when
used in connection with First Majestic or Silvermex, means any matter or action
that has an effect that is, or would reasonably be expected to cause a Material
Adverse Change with respect to such party and its subsidiaries taken as a whole,
and &#147;<B>Materially Adversely Affected</B>&#148; shall have a corresponding
meaning;</P>
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<P align=center>- 7-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Material Agreements</B>&#148; means, in
the case of Silvermex, the Leases and the agreements, indentures, contracts,
leases, licenses, options, instruments and other commitments set forth in
Schedule 3.1.23 of the Silvermex Disclosure Letter, and in the case of First
Majestic, the material agreements, indentures, contracts, leases, licenses,
options, instruments and other commitments to which it is a party, referred to
in the First Majestic Information Record;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>material fact</B>&#148; and &#147;<B>material
change</B>&#148; have the meanings ascribed thereto in the Securities
Act;Registration</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Meeting Deadline</B>&#148; means,
subject to terms of this Agreement, July 3, 2012 unless otherwise agreed by the
Parties;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Mineral Rights</B>&#148; means all
rights, whether contractual or otherwise, for the exploration for or
exploitation or extraction of mineral resources and reserves together with
surface rights, water rights, royalty interests, fee interests, joint venture
interests and other leases, rights of way and enurements related to any such
rights;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>misrepresentation</B>&#148; has the
meaning ascribed thereto in the Securities Act;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>MI 61-101</B>&#148; means Multilateral
Instrument 61-101 &#150; <I>Protection of Minority Security Holders in Special
Transactions</I>;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>NI 43-101</B>&#148; means National
Instrument 43-101- <I>Standards of Disclosure for Mineral Projects </I>of the
Canadian Securities Administrators;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>NYSE</B>&#148; means the New York Stock
Exchange;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Outside Date</B>&#148; means, subject to
Section 2.4(b), July 31, 2012 or such later date as may be agreed upon by the
Parties;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Parties</B>&#148; means First Majestic
and Silvermex and &#147;<B>Party</B>&#148; means either one of them;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Person</B>&#148; includes any
individual, firm, partnership, joint venture, venture capital fund, association,
trust, trustee, executor, administrator, legal personal representative, estate,
group, body corporate, corporation, company, unincorporated association or
organization, Governmental Entity, syndicate or other entity, whether or not
having legal status;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Plan of Arrangement</B>&#148; means the
plan of arrangement substantially in the form and content of Exhibit B hereto
and any amendments or variations thereto made in accordance with this Agreement
or the Plan of Arrangement or made at the direction of the Court in the Final
Order;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Pre-Effective Date Period</B>&#148;
means the period from and including the date hereof to and including the earlier
of the Effective Time and the date of termination of this Agreement pursuant to
Article 6;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Registration Statement</B>&#148; means
the registration statement of Silvermex on Form 40F filed with the SEC on March
30, 2012;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Regulatory Approvals</B>&#148; means
those sanctions, rulings, consents, orders, exemptions, permits and other
approvals (including the waiver or lapse, without objection, of a prescribed
time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses
following the giving of a notice without an objection being made) of
Governmental Entities and other regulators required in connection with the
consummation of the Arrangement or any of the transactions contemplated hereby,
including, if applicable, any Antitrust Clearance;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 8-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Release</B>&#148; means any release,
spill, emission, discharge, leaking, pumping, dumping, escape, injection,
deposit, disposal, discharge, dispersal, leaching or migration into the indoor
or outdoor environment (including, ambient air, surface water, ground water, and
surface or subsurface strata) or into or out of any property, including the
movement of Hazardous Substances through or in the air, soil, surface water,
ground water or property;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Replacement Warrant</B>&#148; has the
meaning ascribed thereto in the Plan of Arrangement; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Representatives</B>&#148;
  has the meaning set out in Section 4.6; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Section 3(a)(10) Exemption</B>&#148; has
  the meaning set out in Section 2.9;</P>
<P style="MARGIN-LEFT: 5%" align=justify> &#147;<B>SEC</B>&#148; means the United States
  Securities and Exchange Commission;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Securities Act</B>&#148; means the
<I>Securities Act </I>(British Columbia) and the rules, regulations and
published policies made thereunder, as now in effect and as they may be
promulgated or amended from time to time;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Securities Laws</B>&#148; means the
securities legislation of each of the provinces and territories of Canada, the
policies and instruments of the Canadian Securities Administrators, the policies
and regulations of any stock exchange on which the applicable Party&#146;s securities
are listed and posted for trading, the U.S. Securities Act and the U.S. Exchange
Act and all other applicable state, federal and provincial securities Laws,
rules, regulations and published policies thereunder, as now in effect and as
they may be promulgated or amended from time to time;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>SEDAR</B>&#148; means the System for
Electronic Disclosure Analysis and Retrieval;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Shareholder Rights Plan</B>&#148; means
the shareholder rights plan agreement dated as of February 23, 2010 between
Silvermex and Computershare Investor Services Inc., as rights agent;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Board</B>&#148; means the
board of directors of Silvermex;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Circular</B>&#148; means the
notice of the Silvermex Meeting and accompanying management proxy circular,
including all schedules, appendices and exhibits thereto, to be sent to the
Silvermex Securityholders in connection with the Silvermex Meeting;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Datasite Information</B>&#148;
means the documents made available to First Majestic in the electronic data site
available at https://ams-legal.net/vdr/default.asp&gt; as in effect at 12:00
p.m. on March 30, 2012<B>, </B>an index of which is contained in the Silvermex
Disclosure Letter;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Disclosure Letter</B>&#148;
means the disclosure letter executed by Silvermex and delivered to, and
acknowledged and accepted by, First Majestic prior to the execution of this
Agreement;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 9-</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Information Record</B>&#148;
means any annual information form, press release, material change report,
information circular, financial statement, management's discussion and analysis
or other document of Silvermex or Silver One Mining Corporation which has been
publicly filed by Silvermex or Silver One Mining Corporation on SEDAR or EDGAR
since January 1, 2010;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Meeting</B>&#148; means the
special meeting of Silvermex Securityholders including any adjournment or
adjournments thereof, to be called to consider the Arrangement;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Option</B>&#148; means an
option to purchase Silvermex Shares; </P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Optionholder</B>&#148; means a
  holder of Silvermex Options;</P>
<P style="MARGIN-LEFT: 5%" align=justify> &#147;<B>Silvermex Option Plans</B>&#148; means, together,
  the 2008 Plan and the 2011 Plan;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Securities</B>&#148; means,
together, the Silvermex Shares, the Silvermex Options and the Silvermex
Warrants;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Securityholders</B>&#148;
means, together, the Silvermex Shareholders, Silvermex Optionholders and
Silvermex Warrantholders;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Share</B>&#148; means a common
share in the authorized share capital of Silvermex;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Shareholder</B>&#148; means a
holder of Silvermex Shares;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Subsidiaries</B>&#148; means,
collectively, Silver One Mining Corporation, La Guitarra Compania Minera, S.A.
de C.V., Servicios para la Industria Minera S.A. de C.V., Minera La Rastra S.A.
de C.V. , Minera Terra Plata S.A. de C.V. and Rule Nevada Inc.;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Warrant</B>&#148; means a
common share purchase warrant of Silvermex;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Silvermex Warrantholder</B>&#148; means
a holder of Silvermex Warrants;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Special Committee</B>&#148; means the
special committee of the board of directors of Silvermex;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>subsidiary</B>&#148; has the meaning
ascribed thereto in the Business Corporations Act and includes, for greater
certainty, an indirect subsidiary;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Superior Proposal</B>&#148; means an
unsolicited <I>bona fide </I>written offer made by a third party to Silvermex to
purchase or otherwise acquire, directly or indirectly, by means of a merger,
take-over bid, amalgamation, plan of arrangement, business combination,
consolidation, or similar transaction, all of the Silvermex Shares or all or
substantially all of the assets of Silvermex which did not result from a breach
of Section 4.4 and that:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is not subject to any financing condition and in respect
      of which any required financing to complete such Acquisition Proposal has
      been obtained or demonstrated to the satisfaction of the Silvermex Board
      acting in good faith (after receipt of advice from its financial advisors
      and outside legal counsel) to be reasonably likely to be obtained without
      undue delay;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>is not subject to a due diligence condition and/or access
      condition;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>is made available to all Silvermex Securityholders of
      each class on the same terms and conditions; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>in the good faith determination of the Silvermex Board,
      after consultation with financial advisors and outside legal
    counsel:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>is reasonably capable of being completed without undue
      delay, taking into account all legal, financial, regulatory and other
      aspects of such proposal and the Person making such proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the failure to recommend such Acquisition Proposal to the
      Silvermex Securityholders would be inconsistent with its fiduciary duties;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>would, if consummated and taking into account all of the
      terms and conditions of such Acquisition Proposal (but not assuming away
      the risk of non-completion), result in a transaction more favourable to
      the Silvermex Securityholders from a financial point of view than the
      Arrangement (including any adjustment to the terms and conditions of the
      Arrangement proposed by First Majestic pursuant to Section
  4.5);</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Tax Returns</B>&#148; means all returns,
declarations, reports, information returns and statements required to be filed
with any taxing authority relating to Taxes;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Taxes</B>&#148; means, with respect to
any entity, all income taxes (including any tax on or based upon net income,
gross income, income as specially defined, earnings, profits or selected items
of income, earnings or profits) and all capital taxes, gross receipts taxes,
environmental taxes, sales taxes, use taxes, <I>ad valorem </I>taxes, value
added taxes, transfer taxes, franchise taxes, license taxes, withholding taxes,
payroll taxes, employment taxes, Canada Pension Plan premiums, excise,
severance, social security premiums, workers&#146; compensation premiums, employment
insurance or compensation premiums, stamp taxes, occupation taxes, premium
taxes, property taxes, production taxes, severance taxes, windfall profits
taxes, alternative or add-on minimum taxes, goods and services tax, customs
duties or other taxes, fees, imports, assessments or charges of any kind
whatsoever, together with any interest and any penalties or additional amounts
imposed by any taxing authority (domestic or foreign) on such entity, and any
interest, penalties, additional taxes and additions to tax imposed with respect
to the foregoing;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Termination Payment</B>&#148; means an
amount equal to $6,140,000 payable by Silvermex to First Majestic in certain
circumstances in accordance with Section 6.3;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Third Party Expenses</B>&#148; means all
legal, accounting, financial advisory, investment banking, consulting and all
other fees and expenses of third parties incurred by a party in connection with
the negotiation and effectuation of the terms and conditions of this Agreement
and the transactions contemplated hereby;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>Tribunal</B>&#148; means:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any court (including a court of equity);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any federal, provincial, state, county, municipal or
      other government or governmental department, ministry, commission, board,
      bureau, agency or instrumentality;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>- 11-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any securities commission, stock exchange or other
      regulatory or self-regulatory body;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any board of trade, chamber of commerce or other business
      or professional organization or association;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any arbitrator or arbitration tribunal; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any other tribunal;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>TSX</B>&#148; means the Toronto Stock
Exchange;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>United States</B>&#148; means the United
States of America, its territories and possessions;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>U.S. Exchange Act</B>&#148; means the
United States <I>Securities Exchange Act of 1934</I>, as amended, and the rules
and regulations promulgated thereunder; and</P>
<P style="MARGIN-LEFT: 5%" align=justify>&#147;<B>U.S. Securities Act</B>&#148; means the
United States <I>Securities Act of 1933</I>, as amended, and the rules and
regulations promulgated thereunder.</P>
<P align=justify>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Interpretation Not Affected by Headings, etc</B>. The division of this
Agreement into sections and other portions and the insertion of headings are for
convenience of reference only and shall not affect the construction or
interpretation hereof. Unless otherwise indicated, all references in this
Agreement to a &#147;Section&#148; followed by a number and/or a letter refer to the
specified section of this Agreement, and all references in this Agreement to an
Exhibit followed by a letter refer to the specified Exhibit to this Agreement.
Unless otherwise indicated, the terms &#147;this Agreement&#148;, &#147;hereof&#148;, &#147;herein&#148;,
&#147;hereunder&#148; and &#147;hereby&#148; and similar expressions refer to this Agreement
(including the Exhibits hereto), as amended or supplemented from time to time
pursuant to the applicable provisions hereof, and not to any particular section
or other portion hereof.</P>
<P align=justify>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Currency</B>. Unless otherwise indicated, all sums of money referred to in
this Agreement are expressed in lawful money of Canada.</P>
<P align=justify>1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Number, etc. </B>Unless the context otherwise requires, words importing the
singular shall include the plural and vice versa and words importing any gender
shall include all genders.</P>
<P align=justify>1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Date For Any Action</B>. In the event that any date on which any action is
required to be taken hereunder by any of the Parties hereto is not a Business
Day, such action shall be required to be taken on the next succeeding day which
is a Business Day.</P>
<P align=justify>1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Entire Agreement</B>. This Agreement and the agreements and other documents
referred to herein constitute the entire agreement between the Parties with
respect to the Arrangement and other transactions contemplated hereby and
supersede all other prior agreements, understandings, negotiations and
discussions, whether oral or written, between the Parties with respect thereto,
other than the Confidentiality Agreement.</P>
<P align=justify>1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Accounting Matters</B>. Unless otherwise indicated, all accounting terms used
in this Agreement shall have the meanings attributable thereto under GAAP and
all determinations of an accounting nature required to be made shall be made in
a manner consistent with GAAP and past practice.</P>
<P align=justify>1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Construction</B>. In this Agreement, unless otherwise indicated:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_12></A>
<P align=center>- 12-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the words &#147;include&#148;, &#147;including&#148; or &#147;in particular&#148;, when
      following any general term or statement, shall not be construed as
      limiting the general term or statement to the specific items or matters
      set forth or to similar items or matters, but rather as permitting the
      general term or statement to refer to all other items or matters that
      could reasonably fall within the broadest possible scope of the general
      term or statement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a reference to a statute means that statute, as amended
      and in effect as of the date of this Agreement, and includes each and
      every regulation and rule made thereunder and in effect as of the date
      hereof;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the phrase &#147;ordinary course of business&#148;, or any
      variation thereof, of any Person refers to the business of such Person,
      carried on in the regular and ordinary course consistent with past
      practice, including commercially reasonable and businesslike actions that
      are in the regular and ordinary course of business for a company operating
      in the industry in which such business is conducted;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>where a word, term or phrase is defined, its derivatives
      or other grammatical forms have a corresponding meaning; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>time is of the essence.</P></TD></TR></TABLE>
<P align=justify>1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Knowledge</B>. In this Agreement, the phrase &#147;to the knowledge of&#148; any
Person, &#147;to the best knowledge of&#148; any Person, &#147;known to&#148; any Person, &#147;of which
it is aware&#148; or any similar phrase means, unless otherwise indicated, (i) with
respect to any Person who is an individual, the actual knowledge of such Person,
and (ii) with respect to any Person who is not an individual, the actual
knowledge of the senior officers and directors of such Person after reasonable
enquiry, and to the extent that such reasonable enquiry was not conducted,
includes the knowledge that a reasonable Person would have had if such
reasonable enquiry had been conducted.</P>
<P
align=justify>1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Exhibits</B>. The following Exhibits are annexed to this Agreement and are
hereby incorporated by reference into this Agreement and form an integral part
hereof:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD width="19%" align=left>Exhibit A </TD>
    <TD align=left width="5%" >&nbsp;-</TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left width="68%" >Arrangement Resolution </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exhibit B </TD>
    <TD align=left width="5%" >&nbsp;-</TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left width="68%" >Plan of Arrangement </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exhibit C </TD>
    <TD align=left width="5%" >&nbsp;-</TD>
    <TD align=left width="8%" >&nbsp;</TD>
  <TD align=left width="68%" >Antitrust Filings</TD></TR></TABLE>
</DIV>
<P align=center>&nbsp;<B>ARTICLE 2 <BR>THE ARRANGEMENT</B></P>
<P align=justify>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Arrangement</B>. Silvermex and First Majestic agree that the Arrangement will
be implemented in accordance with and subject to the terms and conditions
contained in this Agreement and the Plan of Arrangement.</P>
<P align=justify>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Interim Order</B>. As soon as reasonably practicable following the execution
of this Agreement, and in any event in sufficient time to hold the Silvermex
Meeting in accordance with Section 2.3, Silvermex shall apply to the Court in a
manner acceptable to First Majestic, acting reasonably, pursuant to the Business
Corporations Act and prepare, file and diligently pursue an application for the
Interim Order, which shall provide, among other things:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_13></A>
<P align=center>- 13-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>for the class of Persons to whom notice is to be provided
      in respect of the Arrangement and the Silvermex Meeting and for the manner
      in which such notice is to be provided;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>that the requisite approval for the Arrangement
      Resolution shall be two-thirds of the votes cast on the Arrangement
      Resolution by the Silvermex Securityholders (voting together as a single
      class) present in person or by proxy at the Silvermex Meeting, such that
      each Silvermex Shareholder is entitled to one vote for each Silvermex
      Share held, each Silvermex Optionholder is entitled to one vote for each
      Silvermex Share issuable upon exercise of each Silvermex Option held and
      each Silvermex Warrantholder is entitled to one vote for each Silvermex
      Share issuable upon exercise of each Silvermex Warrant held, together
      with, if required by MI 61-101, minority approval in accordance with MI
      61-101;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>that, in all other respects, the terms, restrictions and
      conditions of the articles of Silvermex, including quorum requirements and
      all other matters, shall apply in respect of the Silvermex
  Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>for the grant of the Dissent Rights;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>for the notice requirements with respect to the
      presentation of the application to the Court for the Final
Order;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>that the Silvermex Meeting may be adjourned or postponed
      from time to time by the Silvermex Board, subject to the terms of this
      Agreement, without the need for additional approval of the
Court;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>that it is First Majestic&#146;s intention to rely upon the
      exemption from registration provided by Section 3(a)(10) of the U.S.
      Securities Act with respect to the issuance of the First Majestic Shares
      and Replacement Warrants to be issued pursuant to the Arrangement, based
      on the Court&#146;s approval of the Arrangement; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>for such other matters as First Majestic may reasonably
      require, subject to obtaining the prior consent of Silvermex, such consent
      not to be unreasonably withheld or delayed.</P></TD></TR></TABLE>
<P align=justify>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Silvermex Meeting</B>. Subject to the terms of this Agreement:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Silvermex agrees to convene and conduct the Silvermex
      Meeting in accordance with the Interim Order, Silvermex&#146;s articles and
      applicable Law as soon as reasonably practicable, and in any event on or
      before the Meeting Deadline. Silvermex agrees that it shall, in
      consultation with First Majestic, fix and publish a record date for the
      purposes of determining the Silvermex Securityholders entitled to receive
      notice of and vote at the Silvermex Meeting in accordance with the Interim
      Order;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Subject to the terms of this Agreement, Silvermex shall
      not, except as required for quorum purposes, as required by Law, or
      otherwise as permitted under this Agreement, adjourn, postpone or cancel
      (or propose or permit the adjournment, postponement or cancellation of)
      the Silvermex Meeting without First Majestic&#146;s prior written
    consent;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_14></A>
<P align=center>- 14-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Silvermex shall advise First Majestic as First Majestic
      may reasonably request, and at least on a daily basis on each of the last
      ten Business Days prior to the date of the Silvermex Meeting, as to the
      aggregate tally of the proxies received by Silvermex in respect of the
      Arrangement Resolution;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Silvermex shall promptly advise First Majestic of any
      written notice of dissent or purported exercise by any Silvermex
      Shareholder of Dissent Rights received by Silvermex in relation to the
      Arrangement and any withdrawal of Dissent Rights received by Silvermex and
      any written communications sent by or on behalf of Silvermex to any
      Silvermex Shareholder exercising or purporting to exercise Dissent Rights
      in relation to the Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Silvermex shall not make any payment or settlement offer,
      or agree to any payment or settlement prior to the Effective Time with
      respect to Dissent Rights without the prior written consent of First
      Majestic, acting reasonably; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Silvermex shall provide notice to First Majestic of the
      Silvermex Meeting and shall allow representatives of First Majestic and
      its counsel to attend the Silvermex Meeting.</P></TD></TR></TABLE>
<P align=justify>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Silvermex Circular.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>As promptly as reasonably practicable following execution
      of this Agreement, and in any event prior to the close of business on the
      Mailing Deadline, Silvermex shall:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>prepare the Silvermex Circular together with any other
      documents required by applicable Laws in connection with the Silvermex
      Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>file the Silvermex Circular in all jurisdictions where
      the same is required to be filed; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>mail the Silvermex Circular as required under applicable
      Laws and by the Interim Order.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>In the event that Silvermex provides a notice to First
      Majestic regarding a possible Acquisition Proposal pursuant to this
      Agreement prior to the mailing of the Silvermex Circular, then unless the
      Parties agree otherwise, the Mailing Deadline will be extended until the
      date that is five Business Days following the earlier of either:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>written notification from Silvermex to First Majestic
      that the Silvermex Board has determined that the Acquisition Proposal is
      not a Superior Proposal; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the date on which Silvermex and First Majestic enter into
      an amended agreement pursuant to Section 4.5 which results in the
      Acquisition Proposal in question not being a Superior Proposal.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>In the event that the Mailing Deadline is so extended,
      the Meeting Deadline and the Outside Date shall be extended by the same
      number of days as the Mailing Deadline has been
extended.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_15></A>
<P align=center>- 15-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex shall ensure that the Silvermex Circular is
      complete and accurate in all material respects, complies in all material
      respects with all applicable Laws and shall contain sufficient detail to
      permit the Silvermex Securityholders to form a reasoned judgment
      concerning the Arrangement Resolution to be considered at the Silvermex
      Meeting. Without limiting the generality of the foregoing, Silvermex shall
      ensure that the Silvermex Circular will not contain any misrepresentation
      concerning Silvermex, its affiliates or the Silvermex Securities. First
      Majestic acknowledges that Silvermex shall not be responsible for ensuring
      the completeness or accuracy of any information relating to First Majestic
      and its affiliates, including the First Majestic Shares.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex shall disclose in the Silvermex
  Circular:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>that the Silvermex Board has received a fairness opinion
      from GMP Securities L.P. and the Special Committee has received a fairness
      opinion from Salman Partners Inc. that, subject to the scope of review,
      assumptions and limitations set out in such opinions, the consideration
      payable under the Arrangement is fair from a financial point of view to
      the Silvermex Shareholders (other than First Majestic and its
      affiliates);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the complete text of the fairness opinions referred to in
      Section 2.4(d)(i);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>that the Silvermex Board has determined, after receiving
      financial and legal advice and the recommendation of the Special
      Committee, that the Arrangement is fair to the Silvermex Securityholders
      (other than First Majestic and its affiliates) and in the best interests
      of Silvermex; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>that the Silvermex Board has decided to recommend that
      the Silvermex Securityholders vote in favour of the Arrangement
      Resolution.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>Subject to the terms of this Agreement:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Silvermex shall solicit proxies in favour of the
      Arrangement Resolution and against any resolution submitted by a Silvermex
      Securityholder, including, if so requested by First Majestic, using the
      services of dealers and proxy solicitation services selected by First
      Majestic and permitting First Majestic to otherwise assist Silvermex in
      such solicitation, and take all other actions that are reasonably
      necessary or desirable to seek the approval of the Arrangement by the
      Silvermex Securityholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Silvermex Board shall recommend to the Silvermex
      Securityholders that they vote in favour of the Arrangement Resolution;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Silvermex shall include in the Silvermex Circular a
      statement that each director and executive officer of Silvermex intends to
      vote all of such Person&#146;s Silvermex Securities in favour of the
      Arrangement Resolution, subject to the other terms of this
    Agreement.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=2>
      <P align=justify>First Majestic shall provide to Silvermex all information
      regarding First Majestic, its affiliates and the First Majestic Shares,
      including any pro forma financial statements prepared in accordance with
      GAAP and applicable Laws, as required by the Interim Order or applicable
      Laws for inclusion in the Silvermex Circular or in any amendments or supplements to such Silvermex
      Circular. First Majestic shall also use commercially reasonable efforts to
      obtain any necessary consents from any of its auditors and any other
      advisors to the use of any financial, technical or other expert
      information required to be included in the Silvermex Circular and to the
      identification in the Silvermex Circular of each such advisor. First
      Majestic shall ensure that such information is complete and accurate in
      all material respects, complies in all material respects with applicable
      Laws and, without limiting the generality of the foregoing, does not
      include any misrepresentation concerning First Majestic, its affiliates or
  the First Majestic Shares.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_16></A>
<P align=center>- 16-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>First Majestic and its legal counsel shall be given a
      reasonable opportunity to review and comment on the Silvermex Circular
      prior to the Silvermex Circular being printed or filed with any
      Governmental Entity, and reasonable consideration shall be given to any
      comments made by First Majestic and its legal counsel; provided, however,
      that all information relating solely to First Majestic, its affiliates and
      the First Majestic Shares included in the Silvermex Circular shall be in
      form and content satisfactory to First Majestic, acting reasonably.
      Silvermex shall provide First Majestic with final copies of the Silvermex
      Circular prior to mailing the Silvermex Circular to the Silvermex
      Securityholders.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Silvermex and First Majestic shall each promptly notify
      the other if, at any time before the Effective Date, either becomes aware
      that the Silvermex Circular contains a misrepresentation, or that an
      amendment or supplement to the Silvermex Circular is otherwise required
      and the Parties shall co-operate in the preparation of any amendment or
      supplement to the Silvermex Circular as required or appropriate, and
      Silvermex shall promptly mail or otherwise publicly disseminate any
      amendment or supplement to the Silvermex Circular to the Silvermex
      Securityholders and, if required by the Court or applicable Laws, file the
      same with any Governmental Entity and as otherwise
  required.</P></TD></TR></TABLE>
<P align=justify>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Final Order. </B>If: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Interim Order is obtained; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Arrangement Resolution is passed at the Silvermex
      Meeting as provided for in the Interim Order and as required by applicable
      Law,</P></TD></TR></TABLE>
<P align=justify>subject to the terms of this Agreement, Silvermex shall
diligently pursue and take all steps necessary or desirable to have the hearing
before the Court of the application for the Final Order pursuant to the Business
Corporations Act held as soon as reasonably practicable and, in any event,
within three Business Days following the approval of the Arrangement Resolution
at the Silvermex Meeting.</P>
<P align=justify>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Court Proceedings.</B> Subject to the terms of this Agreement, First Majestic
will cooperate with and assist Silvermex in seeking the Interim Order and the
Final Order, including by providing Silvermex on a timely basis any information
reasonably required to be supplied by First Majestic in connection therewith.
Silvermex will provide legal counsel to First Majestic with reasonable
opportunity to review and comment upon drafts of all material to be filed with
the Court in connection with the Arrangement, and will give reasonable
consideration to all such comments. Subject to applicable Law, Silvermex will
not file any material with the Court in connection with the Arrangement or serve
any such material, and will not agree to modify or amend materials so filed or
served, except as contemplated by this Section 2.6 or with First Majestic&#146;s prior written
consent, such consent not to be unreasonably withheld, conditioned or delayed;
provided, however, that nothing herein shall require First Majestic to agree or
consent to any increase in consideration or other modification or amendment to
such filed or served materials that expands or increases First Majestic&#146;s
obligations set forth in any such filed or served materials or under this
Agreement or the Arrangement. Silvermex shall also provide to First Majestic&#146;s
legal counsel on a timely basis copies of any notice of appearance or other
Court documents served on Silvermex in respect of the application for the
Interim Order or the Final Order or any appeal therefrom and of any notice,
whether written or oral, received by Silvermex indicating any intention to
oppose the granting of the Interim Order or the Final Order or to appeal the
Interim Order or the Final Order. Silvermex will ensure that all materials filed
with the Court in connection with the Arrangement are consistent in all material
respects with the terms of this Agreement and the Plan of Arrangement. In
addition, Silvermex will not object to legal counsel to First Majestic making
such submissions on the hearing of the motion for the Interim Order and the
application for the Final Order as such counsel considers appropriate; provided,
however, that Silvermex is advised of the nature of any submissions prior to the
hearing and such submissions are consistent with this Agreement and the Plan of
Arrangement. Silvermex will also oppose any proposal from any party that the
Final Order contain any provision inconsistent with this Agreement, and, if at
any time after the issuance of the Final Order and prior to the Effective Date,
Silvermex is required by the terms of the Final Order or by Law to return to
Court with respect to the Final Order, it shall do so after notice to, and in
consultation and cooperation with, First Majestic.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_17></A>
<P align=center>- 17-</P>
<P align=justify>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>List of Shareholders.</B> At the reasonable request of First Majestic from
time to time, Silvermex shall provide First Majestic with a list (in both
written and electronic form) of the registered Silvermex Shareholders, together
with their addresses and respective holdings of Silvermex Shares, with a list of
the names and addresses and holdings of all Persons having rights issued by
Silvermex to acquire Silvermex Shares (including holders of Silvermex Options
and Silvermex Warrants), a list of participants and book based nominee
registrants such as CDS &amp; Co., CEDE &amp; Co. and DTC, and a list of
non-objecting beneficial owners of Silvermex Shares, together with their
addresses and respective holdings of Silvermex Shares. Silvermex shall from time
to time require that its registrar and transfer agent furnish First Majestic
with such additional information, including updated or additional lists of
Silvermex Shareholders and lists of holdings and other assistance as First
Majestic may reasonably request in order to be able to communicate with respect
to the Arrangement with the Silvermex Securityholders. </P>
<P align=justify>2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Announcement and Securityholder Communications.</B> First Majestic and
Silvermex shall each publicly announce the transactions contemplated hereby
promptly following the execution of this Agreement, the text and timing of each
Party&#146;s announcement to be approved by the other Party in advance, acting
reasonably. First Majestic and Silvermex agree to co-operate in the preparation
of presentations, if any, to the Silvermex Securityholders regarding the
transactions contemplated by this Agreement and no Party shall issue any press
release or otherwise make public announcements with respect to this Agreement or
the Arrangement without the consent of the other Party (which consent shall not
be unreasonably withheld, conditioned or delayed) provided, however, that the
foregoing shall be subject to each Party&#146;s overriding obligation to make any
disclosure required under applicable Laws, and the Party making such disclosure
shall use all commercially reasonable efforts to give prior oral or written
notice to the other Party and reasonable opportunity to review or comment on the
disclosure, and if prior notice is not possible, to give such notice immediately
following the making of such disclosure. </P>
<P align=justify>2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 3(a)(10) Exemption</B>. The Parties agree that the Arrangement will
be carried out with the intention that all First Majestic Shares and Replacement
Warrants issued under the Arrangement to the United States holders of Silvermex
Shares and Silvermex Warrants will be issued in reliance on the exemption from
the registration requirements of the U.S. Securities Act provided by Section
3(a)(10) of the U.S. Securities Act (the &#147;<B>Section 3(a)(10) Exemption</B>&#148;).
In order to ensure the availability of the Section 3(a)(10) Exemption, the Parties agree that the
Arrangement will be carried out on the following basis:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_18></A>
<P align=center>- 18-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Arrangement will be subject to the approval of the
      Court;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Court will be advised as to the intention of the
      Parties to rely on the Section 3(a)(10) Exemption prior to the hearing
      required to approve the Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Court will be required to satisfy itself as to the
      fairness of the Arrangement to the Silvermex Securityholders subject to
      the Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the Court will have determined, prior to approving the
      Arrangement, that the terms and conditions of the exchanges of securities
      under the Arrangement are fair to the Silvermex Securityholders pursuant
      to the Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>the order approving the Arrangement that is obtained from
      the Court will expressly state that the Arrangement is approved by the
      Court as being fair to the Silvermex Securityholders pursuant to the
      Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Silvermex will ensure that each Person entitled to First
      Majestic Shares or Replacement Warrants pursuant to the Arrangement will
      be given adequate notice advising them of their right to attend the
      hearing of the Court to give approval of the Arrangement and providing
      them with sufficient information necessary for them to exercise that
      right; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the Interim Order will specify that each Person entitled
      to First Majestic Shares or Replacement Warrants pursuant to the
      Arrangement will have the right to appear before the Court so long as they
      enter an appearance within a reasonable time.</P></TD></TR></TABLE>
<P
align=justify>2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>United States Tax Matters. </B>The Arrangement is intended to qualify as a
reorganization within the meaning of Section 368(a) of the United States
Internal Revenue Code and this Agreement is intended to be a "plan of
reorganization" within the meaning of the Treasury Regulations promulgated under
Section 368 of the United States Internal Revenue Code. Provided that the
Arrangement meets the requirements of a reorganization within the meaning of
Section 368(a) of the United States Internal Revenue Code, each Party hereto
agrees to treat the Arrangement as a reorganization within the meaning of
Section 368(a) of the U.S. Internal Revenue Code for all United States federal
income tax purposes, and agrees to treat this Agreement as a &#147;plan of
reorganization&#148; within the meaning of the United States Treasury Regulations
promulgated under Section 368 of the United States Internal Revenue Code, and to
not take any position on any United States Tax Return or otherwise take any tax
reporting position inconsistent with such treatment, unless otherwise required
by applicable law. Notwithstanding the foregoing, First Majestic and Silvermex
make no representation, warranty or covenant to any other party or to any
Silvermex Securityholder regarding the United States tax treatment of the
Arrangement, including, but not limited to, whether the Arrangement will qualify
as a reorganization within the meaning of Section 368(a) of the United States
Internal Revenue Code or as a tax deferred transaction for purposes of any
United States state or local income tax Law.</P>
<P
align=justify>2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Effective Date Matters. </B>The Effective Date shall be the date the Final
Order is deposited at the registered office of Silvermex, which shall be (a) the
date that is the earlier of: (i) the date that is three Business Days after the
satisfaction or waiver (subject to applicable Laws) of the conditions set forth
in Article 5 (other than the delivery of items to be delivered on the Effective
Date and the satisfaction of those conditions that, by their terms, cannot be
satisfied until immediately prior to the Effective Date); and (ii) the date that is the day prior to the
Outside Date; provided that the conditions set forth in Article 5 have been
satisfied or waived as of the such date; or (b) such date as mutually agreed in
writing by the Parties. Subject to the satisfaction or waiver (subject to
applicable Laws) of the conditions (excluding conditions that, by their terms,
cannot be satisfied until the Effective Time, but subject to the satisfaction
or, where permitted, waiver of those conditions as of the Effective Time) set
forth in Article 5, the Arrangement will, from and after the Effective Time,
have all of the effects provided under applicable Laws.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 19-</P>
<P align=center><B>ARTICLE 3 <BR>REPRESENTATIONS AND WARRANTIES</B></P>
<P align=justify>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Representations and Warranties of Silvermex</B>. Except as disclosed in the
Silvermex Disclosure Letter (which, except as expressly stated therein, shall
make reference to the applicable section below in respect of which such
qualification is being made), Silvermex hereby represents and warrants to and in
favour of First Majestic as follows and acknowledges that First Majestic is
relying on such representations and warranties in connection with the
transactions herein contemplated:</P>
<P align=justify>3.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>Incorporation and
Organization. </EM>Silvermex and each of the Silvermex Subsidiaries is a
corporation duly incorporated under the laws of its respective jurisdiction of
incorporation (as more particularly set forth in Schedule 3.1.1 of the Silvermex
Disclosure Letter), is validly subsisting, has full corporate and legal power
and authority to own, lease and operate the properties currently owned, leased
and operated by it and to conduct its business as currently conducted and is in
good standing. Silvermex and each of the Silvermex Subsidiaries is duly
qualified or licensed to do business and is in good standing as a foreign
corporation or organization authorized to do business in all jurisdictions in
which the character of the properties owned, leased or operated or the nature of
the business conducted by it would make such qualification or licensing
necessary. No proceedings have been instituted or are pending for the
dissolution or liquidation of Silvermex or any Silvermex Subsidiary. True and
complete copies of the constating documents of Silvermex and each Silvermex
Subsidiary have been provided to First Majestic and no amendments to such
constating documents have been authorized.</P>
<P align=justify>3.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Capitalization.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The authorized capital of Silvermex consists of an
      unlimited number of Silvermex Shares of which, as of the date hereof,
      243,067,806 Silvermex Shares are issued and outstanding. No Silvermex
      Shares are held in treasury or authorized or reserved for issuance, other
      than upon the exercise of the Silvermex Warrants and the Silvermex Options
      that are set forth in Schedule 3.1.2 of the Silvermex Disclosure Letter.
      Parties to the Lock-up Agreements are the beneficial holders of, in the
      aggregate, 30,612,442 Silvermex Shares (representing not less than 12.59%
      of the aggregate number of Silvermex Shares outstanding as of the date of
      this Agreement). All outstanding Silvermex Shares have been duly
      authorized and are validly issued, are fully paid and non-assessable and
      were issued in compliance with the articles of Silvermex and all
      applicable Laws. There are, and have been, no preemptive rights relating
      to the allotment or issuance of any of the issued and outstanding
      Silvermex Shares. As of the date hereof, all Silvermex Options and all
      Silvermex Warrants outstanding are disclosed in Schedule 3.1.2 of the
      Silvermex Disclosure Letter, no Person other than First Majestic under
      this Agreement has any other agreement, option, commitment, arrangement,
      or any other right or privilege (whether by law, pre-emptive or
      contractual) capable of becoming an agreement, option or commitment
      (including any such right or privilege under
convertible securities, warrants or convertible obligations of any
      nature) for the purchase, subscription, allotment or issuance of, or
      conversion into, any of the unissued shares or any other securities of
      Silvermex or the purchase or other acquisition from Silvermex of any of
  its undertakings, business or assets.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_20></A>
<P align=center>- 20-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>There are no outstanding bonds, debentures or other
      evidences of indebtedness of Silvermex having the right to vote (or that
      are convertible for or exercisable into securities having the right to
      vote) with the holders of the Silvermex Shares on any matter.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Silvermex has not, since the date of its incorporation,
      declared or paid any dividends or made any other distributions (in either
      case, in stock or property) on any of its shares.</P></TD></TR></TABLE>
<P align=justify>3.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Authority and No
Violation.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex has all requisite corporate power and authority
      to enter into this Agreement and the documents required to be executed by
      it in connection with the transactions contemplated herein, to perform its
      obligations hereunder and, subject to obtaining the approval of the
      holders of Silvermex Shares and the Court as contemplated by Article 2, to
      consummate the Arrangement and the other transactions contemplated by this
      Agreement. The execution and delivery of this Agreement and such other
      documents by Silvermex and the consummation by Silvermex of the
      transactions contemplated by this Agreement (including the Arrangement)
      and such other documents have been duly authorized by the Silvermex Board
      and no other corporate proceedings on their part are necessary to
      authorize this Agreement or the transactions contemplated hereby, other
      than:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>with respect to the Silvermex Circular and other matters
      relating solely thereto, including the implementation of the Arrangement,
      the approval of the Silvermex Board; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>with respect to the completion of the Arrangement, the
      approval of the Arrangement Resolution by the Silvermex Securityholders
      and such other corporate proceedings of Silvermex as may be required by
      the Interim Order.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>This Agreement has been duly executed and delivered by
      Silvermex and constitutes a legal, valid and binding obligation,
      enforceable against it in accordance with its terms, subject to
      bankruptcy, insolvency and other similar Laws affecting creditors&#146; rights
      generally, and to general principles of equity. All documents required to
      be executed by Silvermex in connection with the transactions contemplated
      herein will be duly executed and delivered by Silvermex and, when so
      executed and delivered, will constitute a legal, valid and binding
      obligation, enforceable against it in accordance with its terms, subject
      to bankruptcy, insolvency and other similar Laws affecting creditors&#146;
      rights generally, and to general principles of equity.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>The approval of this Agreement and the other documents
      required to be executed by Silvermex in connection with the transactions
      contemplated herein, the execution and delivery by Silvermex of this
      Agreement and such other documents, and the performance by
Silvermex of its obligations hereunder and the completion of the Arrangement and
the transactions contemplated thereby, will not:</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_21></A>
<P align=center>- 21-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>conflict with, result in a violation or breach of,
      constitute a default or require any consent (other than such as has
      already been obtained), to be obtained under, or give rise to any
      termination rights or payment obligation under, any provision
of:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>its notice of articles or articles or any other agreement
      or understanding with any party holding an ownership interest in
      Silvermex;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>any resolutions of the Silvermex Board (or any committee
      thereof) or shareholders;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>any applicable Laws, subject to obtaining the Antitrust
      Clearance and the any required approval of the TSX to the transactions
      contemplated herein; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>subject to obtaining any consent, approval, permit or
      acknowledgement which may be required thereunder in connection with the
      completion of the transactions herein contemplated, details of which are
      set forth in Schedule 3.1.3 of the Silvermex Disclosure Letter, any
      license or registration or any agreement, contract or commitment, written
      or oral, which Silvermex or any Silvermex Subsidiary is a party to or
      bound by or subject to;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>give rise to any right of termination or acceleration of
      indebtedness of Silvermex or any Silvermex Subsidiary, or cause any third
      party indebtedness of Silvermex or any Silvermex Subsidiary to come due
      before its stated maturity;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>result in the imposition of any Encumbrance upon any of
      Silvermex&#146;s assets or the assets of any of the Silvermex Subsidiaries, or
      restrict, hinder, impair or limit its or any of the Silvermex
      Subsidiaries&#146; ability to carry on their respective business as and where
      it is now being carried on or as and where it may be carried on in the
      future; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>result in any payment (including severance, unemployment
      compensation, golden parachute, bonus or otherwise) becoming due to any
      Person, or any increase in any Employee Benefits otherwise payable, or the
      acceleration of the time of payment, vesting or exercise of any Employee
      Benefits.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>No consent, approval, order, registration, notice,
      declaration or filing with, any Governmental Entity or other Person is
      required to be obtained by Silvermex or any Silvermex Subsidiary in
      connection with the execution and delivery of this Agreement or any of the
      other documents contemplated hereby, or the consummation by Silvermex of
      the transactions contemplated hereby or thereby, other
  than:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_22></A>
<P align=center>- 22-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any approvals required by the Interim Order;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Final Order;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Antitrust Clearance;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any required approval of the TSX to the transactions
      contemplated herein;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>the third party consents, approvals and notices listed in
      Schedule 3.1.3 of the Silvermex Disclosure Letter; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>any other consents, approvals, orders, authorizations,
      declarations or filings of or with a Governmental Entity which are purely
      of an administrative nature and which could be completed or obtained
      without Material Adverse Effect on Silvermex or the Business immediately
      after the Effective Date or which, if not obtained, would not in the
      aggregate have a Material Adverse Effect on
Silvermex.</P></TD></TR></TABLE>
<P align=justify>3.1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Defaults</I>. Neither
Silvermex nor any Silvermex Subsidiary is in default under, and there exists no
event, condition or occurrence which, after notice or lapse of time or both,
would constitute such a default under, any contract, agreement, license or
franchise to which it is a party which would, if terminated due to such default,
cause a Material Adverse Effect on Silvermex.</P>
<P align=justify>3.1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Ownership of Silvermex
Subsidiaries</I>. Other than one share in the capital of each of La Guitarra
Compania Minera, S.A. de C.V., Servicios para la Industria Minera S.A. de C.V.,
Minera La Rastra S.A. de C.V. and Minera Terra Plata S.A. de C.V. which is held
by Michael Callahan as nominee in trust for Silvermex, either Silvermex or one
of the Silvermex Subsidiaries is the sole beneficial and registered owner of all
of the issued and outstanding shares in the capital of each of the Silvermex
Subsidiaries with good and marketable title thereto, free and clear of all
Encumbrances. No person has any other agreement, option, commitment,
arrangement, or any other right or privilege (whether by law, pre-emptive or
contractual) capable of becoming an agreement, option or commitment (including
any such right or privilege under convertible securities, warrants or
convertible obligations of any nature) for the purchase, subscription, allotment
or issuance of, or conversion into, any of the issued or unissued shares or any
other securities of any Silvermex Subsidiary or the purchase or other
acquisition from any Silvermex Subsidiary of any of its respective undertakings,
business or assets.</P>
<P align=justify>3.1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Other Shares</I>.
Other than the shares which Silvermex owns in the Silvermex Subsidiaries or
which the Silvermex Subsidiaries own in each other, neither Silvermex nor any of
the Silvermex Subsidiaries owns, beneficially, any shares in the capital of any
corporation, and neither Silvermex nor any of the Silvermex Subsidiaries holds
any securities or obligations of any kind convertible into or exchangeable for
shares in the capital of any corporation. Neither Silvermex nor any of the
Silvermex Subsidiaries is a party to any agreement to acquire any shares in the
capital of any corporation.</P>
<P align=justify>3.1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Reporting Issuer; Public
Documents.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Silvermex is a reporting issuer in Alberta, British
      Columbia and Ontario and is not in default of any filing obligations under
      Securities Laws and the Silvermex Shares are listed and posted for trading
      on the TSX.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_23></A>
<P align=center>- 23-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex is in compliance in all material respects with
      the applicable corporate governance rules and regulations of the
    TSX.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>No order ceasing, halting or suspending trading in
      securities of Silvermex or prohibiting the distribution of such securities
      has been issued to and is outstanding against Silvermex and no
      investigations or proceedings for such purposes are, to the knowledge of
      Silvermex, pending or threatened.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>The documents contained in the Silvermex Information
      Record were, at their respective dates, true and correct in all material
      respects and did not omit to state a material fact necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Silvermex has publicly disclosed in the Silvermex
      Information Record all information regarding any event, circumstance or
      action taken or failed to be taken which could, individually or in the
      aggregate, reasonably be expected to have a Material Adverse Effect on
      Silvermex.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Except as qualified by the disclosure in the Silvermex
      Information Record, and except as otherwise disclosed in writing to First
      Majestic, Silvermex beneficially owns or leases the properties, business
      and assets or the interests in the properties, business or assets referred
      to in the Silvermex Information Record, no party is challenging or
      disputing Silvermex's title to any such properties, business or assets and
      all agreements by which Silvermex holds an interest in a property,
      business or assets are in good standing according to their terms and the
      properties are in good standing under the applicable laws of the
      jurisdictions in which they are situated.</P></TD></TR></TABLE>
<P align=justify>3.1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>U.S. Securities Matters.
</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Silvermex is a &#147;foreign private issuer&#148; as defined in
      Rule 3b-4 under the U.S. Exchange Act;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex is not, nor has it ever been, an investment
      company registered or required to be registered under the U.S. Investment
      Company Act of 1940, as amended;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Silvermex is not currently subject to the reporting
      requirements of the U.S. Exchange Act; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Silvermex has filed the Registration Statement and, upon
      such Registration Statement becoming effective, it shall become subject to
      the reporting requirements of the U.S. Exchange
Act.</P></TD></TR></TABLE>
<P align=justify>3.1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Financial
Statements</I>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The 2011 Financial Statements and the 2010 Financial
      Statements have been, and all financial statements of Silvermex which are
      publicly disseminated by Silvermex in respect of any subsequent periods
      prior to the Effective Date will be, prepared in accordance with GAAP,
      applied on a basis consistent with prior periods and all applicable Laws
      and present fairly or will present fairly, in all material
  respects:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 24-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>all the assets, liabilities (whether accrued, absolute,
      contingent or otherwise) and the financial condition of Silvermex and the
      Silvermex Subsidiaries, on a consolidated basis as at the respective dates
      thereof; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the revenues, earnings, results of operations and cash
      flows of Silvermex and the Silvermex Subsidiaries, on a consolidated basis
      for the respective periods covered thereby.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex maintains internal controls over financial
      reporting. Such internal controls over financial reporting are effective
      in providing reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external
      purposes in accordance with GAAP and includes policies and procedures
      that:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect the transactions and dispositions of
      the assets of Silvermex and the Silvermex Subsidiaries;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with GAAP, and that receipts and expenditures of Silvermex and
      the Silvermex Subsidiaries are being made only with the authorization of
      management and directors of Silvermex and the Silvermex Subsidiaries;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of the
      assets of Silvermex or its subsidiaries that could have a material effect
      on its financial statements.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>To the knowledge of Silvermex as of the date of this
      Agreement:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>there are no material weaknesses in the design and
      implementation or maintenance of internal controls over financial
      reporting of Silvermex that are reasonably likely to adversely affect the
      ability of Silvermex to record, process, summarize and report financial
      information; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>there is no fraud, whether or not material, that involves
      management or other employees who have a significant role in the internal
      control over financial reporting of Silvermex.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>Since December 31, 2011, neither Silvermex nor any of the
      Silvermex Subsidiaries nor, to Silvermex&#146;s knowledge, any director,
      officer, employee, auditor, accountant or representative of Silvermex or
      any of the Silvermex Subsidiaries has received or otherwise had or
      obtained knowledge of any complaint, allegation, assertion, or claim,
      whether written or oral, regarding the accounting or auditing practices,
      procedures, methodologies or methods of Silvermex or any of the Silvermex
      Subsidiaries or their respective internal accounting controls, including
      any complaint, allegation, assertion, or claim that Silvermex or any of
      the Silvermex Subsidiaries has engaged in questionable accounting or
      auditing practices.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_25></A>
<P align=center>- 25-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Silvermex has no knowledge of any material adjustments,
      potential liabilities or obligations, which individually or in the
      aggregate have not been reflected in the 2011 Financial Statements, other
      than liabilities, indebtedness and obligations incurred by Silvermex
      and/or the Silvermex Subsidiaries in the ordinary course of business, or
      as contemplated in this Agreement or as disclosed in Schedule 3.1.9 of the
      Silvermex Disclosure Letter.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Schedule 3.1.9 of the Silvermex Disclosure Letter sets
      forth a complete and accurate list of all intercompany indebtedness
      between and among Silvermex and the Silvermex
  Subsidiaries.</P></TD></TR></TABLE>
<P align=justify>3.1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Business Carried on in
Ordinary Course</I>. The Business has been carried on in the ordinary course
since December 31, 2011 and since such date:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>there has not been any event, circumstance or occurrence
      which has had or is reasonably likely to give rise to a Material Adverse
      Effect with respect to Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no liability or obligation of any nature (whether
      absolute, accrued, contingent or otherwise and whether matured or
      unmatured) which has had or is reasonably likely to have a Material
      Adverse Effect with respect to Silvermex has been incurred;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>there has been no damage, destruction or loss of any
      material tangible assets, whether covered by insurance or not, that could
      reasonably be expected to have a Material Adverse Effect on
    Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>there has been no increase in the salary, other cash
      compensation or other Employee Benefits payable or to become payable by
      Silvermex or any Silvermex Subsidiary to any of its respective officers,
      directors, employees or advisors, other than in the ordinary course of
      business, and there has been no declaration, payment or commitment or
      obligation of any kind for the payment or granting by Silvermex or any
      Silvermex Subsidiary of a bonus, stock option or other additional salary
      or compensation to any such Person, or any grant to any such Person of any
      increase in severance or termination pay, nor has Silvermex or any
      Silvermex Subsidiary agreed to do any of the foregoing;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>there has not been any redemption, repurchase or other
      acquisition of Silvermex Shares by Silvermex, or any declaration, setting
      aside or payment of any dividend or other distribution (whether in cash,
      shares or property) with respect to the Silvermex Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there has not been a material change in the level of
      accounts receivable or payable, inventories or employees, other than those
      changes in the ordinary course of business consistent with past
      practice;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary has
      acquired or sold, pledged, leased, encumbered or otherwise disposed of any
      material property or assets or incurred or committed to incur capital
      expenditures in excess of $100,000 in the aggregate, as of the date
      hereof, nor has Silvermex or any Silvermex Subsidiary agreed to do any of
      the foregoing;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_26></A>
<P align=center>- 26-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary has
      entered into any Material Agreement or amended, modified, relinquished,
      terminated or failed to renew any Material Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary has made
      any change in accounting policies, principles, methods, practices or
      procedures (including for bad debts, contingent liabilities or otherwise);
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>there has been no waiver by Silvermex or any Silvermex
      Subsidiary or agreement to waive, any right of substantial value and
      neither Silvermex nor any Silvermex Subsidiary has entered into any
      commitment or transaction not in the ordinary course of business where
      such right, commitment or transaction is or would be material in relation
      to Silvermex or the Business.</P></TD></TR></TABLE>
<P align=justify>3.1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Partnerships or Joint
Ventures</I>. Neither Silvermex nor any Silvermex Subsidiary is a partner or
participant in any partnership, joint venture, profit-sharing arrangement or
other business combination of any kind and is not party to any agreement under
which it agrees to carry on any part of its Business or any other activity in
such manner or by which it agrees to share any revenue or profit with any other
Person.</P>
<P align=justify>3.1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Operational
Matters</I>. Except as would not, individually or in the aggregate, be
reasonably expected to result in a Material Adverse Effect with respect to
Silvermex:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>all rentals, royalties, overriding royalty interests,
      production payments, net profit interests, burdens, payments and
      obligations due and payable, or performable, as the case may be, on or
      prior to the date hereof under, with respect to, or on account of, any
      direct or indirect assets of Silvermex or the Silvermex Subsidiaries have
      been:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>duly paid;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>duly performed; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>provided for prior for the date hereof;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>all costs, expenses, and liabilities payable on or prior
      to the date hereof under the terms of any contracts and agreements to
      which Silvermex or any of the Silvermex Subsidiaries is directly or
      indirectly bound have been properly and timely paid, except for such
      expenses that are being currently paid prior to delinquency in the
      ordinary course of business; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>to the knowledge of Silvermex as of the date of this
      Agreement there are no operational, geotechnical, geochemical or
      structural issues, social conflicts or limitations to surface rights,
      relating to the exploration and development of Silvermex&#146;s Mineral Rights
      that, individually or in the aggregate, may be reasonably expected to
      result in a Material Adverse Effect with respect to
  Silvermex.</P></TD></TR></TABLE>
<P align=justify>3.1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Minute Books and
Corporate Records</I>. The minute and record books of Silvermex and each of the
Silvermex Subsidiaries contain complete and accurate minutes in all material
respects of all meetings of, and copies of all resolutions passed by, or
consented to in writing by, its directors (and any committees thereof) and
shareholders since its incorporation, all such meetings were duly called and
held and all such resolutions were duly passed or enacted. The share
certificate books, registers of shareholders, registers of transfers, registers
of directors, registers of holders of Debt Instruments and other corporate
registers of Silvermex and each Silvermex Subsidiary are complete and accurate
in all material respects. Other than the Shareholder Rights Plan, neither
Silvermex nor any Silvermex Subsidiary is a party to or bound by or subject to
any shareholder agreement or unanimous shareholder agreement governing its
affairs or the relationships, rights and duties of shareholders and is not
subject to a shareholder rights plan or &#147;poison pill&#148; or similar plan.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_27></A>
<P align=center>- 27-</P>
<P align=justify>3.1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Accuracy of Books and
Records</I>. The books and records, accounting, financial and otherwise, of
Silvermex and each of the Silvermex Subsidiaries fairly and correctly set out
and disclose in all material respects, in accordance with GAAP, its financial
position as at the date hereof and all material financial transactions have been
accurately recorded in such books and records on a consistent basis and in
conformity with GAAP. All records, systems, controls, data or information
(including any digital, electronic, mechanical, photographic or other
technological process or device whether computerized or not) required to operate
the Business are in the full possession and control of and are owned exclusively
by Silvermex or the Silvermex Subsidiaries.</P>
<P align=justify>3.1.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Guarantees</I>. Neither
Silvermex nor any Silvermex Subsidiary is a party to or bound by or subject to
any Guarantee of the indebtedness of any other Person.</P>
<P align=justify>3.1.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Interested
Persons.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>No payment has been made or authorized by Silvermex or
      any Silvermex Subsidiary to or for the benefit of any Interested Person,
      except Employee Benefits, management or other fees payable in the ordinary
      course of business and at the regular rates or as reimbursement of
      expenses incurred on behalf of Silvermex or any Silvermex
    Subsidiary.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary is a party
      to or bound by or subject to any agreement, contract or commitment with
      any Interested Person, except for contracts of employment or contracts of
      service with independent contractors;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary has any
      loan or indebtedness outstanding (except for obligations incurred in the
      ordinary course of business with respect to Employee Benefits, management
      or other fees and the reimbursement of expenses incurred on behalf of
      Silvermex or such Silvermex Subsidiary) to any Interested
Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no Interested Person owns, directly or indirectly, in
      whole or in part, any property used in the operation of the Business as
      heretofore carried on; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>no Interested Person has any cause of action or other
      claim whatsoever against, or owes any amount to, Silvermex or any
      Silvermex Subsidiary, except for any claims in the ordinary course of
      business such as claims for accrued vacation pay and accrued benefits
      under the Employee Benefits.</P></TD></TR></TABLE>
<P align=justify>3.1.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Employment and Employee
Benefit Matters.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>As at the date hereof, Silvermex and the Silvermex
      Subsidiaries had an aggregate of 306 full time and part time employees,
      and an aggregate of 94 independent contractors or other non-employees who
      supply their services under personal services contracts (whether written or oral). The names
      and positions of each executive officer of Silvermex and each other Person
      who receives, directly or indirectly, in excess of $50,000 in annual
      compensation from Silvermex or any Silvermex Subsidiary are set forth and
  described in Schedule 3.1.17 of the Silvermex Disclosure Letter.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_28></A>
<P align=center>- 28-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Except as set forth and described in Schedule 3.1.17 of
      the Silvermex Disclosure Letter:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary is a party
      to or bound by or subject to any agreement or arrangement with respect to
      Employee Benefits and no such agreement or arrangement contains any
      specific provision as to notice of termination of employment or severance
      pay in lieu thereof;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary has any
      obligations to amend any Employee Benefit and no amendments will be made
      or promised prior to the Effective Date, except with the prior written
      consent of First Majestic;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>all obligations of Silvermex and the Silvermex
      Subsidiaries as of December 31, 2011 with respect to Employee Benefits are
      reflected in and have been fully accrued in the 2011 Financial
      Statements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any Silvermex Subsidiary is a party
      to or bound by or subject to any collective bargaining agreement or other
      similar arrangement with any labour union or employee association nor has
      it made any commitment to or conducted any negotiation or discussion with
      any labour union or employee association with respect to any future
      agreement or arrangement and, to the knowledge of Silvermex, there is no
      current application for certification or other attempt to organize or
      establish any labour union or employee association with respect to
      employees of Silvermex or any Silvermex Subsidiary;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has, in
      all material respects, complied with, and operated its Business in
      accordance with, all applicable Laws relating to employment and labour
      matters, including employment and labour standards, occupational health
      and safety, employment equity, pay equity, workers&#146; compensation, human
      rights and labour relations matters;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>neither Silvermex nor any of the Silvermex Subsidiaries
      is subject to any claim for wrongful dismissal, constructive dismissal or
      any other tort claim, actual or, to the knowledge of Silvermex,
      threatened, or any litigation actual, or to the knowledge of Silvermex,
      threatened, relating to employment or termination of employment of
      employees or independent contractors, except for such claims or litigation
      which individually or in the aggregate would not be reasonably expected to
      have a Material Adverse Effect with respect to Silvermex. To the knowledge
      of Silvermex, no labour strike, lock-out, slowdown or work stoppage is
      pending or threatened against or directly affecting Silvermex or any of
      the Silvermex Subsidiaries;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_29></A>
<P align=center>- 29-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>except as set forth and described in Schedule 3.1.17 of
      the Silvermex Disclosure Letter, no Person will, as a result of the
      transactions contemplated hereby, become entitled to (A) any retirement,
      severance, bonus or other such payment, (B) the acceleration of the
      vesting or time to exercise of any outstanding stock options or other
      Employee Benefits (including the Silvermex Options), (C) the forgiveness
      or postponement of payment of any indebtedness owing to Silvermex or any
      Silvermex Subsidiary, or (D) receive any additional payments or
      compensation under or in respect of any Employee Benefits;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>all accruals for unpaid vacation pay, premiums for
      employment insurance, health premiums, Canada Pension Plan, accrued wages,
      salaries and commissions and other Employee Benefits have been reflected
      in the books and records of Silvermex and the Silvermex
    Subsidiaries;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify>all obligations and payments of Silvermex and each of the
      Silvermex Subsidiaries before a Governmental Entity such as the Instituto
      Mexicano del Seguro Social (IMSS), Instituto del Fondo Nacional de la
      Vivienda para los Trabajadores (INFONAVIT) and Comisi&#243;n Nacional del
      Sistema de Ahorro para el Retiro (CONSAR) are paid and up to date;
    and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>no services agreement entered into by Silvermex or any
      Silvermex Subsidiary with an individual may be interpreted by a
      Governmental Entity as an employment relation subject to the payment of
      Instituto Mexicano del Seguro Social (IMSS), Instituto del Fondo Nacional
      de la Vivienda para los Trabajadores (INFONAVIT) and Comisi&#243;n Nacional del
      Sistema de Ahorro para el Retiro (CONSAR).</P></TD></TR></TABLE>
<P align=justify>3.1.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Pension and Retirement
Plans</I>. Neither Silvermex nor any Silvermex Subsidiary sponsors or
participates in any pension and/or retirement plan, whether a money purchase
plan or a defined benefit plan or otherwise.</P>
<P align=justify>3.1.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Debt Instruments</I>.
Except as set forth and described in Schedule 3.1.19 of the Silvermex Disclosure
Letter, neither Silvermex nor any Silvermex Subsidiary is bound by or subject
to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any Debt Instrument; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any agreement, contract or commitment to create, assume
      or issue any Debt Instrument;</P></TD></TR></TABLE>
<P align=justify>and no Debt Instrument or Encumbrance which Silvermex or any
Silvermex Subsidiary is bound by or subject to is dependent upon the Guarantee
of or any security provided by any other Person.</P>
<P align=justify>3.1.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Real Property</I>.
Except for the property set forth in Schedule 3.1.20 of the Silvermex Disclosure
Letter (the &#147;<B>Silvermex Real Property</B>&#148;), neither Silvermex nor any
Silvermex Subsidiary owns, has any interest in, or is a party to or bound by or
subject to any agreement, contract or commitment, or any option to purchase, any
real or immovable property. Silvermex or the Silvermex Subsidiaries has good
marketable title in fee simple to the Silvermex Real Property, free and clean of
all Encumbrances, easements or restrictions of any other kind. All buildings,
structures, improvements and appurtenances situated on the Silvermex Real
Property are in a good state of maintenance and repair and are adequate and suitable for the purposes for which they are
currently being used. None of the buildings, structures, improvements or
appurtenances located on the Silvermex Real Property (or any equipment therein),
nor the operation or maintenance thereon, violates any restrictive covenant or
any provision of any applicable Law or encroaches on any property owned by
others. Silvermex and/or the Silvermex Subsidiaries are up to the date in the
payment of all local, state and/or federal taxes with respect to the Silvermex
Real Property, including payments for the use of water and electricity. No
Silvermex Real Property has any environmental damage (pasivo ambiental) pursuant
to applicable Laws. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_30></A>
<P align=center>- 30-</P>
<P align=justify>3.1.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Leases and Leased
Property.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Neither Silvermex nor any Silvermex Subsidiary is a party
      to or bound by or subject to nor has Silvermex or any Silvermex Subsidiary
      agreed or become bound to enter into, any real or personal property lease,
      sublease or other right of occupancy relating to real property, whether as
      lessor or lessee, except for the Leases set forth and described in
      Schedule 3.1.21 of the Silvermex Disclosure Letter, copies of which have
      been provided to First Majestic prior to the date hereof. Silvermex or the
      Silvermex Subsidiaries, as applicable, occupies and has the exclusive
      right to occupy and use all immovable Leased Property and has the
      exclusive right to use all movable Leased Property.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each of the Leases is valid and subsisting and in good
      standing, all rental and other payments required to be paid by Silvermex
      or any Silvermex Subsidiary as lessee or sublessee and due and payable
      pursuant to the Leases have been duly paid to date and neither Silvermex
      nor any Silvermex Subsidiary is otherwise in default in meeting its
      obligations under any of the Leases and is entitled to all rights and
      benefits thereunder. No event exists which, but for the passing of time or
      the giving of notice, or both, would constitute a default by Silvermex or
      any Silvermex Subsidiary or, to the knowledge of Silvermex, any other
      party to any Lease and no party to any Lease is claiming any such default
      or taking any action purportedly based upon any such
  default.</P></TD></TR></TABLE>
<P align=justify>3.1.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Insurance.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Silvermex has in place reasonable and prudent insurance
      policies appropriate for its size, nature and stage of development.
      Schedule 3.1.22 sets out a complete and accurate list of all policies and
      other forms of insurance (collectively, &#147;<B>Insurance Policies</B>&#148;) held
      by Silvermex and the Silvermex Subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Each Insurance Policy is in full force and effect in
      accordance with its terms, no notice of cancellation or termination has
      been received, and there is no existing default or event which, with the
      giving of notice or lapse of time or both, would constitute a default
      thereunder. Silvermex has not received notice of any fact, condition or
      circumstance which might reasonably form the basis of any claim against
      Silvermex or any Silvermex Subsidiary which is not fully covered by
      insurance (subject to standard deductibles) maintained by it and which
      would reasonably be expected to have a Material Adverse Effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>There are no outstanding claims under any Insurance
      Policy in excess of $25,000 and, to the knowledge of Silvermex, no fact,
      condition or circumstance which might reasonably form the basis of any
      claim in excess of $25,000.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_31></A>
<P align=center>- 31-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>All premiums payable prior to the date hereof under such
      Insurance Policies have been paid and neither Silvermex nor any of the
      Silvermex Subsidiaries has failed to make a claim thereunder on a timely
      basis. There has been no denial of a material claim and no material claim
      has been disputed by Silvermex&#146;s insurers in the past or
  present.</P></TD></TR></TABLE>
<P align=justify>3.1.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Material
Agreements</I>. Except for the Material Agreements listed and described in
Schedule 3.1.23 of the Silvermex Disclosure Letter, as of the date of this
Agreement neither Silvermex nor any Silvermex Subsidiary is a party to or bound
by or subject to any of the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>any continuing contract for the purchase of materials,
      supplies, equipment or services involving, in the case of any such
      contract, more than $100,000 over the life of the contract;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any contract that expires, or may be renewed at the
      option of any Person other than Silvermex or any Silvermex Subsidiary so
      as to expire, more than one year after the date of this
  Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>any Debt Instrument;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any contract for capital expenditures in excess of
      $100,000 in the aggregate;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any contract limiting the right of Silvermex or any
      Silvermex Subsidiary to engage in any line of business or to compete with
      any other Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>any confidentiality, secrecy or non-disclosure contract
      other than confidentiality agreements in the form provided to First
      Majestic's counsel on the date hereof, and Silvermex further represents
      that it has not received any confidential information under any such
      agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>any agreement or contract by virtue of which any of the
      Mineral Rights of Silvermex or any Silvermex Subsidiary were acquired or
      constructed or are held by Silvermex or the Silvermex Subsidiaries or
      pursuant to which the construction, ownership, operation, exploration,
      exploitation, extraction, development, production, transportation,
      refining or marketing of such Mineral Rights are subject or which grant
      rights which are or may be used in connection therewith;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>any contract pursuant to which Silvermex or any Silvermex
      Subsidiary leases any real property;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>any contract pursuant to which Silvermex or any Silvermex
      Subsidiary leases any personal property involving payments by Silvermex or
      any Silvermex Subsidiary in excess of $25,000 annually or involving rights
      or obligations which cannot be terminated without penalty on less than
      three months&#146; notice;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>any contract with any Interested Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>any Guarantee;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>any hedges, swaps or other like financial
    instruments;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_32></A>
<P align=center>- 32-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>any employment contracts with employees and service
      contracts with independent contractors providing for annual compensation
      over $100,000 or any agreements with any executive officer;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>any agreement to indemnify, hold harmless or defend any
      other Person with respect to any assertion of personal injury, damage to
      property, misappropriation or violation or warranting the lack thereof;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>any other agreement, indenture, contract, lease, deed of
      trust, license, option, instrument or other commitment which is or would
      reasonably be expected to be material to the Business, properties, assets,
      operations, condition (financial or otherwise) or prospects of Silvermex
      or any of the Silvermex Subsidiaries;</P></TD></TR></TABLE>
<P align=justify>whether written or oral, and of any nature or kind
whatsoever.</P>
<P align=justify>3.1.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Breach of Material
Agreements</I>. Silvermex and each of the Silvermex Subsidiaries has performed
all of the material obligations required to be performed by it, and is entitled
to all benefits under, and is not in default in respect of, any Material
Agreement to which it is a party. Each of the Material Agreements is
enforceable, is in full force and effect, unamended, and there exists no breach
thereof or default or event of default or event, occurrence, condition or act
with respect to Silvermex or any Silvermex Subsidiary or, to Silvermex&#146;s
knowledge, with respect to the other contracting party or otherwise that, with
or without the giving of notice, the lapse of time or the happening of any other
event or conditions, would (A) become a default or event of default under any
Material Agreement, or (B) result in the loss or expiration of any right or
option by Silvermex or any Silvermex Subsidiary (or the gain thereof by any
third party) under any Material Agreement. Silvermex has delivered a true,
correct and complete copy of each of the Material Agreements to First
Majestic.</P>
<P align=justify>3.1.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Relationships with
Customers, Suppliers, Distributors, Service Providers and Sales
Representatives</I>. Silvermex has not received any written (or to the knowledge
of Silvermex other) notice that any customer, supplier, distributor, service
provider or sales representative intends to cancel, terminate or otherwise
modify or not renew its relationship with Silvermex or any Silvermex Subsidiary,
and, to the knowledge of Silvermex, no such action has been threatened, which,
in either case, individually or in the aggregate, would reasonably be expected
to have a Material Adverse Effect.</P>
<P align=justify>3.1.26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Third Party
Consents</I>. None of the Material Agreements requires a consent or approval of
the other party thereto to the Arrangement or other transactions contemplated
hereby.</P>
<P align=justify>3.1.27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Legal Proceedings</I>.
There are no claims, actions, suits, complaints, investigations or proceedings
(whether private, governmental or otherwise, and whether or not purportedly on
behalf of Silvermex or any Silvermex Subsidiary) in progress, pending, or to the
knowledge of Silvermex, threatened, against or affecting Silvermex or any
Silvermex Subsidiary (including actions, suits, investigations or proceedings
against any directors, officers or employees of Silvermex or any Silvermex
Subsidiary which relate to the Business, affairs, assets or operations of
Silvermex<B>)</B>, at law or in equity, or before or by any Tribunal. There is
no judgment, decree, injunction, ruling, order or award of any Tribunal
outstanding against or affecting Silvermex or any Silvermex Subsidiary.
Silvermex is not aware of any grounds on which any such action, suit,
investigation or proceeding might be commenced with any reasonable likelihood of
success, and does not have any present plans or intentions to initiate any
litigation, arbitration or other proceedings against any third party. </P>
<P align=justify>3.1.28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Banking
Information</I>. Schedule 3.1.28 of the Silvermex Disclosure Letter sets forth
and describes:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 33-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the name and location (including municipal address) of
      each bank, trust company or other institution in which Silvermex or any
      Silvermex Subsidiary has an account, money on deposit or a safety deposit
      box and the name of each Person authorized to draw thereon or to have
      access thereto; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the name of each Person holding a general or special
      power of attorney from Silvermex or the applicable Silvermex Subsidiary
      and a summary of the terms thereof.</P></TD></TR></TABLE>
<P align=justify>3.1.29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Tax Matters.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Save for the requirement to file Tax Returns in respect
      of income taxes for the current taxation year (which return is not yet
      due), and any income Tax Return which is required to be filed as a result
      of or in connection with the transactions contemplated herein, Silvermex
      and each of the Silvermex Subsidiaries has duly filed in the prescribed
      manner and within the prescribed time all Tax Returns required to be filed
      by it on or before the date hereof with any taxing or regulatory authority
      to which it is subject and each such Tax Return was complete and accurate
      at the time filed.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has paid
      all Taxes that are due and payable by it, and any interest, penalties and
      fines in connection therewith, properly due and payable, and has paid all
      of same in connection with all known assessments, reassessments and
      adjustments.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Each of Silvermex and the Silvermex Subsidiaries has duly
      and timely collected all amounts on account of any sales, use or transfer
      Taxes, including all goods and services, harmonized sales, value added,
      provincial and territorial taxes and state and local taxes, required by
      Law to be collected by it and has duly and timely remitted to the
      appropriate Governmental Authority any such amounts required by Law to be
      remitted by it.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Except as set forth in the 2011 Financial Statements,
      there are no Taxes or fines in respect of Taxes claimed by any
      Governmental Entity against Silvermex or any Silvermex Subsidiary or which
      are known to Silvermex to be due and owing by Silvermex or any Silvermex
      Subsidiary and, to the knowledge of Silvermex, there are no pending or
      threatened reassessments by any Governmental Entity in respect of Taxes
      owing by Silvermex or any Silvermex Subsidiary, and there are no matters
      of dispute or under discussion with any Governmental Entity relating to
      Taxes or fines in respect of Taxes asserted by such Governmental Entity
      against Silvermex or any Silvermex Subsidiary.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>The 2011 Financial Statements fully reflect accrued
      liabilities as at December 31, 2011 for all Taxes which were not yet then
      due and payable and for which Tax Returns were not yet then required to be
      filed. Except as set forth in the 2011 Financial Statements, there are no
      actions, suits, investigations or proceedings and no assessment,
      reassessment or request for information in progress, pending or, to the
      knowledge of Silvermex, threatened against or affecting Silvermex in
      respect of Taxes nor are any issues under discussion with any taxing
      authority relating to any matters which could result in claims for
      additional Taxes.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_34></A>
<P align=center>- 34-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>There are no agreements, waivers or other arrangements
      made by Silvermex or any Silvermex Subsidiary providing for an extension
      of time with respect to any assessment or reassessment of Tax, the filing
      of any Tax Return or the payment of any Tax by Silvermex or any Silvermex
      Subsidiary.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has
      withheld the amount of all Taxes and other deductions required under any
      applicable Laws to be withheld from each payment made by it and has paid
      all amounts withheld which are due and payable before the date hereof and
      all installments of Taxes which are due and payable before the date hereof
      to the relevant taxing or other authority within the time prescribed under
      any applicable Laws.</P></TD></TR></TABLE>
<P align=justify>3.1.30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Compliance with
Applicable Laws</I>. Silvermex and each of the Silvermex Subsidiaries has
conducted and is conducting its Business in compliance in all material respects
with all applicable Laws, in each jurisdiction in which its Business is carried
on, is not in material breach of any of such Laws and is duly licensed or
registered in each jurisdiction in which it owns or leases its property and
assets or carries on its Business, so as to enable its Business to be carried on
as now conducted and its property and assets to be so owned or leased. Neither
Silvermex nor any Silvermex Subsidary has received notice of any violation of
applicable Laws in any jurisdiction. Schedule 3.1.30 of the Silvermex Disclosure
Letter sets out a complete and accurate list of all material licenses, permits,
approvals, consents, certificates, registrations and authorizations (whether
governmental, regulatory or similar type) relating to the Business (the
&#147;<B>Licenses</B>&#148;), and there are no other material licenses, permits,
approvals, consents, certificates, registrations, or authorizations, necessary
to carry on its Business as presently carried on or to own or lease any of the
property or the assets utilized by Silvermex or any Silvermex Subsidiary except
where the lack of grant of such would not have a Material Adverse Effect on
Silvermex. Each License is valid and subsisting and in good standing and there
is no default or breach of any License and, to the best of the knowledge of
Silvermex, no proceeding is pending or threatened to revoke or limit any
License. No License is non-renewable, expires within 12 months or contains any
burdensome term, provision, condition or limitation which has or could have a
Material Adverse Effect on Silvermex or the Business or requires the consent,
approval, permit or acknowledgement of any Person in connection with the
completion of the transactions herein contemplated.</P>
<P align=justify>3.1.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Business
Restrictions</I>. There is no agreement (non-compete or otherwise), commitment,
judgment, injunction, order or decree to which Silvermex or any Silvermex
Subsidiary is party or which is otherwise binding upon Silvermex or any
Silvermex Subsidiary which has or reasonably could be expected to have the
effect of prohibiting or impairing any business practice of Silvermex or such
Silvermex Subsidiary, any acquisition of property (tangible or intangible) by
Silvermex or such Silvermex Subsidiary or the conduct of business by Silvermex
or such Silvermex Subsidiary, as currently conducted or proposed to be
conducted.</P>
<P align=justify>3.1.32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Liabilities</I>. There
are no material liabilities of Silvermex or any Silvermex Subsidiary of any kind
(whether accrued, absolute, contingent or otherwise and whether matured or
unmatured) existing on the date hereof except for:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>liabilities (including liabilities for unpaid Taxes)
      disclosed on, reflected in or provided for in the 2011 Financial
      Statements;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>liabilities disclosed or referred to in this
      Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>liabilities incurred in the ordinary course of business
      and attributable to the period since December 31, 2011, none of which,
      individually or in the aggregate, has a Material Adverse Effect on
      Silvermex; and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_35></A>
<P align=center>- 35-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>liabilities incurred in connection with this Agreement or
      the transactions contemplated in this Agreement.</P></TD></TR></TABLE>
<P align=justify>3.1.33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Condition and
Sufficiency of Assets</I>. All facilities, machinery and equipment owned or used
by Silvermex and each of the Silvermex Subsidiaries are in good operating
condition and in a state of good repair and maintenance, reasonable wear and
tear excepted. Schedule 3.1.33 of the Silvermex Disclosure Letter lists all
assets and property owned or leased by Silvermex or the Silvermex Subsidiaries
with a value of $25,000 or more. Silvermex or the Silvermex Subsidiaries own or
lease all of the property and assets used in or necessary for the conduct of the
Business as it is currently being conducted with good and marketable title to
all property and assets which are owned by Silvermex or any Silvermex free and
clear of any and all Encumbrances. There has not been any significant
interruption of operations, supplies, access or services by contractors of the
Business due to inadequate maintenance of any of the property or assets owned
and used by Silvermex or any Silvermex Subsidiary.</P>
<P align=justify>3.1.34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Environmental</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The operation of the Business by Silvermex and each of
      the Silvermex Subsidiaries, the property and assets owned or used by
      Silvermex and the Silvermex Subsidiaries and the use, maintenance and
      operation thereof have been and are in compliance with all Environmental
      Laws (except where non- compliance would not have a Material Adverse
      Effect in respect of Silvermex). Each of Silvermex and the Silvermex
      Subsidiaries have complied with all reporting and monitoring requirements
      under all Environmental Laws (except where non-compliance would not have a
      Material Adverse Effect in respect of Silvermex). Neither Silvermex nor
      any of the Silvermex Subsidiaries has received any notice of any
      non-compliance with any Environmental Laws or Environmental Permits, and
      none of Silvermex or any of the Silvermex Subsidiaries have been convicted
      of an offence of non-compliance with any Environmental Laws or
      Environmental Permits or been fined or otherwise sentenced or settled such
      prosecution short of conviction. There is no civil, criminal or
      administrative action, suit, demand, claim, hearing, notice of violation,
      investigation, proceeding, notice or demand letter existing or pending, or
      to the best knowledge of Silvermex, threatened, relating to the property
      or assets owned or used by Silvermex or any of the Silvermex Subsidiaries,
      relating in any way to any Environmental Laws.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has
      obtained all Environmental Permits necessary to conduct its Business and
      to own, use and operate its properties and assets, all such Environmental
      Permits are in effect, no appeal or other action is pending to revoke any
      such Environmental Permit and the operation of the Business of Silvermex
      and each of the Silvermex Subsidiaries, the property and assets owned by
      Silvermex and each of the Silvermex Subsidiaries and the use, maintenance
      and operation thereof have been and are in compliance with all
      Environmental Permits. To the extent required by applicable Environmental
      Laws, Silvermex and each of the Silvermex Subsidiaries has filed all
      applications necessary to renew or obtain any necessary permits, licenses,
      or authorizations in a timely fashion so as to allow it to continue to
      operate its Business in compliance with applicable Environmental Laws, and
      Silvermex does not expect such new or renewed licenses, permits or other
      authorizations to include any terms or conditions that will have a
      Material Adverse Effect in respect of
Silvermex.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 36-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has, at
      all times, used, generated, treated, stored, transported, disposed of or
      otherwise handled its Hazardous Substances in compliance with all
      Environmental Laws and Environmental Permits.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Neither Silvermex nor any of the Silvermex Subsidiaries
      is, and, to the knowledge of Silvermex, there is no reasonable basis upon
      which Silvermex or any of the Silvermex Subsidiaries could become,
      responsible for any material clean up or corrective action under any
      Environmental Laws. All audits, assessments, reports and studies with
      respect to environmental matters relating to Silvermex or any of the
      Silvermex Subsidiaries have been referenced in Schedule 3.1.34 of the
      Silvermex Disclosure Letter.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>There are no past or present (or, to the best of
      Silvermex&#146;s knowledge, future) events, conditions, circumstances,
      activities, practices, incidents, actions or plans which may interfere
      with or prevent compliance or continued compliance by Silvermex and each
      of the Silvermex Subsidiaries with the Environmental Laws as in effect on
      the date hereof or which may give rise to any common law or legal
      liability under the Environmental Laws, or otherwise form the basis of any
      claim, action, demand, suit, proceeding, hearing, notice of violation,
      study or investigation, based on or related to the manufacture,
      generation, processing, distribution, use, treatment, storage, disposal,
      transport or handling, or the Release or threatened Release into the
      indoor or outdoor environment by Silvermex or any of the Silvermex
      Subsidiaries of any Hazardous Substances.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>There are no surface rights, Leases, real property or
      other assets or rights of Silvermex or any Silvermex Subsidiary that are
      affected by a federally protected ecological area in
  Mexico.</P></TD></TR></TABLE>
<P align=justify>3.1.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Mineral Rights</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Schedule 3.1.35 of the Silvermex Disclosure Letter
      provides a complete list and description of all of the Mineral Rights of
      Silvermex and each of the Silvermex Subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex or one of the Silvermex Subsidiaries is the
      sole legal and beneficial owner of all right, title and interest to the
      Mineral Rights set out in Schedule 3.1.35 of the Silvermex Disclosure
      Letter, free and clear of any Encumbrances.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colSpan=2>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has
      conducted and is conducting its respective Business in accordance with
      good mining industry practices and in compliance with all applicable Laws,
      and, in particular, all applicable licensing and Environmental Laws or
      other lawful requirements of any Governmental Entities applicable to it in
      each jurisdiction in which it carries on Business.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>The Mineral Rights of Silvermex and each of the Silvermex
      Subsidiaries have been properly located and recorded in compliance with
      applicable Law and are comprised of valid and subsisting mineral
      claims.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>To the best of Silvermex&#146;s knowledge, the Mineral Rights
      set out in Schedule 3.1.35 of the Silvermex Disclosure Letter are in good
      standing under applicable Law and all work required to be performed and filed in
      respect thereof has been performed and filed, all Taxes, royalties,
      rentals, fees, expenditures and other payments in respect thereof have
      been paid or incurred and all filings in respect thereof will at the
  Effective Time have been made.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 37-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The Mineral Rights of Silvermex and each of the Silvermex
      Subsidiaries have been operated and maintained in a manner consistent with
      prudent practices in the mining industry and in compliance with all
      applicable Laws and all orders of all Governmental Entities having
      jurisdiction over the same.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Neither Silvermex nor any of the Silvermex Subsidiaries
      has elected or refused to participate in any exploration, development or
      other operations with respect to its Mineral Rights which has or may give
      rise to any penalties, forfeitures or reduction of its interest by virtue
      of any conversion or other alteration occurring under the title and
      operating documents which govern Silvermex's or the Silvermex
      Subsidiaries' Mineral Rights.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>No Interested Person or any party not at arm's length to
      Silvermex or any Silvermex Subsidiary owns, has or is entitled to any
      royalty, net profits interest, carried interest or other Encumbrance of
      any nature whatsoever which is based on production from its properties or
      assets or any revenue or rights attributed thereto.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Silvermex is not aware of any defects, failures or
      impairments in the title of Silvermex or the Silvermex Subsidiaries to any
      of their respective Mineral Rights whether or not an action, suit,
      proceeding or inquiry is pending or threatened and whether or not
      discovered by any third party, which in aggregate could have a Material
      Adverse Effect in respect of Silvermex.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Silvermex and each of the Silvermex Subsidiaries has duly
      and timely satisfied all of the obligations required to be satisfied,
      performed and observed by it under, and there exists no default or event
      of default or event, occurrence, condition or act which, with the giving
      of notice, the lapse of time or the happening of any other event or
      condition, would become a default or event of default by Silvermex or any
      Silvermex Subsidiary under any agreement pertaining to their respective
      Mineral Rights or to their other respective assets or properties and each
      such lease, contract or other agreement is enforceable and in full force
      and effect.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>Subject to the rights, covenants, conditions and
      stipulations in the title documents and any agreement pertaining to its
      assets or properties (including the Mineral Rights of Silvermex and the
      Silvermex Subsidiaries) and on the lessee's or holder's part thereunder to
      be paid or performed and observed, Silvermex and each of the Silvermex
      Subsidiaries may enter into and upon, hold and enjoy its respective
      property and assets (including its respective Mineral Rights) for the
      remainder of their respective terms and all renewals or extensions thereof
      for its own use and benefit without any lawful interruption of or by any
      other person whomsoever claiming by, through or under Silvermex or any
      Silvermex Subsidiary.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>Silvermex has full and free access to all lands
      comprising its Mineral Rights and full and free access to all lands
      necessary in order to exploit such Mineral
Rights and such lands are not protected by a federally protected
      ecological area or by a sacred, indigenous or religious ban or limitation
  in Mexico.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_38></A>
<P align=center>- 38-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>Neither Silvermex nor any of the Silvermex Subsidiaries
      has received any notice, whether written or oral, from any Governmental
      Entity of any revocation or intention to revoke any interest of Silvermex
      or a Silvermex Subsidiary in any of its Mineral Rights.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>All mines located in or on the lands of Silvermex or any
      of the Silvermex Subsidiaries, or lands pooled or unitized therewith,
      which have been abandoned by Silvermex or any of its Subsidiaries, have
      been abandoned in accordance with good mining practices and in compliance
      with all applicable Laws, and all material future abandonment, remediation
      and reclamation obligations known to Silvermex as of the date hereof have
      been accurately set forth in the Silvermex Information Record without
      omission of information necessary to make the disclosure not
      misleading.</P></TD></TR></TABLE>
<P align=justify>3.1.36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <EM>Mineral Reserves and
Resources. </EM>The mineral reserves and mineral resources for the Mineral
Rights in which Silvermex or the Silvermex Subsidiaries hold an interest, as set
forth in the Silvermex Information Record, were prepared in all material
respects in accordance with sound mining, engineering, geoscience and other
applicable industry standards and practices, and in all material respects in
accordance with all applicable Laws, including the requirements of NI 43-101.
There has been no material reduction in the aggregate amount of estimated
mineral reserves, estimated mineral resources or mineralized material of
Silvermex and the Silvermex Subsidiaries, taken as a whole, from the amounts set
forth in the Silvermex Information Record, other than depletion due to mining in
the ordinary course. All information regarding the Mineral Rights, including all
drill results, technical reports and studies, that is required to be disclosed
at Law, has been disclosed in the Silvermex Information Record on or before the
date hereof.</P>
<P align=justify>3.1.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Intellectual
Property.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Schedule 3.1.37 sets out all trade-marks, service marks
      and trade names used by Silvermex and the Silvermex Subsidiaries in
      connection with the Business.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex or the Silvermex Subsidiaries owns or has the
      valid right to use all trade-marks, service marks, and trade names used by
      Silvermex and the Silvermex Subsidiaries in connection with the
      Business.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>To the knowledge of Silvermex, the operation of the
      Business does not infringe or misappropriate the intellectual property
      rights of any Person, violate the rights of any Person (including rights
      to privacy or publicity) or constitute unfair competition or trade
      practices under the Laws of any jurisdiction in which Silvermex or any
      Silvermex Subsidiary carries on business.</P></TD></TR></TABLE>
<P align=justify>3.1.38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Advisory Fees; Third
Party Expenses.</I> Except for the accountants and lawyers of Silvermex retained
to negotiate, advance, carry out and complete the transactions contemplated
herein, there is no investment banker, broker, finder or other intermediary or
advisor that has been retained by or is authorized to act on behalf of
Silvermex, any Silvermex Subsidiary or any of their respective directors,
officers or shareholders who might be entitled to any fee, commission or
reimbursement of expenses from Silvermex or any Silvermex Subsidiary upon
consummation of the transactions contemplated by this Agreement. Schedule 3.1.38
of the Silvermex Disclosure Letter sets forth a reasonable estimate of all Third
Party Expenses which are reasonably expected to be incurred by Silvermex and the
Silvermex Subsidiaries in connection with the negotiation and
implementation of the terms and conditions of this Agreement and the
transactions contemplated hereby and Silvermex agrees that it will not incur or
agree to incur any expenses in excess of the estimated amounts set forth in
Schedule 3.1.38 of the Silvermex Disclosure Letter without the consent of First
Majestic, acting reasonably.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_39></A>
<P align=center>- 39-</P>
<P align=justify>3.1.39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Corrupt Practices.
</I>Neither Silvermex nor any of the Silvermex Subsidiaries has, directly or
indirectly: (A) made or authorized any contribution, payment or gift of funds or
property to any official, employee or agent of any Governmental Entity of any
jurisdiction; or (B) made any contribution to any candidate for public office,
in either case, where either the payment or the purpose of such contribution,
payment or gift was, is, or would be prohibited under the <I>Criminal Code
</I>(Canada), <I>Corruption of Foreign Public Officials Act </I>(Canada), the
<I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act </I>(Canada)
or the rules and regulations promulgated thereunder or under any other Law of
any relevant jurisdiction covering a similar subject matter applicable to
Silvermex or any of the Silvermex Subsidiaries and their respective operations
and Silvermex and the Silvermex Subsidaries have instituted and maintained
policies and procedures designed to ensure, and which are reasonably expected to
continue to ensure, continued compliance with such Laws.</P>
<P align=justify>3.1.40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Non-Governmental
Organizations and Community Groups. </I>No material dispute between Silvermex or
any of the Silvermex Subsidiaries and any non-governmental organization,
community, community group, ejido, aboriginal peoples, aboriginal group, sacred
or religious group exists or, to the best of Silvermex&#146;s knowledge, is
threatened or imminent with respect to any of Silvermex&#146;s or any of the
Silvermex Subsidiaries&#146; properties or exploration activities. Silvermex has
provided First Majestic and First Majestic&#146;s representatives with full and
complete access to all material correspondence received by Silvermex, the
Silvermex Subsidiaries or their representatives from any non-governmental
organization, community, community group, ejido, aboriginal peoples or
aboriginal group.</P>
<P align=justify>3.1.41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Expropriation. </I>No
property or asset of Silvermex or any of the Silvermex Subsidiaries (including
any Mineral Rights) has been taken or expropriated by any Governmental Entity
nor has any notice or proceeding in respect thereof been given or commenced nor,
to the knowledge of Silvermex, is there an intent or proposal to give such
notice or to commence such proceeding.</P>
<P align=justify>3.1.42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Competition Act
</I>(Canada). As determined in accordance with the <I>Competition Act
</I>(Canada):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>as of December 31, 2011, Silvermex and the Silvermex
      Subsidiaries did not own assets in Canada with an aggregate value in
      excess of $77,000,000; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the gross revenues from sales in or from Canada generated
      from the assets of Silvermex and the Silvermex Subsidiaries in Canada did
      not exceed $77,000,000 for the fiscal year ended December 31,
  2011.</P></TD></TR></TABLE>
<P align=justify>3.1.43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Full Disclosure.
</I>The Silvermex Information Record, the Silvermex Datasite Information and the
Silvermex Disclosure Letter taken together disclose all material facts related
to Silvermex, the Silvermex Subsidiaries and their respective businesses,
financial conditions, assets, liabilities and operations, and no representation
or warranty of the Silvermex contained in this Agreement, no statement of
Silvermex contained in the Silvermex Disclosure Letter or in any certificate
furnished to First Majestic pursuant to any provision of this Agreement and no
information included in the Silvermex Datasite Information, taken together with
the Silvermex Information Record, contains or will contain any untrue statement
of a material fact or omits or will omit to state a material fact necessary to
make the statements herein or therein true in any material respect.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_40></A>
<P align=center>- 40-</P>
<P align=justify>3.1.44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Fairness Opinion and
Recommendation</I>. As of the date hereof:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Salman Partners Inc. has delivered an opinion to the
      Special Committee and GMP Securities L.P. has delivered an opinion to the
      Silvermex Board, each to the effect that as of the date of such opinion,
      subject to the scope of review, assumptions and limitations described in
      such opinions, that the consideration payable under the Arrangement is
      fair from a financial point of view to the Silvermex Shareholders (other
      than First Majestic and its affiliates);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Silvermex Board has determined, after receiving
      financial and legal advice and the recommendation of the Special
      Committee, that the Arrangement is fair to the Silvermex Securityholders
      (other than First Majestic and its affiliates) and in the best interests
      of Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Silvermex Board has decided to recommend that the
      Silvermex Securityholders vote in favour of the Arrangement Resolution;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>all of Silvermex&#146;s directors have advised Silvermex that
      they intend to vote the Silvermex Securities held by them in favour of the
      Arrangement and will, accordingly, so represent in the Silvermex
      Circular.</P></TD></TR></TABLE>
<P align=justify>3.1.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Other Negotiations</I>.
None of Silvermex, any Silvermex Subsidiary or, to the knowledge of Silvermex,
any of their respective directors, officers or shareholders (nor any investment
banker, financial advisor, attorney, accountant or other Person retained by or
acting for or on behalf of Silvermex or any Silvermex Subsidiary or at their
respective direction) (a) has entered into any agreement that conflicts with any
of the transactions contemplated by this Agreement, or (b) has entered into any
agreement or had any discussions with any Person regarding any transaction
involving Silvermex or any Silvermex Subsidiary which could reasonably be
expected to result in any of First Majestic, Silvermex, any Silvermex Subsidiary
or any of their respective officers, directors, employees, agents or
shareholders being subject to any claim for liability to such Person as a result
of entering into this Agreement or consummating the transactions contemplated
hereby.</P>
<P align=justify>3.1.46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Disclosure</I>. As of
the date hereof, the representations and warranties of Silvermex contained in
this Agreement and in any agreement, certificate, affidavit, statutory
declaration or other document delivered or given pursuant to this Agreement,
including the Silvermex Disclosure Letter, are true and correct in all material
respects and do not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements contained in such
representations and warranties not misleading to First Majestic.</P>
<P align=justify>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Representations and Warranties of First Majestic</B>. First Majestic
represents and warrants to and in favour of Silvermex as follows and
acknowledges that Silvermex is relying upon such representations and warranties
in connection with the transactions herein contemplated:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_41></A>
<P align=center>- 41-</P>
<P align=justify>3.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Incorporation and
Organization</I>. First Majestic has been duly incorporated under the laws of
its jurisdiction of incorporation, is validly subsisting, has full corporate or
legal power and authority to own, lease and operate the properties currently
owned, leased and operated by it and to conduct its business as currently
conducted, and is in good standing with respect to the filing of annual returns.
First Majestic is duly qualified or licensed to do business and is in good
standing as a foreign corporation or organization authorized to do business in
all jurisdictions in which the character of the properties owned, leased or
operated or the nature of the business conducted by it would make such
qualification or licensing necessary. No proceedings have been instituted or are
pending for the dissolution or liquidation of First Majestic.</P>
<P align=justify>3.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Capitalization</I>. The
authorized share structure of First Majestic consists of an unlimited number of
First Majestic Shares, of which, as of the date hereof, 105,567,272 First
Majestic Shares were issued and outstanding. Except for employee stock options
granted by First Majestic pursuant to employment compensation plans, there are
no options, warrants, conversion privileges or other rights, agreements,
arrangements or commitments (contingent or otherwise) obligating First Majestic
to issue or sell any shares or securities or obligations of any kind convertible
into or exchangeable for any shares of First Majestic. Other than 49,515 First
Majestic Shares authorized for issuance to former shareholders of First Silver
Reserve Inc. and First Majestic Shares reserved for issuance upon the exercise
of the options referred to above, no First Majestic Shares are held in treasury
or authorized or reserved for issuance. There are no outstanding bonds,
debentures or other evidences of indebtedness of First Majestic having the right
to vote (or that are convertible for or exercisable into securities having the
right to vote) with the holders of the First Majestic Shares on any matter. The
First Majestic Shares to be issued pursuant to the Arrangement or upon the
exercise from time to time of the Replacement Warrants in accordance with their
respective terms, will, when issued and delivered be duly and validly issued by
First Majestic on their respective dates of issue as fully paid and
non-assessable shares and will not be issued in violation of the terms of any
agreement or other understanding binding upon First Majestic at the time that
such shares are issued and will be issued in compliance with the constating
documents of First Majestic and all applicable Laws. As of the Effective Date,
all of the Replacement Warrants will be outstanding as duly authorized and
validly existing warrants to acquire First Majestic Shares, which will not be
issued in violation of the terms of any agreement or other understanding binding
upon First Majestic at the time at which they are issued and will be issued in
compliance with the constating documents of First Majestic and all applicable
Laws.</P>
<P align=justify>3.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Authority and No
Violation.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic has all requisite corporate power and
      authority to enter into this Agreement, to perform its obligations
      hereunder, and to consummate the transactions contemplated by this
      Agreement. The execution and delivery of this Agreement by First Majestic
      and the consummation by First Majestic of the transactions contemplated by
      this Agreement have been duly authorized by its board of directors and no
      other corporate proceedings on its part are necessary to authorize this
      Agreement or the transactions contemplated hereby other than the approval
      by its board of directors of other matters (if any) relating solely to the
      implementation of the Arrangement (and for greater certainty, the issuance
      of the First Majestic Shares pursuant to the Arrangement does not require
      the approval of any securityholders of First Majestic pursuant to
      applicable Laws or stock exchange policies, including the policies of the
      TSX or NYSE).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>This Agreement has been duly executed and delivered by
      First Majestic and constitutes a legal, valid and binding obligation,
      enforceable against it in accordance with its terms, subject to
      bankruptcy, insolvency and other similar Laws affecting creditors&#146; rights generally, and to
      general principles of equity. All documents required to be executed by
      First Majestic in connection with the transactions contemplated herein
      will be duly executed and delivered by First Majestic and, when so
      executed and delivered, will constitute a legal, valid and binding
      obligation, enforceable against First Majestic in accordance with its
      terms, subject to bankruptcy, insolvency and other similar Laws affecting
      creditors&#146; rights generally, and to general principles of
equity.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_42></A>
<P align=center>- 42-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=3>
      <P align=justify>The approval of this Agreement and the other documents
      required to be executed by First Majestic in connection with the
      transactions contemplated herein, the execution and delivery by First
      Majestic of this Agreement and such other documents, the performance by it
      of its obligations hereunder and the completion of the Arrangement and the
      transactions contemplated thereby, will not:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>conflict with, result in a violation or breach of,
      require any consent to be obtained under or give rise to any termination
      rights or payment obligation under any provision of:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>its notice of articles or articles;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>any resolutions of its board of directors (or any
      committee thereof) or shareholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>any applicable Laws subject to obtaining authorization
      for listing of the First Majestic Shares issuable in connection with the
      Arrangement and upon exercise of the Replacement Warrants on the TSX and
      the NYSE and obtaining the Antitrust Clearance; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>any material contract, agreement, license, franchise or
      permit to which it is party or by which it is bound;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>give rise to any right of termination or acceleration of
      indebtedness of First Majestic, or cause any third party indebtedness to
      come due before its stated maturity or cause any available credit to cease
      to be available; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>except as would not, individually or in the aggregate,
      have a Material Adverse Effect on First Majestic, result in the imposition
      of any Encumbrance upon any of its assets, or restrict, hinder, impair or
      limit its ability to carry on its business as and where it is now being
      carried on or as and where it may be carried on in the future.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=3>
      <P align=justify>No consent, approval, order or authorization of, or
      registration, declaration or filing with, any Governmental Entity or other
      Person is required to be obtained by First Majestic in connection with the
      execution and delivery of this Agreement or the consummation by First
      Majestic of the transactions contemplated hereby other than:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>obtaining authorization for listing of the First Majestic
      Shares issuable in connection with the Arrangement and upon exercise of
      the Replacement Warrants on the TSX and the
NYSE;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_43></A>
<P align=center>- 43-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>any approvals required by the Interim Order;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Final Order;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>the Antitrust Clearance; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>any other consents, approvals, orders, authorizations,
      declarations or filings of or with a Governmental Entity which are purely
      of an administrative nature and which could be completed or obtained
      without Material Adverse Effect on First Majestic immediately after the
      Effective Date or which, if not obtained, would not in the aggregate have
      a Material Adverse Effect on First Majestic.</P></TD></TR></TABLE>
<P align=justify>3.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Defaults</I>. Except
as disclosed in the First Majestic Information Record, neither First Majestic
nor any First Majestic Subsidiary is in default under, and there exists no
event, condition or occurrence which, after notice or lapse of time or both,
would constitute such a default under, any contract, agreement, license or
franchise to which it is a party which would, if terminated due to such default,
cause a Material Adverse Effect on First Majestic.</P>
<P align=justify>3.2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Ownership of First
Majestic Subsidiaries</I>. Other than one share in the capital of each of
Corporacion First Majestic S.A. de C.V., Minera El Pilon S.A. de C.V., Minera La
Encantada S.A. de C.V. and Minera Real Bonanza S.A. de C.V. is held by Ramon
Davila as nominee in trust for First Majestic and five shares of First Majestic
Plata, S.A. de C.V. which are held by Keith Neumeyer as nominee in trust for
First Majestic, First Majestic or one or more of the First Majestic Material
Subsidiaries is the sole beneficial and registered owner of all of the
outstanding shares in the capital of each of the First Majestic Material
Subsidiaries with good and marketable title thereto, free and clear of all
Encumbrances. No person has any other agreement, option, commitment,
arrangement, or any other right or privilege (whether by law, pre-emptive or
contractual) capable of becoming an agreement, option or commitment (including
any such right or privilege under convertible securities, warrants or
convertible obligations of any nature) for the purchase, subscription, allotment
or issuance of, or conversion into, any of the unissued shares or any other
securities of the First Majestic Material Subsidiaries or the purchase or other
acquisition from the First Majestic Material Subsidiaries of any of their
undertakings, business or assets.</P>
<P align=justify>3.2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Reporting Issuer; Public
Documents.</I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic is a reporting issuer in each of the
      provinces of Canada and is not in default of any of its filing obligations
      under applicable Securities Laws and the First Majestic Shares are listed
      and posted for trading on the TSX, the NYSE and the Frankfurt Stock
      Exchange.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>No order ceasing, halting or suspending trading in
      securities of First Majestic or prohibiting the distribution of such
      securities has been issued to and is outstanding against First Majestic
      and no investigations or proceedings for such purposes are, to the
      knowledge of First Majestic, pending or threatened.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The documents contained in the First Majestic Information
      Record were, at their respective dates, true and correct in all material
      respects and did not omit to state a material fact necessary to make the
      statements therein, in light of the circumstances under which they were
      made, not misleading.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_44></A>
<P align=center>- 44-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>First Majestic has publicly disclosed in the First
      Majestic Information Record all information regarding any event,
      circumstance or action taken or failed to be taken which could,
      individually or in the aggregate, reasonably be expected to have a
      Material Adverse Effect on First Majestic.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Except as qualified by the disclosure in the First
      Majestic Information Record, and except as otherwise disclosed in writing
      to Silvermex, First Majestic beneficially owns or leases the properties,
      business and assets or the interests in the properties, business or assets
      referred to in the First Majestic Information Record, no party is
      challenging or disputing First Majestic's title to any such properties,
      business or assets and all agreements by which First Majestic holds an
      interest in a property, business or assets are in good standing according
      to their terms and the properties are in good standing under the
      applicable laws of the jurisdictions in which they are situated.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>The financial statements of First Majestic, including the
      notes thereto, included in the First Majestic Information Record comply as
      to form and content in all material respects with applicable Laws with
      respect thereto, have been prepared in accordance with GAAP consistently
      applied (except as may be indicated in the notes) and present fairly the
      consolidated financial position of First Majestic at the dates thereof and
      the consolidated results of its operations and cash flows for the periods
      then ended (subject, in the case of unaudited financial statements, to
      normal year-end adjustments).</P></TD></TR></TABLE>
<P align=justify>3.2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Absence of Certain
Changes or Events</I>. Except as disclosed in the First Majestic Information
Record, since December 31, 2011 First Majestic has conducted its business only
in the ordinary course of business there has not been any event, circumstance or
occurrence which has had or is reasonably likely to give rise to a Material
Adverse Effect with respect to First Majestic.</P>
<P align=justify>3.2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Legal Proceedings</I>.
Except as disclosed in the First Majestic Information Record, there are no
material claims, actions, suits, complaints, investigations or proceedings
(whether private, governmental or otherwise, and whether or not purportedly on
behalf of First Majestic or any First Majestic Subsidiary) in progress, pending,
or to the knowledge of First Majestic, threatened, against or affecting First
Majestic or any First Majestic Subsidiary (including actions, suits,
investigations or proceedings against any directors, officers or employees of
First Majestic or any First Majestic Subsidiary which relate to the business,
affairs, assets or operations of First Majestic<B>)</B>, at law or in equity, or
before or by any Tribunal which could reasonably be expected to have a Material
Adverse Effect on First Majestic. First Majestic is not aware of any grounds on
which any such action, suit, investigation or proceeding might be commenced with
any reasonable likelihood of success.</P>
<P align=justify>3.2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Compliance with
Applicable Laws</I>. First Majestic and each of the First Majestic Material
Subsidiaries has conducted and is conducting its business in compliance in all
material respects with all applicable Laws, in each jurisdiction in which its
business is carried on, is not in material breach of any of such Laws and is
duly licensed or registered in each jurisdiction in which it owns or leases its
property and assets or carries on its business, so as to enable its business to
be carried on as now conducted and its property and assets to be so owned or
leased.</P>
<P align=justify>3.2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Breach of Material
Agreements. </I>Except as disclosed in the First Majestic Information Record,
First Majestic and each of the First Majestic Material Subsidiaries has
performed all of the material obligations required to be performed by it, and is
entitled to all benefits under, and is not in default in respect of, any
Material Agreement to which it is a party. Except as disclosed in the First
Majestic Information Record, each of the Material Agreements is enforceable, is
in full force and effect, unamended, and there exists no breach thereof or default or
event of default or event, occurrence, condition or act with respect to First
Majestic or any First Majestic Subsidiary or, to First Majestic&#146;s knowledge,
with respect to the other contracting party or otherwise that, with or without
the giving of notice, the lapse of time or the happening of any other event or
conditions, would (a) become a default or event of default under any Material
Agreement, or (b) result in the loss or expiration of any right or option by
First Majestic or any First Majestic Subsidiary (or the gain thereof by any
third party) under any Material Agreement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_45></A>
<P align=center>- 45-</P>
<P align=justify>3.2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Other Negotiations.</I>
None of First Majestic, any First Majestic Subsidiary or, to the knowledge of
First Majestic, any of their respective directors, officers or shareholders (nor
any investment banker, financial advisor, attorney, accountant or other Person
retained by or acting for or on behalf of First Majestic or any First Majestic
Subsidiary or at their respective direction) (a) has entered into any agreement
that conflicts with any of the transactions contemplated by this Agreement, or
(b) has entered into any agreement or had any discussions with any Person
regarding any transaction involving First Majestic or any First Majestic
Subsidiary which could reasonably be expected to result in any of First
Majestic, any First Majestic Subsidiary or any of the officers, directors,
employees, agents or shareholders of any of them being subject to any claim for
liability to such Person as a result of entering into this Agreement or
consummating the transactions contemplated hereby.</P>
<P align=justify>3.2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Disclosure</I>. As of
the date hereof, the representations and warranties of First Majestic contained
in this Agreement and in any agreement, certificate, affidavit, statutory
declaration or other document delivered or given pursuant to this Agreement are
true and correct in all material respects and do not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements contained in such representations and warranties not misleading
to Silvermex.</P>
<P align=justify>3.2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>No Ownership of
Silvermex Shares, Silvermex Warrants or Other Securities: </I>Neither First
Majestic nor any of its affiliates own any Silvermex Shares, Silvermex Warrants
or any other securities of Silvermex.</P>
<P align=justify>3.2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Material Adverse
Changes of Silvermex</I>. Schedule 3.1.24 of the Silvermex Disclosure Letter
sets out certain changes or events that First Majestic acknowledges and agrees
shall not constitute a Material Adverse Change or Material Adverse Effect with
respect to Silvermex. </P>
<P align=justify>3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Non-Waiver</B>. No investigations made by or on behalf of any of the Parties
at any time shall have the effect of waiving, diminishing the scope of or
otherwise affecting any representation or warranty made by any other party
herein or pursuant hereto, unless disclosure of the fact at issue is expressly
made in writing to the other party prior to the execution hereof and such
disclosure contains no material untrue statement.</P>
<P align=justify>3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Survival</B>. For greater certainty, the representations and warranties of
Silvermex and First Majestic contained herein shall survive the execution and
delivery of this Agreement and shall terminate on the earlier of the termination
of this Agreement in accordance with its terms and the Expiration Date.</P>
<P align=center><B>ARTICLE 4 <BR>COVENANTS</B></P>
<P align=justify>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Retention of Goodwill</B>. During the Pre-Effective Date Period, Silvermex
will and will cause each of the Silvermex Subsidiaries to, subject to the fact
that the Arrangement and related transactions are contemplated hereby, continue
to carry on the Business in the ordinary course of business, working to preserve
the attendant goodwill of Silvermex and the Silvermex Subsidiaries and to
contribute to retention of that goodwill to and after the Effective Date, but
subject to the following provisions of this Article 4. The following provisions
of this Article 4 are intended to be in furtherance of this general commitment, subject to the fact that the
Arrangement and related transactions are contemplated hereby.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_46></A>
<P align=center>- 46-</P>
<P align=justify>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Covenants of Silvermex.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex covenants and agrees that, during the
      Pre-Effective Date Period, except with the consent of First Majestic to
      any deviation therefrom or with respect to any matter contemplated by this
      Agreement or the Plan of Arrangement, Silvermex will, and will cause each
      of the Silvermex Subsidiaries to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>carry on its respective business in, and only in, the
      ordinary and regular course in substantially the same manner as heretofore
      conducted and, to the extent consistent with such business, use all
      reasonable efforts to preserve intact its present business organization
      and keep available the services of its present officers and employees and
      others having business dealings with it to the end that its goodwill and
      business shall be maintained;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>pay all ordinary course liabilities as they come due
      consistent with past practice;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>use best efforts to maintain and preserve each of its
      Mineral Rights in good standing and maintain, preserve and keep in good
      standing all of its rights under each of its Licenses;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>not commence to undertake a substantial or unusual
      expansion of its business facilities or an expansion that is out of the
      ordinary course of business consistent with prior practice;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>not split, combine or reclassify any of its outstanding
      shares, nor declare or pay any dividends on or make any other
      distributions (in either case, in stock or property) on or in respect of
      its outstanding shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>not amend its articles or bylaws or other constating
      documents;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>not adopt a plan of liquidation or resolutions providing
      for the liquidation or dissolution of Silvermex or any of the Silvermex
      Subsidiaries;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>not sell, pledge, encumber, allot, reserve, set aside or
      issue, authorize or propose the sale, pledge, encumbrance, allotment,
      reservation, setting aside or issuance of, or purchase or redeem or
      propose the purchase or redemption of, any shares in its authorized share
      structure or any class of securities convertible or exchangeable into, or
      rights, warrants or options to acquire, any such shares or other
      convertible or exchangeable securities, except for (A) the issuance of
      Silvermex Shares pursuant to the valid exercise of Silvermex Warrants or
      of fully vested Silvermex Options granted prior to the date hereof; (B)
      the issuance of Silvermex Options to newly hired employees; or (C) the
      issuance of Silvermex Shares as required by agreements in force and effect
      prior to the date hereof or pursuant to arrangements disclosed in Schedule
      4.2 of the Silvermex Disclosure Letter;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_47></A>
<P align=center>- 47-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD colSpan=2>
      <P align=justify>not amend, vary or modify the Silvermex Option Plans or
      any Silvermex Options except that Silvermex may accelerate the vesting of
      any unvested Silvermex Options;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD colSpan=2>
      <P align=justify>not acquire or agree to acquire any of its outstanding
      shares or other securities;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xi) </TD>
    <TD colSpan=2>
      <P align=justify>not reorganize, amalgamate or merge with any other
      person, nor acquire or agree to acquire by amalgamating, merging or
      consolidating with, purchasing substantially all of the assets of or
      otherwise, any business of any corporation, partnership, association or
      other business organization or division thereof;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xii) </TD>
    <TD colSpan=2>
      <P align=justify>not guarantee the payment of indebtedness by a third
      party or incur indebtedness for money borrowed or issue or sell any Debt
      Instruments;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xiii) </TD>
    <TD colSpan=2>
      <P align=justify>not enter into or modify any employment, severance,
      collective bargaining or other Employee Benefits, policies or arrangements
      with, or grant any bonuses, salary increases, pension or supplemental
      pension benefits, profit sharing, retirement allowances, deferred
      compensation, incentive compensation, severance or termination pay to, or
      make any loan to, any officers, directors or employees of Silvermex or any
      of the Silvermex Subsidiaries;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xiv) </TD>
    <TD colSpan=2>
      <P align=justify>not, except in the ordinary course of business:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>satisfy or settle any claims or liabilities prior to the
      same being due, except such as have been reserved against in the 2011
      Financial Statements, which are, individually or in the aggregate,
      material;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>grant any waiver, exercise any option or relinquish any
      contractual rights which are, individually or in the aggregate,
      material;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>enter into any long-term sale, forward sale, off take or
      royalty agreement with respect to any commodities extracted from its
      Mineral Rights; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>enter into any interest rate, currency or commodity
      swaps, hedges or other similar financial instruments;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xv) </TD>
    <TD colSpan=2>
      <P align=justify>not settle or compromise any claim brought by any
      present, former or purported holder of any of its securities in connection
      with the transactions contemplated by this Agreement or the
      Arrangement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xvi) </TD>
    <TD colSpan=2>
      <P align=justify>not enter into any material contract, agreement, license,
      franchise, lease transaction, commitment or other right or obligation or
      amend, modify, relinquish, terminate or fail to renew in any material
      respect any Material Agreement;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_48></A>
<P align=center>- 48-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(xvii) </TD>
    <TD>
      <P align=justify>not acquire or sell, pledge, encumber or otherwise
      dispose of any material property or assets or incur or commit to incur
      capital expenditures prior to the Effective Date, other than in the
      ordinary course of business, and not, in any event, exceeding $100,000 in
      the aggregate;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xviii) </TD>
    <TD>
      <P align=justify>use commercially reasonable efforts to cause its current
      insurance (or re- insurance) policies not to be cancelled or terminated or
      any of the coverage thereunder to lapse;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xix) </TD>
    <TD>
      <P align=justify>not make any changes to existing accounting practices,
      except as required by applicable Law or required by GAAP; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xx) </TD>
    <TD>
      <P align=justify>promptly advise First Majestic orally and, if then
      requested, in writing, with the full particulars of
any:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>event occurring subsequent to the date of this Agreement
      that would render any representation or warranty of Silvermex contained in
      this Agreement (except any such representation or warranty which speaks as
      of a date prior to the date of this Agreement), if made on or as of the
      date of such event or the Effective Date, untrue or inaccurate in any
      material respect;</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Material Adverse Change in respect of Silvermex;
    and</P></TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="15%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>breach by Silvermex of any covenant or agreement
      contained in this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex shall and shall cause each of the Silvermex
      Subsidiaries to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>timely withhold, collect, remit and pay all Taxes which
      are to be withheld, collected, remitted or paid by it to the extent due
      and payable;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>not make or rescind any material express or deemed
      election relating to Taxes;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>not make a request for a Tax ruling or enter into any
      agreement with any taxing authorities or consent to any extension or
      waiver of any limitation period with respect to Taxes;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>not settle or compromise any claim, action, suit,
      litigation, proceeding, arbitration, investigation, audit or controversy
      relating to Taxes; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>not amend any Tax Return or change any of its methods of
      reporting income or deductions or its method of accounting, in each case,
      for income Tax purposes, from those employed in the preparation of its
      income Tax Return for the tax year ended December 31, 2010, except as may
      be required by applicable Laws.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex shall perform all obligations required or
      desirable to be performed by Silvermex under this Agreement and shall do
      all such other acts and things as may be necessary or desirable in order
      to consummate and make effective, as soon as reasonably practicable, the
transactions contemplated in this Agreement and without limiting the generality
of the foregoing, Silvermex shall:</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A>
<P align=center>- 49-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to obtain, on or before the
      Effective Date, all Regulatory Approvals required by Governmental Entities
      for Silvermex or the Silvermex Subsidiaries and to obtain and assist First
      Majestic in obtaining all Antitrust Clearances. Without limiting the
      generality of the foregoing, Silvermex shall use commercially reasonable
      efforts to satisfy, as soon as reasonably possible, any requests for
      information and documentation received from any Governmental Entity in
      respect of an Antitrust Filing and shall coordinate and cooperate with
      First Majestic in exchanging information and supplying assistance that is
      reasonably requested by First Majestic in connection with any Antitrust
      Filing;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to obtain the approvals of
      Silvermex Securityholders to the Arrangement at the Silvermex Meeting, as
      provided for in Article 2 and in the Interim Order;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>apply for and use all reasonable efforts to obtain the
      Interim Order and the Final Order;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>carry out the terms of the Interim Order and Final Order
      applicable to it and use its reasonable efforts to comply promptly with
      all requirements which applicable Laws may impose on Silvermex with
      respect to the transactions contemplated hereby and by the
    Arrangement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>defend all lawsuits or other legal, regulatory or other
      proceedings challenging or affecting this Agreement or the consummation of
      the transactions contemplated hereby;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>cooperate with First Majestic to effect such
      reorganizations of Silvermex&#146;s business, operations and assets and the
      integration of other affiliated businesses of Silvermex as First Majestic
      may request, acting reasonably and cooperate with First Majestic and its
      advisors to determine the nature of such reorganizations that might be
      undertaken and the manner in which they most effectively could be
      undertaken;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>not to take any action or enter into any transaction,
      other than a transaction effected at the request of First Majestic
      pursuant to Section 4.2(c)(vi) hereof, that would have the effect of
      reducing or eliminating the amount of tax cost &#147;bump&#148; pursuant to
      paragraphs 87(11), 88(1)(c) and (d) of the ITA otherwise available to
      Silvermex or the Silvermex Subsidiaries or their successors in respect of
      the shares of the non- depreciable capital properties owned by Silvermex
      or the Silvermex Subsidiaries;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to have lifted or rescinded
      any injunction or restraining order or other order relating to it which
      may adversely affect the ability of the Parties to consummate the
      transactions contemplated hereby;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=center>- 50-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ix) </TD>
    <TD>
      <P align=justify>on or before the Effective Date, effect all necessary
      registrations, filings, notices and submissions of information required by
      Governmental Entities from Silvermex or the Silvermex Subsidiaries
      relating to the transactions contemplated herein;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>in connection with the Arrangement and other transactions
      contemplated herein, use its reasonable efforts to obtain, before the
      Effective Date, all necessary waivers, consents and approvals required to
      be obtained by Silvermex or the Silvermex Subsidiaries from other parties
      pursuant to the Material Agreements;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xi) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to cause Michael Callahan to
      enter into an agreement in a form satisfactory to First Majestic, to
      transfer the shares which he owns in each of the Silvermex Subsidiaries to
      such person as First Majestic may direct, effective as of the Effective
      Time, for a purchase price of $1.00;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xii) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to obtain, on or before the
      Effective Date, written resignations effective as at the Effective Time,
      from all directors, administrators and officers of Silvermex and each of
      the Silvermex Subsidiaries, such resignations to be subject to obtaining
      the mutual releases provided for in Section 4.8(d); and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(xiii) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to satisfy all conditions
      precedent set forth in Section 5.1 and Section 5.2 of this
    Agreement.</P></TD></TR></TABLE>
<P align=justify>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Covenants of First Majestic. </B>First Majestic hereby covenants and
agrees:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>to perform all obligations required or desirable to be
      performed by it under this Agreement and to do all such other acts and
      things as may be necessary or desirable in order to consummate and make
      effective, as soon as reasonably practicable, the transactions
      contemplated by this Agreement and, without limiting the generality of the
      foregoing, to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to obtain, on or before the
      Effective Date, all Regulatory Approvals, including any Antitrust
      Clearance, required by Governmental Entities for First Majestic or the
      First Majestic Material Subsidiaries and use its commercially reasonable
      efforts to prepare and file all Antitrust Filings within ten Business Days
      of the execution of this Agreement. First Majestic shall use commercially
      reasonable efforts to satisfy, as soon as reasonably possible, all
      requests for additional information and documentation requested by any
      Governmental Entity in respect of an Antitrust Filing and coordinate and
      cooperate with Silvermex in exchanging information, including providing
      Silvermex with copies in advance and reasonable opportunity to comment on
      all notices, submissions, filings and information supplied to or filed
      with a Governmental Entity in respect of an Antitrust Filing (except for
      notices and information which First Majestic considers confidential and
      competitively sensitive);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>use all reasonable efforts to have lifted or rescinded
      any injunction or restraining order or other order relating to First
      Majestic which may adversely affect the ability of First Majestic to
  consummate the transactions contemplated hereby;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_51></A>
<P align=center>- 51-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>on or before the Effective Date, effect all necessary
      registrations, filings and submissions of information required by
      Governmental Entities from First Majestic or the First Majestic Material
      Subsidiaries relating to the transactions contemplated herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>on or before the Effective Date reserve a sufficient
      number of First Majestic Shares for issuance upon the completion of the
      Arrangement and the exercise from time to time of Replacement Warrants;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD colSpan=2>
      <P align=justify>use all reasonable efforts to satisfy all conditions
      precedent set forth in Section 5.1 and Section 5.3 of this
    Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=3>
      <P align=justify>carry out the terms of the Interim Order and Final Order
      applicable to it and use its reasonable efforts to comply promptly with
      all requirements which applicable Laws may impose on First Majestic with
      respect to the transactions contemplated hereby and by the
    Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=3>
      <P align=justify>in connection with the consummation of the transactions
      contemplated hereby and by the Arrangement, to use its reasonable efforts
      to obtain, before the Effective Date, all necessary waivers, consents and
      approvals required to be obtained by First Majestic or the First Majestic
      Material Subsidiaries from other parties to loan agreements, leases or
      other contracts; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=3>
      <P align=justify>until the Effective Date or the earlier termination of
      this Agreement in accordance with Article 6, except (i) with the consent
      of Silvermex to any deviation therefrom which shall not be unreasonably
      withheld; or (ii) with respect to any matter contemplated by this
      Agreement or the Plan of Arrangement, First Majestic will:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>not reorganize, amalgamate or merge First Majestic with
      any other Person, nor acquire by amalgamating, merging or consolidating
      with, purchasing a majority of the voting securities of or substantially
      all of the assets of or otherwise, any business or Person which
      acquisition would reasonably be expected to materially delay the
      transactions contemplated hereby;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>promptly advise Silvermex orally and, if then requested,
      in writing:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>of any event occurring subsequent to the date of this
      Agreement that would render any representation or warranty of First
      Majestic contained in this Agreement (except any such representation or
      warranty which speaks as of a date prior to the occurrence of such event),
      if made on or as of the date of such event or the Effective Date, untrue
      or inaccurate in any material respect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>of any Material Adverse Change in respect of First
      Majestic; and</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_52></A>
<P align=center>- 52-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>of any material breach by First Majestic of any covenant
      or agreement contained in this Agreement.</P></TD></TR></TABLE>
<P align=justify>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Covenants Regarding Non-Solicitation.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Subject to Section 4.5 , Silvermex shall not, directly or
      indirectly, through any officer, director, employee, representative or
      agent of Silvermex or any Silvermex Subsidiary:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>solicit, initiate or encourage (including by way of
      furnishing information or entering into any form of agreement, arrangement
      or understanding) the initiation of any inquiries or proposals regarding
      an Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>participate in any discussions or negotiations regarding
      any Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>withdraw, modify or qualify or propose publicly to
      withdraw, modify or qualify in a manner adverse to First Majestic the
      approval of the Silvermex Board or any committee thereof of the
      transactions contemplated hereby;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>approve or recommend or propose publicly to approve or
      recommend any Acquisition Proposal or remain neutral with respect to an
      Acquisition Proposal which has been publicly announced (it being
      understood that publicly taking no position or a neutral position with
      respect to an Acquisition Proposal, or any material amendment thereto,
      until five Business Days following the public announcement of such
      Acquisition Proposal shall not be considered a violation of this section);
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>enter into any letter of intent, agreement in principle,
      agreement, arrangement or understanding related to any Acquisition
      Proposal (except as permitted by Section 4.4(d)).</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Notwithstanding the preceding sentence
of this Section 4.4(a) and any other provision of this Agreement, nothing shall
prevent the Silvermex Board prior to the Silvermex Meeting from considering,
participating in any discussions or negotiations, or entering into a
confidentiality agreement and providing information pursuant to Section 4.4(d),
regarding an unsolicited <I>bona fide </I>written Acquisition Proposal that did
not otherwise result from a breach of this Section 4.4 and that the Silvermex
Board determines in good faith, after consultation with financial advisors and
outside legal counsel, is reasonably likely to constitute a Superior Proposal.
Silvermex shall not consider, negotiate, accept or recommend an Acquisition
Proposal after the date of the Silvermex Meeting. Silvermex shall, and shall
cause its officers, directors and employees and any financial advisors or other
advisors, representatives or agents retained by it, to cease immediately upon
execution of this Agreement all discussions and negotiations regarding any
proposal that constitutes, or may reasonably be expected to lead to, an
Acquisition Proposal. To the extent it has not already done so, Silvermex shall
deny access to all parties other than First Majestic and its advisors, employees
and agents to any and all data rooms which may have been opened. Silvermex shall immediately request the
      return of all confidential non-public information provided to any third
      parties (other than First Majestic and its advisors, employees and agents)
      who have entered into a confidentiality agreement with Silvermex relating
      to a potential Acquisition Proposal, shall use all reasonable efforts to
      ensure that such requests are honoured and shall immediately advise First
      Majestic orally and in writing of any responses or action (actual or
      threatened) by any recipient of such request which could hinder, prevent,
      delay or otherwise adversely affect the completion of the
Arrangement.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_53></A>
<P align=center>- 53-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex shall not amend, modify, waive or fail to
      enforce on a timely basis any obligation under any confidentiality or
      standstill agreement or amend any such agreement or other conditions
      included in any agreement between Silvermex and a third party, except to
      allow such Person to confidentially propose to the Silvermex Board an
      unsolicited written Acquisition Proposal (that did not result from a
      breach of Section 4.4(a) by Silvermex or any of its representatives) that
      the Silvermex Board determines, after receipt of written advice from its
      legal and financial advisors, constitutes or is reasonably likely to
      constitute a Superior Proposal.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Silvermex shall promptly notify First Majestic, at first
      orally and then in writing, of any Acquisition Proposal and any enquiry
      that could lead to an Acquisition Proposal, or any amendments to the
      foregoing, or any request for non-public information relating to Silvermex
      in connection with an Acquisition Proposal or for access to the
      properties, books or records of Silvermex by any Person that informs
      Silvermex that it is considering making, or has made, a proposal that
      constitutes, or may reasonably be expected to lead to an Acquisition
      Proposal. Such notice shall include a description of the material terms
      and conditions of any proposal, the identity of the Person making such
      proposal, enquiry or contact, a copy of any written form of Acquisition
      Proposal and provide such other details of the proposal, enquiry or
      contact as First Majestic may reasonably request. Silvermex
  shall:</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>keep First Majestic fully informed of the status
      including any change to the material terms of any such Acquisition
      Proposal or enquiry; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>provide to First Majestic as soon as practicable after
      receipt or delivery thereof with copies of all correspondence and other
      written material sent or provided to Silvermex from any Person in
      connection with any Acquisition Proposal or sent or provided by Silvermex
      to any Person in connection with any Acquisition
  Proposal.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If Silvermex receives a request for material non-public
      information from a Person who has made an unsolicited <I>bona fide
      </I>written Acquisition Proposal and Silvermex is permitted, as
      contemplated under the second sentence of Section 4.4(a) to negotiate the
      terms of such Acquisition Proposal, then, and only in such case, the
      Silvermex Board may, subject to the execution by such Person of a
      confidentiality agreement on terms substantially similar to the
      Confidentiality Agreement, provide such Person with access to information
      regarding Silvermex; provided, however, that Silvermex sends a copy of any
      such confidentiality agreement to First Majestic promptly upon its
      execution and concurrently provides First Majestic with a list of or
      copies of the information provided to such Person and access to similar information
  which was provided to such Person.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_54></A>
<P align=center>- 54-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Prior to the earlier of the Effective Time and the
      termination of this Agreement, Silvermex shall not, except with the prior
      written consent of First Majestic, take any action to terminate, amend,
      extend the &#147;Separation Time&#148; under or waive the Shareholder Rights Plan,
      or the application of the Shareholder Rights Plan to, any Acquisition
      Proposal, or any Person making an Acquisition Proposal, not subject to the
      Shareholder Rights Plan (including redemption of any rights created under
      the Shareholder Rights Plan) unless the Acquisition Proposal constitutes a
      Superior Proposal and Silvermex has complied with the provisions of
      Section 4.4 and Section 4.5 and provided further that any such
      termination, amendment, extension, waiver or redemption cannot be
      effective until after the Silvermex Meeting. In the event that any Person
      requests any Governmental Entity to invalidate or cease trade the
      Shareholder Rights Plan, Silvermex shall oppose any such application
      unless the Silvermex Board determines, after consultation with outside
      legal counsel, that to do so is not consistent with its fiduciary
      duties.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Silvermex shall ensure that its officers, directors and
      employees and any financial advisors or other advisors, representatives or
      agents retained by it are aware of the provisions of this Section 4.4, and
      it shall be responsible for any breach of this Section 4.4 by any such
      Person.</P></TD></TR></TABLE>
<P align=justify>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Notice by Silvermex of Superior Proposal Determination</B>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=3>
      <P align=justify>Notwithstanding Section 4.4 Silvermex may accept,
      approve, recommend or enter into any agreement, understanding or
      arrangement in respect of an Acquisition Proposal if, and only
  if:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex shall have complied with all of its other
      obligations under Section 4.4;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>such Acquisition Proposal constitutes a Superior
      Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>the Silvermex Meeting has not occurred;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex has provided First Majestic with:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>a copy of the Superior Proposal document and all related
      documents;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>written notice advising First Majestic of the
      determination of the Silvermex Board that the Acquisition Proposal is a
      Superior Proposal and that the Silvermex Board has resolved, subject only
      to compliance with this Section 4.5 and termination of this Agreement, to
      accept, approve, recommend or enter into an agreement in respect of such
      Superior Proposal, specifying the terms and conditions of such Superior
      Proposal and identifying the Person making such Superior Proposal;
    and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>written notice from the Silvermex Board regarding the
      value in financial terms that the Silvermex Board has, in
    consultation with its financial advisors,
determined should be ascribed to any non-cash consideration offered under the
Superior Proposal;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A>
<P align=center>- 55-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD colSpan=2>
      <P align=justify>five Business Days shall have elapsed from the date First
      Majestic received the documentation referred to in Section 4.5(a)(iv) (the
      &#147;<B>Match Period</B>&#148;); and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD colSpan=2>
      <P align=justify>Silvermex has previously or concurrently will
  have:</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>paid to First Majestic the Termination Payment, if any,
      payable under Section 6.3; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>terminated this Agreement pursuant to Section
  6.2.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>Any information provided by Silvermex
to First Majestic pursuant to this Section 4.5 or pursuant to Section 4.4 shall
be subject to the provisions of the Confidentiality Agreement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>During the Match Period Silvermex agrees that First
      Majestic shall have the right, but not the obligation, to offer to amend
      the terms of this Agreement and Silvermex shall co-operate with First
      Majestic with respect thereto, including negotiating in good faith with
      First Majestic during the Match Period. The Silvermex Board will review
      any offer by First Majestic to amend the terms of this Agreement in order
      to determine, in good faith and in the exercise of its fiduciary duties,
      whether First Majestic&#146;s offer upon acceptance by Silvermex would result
      in such Superior Proposal ceasing to be a Superior Proposal. If the
      Silvermex Board so determines, it will enter into an amended agreement
      with First Majestic reflecting First Majestic&#146;s amended proposal. If the
      Silvermex Board continues to believe, in good faith and after consultation
      with financial advisors and outside legal counsel, that such Superior
      Proposal remains a Superior Proposal and therefore rejects First
      Majestic&#146;s amended proposal, Silvermex may terminate this Agreement
      pursuant to Section 6.2(a)(iv); provided, however, that Silvermex must
      concurrently therewith pay to First Majestic the Termination Payment, if
      any, payable to First Majestic under Section 6.3 and must prior to or
      concurrently with such termination enter into a binding agreement,
      understanding or arrangement with respect to such Acquisition Proposal.
      Silvermex acknowledges and agrees that payment of the Termination Payment,
      if any, payable under Section 6.3 is a condition to valid termination of
      this Agreement under Section 6.2(a)(iv) and this Section 4.5.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>The Silvermex Board shall promptly reaffirm its
      recommendation of the Arrangement by press release: (i) after any
      Acquisition Proposal (which is determined not to be a Superior Proposal)
      is publicly announced or made; (ii) after the Silvermex Board determines
      that a proposed amendment to the provisions of this Agreement would result
      in the Acquisition Proposal not being a Superior Proposal; or (iii) as
      soon as practicable after receipt of any reasonable request from First
      Majestic to do so. First Majestic and its legal advisor shall be given a
      reasonable opportunity to review and comment on the form and content of
      any such press release and Silvermex shall incorporate all reasonable
      comments made by First Majestic and its counsel. Such press release shall
      state that the Silvermex Board has determined that such Acquisition
      Proposal is not a Superior Proposal.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></A>
<P align=center>- 56-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>If, less than six Business Days before the Silvermex
      Meeting, Silvermex has provided First Majestic with a notice under Section
      4.5(a)(iv), an Acquisition Proposal has been publicly disclosed or
      announced and the Match Period has not elapsed, then, subject to
      applicable Laws, at First Majestic&#146;s request, Silvermex will postpone or
      adjourn the Silvermex Meeting to a date acceptable to First Majestic and
      Silvermex, acting reasonably, which shall not be less than five Business
      Days and not more than 10 Business Days after the scheduled date of the
      Silvermex Meeting and shall, in the event that First Majestic and
      Silvermex amend the terms of this Agreement pursuant to this Section 4.5,
      ensure that the details of such amended Agreement are communicated to the
      Silvermex Securityholders at or prior to the resumption of the adjourned
      Silvermex Meeting.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Silvermex acknowledges and agrees that each successive
      modification of any Acquisition Proposal shall constitute a new
      Acquisition Proposal for purposes of the requirement under Section
      4.5(a)(v) to initiate an additional five Business Day notice
  period.</P></TD></TR></TABLE>
<P align=justify>4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Access to Information. </B>Subject to the terms of the Confidentiality
Agreement and applicable Laws, upon reasonable notice, Silvermex shall afford
First Majestic&#146;s officers, employees, counsel, accountants and other authorized
representatives and advisors (&#147;<B>Representatives</B>&#148;) access, during normal
business hours in the Pre-Effective Date Period to such properties, books,
contracts and records and other documents, information or data relating to
Silvermex and the Silvermex Subsidiaries which First Majestic or its
Representatives deem necessary or advisable to review in making an examination
of Silvermex, the Silvermex Subsidiaries and the Business, as well as to its
management personnel, and, during such period, Silvermex shall furnish promptly
to First Majestic all information concerning Silvermex, the Silvermex
Subsidiaries and their respective Business, properties and personnel as First
Majestic or its Representatives may reasonably request. Subject to the terms of
the Confidentiality Agreement and applicable Laws, upon reasonable notice, First
Majestic shall afford Silvermex&#146;s Representatives access, during normal business
hours in the Pre-Effective Date Period to such of First Majestic&#146;s management
personnel as First Majestic may determine, acting reasonably, and, during such
period, First Majestic shall furnish promptly to Silvermex all information
respecting material changes in First Majestic&#146;s business, properties and
personnel as Silvermex may reasonably request. At the request of First Majestic,
Silvermex will execute or cause to be executed such consents, authorizations and
directions as may be necessary to enable First Majestic or its Representatives
to obtain full access to all files and records relating to Silvermex, the
Silvermex Subsidiaries or their respective assets maintained by any Governmental
Entity.</P>
<P align=justify>4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Covenant Regarding Representations and Warranties</B>. Each of Silvermex and
First Majestic covenants that it will use all reasonable efforts to ensure that
the representations and warranties given by it and contained in Article 3 are
true and correct on and as at the Effective Date (except as affected by
transactions contemplated or permitted by this Agreement or otherwise consented
to by the other Party) or if not true, do not have a Material Adverse Effect on
such Party.</P>
<P align=justify>4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Indemnification, Insurance and Mutual Releases.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic hereby covenants and agrees that, unless
      prohibited by applicable Laws, all rights to indemnification or
      exculpation in favour of the current and former directors and officers of
      Silvermex and any Silvermex Subsidiary provided in the current articles or
      by-laws (or the equivalent) of Silvermex or any Silvermex Subsidiary, or
      in any agreement to the extent disclosed in Schedule
4.8 to the Silvermex Disclosure Letter, and any directors&#146;
      and officers&#146; insurance now existing in favour of the directors or
      officers of Silvermex and any Silvermex Subsidiary shall survive the
      completion of the Arrangement (or be replaced with substantially
      equivalent coverage from another provider of at least equivalent standing
      to the current provider) and shall continue in full force and effect
      (either directly or via run-off insurance or insurance provided by an
      alternative provider of at least equivalent standing to the current
      provider) for a period of not less than six years from the Effective Date
      and First Majestic undertakes to ensure that this covenant shall remain
      binding upon its successor and assigns. First Majestic acknowledges that
      Silvermex may purchase run-off directors&#146; and officers&#146; liability
      insurance for a period of up to six years from the Effective Date on terms
  acceptable to First Majestic acting reasonably.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=center>- 57-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Silvermex shall act as agent and trustee of the benefits
      of the foregoing for its directors and officers and those of the Silvermex
      Subsidiaries for the purpose of this Section 4.8 and this Section 4.8
      shall survive the execution and delivery of this Agreement and the
      completion of the Arrangement and shall be enforceable against First
      Majestic by the Persons described in subsection (a) hereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>First Majestic acknowledges and agrees that Silvermex may
      enter into indemnification agreements with each director and officer of
      Silvermex and each of the Silvermex Subsidiaries prior to the Effective
      Date, such agreements to be in a form acceptable to First Majestic, acting
      reasonably. First Majestic agrees that from and after the Effective Date
      it will cause Silvermex to honour all rights to indemnification or
      exculpation in such agreements in favour of present and former officers
      and directors of Silvermex and acknowledges that such rights will survive
      the Effective Date and will continue in full force and effect for a period
      of not less than six years from the Effective Date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>First Majestic and Silvermex shall use all reasonable
      efforts to enter into a mutual release on or before the Effective Date
      with each director and officer of Silvermex and each of the Silvermex
      Subsidiaries, such release to be effective as at the Effective Time and in
      a form acceptable to First Majestic, acting
reasonably.</P></TD></TR></TABLE>
<P align=justify>4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Employment Arrangements</STRONG>. First Majestic acknowledges and agrees
that completion of the Arrangement will be treated as triggering the Change of
Control Payments and that immediately prior to the Effective Time, Silvermex
shall make the Change of Control Payments in a lump sum (less applicable
statutory deductions).</P>
<P align=center><B>ARTICLE 5 <BR>CONDITIONS</B></P>
<P align=justify>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Mutual Conditions Precedent. </B>The respective obligations of the Parties to
complete the transactions contemplated by this Agreement shall be subject to the
satisfaction, on or before the Effective Date, of the following conditions
precedent, each of which may only be waived by the mutual consent of First
Majestic and Silvermex:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Arrangement shall have been approved at the Silvermex
      Meeting by not less than two-thirds of the votes cast by the Silvermex
      Securityholders who are represented in person or by proxy thereat in the manner
  contemplated by Article 2;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_58></A>
<P align=center>- 58-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Arrangement shall have been approved at the Silvermex
      Meeting in accordance with any conditions in addition to those set out in
      Section 5.1(a) which may be imposed by the Business Corporations Act or
      the Interim Order;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Interim Order and the Final Order shall each have
      been obtained in form and terms satisfactory to each of Silvermex and
      First Majestic, acting reasonably, and shall not have been set aside or
      modified in a manner unacceptable to either Party, acting reasonably, on
      appeal or otherwise;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>there shall not be in force any order or decree
      restraining or enjoining the consummation of the transactions contemplated
      by this Agreement and there shall be no proceeding (other than an appeal
      made in connection with the Arrangement), of a judicial or administrative
      nature or otherwise, in progress or threatened that relates to or results
      from the transactions contemplated by this Agreement that would, if
      successful, result in an order or ruling that would preclude completion of
      the transactions contemplated by this Agreement in accordance with the
      terms hereof or would otherwise be inconsistent with the Regulatory
      Approvals which have been obtained;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>this Agreement shall not have been terminated pursuant to
      Article 6;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Silvermex shall have received any required approval of
      the TSX to the transactions contemplated herein;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>the First Majestic Shares issuable (i) pursuant to the
      Arrangement and (ii) upon exercise of the Replacement Warrants from time
      to time, shall have been authorized for listing on the TSX and the NYSE,
      subject to official notice of issuance;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>the issuance of the First Majestic Shares and Replacement
      Warrants will be exempt from the registration requirements of the U.S.
      Securities Act and the issuance of the First Majestic Shares and
      Replacement Warrants and underlying securities will be exempt from the
      prospectus requirements of applicable Securities Laws in each of the
      Provinces of Canada in which holders of Silvermex securities are resident;
      and such First Majestic securities will not be subject to hold periods
      under the Securities Laws of Canada or the United States except as may be
      imposed by Rule 144 under the U.S. Securities Act with respect to
      affiliates or except as disclosed in the Silvermex Circular or except by
      reason of the existence of any controlling interest in First Majestic
      pursuant to the Securities Laws of any applicable jurisdiction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>all Antitrust Clearances shall have been obtained on
      terms and conditions satisfactory to each of First Majestic and Silvermex
      acting reasonably; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>all other consents, waivers, permits, orders and
      approvals of any Governmental Entity, and the expiry of any waiting
      periods, in connection with, or required to permit the consummation of the
      Arrangement and the other transactions contemplated herein, the failure of
      which to obtain or the non-expiry of which would constitute a criminal
      offense, or would have a Material Adverse Effect
on First Majestic or Silvermex shall have
been obtained or received on terms that will not have a Material Adverse Effect
on First Majestic and/or Silvermex.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_59></A>
<P align=center>- 59-</P>
<P align=justify>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Additional Conditions Precedent to the Obligations of First Majestic</B>. The
obligations of First Majestic to complete the transactions contemplated by this
Agreement shall also be subject to the satisfaction, on or before the Effective
Date, of each of the following conditions precedent (each of which is for the
exclusive benefit of First Majestic and may be waived by First Majestic):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>all covenants and agreements of Silvermex under this
      Agreement to be performed or observed on or before the Effective Date
      shall have been duly performed and observed by Silvermex in all material
      respects;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>the representations and warranties of Silvermex contained
      in this Agreement shall be true and correct in all material respects (it
      being understood that, for the purposes of determining the accuracy of
      such representations and warranties, all &#147;Material Adverse Effect&#148;
      qualifications and other materiality qualifications contained in such
      representations and warranties shall be disregarded) as of the date of
      this Agreement and as of the Effective Date as if made on and as of such
      date (except to the extent such representations and warranties speak as of
      a specified date which is earlier than the date of this Agreement, in
      which event such representations and warranties shall be true and correct
      in all material respects as of such earlier specified date, or except as
      affected by transactions contemplated or permitted by this Agreement or
      otherwise consented to by First Majestic) and First Majestic shall have
      received a certificate of Silvermex addressed to First Majestic and dated
      the Effective Date, signed on behalf of Silvermex by two directors or
      senior executive officers of Silvermex, confirming the same as at the
      Effective Date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>between the date hereof and the Effective Date, there
      shall not have occurred, in the judgment of First Majestic, acting
      reasonably, a Material Adverse Change to Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>the Silvermex Board shall have adopted all necessary
      resolutions, and all other necessary corporate action shall have been
      taken by Silvermex, to permit the consummation of the
  Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>holders of more than 5% of the issued and outstanding
      Silvermex Shares shall not have exercised the Dissent Rights in respect of
      the Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=2>
      <P align=justify>there shall not be pending or threatened any suit, action
      or proceeding by any Governmental Entity, in each case that has a
      reasonable likelihood of success:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>seeking to restrain or prohibit the consummation of the
      Plan of Arrangement or any of the transactions contemplated by this
      Agreement or seeking to obtain from either of the Parties any damages that
      are material in relation to Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>seeking to prohibit or materially limit the ownership or
      operation by First Majestic or any of the First Majestic Material
      Subsidiaries of any material portion of the business or assets of
      Silvermex or any Silvermex Subsidiary or to compel First Majestic or any
      of the First Majestic Material Subsidiaries to dispose of or hold separate
      any material portion of the business or assets of Silvermex or any Silvermex
  Subsidiary;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_60></A>
<P align=center>- 60-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>seeking to impose limitations on the ability of First
      Majestic to acquire or hold, or exercise full rights of ownership of any
      Silvermex Shares, including the right to vote the Silvermex Shares on all
      matters properly presented to the shareholders of Silvermex;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>seeking to prohibit First Majestic or any of the First
      Majestic Material Subsidiaries from effectively controlling in any
      material respect the business or operations of Silvermex or any Silvermex
      Subsidiary; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>which otherwise is reasonably likely to have a Material
      Adverse Effect on Silvermex or First Majestic;</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>all consents, approvals, authorizations and waivers of
      any Persons (other than Governmental Entities) which are required,
      necessary or desirable for the completion of the Arrangement and other
      transactions contemplated hereby (including all consents, approvals,
      authorizations and waivers required under the Material Agreements) shall
      have been obtained or received on terms which are acceptable to First
      Majestic, acting reasonably;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>each of the Lock-up Agreements shall be and remain in
      full force and effect, unamended, and each of the parties thereto (other
      than First Majestic) shall be, in all material respects, in full
      compliance with their respective obligations thereunder; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Silvermex shall have provided to First Majestic, on or
      before the Effective Date, written resignations effective as of the
      Effective Time, from all directors and officers of Silvermex and the
      Silvermex Subsidiaries.</P></TD></TR></TABLE>
<P align=justify>First Majestic may not rely on the failure to satisfy any of
the above conditions precedent as a basis for non-compliance by it with its
obligations under this Agreement if the condition precedent would have been
satisfied but for a material default by First Majestic in complying with its
obligations hereunder.</P>
<P align=justify>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Additional Conditions Precedent to the Obligations of Silvermex</B>. The
obligations of Silvermex to complete the transactions contemplated by this
Agreement shall also be subject to the satisfaction, on or before the Effective
Date, of each of the following conditions precedent (each of which is for the
exclusive benefit of Silvermex and may be waived by Silvermex):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all covenants of First Majestic under this Agreement to
      be performed on or before the Effective Date shall have been duly
      performed by First Majestic in all material respects;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all representations and warranties of First Majestic
      contained in this Agreement shall be true and correct in all material
      respects (it being understood that, for the purposes of determining the
      accuracy of such representations and warranties, all &#147;Material Adverse
      Effect&#148; qualifications and other materiality qualifications contained in
      such representations and warranties shall be disregarded) as of the date
      of this Agreement and as of Effective Date as if made on and as of such
      date (except to the extent such representations and warranties speak as of
      a specified date which is earlier than the date of this Agreement, in
      which event such representations and warranties shall be true and correct
      in all material respects as of such earlier specified date, or except as affected by
      transactions contemplated or permitted by this Agreement) and Silvermex
      shall have received a certificate of First Majestic addressed to Silvermex
      and dated the Effective Date, signed on behalf of First Majestic by two
      senior executive officers of First Majestic confirming the same as at the
  Effective Date;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_61></A>
<P align=center>- 61-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>between the date hereof and the Effective Date, there
      shall not have occurred, in the judgment of Silvermex, acting reasonably,
      a Material Adverse Change to First Majestic; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the board of directors of First Majestic shall have
      adopted all necessary resolutions, and all other necessary corporate
      action shall have been taken by First Majestic to permit the consummation
      of the Arrangement and the issue of First Majestic Shares pursuant to the
      Arrangement and upon the exercise from time to time of the Replacement
      Warrants.</P></TD></TR></TABLE>
<P align=justify>Silvermex may not rely on the failure to satisfy any of the
above conditions precedent as a basis for noncompliance by Silvermex with its
obligations under this Agreement if the condition precedent would have been
satisfied but for a material default by Silvermex in complying with its
obligations hereunder.</P>
<P align=justify>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Notice and Cure Provisions</B>. Each Party will give prompt notice to the
other of the occurrence, or failure to occur, at any time from the date hereof
until the Effective Date, of any event or state of facts which occurrence or
failure would, or would be likely to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>cause any of the representations or warranties of such
      Party contained herein to be untrue or inaccurate in any material respect
      between the date hereof and the Effective Date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>result in the failure to comply with or satisfy any
      covenant or agreement to be complied with or satisfied by such Party
      hereto prior to the Effective Date; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>result in the failure to satisfy any of the conditions
      precedent in favour of the other Party hereto contained in Section 5.1,
      5.2 and 5.3, as the case may be.</P></TD></TR></TABLE>
<P align=justify>Subject as herein provided, a Party may elect not to complete
the transactions contemplated hereby pursuant to the conditions precedent
contained in Sections 5.1, 5.2 and 5.3 in favour of such Party, or exercise any
termination right arising therefrom, if forthwith, and in any event prior to the
Effective Date, such Party has delivered a written notice to the other
specifying in reasonable detail all breaches of covenants, representations and
warranties or other matters which the Party delivering such notice is asserting
as the basis for the non-fulfillment of the applicable condition precedent or
the exercise of the termination right, as the case may be. If any such notice is
delivered and the Party receiving such notice is proceeding diligently to cure
such matter, if such matter is susceptible to being cured, the Party delivering
such notice may not terminate this Agreement until the earlier of the Outside
Date and the expiration of a period of ten Business Days from such notice. If
such notice has been delivered prior to the date of the Silvermex Meeting, such
meeting shall be postponed until the expiry of such period. If such notice has
been delivered prior to the making of the application for the Final Order, such
application shall be postponed until the expiry of such period. For greater
certainty, in the event that such matter is cured within the time period
referred to herein, this Agreement may not be terminated as a result of such
matter.</P>
<P align=justify>5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Satisfaction of Conditions</B>. The conditions precedent set out in Sections
5.1, 5.2 and 5.3 shall be conclusively deemed to have been satisfied, waived or
released when, with the approval of First Majestic and Silvermex, the
Arrangement is completed.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_62></A>
<P align=center>- 62-</P>
<P align=center><B>ARTICLE 6 <BR>AMENDMENT AND TERMINATION</B></P>
<P align=justify>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Amendment</B>. This Agreement may, at any time and from time to time before
or after the holding of the Silvermex Meeting but not later than the Effective
Date, be amended by mutual written agreement of the Parties hereto provided,
however, that any such change, waiver or modification does not invalidate any
required approval of the Silvermex Securityholders to the Arrangement.</P>
<P align=justify>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=3>
      <P align=justify>This Agreement may, at any time before or after the
      holding of the Silvermex Meeting but not later than the Effective
    Date:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD colSpan=2>
      <P align=justify>be terminated by the mutual agreement of Silvermex and
      First Majestic;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD colSpan=2>
      <P align=justify>be terminated by either Silvermex or First Majestic,
      if:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>there shall be passed any Law that makes consummation of
      the transactions contemplated by this Agreement illegal or otherwise
      prohibited or if any Governmental Entity shall have issued any injunction,
      order, decree or ruling enjoining First Majestic or Silvermex from
      consummating the transactions contemplated by this Agreement and such
      injunction, order, decree or ruling shall become final and
      non-appealable;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>subject to Section 5.4, the other Party is in default of
      a covenant or obligation hereunder, provided the Party seeking to
      terminate this Agreement is not then in breach of this Agreement so as to
      cause any condition in favour of both Parties or in favour of the other
      Party not to be satisfied; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>subject to Section 5.4, any representation or warranty of
      the other Party under this Agreement is untrue or incorrect and shall have
      become untrue or incorrect such that the condition contained in Section
      5.2(b) or 5.3(b), as applicable, would be incapable of satisfaction,
      provided that the Party seeking to terminate this Agreement is not then in
      breach of this Agreement so as to cause any condition in favour of both
      Parties or in favour of the other Party not to be satisfied;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD colSpan=2>
      <P align=justify>be terminated by First Majestic if:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>Silvermex shall have failed to recommend or has
      withdrawn, qualified or modified or changed in a manner adverse to First
      Majestic its approval or recommendation of this Agreement or the
      Arrangement or shall have recommended or approved an Acquisition
      Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>through no fault of First Majestic the Arrangement shall
      not have been submitted for the approval of the Silvermex Securityholders
      on or before the Meeting Deadline in the manner provided for in Article 2
      and in the Interim Order; or</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_63></A>
<P align=center>- 63-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="15%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>the Silvermex Board shall have failed to reaffirm its
      recommendation of the Arrangement and this Agreement as promptly as
      practicable after receipt of any reasonable request from First Majestic to
      do so and in any event within five Business Days after a public
      announcement of any Acquisition Proposal;</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>be terminated by Silvermex in order to enter into a
      definitive written agreement with respect to a Superior Proposal, subject
      to compliance with Section 4.4 and Section 4.5 and the payment of the fee
      required to be paid pursuant to Section 6.3(a); or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>be terminated by either Silvermex or First Majestic if
      the Arrangement shall not have been approved by the Silvermex
      Securityholders on or before the Meeting Deadline in the manner provided
      for in Article 2 and in the Interim Order.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Notwithstanding any other provision hereof, if the
      Effective Date does not occur on or prior to the Outside Date, then this
      Agreement shall terminate without further action by either
Party.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>If this Agreement is terminated in accordance with the
      foregoing provisions of this Section 6.2, no Party shall have any further
      liability to perform its obligations hereunder, except as provided for in
      Section 6.3, which shall survive the termination of this Agreement or as
      otherwise contemplated hereby, and provided that, subject to Section 6.5,
      neither the termination of this Agreement nor anything contained in this
      Section 6.2(c) shall relieve any Party from any liability for any breach
      by it of this Agreement, including from any inaccuracy in its
      representations and warranties and any non-performance by it of its
      covenants made herein.</P></TD></TR></TABLE>
<P align=justify>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Termination Payment.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>If:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Silvermex shall terminate this Agreement pursuant to
      Section 6.2(a)(iv) in order to enter into a definitive written agreement
      with respect to a Superior Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>First Majestic shall terminate this Agreement pursuant to
      Section 6.2(a)(ii)(B) where Silvermex is in default of a covenant or
      obligation hereunder so as to cause any condition in favour of First
      Majestic not to be satisfied, provided First Majestic is not in default of
      a covenant or obligation hereunder so as to cause any condition in favour
      of both Parties or in favour of Silvermex not to be satisfied;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>First Majestic shall terminate this Agreement pursuant to
      Section 6.2(a)(iii)(A) or 6.2(a)(iii)(C);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>First Majestic shall terminate this Agreement pursuant to
      Section 6.2(a)(iii)(B) where Silvermex is in default of a covenant or
      obligation hereunder so as to cause the Arrangement not to have
  been submitted for the approval of the Silvermex
  Securityholders on or before the Meeting Deadline; or</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_64></A>
<P align=center>- 64-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>either Silvermex or First Majestic shall terminate this
      Agreement pursuant to Section 6.2(a)(v) where (A) an Acquisition Proposal
      is publicly announced or made to the Silvermex Shareholders and is not
      publicly withdrawn prior to the Silvermex Meeting, (B) the Arrangement
      Resolution is not approved at the Silvermex Meeting and (C) an Acquisition
      Proposal is consummated within 12 months of such
  termination;</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>then in any such case Silvermex shall
pay to First Majestic by wire transfer the Termination Payment in immediately
available funds to an account designated by First Majestic. Such payment shall
be due and payable:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>in the case of a termination specified in clause (i),
      prior to or concurrent with the termination of this Agreement;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>in the case of a termination specified in clauses (ii)
      through (iv), within five Business Days after written notice of
      termination by First Majestic; or</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(viii) </TD>
    <TD>
      <P align=justify>in the case of a termination specified in clause (v),
      within five Business Days after consummation of an Acquisition
      Proposal,</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>For greater certainty, Silvermex shall not be obligated
      to make more than one payment pursuant to Section
6.3(a).</P></TD></TR></TABLE>
<P align=justify>6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Liquidated Damages</B>. Silvermex acknowledges that the damages set forth in
this Article 6 are a genuine pre-estimate of the damages First Majestic will
suffer or incur as a result of the event giving rise to those damages and are
not penalties. Silvermex irrevocably waives any right it may have to raise as a
defence in any proceedings that any such damages are excessive, punitive or
abusive.</P>
<P align=justify>6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Remedies</B>. Subject to Section 6.6, the Parties hereto acknowledge and
agree that an award of money damages would be inadequate for any breach of this
Agreement by any Party or its representatives and any such breach would cause
the non-breaching Party irreparable harm. Accordingly, the Parties hereto agree
that, in the event of any breach or threatened breach of this Agreement by one
of the Parties, the non-breaching Party will also be entitled, without the
requirement of posting a bond or other security, to equitable relief, including
injunctive relief and specific performance. Such remedies will not be the
exclusive remedies for any breach of this Agreement but will be in addition to
all other remedies available at law or equity to the Parties.</P>
<P align=justify>6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Effect of Termination Payment</B>. For greater certainty, the Parties agree
that the payment of the amount pursuant to Section 6.3 is the sole monetary
remedy as a result of the occurrence of any of the events referred to in Section
6.3. Subject to the immediately preceding sentence, nothing in this Agreement
shall preclude a Party from seeking damages in respect of losses incurred or
suffered by such Party as a result of any breach of this Agreement by the other
Party, seeking injunctive relief to restrain any breach or threatened breach of
the covenants or agreements set forth in this Agreement or the Confidentiality
Agreement or otherwise, or seeking specific performance of any of such covenants
or agreements, without the necessity of posting bond or security in connection
therewith.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_65></A>
<P align=center>- 65-</P>
<P align=center><B>ARTICLE 7 <BR>GENERAL</B></P>
<P align=justify>7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Notices</B>. All notices and other communications which may or are required
to be given pursuant to any provision of this Agreement shall be given or made
in writing and shall be deemed to be validly given if served personally or by
telecopy, in each case addressed to the particular party at:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >(a) </TD>
    <TD align=left width="90%">If to First Majestic: </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">First Majestic Silver Corp. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">1805 &#150; 925 West Georgia St. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Vancouver, British Columbia V6C 3E8 </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Attention: &nbsp;&nbsp;&nbsp;Keith Neumeyer </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;(604) 639-8873 </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">with a copy to: </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">McCullough O&#146;Connor Irwin LLP </TD></TR>
  <TR vAlign=bottom>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center></TD>
    <TD align=left width="90%" >2610 &#150; 1066 West Hastings
      Street&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Vancouver, British Columbia V6E 3X1 </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><U>Attention</U>: &nbsp;&nbsp;&nbsp;James D. Beeby </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp; (604) 687-7099 </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >(b) </TD>
    <TD align=left width="90%">If to Silvermex: </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Silvermex Resources Inc. </TD></TR>
  <TR vAlign=bottom>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="90%" >1210 - 885 West Georgia
      Street&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Vancouver, British Columbia V6C 3E8 </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><U>Attention:</U>&nbsp;&nbsp;&nbsp;&nbsp; Duane Nelson </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) 682-4009 </TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">with a copy to: </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">McMillan LLP </TD></TR>
  <TR vAlign=bottom>
    <TD width="5%" >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left width="90%" >1500 -1055 West Georgia
      Street&nbsp;&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Vancouver, British Columbia V6E 4N7 </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%"><U>Attention:</U> &nbsp;&nbsp;&nbsp;Gary Floyd </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="90%">Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;(604) 893-7610 </TD>
  </TR></TABLE>
<P align=justify>or at such other address of which any party may, from time to
time, advise the other parties by notice in writing given in accordance with the
foregoing. The date of receipt of any such notice shall be deemed to be the date
of delivery or telecopying thereof.</P>
<P align=justify>7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Assignment</STRONG>. Neither Party hereto may assign its rights or
obligations under this Agreement or the Arrangement.</P>
<P align=justify>7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Binding Effect</B>. This Agreement and the Arrangement shall be binding upon
and shall enure to the benefit of the Parties hereto and their respective
successors.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_66></A>
<P align=center>- 66-</P>
<P align=justify>7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Waiver and Modification</B>. Each of the Parties may waive or consent to the
modification of, in whole or in part, any inaccuracy of any representation or
warranty made to them hereunder or in any document to be delivered pursuant
hereto and may waive or consent to the modification of any of the covenants
herein contained for their respective benefit or waiver or consent to the
modification of any of the obligations of the other Party hereto. Any waiver or
consent to the modification of any of the provisions of this Agreement, to be
effective, must be in writing executed by the Party granting such waiver or
consent.</P>
<P align=justify>7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Further Assurances</B>. Each Party hereto shall, from time to time, and at
all times hereafter, at the request of the other Party hereto, but without
further consideration, do all such further acts and things and execute and
deliver all such further documents and instruments as shall be reasonably
required in order to fully perform and carry out the terms and intent
hereof.</P>
<P align=justify>7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Expenses</B>. Except as provided in Section 6.3 and the Plan of Arrangement,
all out-of-pocket expenses of the Parties relating to the Arrangement and the
transactions contemplated hereby, including all Third Party Expenses, shall be
paid by the Party incurring such expenses.</P>
<P align=justify>7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Governing Laws</B>. This Agreement shall be governed by and construed in
accordance with the laws of the Province of British Columbia and the laws of
Canada applicable therein and shall be treated in all respects as a British
Columbia contract.</P>
<P align=justify>7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Counterparts.</B> This Agreement may be executed in one or more counterparts
and by facsimile or other electronic means, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same
instrument.</P>
<P align=justify>IN WITNESS WHEREOF the Parties hereto have executed this
Agreement as of the date first written above.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="48%" colSpan=2><B>FIRST MAJESTIC SILVER CORP.</B>
  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="48%"  colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="48%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%"
    >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="43%">&#147;<I>Raymond Polman</I>&#148; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="48%" colSpan=2>Authorized Signatory </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="48%"  colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="48%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="48%" colSpan=2><B>SILVERMEX RESOURCES INC.</B>
</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="48%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="5%"
    >Per: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="43%">&#147;<I>Duane Nelson</I>&#148; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_67></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>Exhibit A</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>To the Arrangement Agreement dated as of April 3,
      2012</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>between First Majestic Silver Corp. and Silvermex
      Resources Inc.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Arrangement Resolution</B> </TD></TR></TABLE>
<P align=justify>BE IT RESOLVED AS A SPECIAL RESOLUTION THAT:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The arrangement (the &#147;<B>Arrangement</B>&#148;) under Part 9,
      Division 5 of the <I>Business Corporations Act </I>(British Columbia) (as
      the Arrangement may be modified or amended), as more particularly
      described and set forth in the Information Circular (the
      &#147;<B>Circular</B>&#148;) of Silvermex Resources Inc. (&#147;<B>Silvermex</B>&#148;) dated
      &lt;&gt;, 2012, is hereby authorized, approved and adopted.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The Plan of Arrangement (the &#147;<B>Plan of
      Arrangement</B>&#148;), the full text of which is set out as Exhibit B to the
      Arrangement Agreement between Silvermex and First Majestic Silver Corp.
      (the &#147;<B>Arrangement Agreement</B>&#148;) and all transactions contemplated
      thereby, is hereby approved and adopted.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>The Arrangement Agreement, the actions of the directors
      of Silvermex in approving the Arrangement Agreement and the actions of the
      directors and officers of Silvermex in executing and delivering the
      Arrangement Agreement and any amendments thereto in accordance with its
      terms are hereby ratified and approved.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Notwithstanding that this resolution has been passed (and
      the Arrangement adopted) by the shareholders, warrantholders and
      optionholders (the &#147;<B>Securityholders</B>&#148;) of Silvermex or that the
      Arrangement has been approved by the Supreme Court of British Columbia,
      the directors of Silvermex are hereby authorized and empowered (i) to
      amend the Arrangement Agreement or the Plan of Arrangement to the extent
      permitted by the Arrangement Agreement or the Plan of Arrangement, and
      (ii) not to proceed with the Arrangement at any time prior to the
      Effective Time (as defined in the Arrangement Agreement).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>Any officer or director of Silvermex is hereby authorized
      and directed for and on behalf of Silvermex to execute or cause to be
      executed, under the seal of Silvermex or otherwise, and to deliver or
      cause to be delivered, all such documents and instruments and to perform
      or cause to be performed all such other acts and things as in such
      person&#146;s opinion may be necessary or desirable to give full effect to the
      foregoing resolution and the matters authorized thereby, such
      authorization to be conclusively evidenced by the execution and delivery
      of such document, agreement or instrument or the doing of any such act or
      thing.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_68></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><B>Exhibit B</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>To the Arrangement Agreement dated as of April 3,
      2012</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>between First Majestic Silver Corp. and Silvermex
      Resources Inc.</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>Plan of Arrangement</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>PLAN OF ARRANGEMENT UNDER THE PROVISIONS OF DIVISION 5
      OF PART 9 OF THE</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>BUSINESS CORPORATIONS ACT </I></B><B>(BRITISH
      COLUMBIA)</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>ARTICLE 1</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>INTERPRETATION</B> </TD></TR></TABLE>
<P align=justify>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Definitions</B>. In this Plan of Arrangement, unless there is something in
the subject matter or context inconsistent therewith, the following terms shall
have the respective meanings set out below and grammatical variations of such
terms shall have corresponding meanings:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>&#147;<B>2008 Plan</B>&#148; means Silvermex&#146;s stock option plan
      dated May 20, 2008;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>&#147;<B>2011 Plan</B>&#148; means Silvermex&#146;s stock option plan
      dated July 26, 2011;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify><B>&#147;Adjusted Exercise Price</B>&#148; means, with respect to
      each Silvermex Warrant that is exchanged for a Replacement Warrant
      pursuant to Section 2.3(b), the exercise price of such Silvermex Warrant
      prior to the Effective Time divided by the Exchange Ratio;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>&#147;<B>Arrangement</B>&#148; means an arrangement under the
      provisions of Division 5 of Part 9 of the Business Corporations Act, on
      the terms set forth in this Plan of Arrangement, subject to any amendment
      or supplement thereto in accordance with the Arrangement Agreement and
      this Plan of Arrangement or made at the direction of the Court in the
      Final Order;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>&#147;<B>Arrangement Agreement</B>&#148; means the arrangement
      agreement dated April 3, 2012 between First Majestic and
  Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>&#147;<B>Arrangement Resolution</B>&#148; means the special
      resolution approving the Arrangement, to be in substantially the form of
      Exhibit A to the Arrangement Agreement, to be considered, and if deemed
      advisable, passed with or without variation, by the Silvermex
      Securityholders voting together as a single class at the Silvermex
      Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>&#147;<B>Business Corporations Act</B>&#148; means the <I>Business
      Corporations Act </I>(British Columbia), as amended;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>&#147;<B>Court</B>&#148; means the British Columbia Supreme
      Court;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>&#147;<B>Depositary</B>&#148; means Computershare Investor Services
      Inc., at such offices as will be set out in the Letter of
    Transmittal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>&#147;<B>Dissent Procedures</B>&#148; has the meaning set out in
      Section 3.1;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>&#147;<B>Dissent Rights</B>&#148; has the meaning set out in
      Section 3.1;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>&#147;<B>Dissenting Shareholder</B>&#148; means a holder of
      Silvermex Shares who dissents in respect of the Arrangement in strict
      compliance with the Dissent Procedures;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>&#147;<B>Effective Date</B>&#148; means the date the Arrangement
      completes, as determined in accordance with Section 2.10 of the Arrangement
  Agreement;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 2-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>&#147;<B>Effective Time</B>&#148; means the time when the
      transactions contemplated herein will be deemed to have been completed,
      which shall be 12:01 a.m. on the Effective Date;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>&#147;<B>Election Notice</B>&#148; means a notice of election (the
      form of which shall be sent to Silvermex Warrantholders) that is
      conditional upon completion of the Arrangement and that is validly given
      by a Silvermex Warrantholder and pursuant to which a Silvermex
      Warrantholder may elect to receive a Replacement Warrant in lieu of the
      Warrant Consideration;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(p) </TD>
    <TD>
      <P align=justify>&#147;<B>Eligible Holder</B>&#148; means a beneficial holder of
      Silvermex Shares (including for greater certainty, Silvermex Shares issued
      pursuant to Section 2.3(c) or Section 2.3(d)) that is: (i) a resident of
      Canada for the purposes of the ITA and not exempt under Part I of the ITA;
      or (ii) a partnership, any member of which is resident in Canada for the
      purposes of the ITA (other than a partnership, all members of which are
      residents of Canada that are exempt from tax under Part I of the
    ITA);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(q) </TD>
    <TD>
      <P align=justify>&#147;<B>Exchange Ratio</B>&#148; means 0.0355;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(r) </TD>
    <TD>
      <P align=justify><B>&#147;Final Order&#148; </B>means the final order of the Court
      approving the Arrangement as such order may be amended at any time prior
      to the Effective Date or, if appealed, then, unless such appeal is
      abandoned or denied, as affirmed;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(s) </TD>
    <TD>
      <P align=justify><B>&#147;First Majestic&#148; </B>means First Majestic Silver Corp,
      a company existing under the laws of British Columbia;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(t) </TD>
    <TD>
      <P align=justify><B>&#147;First Majestic Shares&#148; </B>means the common shares in
      the authorized share structure of First Majestic;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(u) </TD>
    <TD>
      <P align=justify>&#147;<B>holder</B>&#148; means, when used with reference to any
      Silvermex Securities, the holder of such Silvermex Securities (in the case
      of Silvermex Shares, as shown from time to time on the register of
      shareholders maintained by or on behalf of Silvermex in respect of the
      Silvermex Shares);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>&#147;<B>ITA</B>&#148; means the <I>Income Tax Act
    </I>(Canada);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(w) </TD>
    <TD>
      <P align=justify>&#147;<B>Letter of Transmittal</B>&#148; means the Letter of
      Transmittal for use by holders of Silvermex Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(x) </TD>
    <TD>
      <P align=justify>&#147;<B>Meeting Date</B>&#148; means the date of the Silvermex
      Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(y) </TD>
    <TD>
      <P align=justify>&#147;<B>Option Consideration</B>&#148; means, in respect of
      Silvermex Options held by a Silvermex Optionholder, the number of
      Silvermex Shares obtained by dividing: (i) the amount, if any, by which
      (A) the product obtained by multiplying the number of Silvermex Shares
      underlying such Silvermex Options by the Silvermex Share Value; exceeds
      (B) the aggregate exercise price payable under such Silvermex Options; by
      (ii) the Silvermex Share Value;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(z) </TD>
    <TD>
      <P align=justify>&#147;<B>Plan of Arrangement</B>&#148; means this plan of
      arrangement and any amendment or variation thereto made in accordance with
      Article 5 hereto or the Arrangement Agreement or upon the direction of the
      Court in the Final Order;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(aa) </TD>
    <TD>
      <P align=justify>&#147;<B>Person</B>&#148; includes any individual, firm,
      partnership, joint venture, venture capital
fund, association, trust, trustee, executor, administrator,
      legal personal representative, estate, group, body corporate, corporation,
      company, unincorporated association or organization, governmental entity,
  syndicate or other entity, whether or not having legal status;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_70></A>
<P align=center>- 3-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(bb) </TD>
    <TD>
      <P align=justify>&#147;<B>Regulation S</B>&#148; means Regulation S under the U.S.
      Securities Act;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(cc) </TD>
    <TD>
      <P align=justify>&#147;<B>Replacement Warrant</B>&#148; has the meaning ascribed
      thereto in Section 2.3(b);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(dd) </TD>
    <TD>
      <P align=justify>&#147;<B>Section 85 Election</B>&#148; has the meaning ascribed
      thereto in Section 2.4(c);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ee) </TD>
    <TD>
      <P align=justify>&#147;<B>Share Consideration</B>&#148; means the consideration to
      be received by each Silvermex Shareholder (including, for greater
      certainty, a holder of Silvermex Shares issued pursuant to Section 2.3(c)
      or Section 2.3(d)) pursuant to this Plan of Arrangement in exchange for
      each Silvermex Share held by such Silvermex Shareholder, consisting of an
      indivisible mixture of such number of First Majestic Shares as is equal to
      the Exchange Ratio and $0.0001 in cash;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ff) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex</B>&#148; means Silvermex Resources Inc., a
      company existing under the laws of British Columbia;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(gg) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Meeting</B>&#148; means the special meeting of
      Silvermex Securityholders including any adjournment or adjournments
      thereof, to be called to consider the Arrangement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(hh) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Option</B>&#148; means an option to purchase
      Silvermex Shares issued pursuant to a Silvermex Stock Option
  Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Optionholder</B>&#148; means a holder of
      Silvermex Options;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(jj) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Securityholders</B>&#148; means, together, the
      Silvermex Shareholders, Silvermex Optionholders and Silvermex
      Warrantholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(kk) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Share</B>&#148; means a common share in the
      authorized share structure of Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ll) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Shareholder</B>&#148; means a holder of
      Silvermex Shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(mm) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Share Value</B>&#148; means $0.60;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(nn) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Stock Option Plans</B>&#148; means, together,
      the 2008 Plan and the 2011 Plan;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(oo) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Warrant</B>&#148; means a common share purchase
      warrant of Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(pp) </TD>
    <TD>
      <P align=justify>&#147;<B>Silvermex Warrantholder</B>&#148; means a holder of
      Silvermex Warrants;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(qq) </TD>
    <TD>
      <P align=justify>&#147;<B>Shareholder Rights Plan</B>&#148; means the shareholder
      rights plan agreement dated as of February 23, 2010 between Silvermex and
      Computershare Investor Services Inc., as rights agent;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(rr) </TD>
    <TD>
      <P align=justify>&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ss) </TD>
    <TD>
      <P align=justify>&#147;<B>U.S.</B>&#148; means the United States as that term is
      defined in Regulation S;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(tt) </TD>
    <TD>
      <P align=justify>&#147;<B>U.S. Person</B>&#148; means a U.S. Person as that term is
      defined in Regulation S, as amended;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(uu) </TD>
    <TD>
      <P align=justify>&#147;<B>U.S. Securities Act</B>&#148; means the U.S. Securities
      Act of 1933, as amended; and</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 4-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vv) </TD>
    <TD>
      <P align=justify>&#147;<B>Warrant Consideration</B>&#148; means, in respect of
      Silvermex Warrants held by a Silvermex Warrantholder, the number of
      Silvermex Shares (rounded down to the nearest whole Silvermex Share)
      obtained by dividing: (i) the amount, if any, by which (A) the product
      obtained by multiplying the number of Silvermex Shares underlying such
      Silvermex Warrants by the Silvermex Share Value; exceeds (B) the aggregate
      exercise price payable under such Silvermex Warrants; by (ii) the
      Silvermex Share Value.</P></TD></TR></TABLE>
<P align=justify>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Interpretation Not Affected by Headings, etc. </B>The division of this Plan
of Arrangement into sections and other portions and the insertion of headings
are for convenience of reference only and shall not affect the construction or
interpretation hereof. Unless otherwise indicated, all references in this Plan
of Arrangement to a &#147;Section&#148; followed by a number and/or a letter refer to the
specified section of this Plan of Arrangement. Unless otherwise indicated, the
terms &#147;this Plan of Arrangement&#148;, &#147;hereof&#148;, &#147;herein&#148;, &#147;hereunder&#148; and &#147;hereby&#148;
and similar expressions refer to this Plan of Arrangement as amended or
supplemented from time to time pursuant to the applicable provisions hereof, and
not to any particular section or other portion hereof.</P>
<P align=justify>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Currency. </B>All sums of money referred to in this Plan of Arrangement are
expressed in lawful money of Canada.</P>
<P align=justify>1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Number, etc. </STRONG>Unless the context otherwise requires, words
importing the singular shall include the plural and vice versa and words
importing any gender shall include all genders.</P>
<P align=justify>1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Construction. </B>In this Plan of Arrangement unless otherwise indicated:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the words &#147;include&#148;, &#147;including&#148; or &#147;in particular&#148;, when
      following any general term or statement, shall not be construed as
      limiting the general term or statement to the specific items or matters
      set forth or to similar items or matters, but rather as permitting the
      general term or statement to refer to all other items or matters that
      could reasonably fall within the broadest possible scope of the general
      term or statement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>a reference to a statute means that statute, as amended
      and in effect as of the date of this Plan of Arrangement, and includes
      each and every regulation and rule made thereunder and in effect as of the
      date hereof;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>where a word, term or phrase is defined, its derivatives
      or other grammatical forms have a corresponding meaning; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>time is of the essence.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 2 <BR>ARRANGEMENT</B></P>
<P align=justify>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Arrangement Agreement</B>. This Plan of Arrangement is made pursuant to, is
subject to the provisions of and forms a part of the Arrangement Agreement,
except in respect of the sequence of the steps comprising the Arrangement, which
shall occur in the order set forth herein.</P>
<P align=justify>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Binding Effect</B>. This Plan of Arrangement will become effective at, and be
binding at and after, the Effective Time on:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Silvermex;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Silvermex Securityholders; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>First Majestic.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 5-</P>
<P align=justify>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Arrangement</B>. Commencing at the Effective Time, the following shall occur
and shall be deemed to occur in the following order without any further act or
formality:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>the Shareholder Rights Plan shall be cancelled and shall
      have no further force or effect and each of the rights thereunder shall be
      deemed to be cancelled for no consideration;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>five minutes after the steps contemplated in Section
      2.3(a), each outstanding Silvermex Warrant held by a Silvermex
      Warrantholder who has delivered an Election Notice prior to the date which
      is at least two business days before the Effective Date will be exchanged
      by the holder thereof, without any further act or formality and free and
      clear of all liens, claims and encumbrances, for a warrant (a
      &#147;<B>Replacement Warrant</B>&#148;) to purchase a number of First Majestic
      Shares equal to the product of the Exchange Ratio multiplied by the number
      of Silvermex Shares issuable on exercise of such Silvermex Warrant for an
      exercise price per First Majestic Share equal to the Adjusted Exercise
      Price rounded up to the nearest whole cent (provided that, if the
      foregoing calculation results in a Replacement Warrant being exercisable
      for a fraction of a First Majestic Share, then the number of First
      Majestic Shares subject to such Replacement Warrant shall be rounded down
      to the next whole number of First Majestic Shares), and such Silvermex
      Warrants shall thereupon be cancelled. The term of expiry, conditions to
      and manner of exercise and other terms and conditions of each of the
      Replacement Warrants shall be the same as the terms and conditions of the
      Silvermex Warrant for which they are exchanged and any certificate
      previously evidencing the Silvermex Warrant shall thereafter evidence and
      be deemed to evidence such Replacement Warrant. The Replacement Warrants
      will not be exercisable by or on behalf of a U.S. Person unless an
      exemption from registration under the U.S. Securities Act and applicable
      state securities law is available;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>five minutes after the steps contemplated in Section
      2.3(b), notwithstanding any exercise provisions to which a Silvermex
      Warrant might otherwise be subject (whether by contract, the conditions of
      a grant, or applicable law):</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the outstanding Silvermex Warrants held by a Silvermex
      Warrantholder who has not delivered an Election Notice at least two
      business days prior to the Effective Date will, without any further action
      by or on behalf of such Silvermex Warrantholder, be deemed to be exercised
      for the Warrant Consideration, if any, and the Silvermex Shares issuable
      in connection therewith will be deemed to be issued to such Silvermex
      Warrantholder as fully paid and non-assessable common shares in the
      authorized share structure of Silvermex provided that no share
      certificates shall be issued with respect to such shares; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>with respect to each Silvermex Warrant, the holder
      thereof will cease to be the holder of such Silvermex Warrant, will cease
      to have any rights as a holder in respect of such Silvermex Warrant, such
      holder&#146;s name will be removed from the register of Silvermex Warrants, and
      all agreements, grants and other similar instruments relating thereto will
      be cancelled;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>concurrent with the steps contemplated in Section 2.3(c),
      notwithstanding any vesting or exercise provisions to which a Silvermex
      Option might otherwise be subject (whether by contract, the conditions of
      grant, applicable law or the terms of the Silvermex Stock Option
      Plans):</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the outstanding Silvermex Options will, without any
      further action by or on behalf of any holder of such Silvermex Options, be deemed
      to be fully vested and exercised in exchange for the Option Consideration,
      if any, and the Silvermex Shares issuable in connection therewith will be
      deemed to be issued to such Silvermex Optionholder as fully paid and
      non-assessable common shares in the authorized share structure of
      Silvermex provided that no share certificates shall be issued with respect
  to such shares;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_73></A>
<P align=center>- 6-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>with respect to each Silvermex Option, the holder thereof
      will cease to be the holder of such Silvermex Option, will cease to have
      any rights as a holder in respect of such Silvermex Option, such holder
      will be removed from the register of Silvermex Options, and all option
      agreements, grants and similar instruments relating thereto will be
      cancelled; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Silvermex Stock Option Plans shall be
    terminated;</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>five minutes after the steps contemplated in Section
      2.3(d), each Silvermex Share held by a Dissenting Shareholder in respect
      of which the Silvermex Shareholder has validly exercised his, her or its
      Dissent Rights shall be directly transferred and assigned by such
      Dissenting Shareholder to First Majestic (free and clear of any liens,
      charges and encumbrances of any nature whatsoever) in accordance with, and
      for the consideration set forth in, Section 3.1;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>five minutes after the steps contemplated in Section
      2.3(e), each Silvermex Share (other than any Silvermex Share held by any
      Dissenting Shareholder but including, for greater certainty, any Silvermex
      Shares issued pursuant to Section 2.3(c) or Section 2.3(d)) shall be
      deemed to be transferred to First Majestic (free and clear of any liens,
      charges and encumbrances of any nature whatsoever) in exchange for the
      Share Consideration; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>with respect to each Silvermex Share transferred and
      assigned in accordance with Section 2.3(e) or Section
  2.3(f):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the registered holder thereof shall cease to be the
      registered holder of such Silvermex Share and the name of such registered
      holder shall be removed from the register of Silvermex Shareholders as of
      the Effective Time;</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the registered holder thereof shall be deemed to have
      executed and delivered all consents, releases, assignments and waivers,
      statutory or otherwise, required to transfer and assign such Silvermex
      Share; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>First Majestic will be the holder of all of the
      outstanding Silvermex Shares and the register of Silvermex Shareholders
      shall be revised accordingly.</P></TD></TR></TABLE>
<P align=justify>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Post-Effective Time Procedures.</STRONG></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Following receipt of the Final Order and prior to the
      Effective Date, First Majestic shall deliver or arrange to be delivered to
      the Depositary the Share Consideration, including certificates
      representing the First Majestic Shares required to be issued to the
      Silvermex Shareholders in accordance with Section 2.3 hereof, which
      certificates shall be held by the Depositary as agent and nominee for such
      former Silvermex Shareholders for distribution to such former Silvermex
      Shareholders in accordance with the provisions of Article 4
  hereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Subject to the provisions of Article 4 hereof, and upon
      return of a properly completed Letter of Transmittal by a registered former Silvermex
      Shareholder together with certificates, if any, which, immediately prior
      to the Effective Date, represented Silvermex Shares and such other
      documents as the Depositary may require, former Silvermex Shareholders
      shall be entitled to receive delivery of the certificates representing the
      First Majestic Shares and cheques representing the cash to which they are
      entitled pursuant to Section 2.3(f). Notwithstanding the foregoing,
      holders of Silvermex Options and Silvermex Warrants who received Silvermex
      Shares pursuant to Section 2.3(c) or Section 2.3(d) shall not receive
      certificates representing such Silvermex Shares and, accordingly, shall
      not be required to deliver any such certificates pursuant to this Section
  2.4(b);</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_74></A>
<P align=center>- 7-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>An Eligible Holder whose Silvermex Shares are exchanged
      for the Share Consideration pursuant to the Arrangement shall be entitled
      to make an income tax election, pursuant to section 85 of the ITA (and any
      analogous provision of provincial income tax law) (a &#147;<B>Section 85
      Election</B>&#148;) with respect to the exchange by providing the necessary
      information in accordance with the procedures set out in the tax
      instruction letter on or before the date 90 days after the Effective Date.
      Neither Silvermex, First Majestic nor any successor corporation shall be
      responsible for the proper completion of any election form nor, except for
      the obligation to sign and return duly completed election forms which are
      received within 90 days of the Effective Date, for any taxes, interest or
      penalties resulting from the failure of an Eligible Holder to properly
      complete or file such election forms in the form and manner and within the
      time prescribed by the ITA (or any applicable provincial legislation). In
      its sole discretion, First Majestic or any successor corporation may
      choose to sign and return an election form received by it more than 90
      days following the Effective Date, but will have no obligation to do
      so.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>Upon receipt of a Letter of Transmittal in which an
      Eligible Holder has indicated that such holder wishes to receive a tax
      instruction letter, First Majestic will promptly deliver a tax instruction
      letter to such holder. The tax instruction letter will provide general
      instructions on how to make the Section 85 Election with First Majestic in
      order to obtain a full or partial tax deferred rollover for Canadian
      income tax purposes in respect of the sale of the Eligible Holder&#146;s
      Silvermex Shares to First Majestic.</P></TD></TR></TABLE>
<P align=justify>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Entitlement to Cash Consideration.</B> In any case where the aggregate cash
consideration payable to a particular Silvermex Shareholder under this
Arrangement would, but for this provision, include a fraction of a cent, the
consideration payable shall be rounded down to the nearest whole cent.</P>
<P align=justify>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>No Fractional First Majestic Shares. </B>In no event shall any holder of
Silvermex Shares be entitled to a fractional First Majestic Share. Where the
aggregate number of First Majestic Shares to be issued to a former Silvermex
Shareholder as consideration under this Arrangement would result in a fraction
of a First Majestic Share being issuable, the number of First Majestic Shares to
be received by such Silvermex Shareholder shall be rounded down to the nearest
whole First Majestic Share.</P>
<P align=justify>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Adjustments to the Exchange Ratio. </B>The Exchange Ratio shall be adjusted
to reflect fully the effect of any stock split, reverse split, stock dividend
(including any dividend or distribution of securities convertible into First
Majestic Shares, other than stock dividends paid in lieu of ordinary course
dividends), consolidation, reorganization, recapitalization or other like change
with respect to First Majestic Shares occurring after the date of the
Arrangement Agreement and prior to the Effective Time.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_75></A>
<P align=center>- 8-</P>
<P align=center><B>ARTICLE 3 <BR>RIGHTS OF DISSENT</B></P>
<P align=justify>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Rights of Dissent</B>.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Registered holders of Silvermex Shares may exercise
      rights of dissent (&#147;<B>Dissent Rights</B>&#148;) with respect to such shares
      pursuant to and in the manner set forth in Section 237 to 247 of the
      Business Corporations Act and this Section 3.1 (the &#147;<B>Dissent
      Procedures</B>&#148;) in connection with the Arrangement; provided that,
      notwithstanding subsection 242(a) of the Business Corporations Act, the
      written objection to the Arrangement Resolution referred to in subsection
      242(a) of the Business Corporations Act must be received by Silvermex not
      later than 5:00 p.m. (Vancouver time) on the business day that is two
      business days before the Meeting Date or any date to which the Silvermex
      Meeting may be postponed or adjourned and provided further that Dissenting
      Shareholders who:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>are ultimately entitled to be paid fair value for their
      Silvermex Shares shall be deemed to have transferred such Silvermex Shares
      to First Majestic as of the Effective Time without any further act or
      formality and free and clear of all liens, claims and encumbrances, in
      consideration for the payment by First Majestic of the fair value thereof,
      in cash; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>are ultimately not entitled, for any reason, to be paid
      fair value for their Silvermex Shares shall be deemed to have participated
      in the Arrangement on the same basis as a non-dissenting holder of
      Silvermex Shares and shall receive Share Consideration on the basis
      determined in accordance with Section 2.3(f);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>but in no case shall First Majestic, Silvermex or any
      other Person be required to recognize such Persons as holders of Silvermex
      Shares after the Effective Time, and the names of such Persons shall be
      deleted from the registers of holders of Silvermex Shares at the Effective
      Time.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>In addition to any other restrictions set forth in the
      Business Corporations Act, none of the following shall be entitled to
      exercise Dissent Rights:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Silvermex Optionholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>Silvermex Warrantholders; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>Silvermex Shareholders who vote in favour of the
      Arrangement Resolution.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 4<BR></B><B>EXCHANGE OF CERTIFICATES AND DELIVERY OF
CASH</B></P>
<P
align=justify><STRONG>4.1&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>Delivery of First Majestic Shares and Cash.</STRONG></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Upon surrender to the Depository for cancellation of a
      certificate that immediately before the Effective Time represented one or
      more outstanding Silvermex Shares that were exchanged for the Share
      Consideration in accordance with Section 2.3(f) hereof together with such
      other documents and instruments as would have been required to effect
      the transfer of the Silvermex Shares formerly represented by
      such certificate under the Business Corporations Act and the articles of
      Silvermex and such additional documents and instruments as the Depository
      may reasonably require, the holder of such surrendered certificate shall
      be entitled to receive in exchange therefor, and the Depository shall
      deliver to such holder following the Effective Time, a certificate
      representing the First Majestic Shares and a cheque representing the cash
      that such holder is entitled to receive in accordance with Section 2.3(f)
      hereof. Notwithstanding the foregoing, holders of Silvermex Options and
      Silvermex Warrants who received Silvermex Shares pursuant to Section
      2.3(c) or Section 2.3(d) shall not receive certificates representing such
      Silvermex Shares and, accordingly, shall not be required to deliver any
  such certificates.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_76></A>
<P align=center>- 9-</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>After the Effective Time and until surrendered for
      cancellation as contemplated by Section 4.1(a) hereof, each certificate
      that immediately prior to the Effective Time represented one or more
      Silvermex Shares shall be deemed at all times to represent only the right
      to receive in exchange therefor the Share Consideration that the holder of
      such certificate is entitled to receive in accordance with Section 2.3(f)
      hereof.</P></TD></TR></TABLE>
<P align=justify>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Distributions with Respect to Unsurrendered Certificates</B>. No dividends or
other distributions declared or made after the Effective Time with respect to
First Majestic Shares with a record date after the Effective Time shall be paid
to the holder of any unsurrendered certificate which immediately prior to the
Effective Time represented outstanding Silvermex Shares that were exchanged
pursuant to Section 2.3 unless and until the holder of record of such
certificate shall surrender such certificate in accordance with Section 4.1.
Subject to applicable law, at the time of such surrender of any such certificate
(or in the case of clause (ii) below, at the appropriate payment date), there
shall be paid to the holder of record of the certificates formerly representing
whole Silvermex Shares, without interest, (i) the amount of dividends or other
distributions with a record date after the Effective Time theretofore paid with
respect to such whole First Majestic Share and (ii) on the appropriate payment
date, the amount of dividends or other distributions with a record date after
the Effective Time but prior to surrender and a payment date subsequent to
surrender payable with respect to such whole First Majestic Share.</P>
<P align=justify>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Lost Certificates</B>. In the event any certificate which immediately prior
to the Effective Time represented one or more outstanding Silvermex Shares that
were exchanged pursuant to Section 2.3(f) shall have been lost, stolen or
destroyed, upon the making of an affidavit of that fact by the Person claiming
such certificate to be lost, stolen or destroyed, the Depositary will issue in
exchange for such lost, stolen or destroyed certificate, one or more
certificates representing one or more First Majestic Shares (and any dividends
or distributions with respect thereto) deliverable in accordance with such
holder&#146;s Letter of Transmittal. When authorizing such payment in exchange for
any lost, stolen or destroyed certificate, the Person to whom certificates
representing First Majestic Shares are to be issued shall, as a condition
precedent to the issuance thereof, give a bond satisfactory to First Majestic
and its transfer agent in such sum as First Majestic may direct or otherwise
indemnify First Majestic in a manner satisfactory to First Majestic against any
claim that may be made against First Majestic with respect to the certificate
alleged to have been lost, stolen or destroyed.</P>
<P align=justify>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Extinction of Rights</B>. Any certificate which immediately prior to the
Effective Time represented outstanding Silvermex Shares that were exchanged
pursuant to Section 2.3(f) and not deposited, with all other instruments
required by Section 4.1 on or prior to the third anniversary of the Effective
Date shall cease to represent a claim or interest of any kind or nature as a
shareholder of First Majestic. On such date, the First Majestic Shares to which
the former registered holder of the certificate referred to in the preceding
sentence was ultimately entitled shall be deemed to have been surrendered to
First Majestic together with all entitlements to dividends, distributions and
interest thereon held for such former registered holder. None of First Majestic,
Silvermex or the Depositary shall be liable to any person in respect of any
First Majestic Shares (or dividends, distributions and interest in respect
thereof) delivered to a public official pursuant to any applicable
abandoned property, escheat or similar law.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_77></A>
<P align=center>- 10-</P>
<P align=justify>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Withholding and Sale Rights</B>. Each of First Majestic and the Depositary
shall be entitled to deduct and withhold from (i) any First Majestic Shares or
other consideration otherwise issuable or payable pursuant to this Plan of
Arrangement to any holder of Silvermex Shares, or (ii) any dividend or
consideration otherwise payable to any holder of Silvermex Shares or First
Majestic Shares such amounts as First Majestic or the Depositary, respectively,
is required to deduct and withhold with respect to such issuance or payment, as
the case may be, under the ITA, the U.S. Internal Revenue Code or any provision
of provincial, state, local or foreign tax law, in each case as amended. To the
extent that the amount so required to be deducted or withheld from the First
Majestic Shares, dividends or consideration otherwise issuable or payable to a
holder exceeds the cash portion of the consideration otherwise payable to such
holder, each of First Majestic and the Depositary is hereby authorized to sell
or otherwise dispose of, at such times and at such prices as it determines, in
its sole discretion, such portion of the First Majestic Shares otherwise
issuable or payable to such holder as is necessary to provide sufficient funds
to First Majestic or the Depositary, as the case may be, to enable it to comply
with such deduction or withholding requirement, and shall notify the holder
thereof and remit to such holder any unapplied balance of the net proceeds of
such sale or disposition (after deducting applicable sale commissions and any
other reasonable expenses relating thereto) in lieu of the First Majestic Shares
or other consideration so sold or disposed of. To the extent that amounts are so
withheld or First Majestic Shares or other consideration are so sold or disposed
of, such withheld amounts, or shares or other consideration so sold or disposed
of, shall be treated for all purposes as having been paid to the holder of the
shares in respect of which such deduction, withholding, sale or disposition was
made, provided that such withheld amounts, or the net proceeds of such sale or
disposition, as the case may be, are actually remitted to the appropriate taxing
authority. Neither of First Majestic or the Depositary shall be obligated to
seek or obtain a minimum price for any of the First Majestic Shares or other
consideration sold or disposed of by it hereunder, nor shall any of them be
liable for any loss arising out of any such sale or disposition.</P>
<P align=justify>4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Paramountcy</B>. From and after the Effective Time:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>this Plan of Arrangement shall take precedence and
      priority over any and all Silvermex Shares, Silvermex Options and
      Silvermex Warrants issued prior to the Effective Time; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the rights and obligations of the holders of Silvermex
      Shares, Silvermex Options and Silvermex Warrants shall be solely as
      provided in this Plan of Arrangement.</P></TD></TR></TABLE>
<P align=center><B>ARTICLE 5 <BR>AMENDMENTS</B></P>
<P align=justify>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
First Majestic and Silvermex reserve the right to amend, modify and/or
supplement this Plan of Arrangement at any time and from time to time prior to
the Effective Date, provided that each such amendment, modification and/or
supplement must be: (i) set out in writing, (ii) agreed to in writing by First
Majestic and Silvermex, (iii) filed with the Court and, if made following the
Meeting, approved by the Court, and (iv) communicated to holders of Silvermex
Securities if and as required by the Court.</P>
<P align=justify>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any amendment, modification or supplement to this Plan of Arrangement may be
proposed by Silvermex at any time prior to the Meeting (provided that First
Majestic shall have consented thereto) with or without any other prior notice or
communication, and if so proposed and accepted by the Persons voting at the
Meeting (other than as may be required under the Interim Order), shall become
part of this Plan of Arrangement for all purposes.</P>
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<P align=center>- 11-</P>
<P align=justify>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any amendment, modification or supplement to this Plan of Arrangement that is
approved by the Court following the Meeting shall be effective only if (i) it is
consented to in writing by each of Silvermex and First Majestic, and (ii) if
required by the Court, it is consented to by holders of the Silvermex Securities
voting in the manner directed by the Court.</P>
<P align=justify>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any amendment, modification or supplement to this Plan of Arrangement may be
made following the Effective Date unilaterally by First Majestic, provided that
it concerns a matter which, in the reasonable opinion of First Majestic, is of
an administrative nature required to better give effect to the implementation of
this Plan of Arrangement and is not adverse to the financial or economic
interests of any holder of Silvermex Securities.</P>
<P align=center><B>ARTICLE 6 <BR>FURTHER ASSURANCES</B></P>
<P align=justify>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding that the transactions and events set out herein shall occur and
be deemed to occur in the order set out in this Plan of Arrangement without any
further act or formality, each of the parties to the Arrangement Agreement shall
make, do and execute, or cause to be made, done or executed, all such further
acts, deeds, agreements, transfers, assurances, instruments or documents as may
reasonably be required by any of them in order further to document or evidence
any of the transactions or events set out herein.</P>
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<!--$$/page=--><A name=page_79></A>
<P align=center><B>Exhibit C<BR></B><B>To the Arrangement Agreement dated as of
April 3, 2012 <BR>between First Majestic Silver Corp. and Silvermex Resources
Inc.</B></P>
<P align=center><B>Antitrust Filings</B></P>
<P align=justify>Notice under the Mexican Antitrust Act (<I>Ley Federal de
Competencia Economica</I>)</P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>SPROTT LOCK UP AGREEMENT
<TEXT>
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   <TITLE>First Majestic Silver Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>LOCK-UP AGREEMENT</B></P>
<P align=justify>THIS AGREEMENT is dated as of April 3, 2012</P>
<P align=justify>BETWEEN:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B>SPROTT ASSET MANAGEMENT LP, for and
on behalf of <BR>certain funds and managed accounts, </B>a limited partnership
<BR>existing under the laws of Ontario with an office at Suite 2700, 200 <BR>Bay
Street, Toronto, ON M5J 2J1</P>
<P align=right>(the &#147;<B>Securityholder</B>&#148;)</P>
<P align=justify>AND:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B>FIRST MAJESTIC SILVER CORP.</B>, a
corporation existing <BR>under the laws of the Province of British Columbia with
an office <BR>at Suite 1805, 925 West Georgia Street, Vancouver, BC V6C 3L2</P>
<P align=right>(the &#147;<B>Acquiror</B>&#148;).</P>
<P align=justify>WHEREAS:</P>
<P align=justify>A. Silvermex Resources Inc. (the &#147;<B>Target</B>&#148;) and the
Acquiror have entered into a letter of intent (the &#147;<B>Letter of Intent</B>&#148;)
pursuant to which the Target and the Acquiror propose to negotiate a definitive
agreement (the &#147;<B>Definitive Agreement</B>&#148;) providing for the acquisition by
the Acquiror of all the issued and outstanding shares in the capital of the
Target, or such other similar transaction as may be agreed by the Acquiror and
the Target (the &#147;<B>Transaction</B>&#148;);</P>
<P align=justify>B. The Securityholder or its affiliates (which includes for the
purposes of this Agreement, any entity controlled by the Securityholder or an
affiliate of any entity controlled by the Securityholder) beneficially own or
have voting or dispositive power over the number of shares in the capital of the
Target (the &#147;<B>Shares</B>&#148;) and warrants to acquire such shares (the
&#147;<B>Warrants</B>&#148;) set forth on the execution page of this Agreement (the Shares
and Warrants are collectively referred to herein as the &#147;<B>Securities</B>&#148;);
and</P>
<P align=justify>C. The Acquiror has requested the Securityholder to enter into
this Agreement with respect to the Securities in order to set out the terms and
conditions of the agreement of the Securityholder to support the Transaction and
to vote the Securities in favour of the Transaction at any meeting of the
Target&#146;s shareholders, optionholders or warrantholders called to consider such
Transaction (the &#147;<B>Meeting</B>&#148;).</P>
<P align=justify>NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the covenants and agreements herein contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:</P>
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<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><B>Representations of the Securityholder. </B>The
      Securityholder represents and warrants to the Acquiror that (and
      acknowledges that the Acquiror is relying upon such representations and
      warranties):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>no person has any agreement or option, or any right or
      privilege, whether by law, pre-emptive or contractual, capable of becoming
      an agreement or option, for the exchange, acquisition or transfer from the
      Securityholder or any of its affiliates of any of the Securities or any
      interest therein or right thereto;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>it or one of its affiliates has sole voting power and
      exclusive right of disposition with respect to the Securities and sole
      power to agree to all matters set forth in this Agreement and neither the
      Securityholder nor any of its affiliates has previously granted or agreed
      to grant a proxy or other right to vote in respect of such Securities or
      entered into any voting trust, nor pooling or other agreement with respect
      to the right to vote, call meetings of securityholders or give consents or
      approvals of any kind as to such Securities except those which are no
      longer of force or effect;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>neither it nor any of its affiliates beneficially owns or
      controls any securities of the Target other than the Securities;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>it has the legal capacity to execute and deliver this
      Agreement and to consummate the transactions contemplated hereby. This
      Agreement has been duly executed and delivered by the Securityholder and,
      assuming the due authorization, execution and delivery by the Acquiror,
      this Agreement constitutes the legal, valid and binding obligation of the
      Securityholder, enforceable in accordance with its terms, subject to laws
      of general application and bankruptcy, insolvency and other similar laws
      affecting creditors&#146; rights generally and general principles of equity;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>there is no private or governmental action, suit,
      proceeding, claim, arbitration or investigation pending before any
      governmental entity, or, to the knowledge of the Securityholder,
      threatened against the Securityholder, any of its affiliates or any of
      their respective properties that, individually or in the aggregate, could
      reasonably be expected to have a material adverse effect on the
      Securityholder&#146;s ability to consummate the transactions contemplated by
      this Agreement. There is no judgment, decree or order against the
      Securityholder or any of its affiliates that could prevent, enjoin, alter
      or materially delay any of the transactions contemplated by this
      Agreement, or that could reasonably be expected to have a material adverse
      effect on the Securityholder&#146;s ability to consummate the transactions
      contemplated by this Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Representations of the Acquiror. </B>The Acquiror
      represents and warrants to the Securityholder that (and acknowledges that
      the Securityholder is relying upon such representations and
      warranties):</P></TD></TR></TABLE><BR>
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<P align=center>- 3 -</P>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the Acquiror is, and will be as at the effective time of
      the Transaction, validly existing under the laws of British
    Columbia;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>it has the requisite corporate power and authority to
      enter into this Agreement and to perform its obligations
  hereunder;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it has full power and authority to make, enter into and
      carry out the terms of this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no consent, approval or authorization of, or declaration
      or filing with, or notice to, any governmental entity or stock exchange
      which has not been received or made is required by the Acquiror in
      connection with the execution and delivery of this Agreement;
and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>there are no legal proceedings in progress or pending
      before any governmental entity, or to the knowledge of the Acquiror,
      threatened against the Acquiror or its affiliates that would adversely
      affect in any manner the ability of the Acquiror to enter into this
      Agreement or the Definitive Agreement and to perform its obligations
      hereunder or thereunder.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Agreement to Vote Securities. </B>The Securityholder
      hereby agrees, that at the Meeting, the Securityholder shall (or cause its
      affiliates or other holder of record to, if the Securityholder is the
      beneficial owner but not the holder of record of any of the
      Securities):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>vote all of the Securities in favour of the Transaction
      contemplated and any actions required in furtherance thereof or otherwise
      contemplated by the Letter of Intent or the Definitive Agreement. The
      Securityholder shall also cause such Securities to be counted as present
      for purposes of establishing a quorum at the Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>vote all of the Securities to oppose any action or
      agreement that would result in a breach of any representation, warranty,
      covenant or other obligation of the Target under the Letter of Intent or
      Definitive Agreement if such breach requires Securityholder
    approval;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>vote all of the Securities to oppose any proposed action
      by the Target or any other party the result of which could impede,
      interfere with or delay the Acquiror from completing the Transaction;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no later than 10 days prior to the Meeting, deliver or
      cause to be delivered (including by instructing the participant(s) in the
      book-based system operated by CDS Clearing and Depositary Services Inc. or
      other intermediary through which the Securityholder holds the Securities
      to arrange for such delivery) to the Target&#146;s transfer agent, or as
      otherwise directed by the Acquiror, a duly executed proxy (or other
      appropriate voting instrument) directing that the Securities be voted at
      the Meeting in favour of the Transaction and all related matters, and
      thereafter not take any action to withdraw, amend or invalidate any such
      proxy (or other appropriate voting instrument)
deposited by the Securityholder pursuant to this Agreement except in accordance
with the terms hereof.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 4 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>No Voting Trusts. </B>The Securityholder will not, and
      will not permit any of its affiliates to, deposit any of the Securities in
      a voting trust or subject any of such Securities to any arrangement or
      agreement with respect to the voting of such securities, other than
      agreements entered into with the Acquiror.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Definition of Acquisition Proposal and Superior
      Proposal. </B>For the purposes of the
Agreement:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;<B>Acquisition Proposal</B>&#148; means any proposal or offer
      made by any person, whether written or oral, other than the Acquiror (or
      any affiliate of the Acquiror or any person acting in concert with the
      Acquiror or any affiliate of the Acquiror) with respect to:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any person or group of
      persons acting jointly or in concert of any capital stock or other voting
      securities, or securities convertible into or exercisable or exchangeable
      for any capital stock or other voting securities of the Target or any of
      its subsidiaries representing 20% or more of the outstanding voting
      securities of the Target or such subsidiary, on a fully diluted
    basis;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any person or group of
      persons acting jointly or in concert of 20% or more of the consolidated
      assets of the Target and its subsidiaries, taken as a whole, or which
      contribute 20% or more of the consolidated revenue or net income of the
      Target and its subsidiaries, taken as a whole, or any of its subsidiaries
      whose assets or revenues, individually or in the aggregate, represent 20%
      or more of the consolidated assets or contribute 20% or more of the
      consolidated revenue or net income of the Target and its subsidiaries,
      taken as a whole, (or any lease, license, joint venture or other
      arrangement having the same economic effect as an acquisition or
      purchase);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>a merger, amalgamation, recapitalization, reorganization,
      joint venture or other business combination involving the Target or any of
      its affiliates;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>any other extraordinary business transaction involving or
      otherwise relating to the Target or any of its affiliates; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>any other transaction the consummation of which would
      reasonably be expected to impede, interfere with, prevent or materially
      delay the transactions contemplated by the Definitive Agreement, or any
      public announcement of an intention to do any of the foregoing;
  and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>&#147;<B>Superior Proposal</B>&#148; means an unsolicited <I>bona
      fide </I>written offer to effect an Acquisition Proposal which competes or
      interferes, by delay or otherwise, with the Transaction made to the Target&#146;s
board of directors or its securityholders or directly to the Securityholder:</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 5 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>that is made by a person other than the Acquiror or an
      affiliate thereof after the date hereof; and</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>that is, in the Securityholder&#146;s view, acting reasonably,
      more favourable to the Securityholder, from a financial point of view,
      than the consideration offered pursuant to the
  Transaction.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>No Action to Reduce Likelihood of Success or Delay.
      </B>The Securityholder will not, and will not permit any of its affiliates
      to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>solicit proxies or become a participant in a solicitation
      in opposition to or competition with the Acquiror in connection with the
      Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>assist any person, entity or group in taking or planning
      any action that would compete with, restrain or otherwise serve to
      interfere with or inhibit the Acquiror in connection with the
      Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>act jointly or in concert with others with respect to
      voting securities of the Target for the purpose of opposing or competing
      with the Acquiror in connection with the Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>exercise any dissent rights in respect of the Transaction
      and the Securityholder hereby waives and shall cause its affiliates to
      waive any rights of appraisal or rights of dissent from the Transaction
      that the Securityholder or any of its affiliates may have, and the
      Securityholder hereby agrees and shall cause its affiliates, not to
      commence or participate in, and to take all actions necessary to opt out
      of, any class in any class action with respect to any claim, derivative or
      otherwise, against the Target or any of its subsidiaries (or any of their
      respective successors, including, without limitation, the Acquiror)
      relating to the negotiation, execution and delivery of this Agreement or
      the Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>solicit, initiate, encourage or facilitate any
      Acquisition Proposal:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>participate in any discussions, conversations,
      negotiations or other communications with any person with respect to an
      Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>enter into any agreement, arrangement or understanding
      with respect to an Acquisition Proposal; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>furnish any information to any person in connection with
      a proposed Acquisition Proposal or otherwise assist, facilitate or
      encourage the making of, or cooperate in any way regarding, any
      Acquisition Proposal.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Transfer and Encumbrance. </B>Except with the prior
      written consent of the Acquiror, the Securityholder and/or any of its
      affiliates shall not:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>- 6 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell, transfer, gift, assign or otherwise dispose of or
      exchange any or all of the Securities or enter into any agreement,
      arrangement or understanding in connection therewith (whether by actual
      disposition, derivative transaction or effective economic disposition
      through cash settlement), provided that, the Securityholder may (A)
      exercise Warrants to acquire additional Shares, and (B) transfer
      Securities to an affiliate where such affiliate executes an agreement on
      substantially the same terms as this Agreement or agrees to be bound by
      the provisions of this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>grant or enter into with any person any agreement or
      option, right or privilege (whether by law, pre-emptive or contractual)
      capable of becoming an agreement or option, for the exchange, acquisition
      or transfer from the Securityholder of any Securities or any right or
      interest thereto; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>allow any of the Securities to become subject to any
      encumbrances.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >8. </TD>
    <TD align=left width="95%">
      <P align=justify><B>Additional Securities. </B>The Securityholder agrees
      that any securities of the Target which the Securityholder or any of its
      affiliates acquires beneficial ownership of, or direction or control over,
      after the execution of this Agreement shall be subject to the terms of
      this Agreement to the same extent as if they constituted Securities held
      by the Securityholder as of the date of this Agreement and the term
      &#147;Securities&#148; as used herein will include all such securities. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >9. </TD>
    <TD align=left width="95%">
      <P align=justify><B>Other Covenants. </B>The Securityholder also agrees to
      the details of this Agreement being set out in any information circular or
      disclosure document produced by the Target or the Acquiror in connection
      with the Transaction and to this Agreement being available for public
      inspection to the extent required by law. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >10. </TD>
    <TD align=left width="95%">
      <P align=justify><B>Termination. </B>Unless otherwise provided for herein,
      this Agreement shall terminate on the earlier of:
</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>the Acquiror providing written notice of termination to
      the Securityholder;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>the termination of the Definitive Agreement in accordance
      with its terms;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>the termination of the Letter of Intent without the
      Acquiror and the Target entering into a Definitive Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>the effective time of the Transaction; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>the Securityholder electing to terminate the Agreement in
      the following circumstances:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the Securityholder has provided the Acquiror with notice
      in writing that there is a Superior Proposal, together with documentation
      detailing the Superior Proposal, at least three business days prior to the
      date which the Securityholder proposes to accept or enter into any
      agreement relating to such Superior Proposal;
and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 7 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>three business days shall have elapsed (the &#147;<B>Right to
      Match Period</B>&#148;) from the date the Acquiror received the notice referred
      to in Section 10(e)(i) from the Securityholder in respect of the
      Acquisition Proposal and, if the Acquiror has proposed to amend the terms
      of the Transaction in accordance with Section 11, the Securityholder shall
      have determined, acting reasonably, that the Acquisition Proposal is a
      Superior Proposal compared to the proposed amendment to the terms of the
      Transaction by the Acquiror.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Right to Match. </B>The Securityholder acknowledges
      and agrees that, during the Right to Match Period referred to in Section
      10(e)(ii) or such longer period as the Securityholder may approve for such
      purpose, the Acquiror shall have the opportunity, but not the obligation,
      to propose to amend the terms of the Transaction. The Securityholder will
      review any proposal by the Acquiror to amend the terms of the Transaction
      in order to determine, acting reasonably, whether the Acquiror&#146;s proposal
      to amend the Transaction would result in the Acquisition Proposal not
      being a Superior Proposal compared to the proposed amendment to the
      Transaction.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>Specific Performance. </B>The Securityholder
      acknowledges that it will be impossible to measure in money the damage to
      the Acquiror if the Securityholder fails to comply with any of its
      obligations under this Agreement, that every such obligation is material
      and that, in the event of any such failure, the Acquiror will not have an
      adequate remedy at law or in damages, and accordingly, the Securityholder
      agrees that the issuance of an injunction or other equitable remedy is the
      appropriate remedy for any such failure.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>No Ownership Interest. </B>Nothing contained in this
      Agreement shall be deemed to vest in the Acquiror any direct or indirect
      ownership or incidence of ownership at law or in equity with respect to
      any of the Securities or any right or entitlement to acquire or become the
      owner at law or in equity of the Securities. Any rights, ownership and
      economic benefits of and relating to the Securities shall remain vested in
      and belong to the Securityholder and its affiliates, as the case may be.
      the Acquiror shall have no authority to manage, direct, superintend,
      restrict, regulate, govern or administer any of the policies or operations
      of the Target or exercise any power or authority to direct any
      Securityholder or his or her affiliates in the voting of any of the
      Securities, except as otherwise provided herein, or in the performance of
      the Securityholder&#146;s and its affiliates&#146; duties or responsibilities as a
      securityholder of the Target.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>Successors and Assigns. </B>The provisions of this
      Agreement shall be binding upon and enure to the benefit of the parties
      hereto and their respective successors and permitted assigns, provided
      that no party may assign, delegate or otherwise transfer any of its or his
      rights, interests or obligations under this Agreement without the prior
      written consent of the other party, except that the Acquiror may assign,
      delegate or otherwise transfer any of its rights, interests or obligations
      under this Agreement to a direct or indirect subsidiary, without reducing
      its own obligations hereunder, without the prior consent of the
      Securityholder.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 8 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>Confidentiality. </B>The Securityholder shall maintain
      in confidence the matters referred to in this Agreement and shall not make
      any public disclosure, except to the extent required by applicable law or
      the requirements of any securities regulatory authority or stock exchange,
      of the terms of this Agreement without the consent of the Acquiror, such
      consent not be unreasonably withheld.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Entire Agreement. </B>This Agreement supersedes all
      prior agreements among the parties hereto with respect to the subject
      matter hereof and contains the entire agreement among the parties with
      respect to the subject matter hereof. This Agreement may not be modified
      or waived, except expressly by an instrument in writing signed by all the
      parties hereto. No waiver of any provision hereof by any party shall be
      deemed a waiver by any other party nor shall any such waiver be deemed a
      continuing waiver of any matter by such party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Notice. </B>Any demand, notice or other communication
      to be given in connection with this Agreement must be given in writing and
      will be given by personal delivery or by electronic means of communication
      addressed to the recipient as follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left>if to the Securityholder: </TD>
    <TD align=left width="50%">Suite 2700, South Tower </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">200 Bay Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Toronto, ON M5J 2J1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Attention: Eric Sprott </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Fax Number: (416) 943-6497 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>if to the Acquiror: </TD>
    <TD align=left width="50%">Suite 1805 - 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Vancouver, BC V6C 3L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Attention: Keith Neumeyer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Fax Number: (604) 639-8873 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Email: keith@firstmajestic.com
</TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="95%">
      <P align=justify>Any demand, notice or other communication given by
      personal delivery will be conclusively deemed to have been given on the
      day of actual delivery thereof and, if given by electronic communication,
      on the day of transmittal thereof if given during the normal business
      hours of the recipient and on the business day during which such normal
      business hours next occur if not given during such hours on any day.
    </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >18. </TD>
    <TD align=left width="95%">
      <P align=justify><B>Further Assurances. </B>Each of the parties hereto
      agrees to execute such further and other deeds, documents and assurances
      and to do such further and other acts as may be necessary to carry out the
      true intent and meaning of this Agreement fully and effectually.
</P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >19. </TD>
    <TD align=left width="95%">
      <P align=justify><B>Severability. </B>Each of the covenants, provisions,
      sections, subsections and other subdivisions hereof is severable from
      every other covenant, provision, section, subsection and subdivision and
      the invalidity or unenforceability of any one or more covenants,
      provisions, sections, subsections and other subdivisions hereof shall not
      effect the validity or enforceability of the remaining covenants,
      provisions, sections, subsections or subdivisions hereof.
  </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>- 9 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Miscellaneous.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>This Agreement shall be construed in accordance with the
      laws of British Columbia and the parties hereto agree to attorn to the
      jurisdiction of the courts thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>This Agreement may be executed in one or more
      counterparts, each of which shall be deemed to be an original but all of
      which together shall constitute one and the same instrument.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>All Section headings herein are for convenience of
      reference only and are not part of this Agreement and no construction or
      interference shall be derived there from.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>References to &#147;he&#148; and &#147;they&#148; shall be interpreted to
      include &#147;her&#148;, &#147;it&#148; and other gender variations
thereof.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10 -</P>
<P align=justify>IN WITNESS WHEREOF, the parties have executed and delivered
this Agreement as of the date first above written.</P>
<P align=justify><B>FIRST MAJESTIC SILVER CORP. </B>per:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid"><I>&#147;Raymond
      Polman&#148; </I>(signed) <BR>
    &nbsp;&nbsp; </TD>
  <TD align=left width="70%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Authorized Signatory </TD>
    <TD align=left width="70%" >&nbsp;</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>SPROTT ASSET MANAGEMENT LP,</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>for and on behalf of certain funds and</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>managed accounts, by its general partner,</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>SPROTT ASSET MANAGEMENT GP INC.</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>per: </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid"><I>&#147;Eric Sprott&#148;
      </I>(signed)<BR>&nbsp; &nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Authorized Signatory </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="68%">&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="68%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Number of Shares controlled: </TD>
    <TD align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="68%">19,114,964 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="68%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Number of Warrants controlled: </TD>
    <TD align=left
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="68%">9,806,000 </TD></TR></TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>DIRECTORS AND OFFICERS LOCK UP AGREEMENT
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>LOCK-UP AGREEMENT</B></P>
<P align=justify>THIS AGREEMENT is dated as of March 28th, 2012</P>
<P align=justify>BETWEEN:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B>THE PERSONS NAMED ON THE SIGNATURE
PAGE <BR>HERETO</B></P>
<P align=right>(each such person a &#147;<B>Securityholder</B>&#148;)</P>
<P align=justify>AND:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B>FIRST MAJESTIC SILVER CORP.</B>, a
corporation incorporated <BR>under the laws of the Province of British Columbia
with an office <BR>at Suite 1805, 925 West Georgia Street, Vancouver, BC V6C
3L2</P>
<P align=right>(&#147;<B>First Majestic</B>&#148;).</P>
<P align=justify>WHEREAS:</P>
<P align=justify>A. Silvermex Resources Inc. (the &#147;<B>Company</B>&#148; or
&#147;<B>Silvermex</B>&#148;) and First Majestic have entered into a letter of intent (the
&#147;<B>Letter of Intent</B>&#148;) pursuant to which the Company and First Majestic
propose to negotiate a definitive agreement (the &#147;<B>Definitive Agreement</B>&#148;)
providing for the acquisition by First Majestic of all the issued and
outstanding shares in the capital of the Company, or such other similar
transaction as may be agreed by First Majestic and the Company (the
&#147;<B>Transaction</B>&#148;);</P>
<P align=justify>B. The Securityholders or their affiliates (which includes for
the purposes of this Agreement, any entity controlled by a Securityholder or an
affiliate of any entity controlled by a Securityholder) beneficially own or have
voting or dispositive power over the number of shares in the capital of the
Company (the &#147;<B>Shares</B>&#148;), options to acquire such shares, if any (the
&#147;<B>Options</B>&#148;), and warrants to acquire such shares, if any (the
&#147;<B>Warrants</B>&#148;), set forth next to each Securityholder&#146;s name in Schedule A
of this Agreement (the Shares, Options and Warrants are collectively referred to
herein as the &#147;<B>Securities</B>&#148;); and</P>
<P align=justify>C. First Majestic requires the Securityholders to enter into
this Agreement with respect to the Securities in order to set out the terms and
conditions of the agreement of the Securityholders to support the Transaction
and to vote the Securities in favour of the Transaction at any meeting of the
Company&#146;s shareholders, optionholders or warrantholders called to consider such
Transaction (the &#147;<B>Meeting</B>&#148;).</P>
<P align=justify>NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the covenants and agreements herein contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:</P>
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<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=2>
      <P align=justify><B>Representations of the Securityholder. </B>Each
      Securityholder, severally and not jointly, represents and warrants to
      First Majestic that (and acknowledges that First Majestic is relying upon
      such representations and warranties):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it or one of its affiliates is the beneficial owner of
      the Securities set forth next to its name in Schedule A of this Agreement
      (with respect to each Securityholder, its &#147;<B>Owned Securities</B>&#148;) with
      good and marketable title thereto free and clear of any liens, pledges,
      mortgages, charges, restrictions, security interests, adverse claims and
      demands of rights of others of any nature or kind whatsoever
      (collectively, &#147;<B>Encumbrances</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no person has any agreement or option, or any right or
      privilege, whether by law, pre-emptive or contractual, capable of becoming
      an agreement or option, for the exchange, acquisition or transfer from the
      Securityholder or any of its affiliates of any of its Owned Securities or
      any interest therein or right thereto;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it or one of its affiliates has sole voting power and
      exclusive right of disposition with respect to its Owned Securities and
      sole power to agree to all matters set forth in this Agreement and neither
      the Securityholder nor any of its affiliates has previously granted or
      agreed to grant a proxy or other right to vote in respect of such
      Securities or entered into any voting trust, nor pooling or other
      agreement with respect to the right to vote, call meetings of
      securityholders or give consents or approvals of any kind as to such
      Securities except those which are no longer of force or effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>neither it nor any of its affiliates beneficially owns or
      controls any securities of the Company other than its Owned
    Securities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>it has the legal capacity to execute and deliver this
      Agreement and to consummate the transactions contemplated hereby. This
      Agreement has been duly executed and delivered by the Securityholder and,
      assuming the due authorization, execution and delivery by First Majestic,
      this Agreement constitutes the legal, valid and binding obligation of the
      Securityholder, enforceable in accordance with its terms, subject to laws
      of general application and bankruptcy, insolvency and other similar laws
      affecting creditors&#146; rights generally and general principles of equity;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there is no private or governmental action, suit,
      proceeding, claim, arbitration or investigation pending before any
      governmental entity, or, to the knowledge of the Securityholder,
      threatened against the Securityholder, any of its affiliates or any of
      their respective properties that, individually or in the aggregate, could
      reasonably be expected to have a material adverse effect on the
      Securityholder&#146;s ability to consummate the transactions contemplated by
      this Agreement. There is no judgment, decree or order against the
      Securityholder or any of its affiliates that could prevent, enjoin, alter
      or materially delay any of the transactions contemplated by this
      Agreement, or that could reasonably be expected to have
a material adverse effect on the
Securityholder&#146;s ability to consummate the transactions contemplated by this
Agreement.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 3 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=2>
      <P align=justify><B>Representations of First Majestic. </B>First Majestic
      represents and warrants to the Securityholders that (and acknowledges that
      the Securityholders are relying upon such representations and
      warranties):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic is, and will be as at the effective time
      of the Transaction, validly existing under the laws of British
      Columbia;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>it has the requisite corporate power and authority to
      enter into this Agreement and to perform its obligations
  hereunder;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it has full power and authority to make, enter into and
      carry out the terms of this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no consent, approval or authorization of, or declaration
      or filing with, or notice to, any governmental entity or stock exchange
      which has not been received or made is required by First Majestic in
      connection with the execution and delivery of this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>there are no legal proceedings in progress or pending
      before any governmental entity, or to the knowledge of First Majestic,
      threatened against First Majestic or its affiliates that would adversely
      affect in any manner the ability of First Majestic to enter into this
      Agreement or the Definitive Agreement and to perform its obligations
      hereunder or thereunder.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=2>
      <P align=justify><B>Agreement to Vote Securities. </B>Each Securityholder
      hereby agrees, severally and not jointly, that at the Meeting, such
      Securityholder shall (or cause its affiliates or other holder of record
      to, if the Securityholder is the beneficial owner but not the holder of
      record of any of the Securities):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>vote all of its Owned Securities in favour of the
      Transaction contemplated and any actions required in furtherance thereof
      or otherwise contemplated by the Letter of Intent or the Definitive
      Agreement. The Securityholder shall also cause such Securities to be
      counted as present for purposes of establishing a quorum at the
      Meeting;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>vote all of its Owned Securities to oppose any action or
      agreement that would result in a breach of any representation, warranty,
      covenant or other obligation of the Company under the Letter of Intent or
      Definitive Agreement if such breach requires Securityholder
    approval;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>vote all of its Owned Securities to oppose any proposed
      action by the Company or any other party the result of which could impede,
      interfere with or delay First Majestic from completing the Transaction;
      and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 4 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no later than 10 days prior to the Meeting, deliver or
      cause to be delivered (including by instructing the participant(s) in the
      book-based system operated by CDS Clearing and Depositary Services Inc. or
      other intermediary through which the Securityholder holds its Owned
      Securities to arrange for such delivery) to the Company&#146;s transfer agent,
      or as otherwise directed by First Majestic, a duly executed proxy (or
      other appropriate voting instrument) directing that its Owned Securities
      be voted at the Meeting in favour of the Transaction and all related
      matters, and thereafter not take any action to withdraw, amend or
      invalidate any such proxy (or other appropriate voting instrument)
      deposited by the Securityholder pursuant to this Agreement except in
      accordance with the terms hereof.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify><B>No Voting Trusts. </B>Each Securityholder will not,
      and will not permit any of its affiliates to, deposit any of its Owned
      Securities in a voting trust or subject any of such Securities to any
      arrangement or agreement with respect to the voting of such securities,
      other than agreements entered into with First Majestic.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify><B>Definition of Acquisition Proposal. </B>For the
      purposes of the Agreement, &#147;<B>Acquisition Proposal</B>&#148; means any
      proposal or offer made by any person, whether written or oral, other than
      First Majestic (or any affiliate of First Majestic or any person acting in
      concert with First Majestic or any affiliate of First Majestic) with
      respect to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any person or group of
      persons acting jointly or in concert of any capital stock or other voting
      securities, or securities convertible into or exerciseable or exchangeable
      for any capital stock or other voting securities of Silvermex or any of
      its subsidiaries representing 20% or more of the outstanding voting
      securities of Silvermex or such subsidary, on a fully diluted
  basis;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any person or group of
      persons acting jointly or in concert of 20% or more of the consolidated
      assets of Silvermex and its subsidiaries, taken as a whole, or which
      contribute 20% or more of the consolidated revenue or net income of
      Silvermex and its subsidiaries, taken as a whole, or any of its
      subsidiaries whose assets or revenues, individually or in the aggregate,
      represent 20% or more of the consolidated assets or contribute 20% or more
      of the consolidated revenue or net income of Silvermex and its
      subsidiaries, taken as a whole, (or any lease, license, joint venture or
      other arrangement having the same economic effect as an acquisition or
      purchase);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a merger, amalgamation, recapitalization, reorganization,
      joint venture or other business combination involving Silvermex or any of
      its affiliates;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any other extraordinary business transaction involving or
      otherwise relating to Silvermex or any of its affiliates; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any other transaction the consummation of which would
      reasonably be expected to impede, interfere with, prevent or materially
      delay the transactions contemplated by the Definitive
Agreement, or any public announcement of an intention to do any of the
foregoing.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 5 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>No Action to Reduce Likelihood of Success or Delay.
      </B>Each Securityholder will not, and will not permit any of its
      affiliates to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>solicit proxies or become a participant in a solicitation
      in opposition to or competition with First Majestic in connection with the
      Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>assist any person, entity or group in taking or planning
      any action that would compete with, restrain or otherwise serve to
      interfere with or inhibit First Majestic in connection with the
      Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>act jointly or in concert with others with respect to
      voting securities of the Company for the purpose of opposing or competing
      with First Majestic in connection with the Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>exercise any dissent rights in respect of the Transaction
      and the Securityholder hereby waives and shall cause its affiliates to
      waive any rights of appraisal or rights of dissent from the Transaction
      that the Securityholder or any of its affiliates may have, and the
      Securityholder hereby agrees and shall cause its affiliates, not to
      commence or participate in, and to take all actions necessary to opt out
      of, any class in any class action with respect to any claim, derivative or
      otherwise, against the Company or any of its subsidiaries (or any of their
      respective successors, including, without limitation, First Majestic)
      relating to the negotiation, execution and delivery of this Agreement or
      the Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>solicit, initiate, encourage or facilitate any
      Acquisition Proposal:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>participate in any discussions, conversations,
      negotiations or other communications with any person with respect to an
      Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>enter into any agreement, arrangement or understanding
      with respect to an Acquisition Proposal or pursuant to which the Company
      may be required to delay, abandon, terminate or fail to consummate the
      Transaction; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>furnish any information to any person in connection with
      a proposed Acquisition Proposal or otherwise assist, facilitate or
      encourage the making of, or cooperate in any way regarding, any
      Acquisition Proposal.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Transfer and Encumbrance. </B>Except with the prior
      written consent of First Majestic, each Securityholder and/or any of its
      affiliates shall not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell, transfer, gift, assign or otherwise dispose of or
      exchange any or all of its Owned Securities or enter into any agreement,
      arrangement or understanding in connection therewith (whether by actual
      disposition, derivative transaction or effective economic disposition
      through cash settlement), provided that, the Securityholder may (A)
      exercise Options or Warrants to acquire
additional Shares, and (B) transfer Securities to a corporation or
      other entity directly or indirectly owned or controlled by the
      Securityholder or under common control with or controlling the
      Securityholder provided that (1) such transfer shall not relieve or
      release the Securityholder of or from its obligations under this
      Agreement, including, without limitation the obligation of the
      Securityholder to vote or cause to be voted all its Owned Securities in
      favour of the Transaction, (2) prompt written notice of such transfer is
      provided to First Majestic, (3) the transferee agrees to be bound by the
      terms hereof pursuant to documentation approved in writing by First
      Majestic in advance of such transfer and (4) the transferee continues to
      be a corporation or other entity directly or indirectly owned or
      controlled by the Securityholder or under common control with or
      controlling the Securityholder, at all times prior to the effective date
  of the Transaction;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A>
<P align=center>- 6 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>grant or enter into with any person any agreement or
      option, right or privilege (whether by law, pre-emptive or contractual)
      capable of becoming an agreement or option, for the exchange, acquisition
      or transfer from the Securityholder of any Securities or any right or
      interest thereto; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>allow any of its Owned Securities to become subject to
      any Encumbrances.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Additional Securities. </B>Each Securityholder agrees,
      severally and not jointly, that any securities of the Company which the
      Securityholder or any of its affiliates acquires beneficial ownership of,
      or direction or control over, after the execution of this Agreement shall
      be subject to the terms of this Agreement to the same extent as if they
      constituted Securities held by the Securityholder as of the date of this
      Agreement and the term &#147;Securities&#148; and &#147;Owned Securities&#148; as used herein
      will include all such securities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>Other Covenants. </B>Each Securityholder also agrees,
      severally and not jointly:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to the details of this Agreement being set out in any
      information circular or disclosure document produced by the Company or
      First Majestic in connection with the Transaction and to this Agreement
      being available for public inspection to the extent required by law;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to use commercially reasonable efforts to exercise all
      &#147;in-the-money&#148; Options prior to the effective date of the
    Transaction.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>First Majestic Acknowledgements. </B>First Majestic
      acknowledges that, if any Securityholder is also a director, officer or
      employee of the Company or any of its subsidiaries, that the provisions of
      this Agreement shall bind such Securityholder solely in his or her
      capacity as a securityholder of the Company and shall not be deemed or
      interpreted to bind any such Securityholder in his or her capacity as a
      director, officer or employee of the Company or any of its
      subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Termination. </B>Unless otherwise provided for herein,
      this Agreement shall terminate on the earlier
of:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 7 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic providing written notice of termination to
      the Securityholders;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the termination of the Definitive Agreement in accordance
      with its terms;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the termination of the Letter of Intent without First
      Majestic and the Company entering into a Definitive Agreement;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the effective time of the Transaction; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>as agreed by First Majestic and the Company in accordance
      with the terms of the Definitive Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD colSpan=2>
      <P align=justify><B>Specific Performance. </B>Each Securityholder
      acknowledges that it will be impossible to measure in money the damage to
      First Majestic if the Securityholder fails to comply with any of its
      obligations under this Agreement, that every such obligation is material
      and that, in the event of any such failure, First Majestic will not have
      an adequate remedy at law or in damages, and accordingly, each
      Securityholder agrees that the issuance of an injunction or other
      equitable remedy is the appropriate remedy for any such failure.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD colSpan=2>
      <P align=justify><B>No Ownership Interest. </B>Nothing contained in this
      Agreement shall be deemed to vest in First Majestic any direct or indirect
      ownership or incidence of ownership at law or in equity with respect to
      any of the Securities or any right or entitlement to acquire or become the
      owner at law or in equity of the Securities. Any rights, ownership and
      economic benefits of and relating to the Securities shall remain vested in
      and belong to the Securityholders and their affiliates, as the case may
      be. First Majestic shall have no authority to manage, direct, superintend,
      restrict, regulate, govern or administer any of the policies or operations
      of the Company or exercise any power or authority to direct any
      Securityholder or his or her affiliates in the voting of any of the
      Securities, except as otherwise provided herein, or in the performance of
      the Securityholder&#146;s and its affiliates&#146; duties or responsibilities as a
      securityholder of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD colSpan=2>
      <P align=justify><B>Successors and Assigns. </B>The provisions of this
      Agreement shall be binding upon and enure to the benefit of the parties
      hereto and their respective successors and permitted assigns, provided
      that no party may assign, delegate or otherwise transfer any of its or his
      rights, interests or obligations under this Agreement without the prior
      written consent of the other party, except that First Majestic may assign,
      delegate or otherwise transfer any of its rights, interests or obligations
      under this Agreement to a direct or indirect subsidiary, without reducing
      its own obligations hereunder, without the prior consent of the
      Securityholders.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD colSpan=2>
      <P align=justify><B>Confidentiality. </B>Each Securityholder shall
      maintain in confidence the matters referred to in this Agreement and shall
      not make any public disclosure, except to the extent required by
      applicable law or the requirements of any securities regulatory authority
      or stock exchange, of the terms of this Agreement without the consent of
      First Majestic, such consent not be unreasonably
  withheld.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 8 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Entire Agreement. </B>This Agreement supersedes all
      prior agreements among the parties hereto with respect to the subject
      matter hereof and contains the entire agreement among the parties with
      respect to the subject matter hereof. This Agreement may not be modified
      or waived, except expressly by an instrument in writing signed by all the
      parties hereto. No waiver of any provision hereof by any party shall be
      deemed a waiver by any other party nor shall any such waiver be deemed a
      continuing waiver of any matter by such party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Notice. </B>Any demand, notice or other communication
      to be given in connection with this Agreement must be given in writing and
      will be given by personal delivery or by electronic means of communication
      addressed to the recipient as follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left>if to any Securityholder: </TD>
    <TD align=left width="50%">The addresses set out on the last page of this
      Agreement </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>if to First Majestic: </TD>
    <TD align=left width="50%">Suite 1805 - 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Vancouver, BC V6C 3L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Attention: Keith Neumeyer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Fax Number: (604) 639-8873 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Email: keith@firstmajestic.com
</TD></TR></TABLE></DIV>
<P align=justify>Any demand, notice or other communication given by personal
delivery will be conclusively deemed to have been given on the day of actual
delivery thereof and, if given by electronic communication, on the day of
transmittal thereof if given during the normal business hours of the recipient
and on the business day during which such normal business hours next occur if
not given during such hours on any day.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>Further Assurances. </B>Each of the parties hereto
      agrees to execute such further and other deeds, documents and assurances
      and to do such further and other acts as may be necessary to carry out the
      true intent and meaning of this Agreement fully and effectually.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>Severability. </B>Each of the covenants, provisions,
      sections, subsections and other subdivisions hereof is severable from
      every other covenant, provision, section, subsection and subdivision and
      the invalidity or unenforceability of any one or more covenants,
      provisions, sections, subsections and other subdivisions hereof shall not
      effect the validity or enforceability of the remaining covenants,
      provisions, sections, subsections or subdivisions hereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Miscellaneous.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>This Agreement shall be construed in accordance with the
      laws of British Columbia and the parties hereto agree to attorn to the
      jurisdiction of the courts thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>This Agreement may be executed in one or more
      counterparts, each of which shall be deemed to be an original but all of
      which together shall constitute one and the same
  instrument.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>- 9 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>All Section headings herein are for convenience of
      reference only and are not part of this Agreement and no construction or
      interference shall be derived there from.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>References to &#147;he&#148; and &#147;they&#148; shall be interpreted to
      include &#147;her&#148;, &#147;it&#148; and other gender variations
thereof.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10 -</P>
<P align=justify>IN WITNESS WHEREOF, the parties have executed and delivered
this Agreement as of the date first above written.</P>
<P align=justify><B>FIRST MAJESTIC SILVER CORP. </B>per:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Raymond
      Polman&#148; </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Authorized Signatory </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Arthur Brown&#148;
      </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: Arthur Brown </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Duane Nelson&#148;
      </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: Duane Nelson </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Michael H.
      Callahan&#148; </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: Michael H. Callahan </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Kenneth
      McNaughton&#148; </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: Ken McNaughton </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
      <P><I>&#147;Joseph Ovsenek&#148; </I>(signed) <BR>&nbsp; </P></TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: Joe Ovsenek </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Lisa Dea&#148;
      </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: Lisa Dea </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_11></A>
<P align=center>SCHEDULE A <BR><U>OWNERSHIP OF SECURITIES</U></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>Name of</B> <BR><B>Securityholder</B> </TD>
    <TD align=center width="25%"><B>Number of Shares</B> <BR></TD>
    <TD align=center width="25%"><B>Number of Warrants</B> <BR></TD>
    <TD align=center width="25%"><B>Number of Options</B> <BR></TD></TR>
  <TR vAlign=top>
    <TD align=center>Arthur Brown </TD>
    <TD align=center width="25%">100,000 </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">1,450,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Duane Nelson </TD>
    <TD align=center width="25%">1,864,734 </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">1,975,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Michael Callahan </TD>
    <TD align=center width="25%">225,000 </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">2,825,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Joseph Ovsenek </TD>
    <TD align=center width="25%">50,000 </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">750,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Kenneth McNaughton </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">750,000 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Lisa Dea </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">0 </TD>
    <TD align=center width="25%">550,000 </TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>JIM ANDERSON LOCK UP AGREEMENT
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>LOCK-UP AGREEMENT</B></P>
<P align=justify>THIS AGREEMENT is dated as of April 2, 2012</P>
<P align=justify>BETWEEN:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B>THE PERSONS NAMED ON THE SIGNATURE
PAGE <BR>HERETO</B></P>
<P align=right>(each such person a &#147;<B>Securityholder</B>&#148;)</P>
<P align=justify>AND:</P>
<P style="MARGIN-LEFT: 10%" align=justify><B>FIRST MAJESTIC SILVER CORP.</B>, a
corporation incorporated <BR>under the laws of the Province of British Columbia
with an office <BR>at Suite 1805, 925 West Georgia Street, Vancouver, BC V6C
3L2</P>
<P align=right>(&#147;<B>First Majestic</B>&#148;)</P>
<P align=justify>WHEREAS:</P>
<P align=justify>A. Silvermex Resources Inc. (the &#147;<B>Company</B>&#148; or
&#147;<B>Silvermex</B>&#148;) and First Majestic have entered into a letter of intent (the
&#147;<B>Letter of Intent</B>&#148;) pursuant to which the Company and First Majestic
propose to negotiate a definitive agreement (the &#147;<B>Definitive Agreement</B>&#148;)
providing for the acquisition by First Majestic of all the issued and
outstanding shares in the capital of the Company, or such other similar
transaction as may be agreed by First Majestic and the Company (the
&#147;<B>Transaction</B>&#148;);</P>
<P align=justify>B. The Securityholders or their affiliates (which includes for
the purposes of this Agreement, any entity controlled by a Securityholder or an
affiliate of any entity controlled by a Securityholder) beneficially own or have
voting or dispositive power over the number of shares in the capital of the
Company (the &#147;<B>Shares</B>&#148;), options to acquire such shares, if any (the
&#147;<B>Options</B>&#148;), and warrants to acquire such shares, if any (the
&#147;<B>Warrants</B>&#148;), set forth next to each Securityholder&#146;s name in Schedule A
of this Agreement (the Shares, Options and Warrants are collectively referred to
herein as the &#147;<B>Securities</B>&#148;); and</P>
<P align=justify>C. First Majestic requires the Securityholders to enter into
this Agreement with respect to the Securities in order to set out the terms and
conditions of the agreement of the Securityholders to support the Transaction
and to vote the Securities in favour of the Transaction at any meeting of the
Company&#146;s shareholders, optionholders or warrantholders called to consider such
Transaction (the &#147;<B>Meeting</B>&#148;).</P>
<P align=justify>NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the covenants and agreements herein contained, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:</P>
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<P align=center>- 2 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=2>
      <P align=justify><B>Representations of the Securityholder. </B>Each
      Securityholder, severally and not jointly, represents and warrants to
      First Majestic that (and acknowledges that First Majestic is relying upon
      such representations and warranties):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>it or one of its affiliates is the beneficial owner of
      the Securities set forth next to its name in Schedule A of this Agreement
      (with respect to each Securityholder, its &#147;<B>Owned Securities</B>&#148;) with
      good and marketable title thereto free and clear of any liens, pledges,
      mortgages, charges, restrictions, security interests, adverse claims and
      demands of rights of others of any nature or kind whatsoever
      (collectively, &#147;<B>Encumbrances</B>&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>no person has any agreement or option, or any right or
      privilege, whether by law, pre-emptive or contractual, capable of becoming
      an agreement or option, for the exchange, acquisition or transfer from the
      Securityholder or any of its affiliates of any of its Owned Securities or
      any interest therein or right thereto;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it or one of its affiliates has sole voting power and
      exclusive right of disposition with respect to its Owned Securities and
      sole power to agree to all matters set forth in this Agreement and neither
      the Securityholder nor any of its affiliates has previously granted or
      agreed to grant a proxy or other right to vote in respect of such
      Securities or entered into any voting trust, nor pooling or other
      agreement with respect to the right to vote, call meetings of
      securityholders or give consents or approvals of any kind as to such
      Securities except those which are no longer of force or effect.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>neither it nor any of its affiliates beneficially owns or
      controls any securities of the Company other than its Owned
    Securities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>it has the legal capacity to execute and deliver this
      Agreement and to consummate the transactions contemplated hereby. This
      Agreement has been duly executed and delivered by the Securityholder and,
      assuming the due authorization, execution and delivery by First Majestic,
      this Agreement constitutes the legal, valid and binding obligation of the
      Securityholder, enforceable in accordance with its terms, subject to laws
      of general application and bankruptcy, insolvency and other similar laws
      affecting creditors&#146; rights generally and general principles of equity;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>there is no private or governmental action, suit,
      proceeding, claim, arbitration or investigation pending before any
      governmental entity, or, to the knowledge of the Securityholder,
      threatened against the Securityholder, any of its affiliates or any of
      their respective properties that, individually or in the aggregate, could
      reasonably be expected to have a material adverse effect on the
      Securityholder&#146;s ability to consummate the transactions contemplated by
      this Agreement. There is no judgment, decree or order against the
      Securityholder or any of its affiliates that could prevent, enjoin, alter
      or materially delay any of the transactions contemplated by this
      Agreement, or that could reasonably be expected to have
a material adverse effect on the
Securityholder&#146;s ability to consummate the transactions contemplated by this
Agreement.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 3 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify><B>Representations of First Majestic. </B>First Majestic
      represents and warrants to the Securityholders that (and acknowledges that
      the Securityholders are relying upon such representations and
      warranties):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic is, and will be as at the effective time
      of the Transaction, validly existing under the laws of British
      Columbia;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>it has the requisite corporate power and authority to
      enter into this Agreement and to perform its obligations
  hereunder;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>it has full power and authority to make, enter into and
      carry out the terms of this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no consent, approval or authorization of, or declaration
      or filing with, or notice to, any governmental entity or stock exchange
      which has not been received or made is required by First Majestic in
      connection with the execution and delivery of this Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>there are no legal proceedings in progress or pending
      before any governmental entity, or to the knowledge of First Majestic,
      threatened against First Majestic or its affiliates that would adversely
      affect in any manner the ability of First Majestic to enter into this
      Agreement or the Definitive Agreement and to perform its obligations
      hereunder or thereunder.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify><B>Agreement to Vote Securities. </B>Each Securityholder
      hereby agrees, severally and not jointly, that at the Meeting, such
      Securityholder shall (or cause its affiliates or other holder of record
      to, if the Securityholder is the beneficial owner but not the holder of
      record of any of the Securities):</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>vote all of its Owned Securities in favour of the
      Transaction contemplated and any actions required in furtherance thereof
      or otherwise contemplated by the Letter of Intent or the Definitive
      Agreement. The Securityholder shall also cause such Securities to be
      counted as present for purposes of establishing a quorum at the
      Meeting;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>vote all of its Owned Securities to oppose any action or
      agreement that would result in a breach of any representation, warranty,
      covenant or other obligation of the Company under the Letter of Intent or
      Definitive Agreement if such breach requires Securityholder
    approval;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>vote all of its Owned Securities to oppose any proposed
      action by the Company or any other party the result of which could impede,
      interfere with or delay First Majestic from completing the Transaction;
      and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 4 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>no later than 10 days prior to the Meeting, deliver or
      cause to be delivered (including by instructing the participant(s) in the
      book-based system operated by CDS Clearing and Depositary Services Inc. or
      other intermediary through which the Securityholder holds its Owned
      Securities to arrange for such delivery) to the Company&#146;s transfer agent,
      or as otherwise directed by First Majestic, a duly executed proxy (or
      other appropriate voting instrument) directing that its Owned Securities
      be voted at the Meeting in favour of the Transaction and all related
      matters, and thereafter not take any action to withdraw, amend or
      invalidate any such proxy (or other appropriate voting instrument)
      deposited by the Securityholder pursuant to this Agreement except in
      accordance with the terms hereof.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD colSpan=2>
      <P align=justify><B>No Voting Trusts. </B>Each Securityholder will not,
      and will not permit any of its affiliates to, deposit any of its Owned
      Securities in a voting trust or subject any of such Securities to any
      arrangement or agreement with respect to the voting of such securities,
      other than agreements entered into with First Majestic.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD colSpan=2>
      <P align=justify><B>Definition of Acquisition Proposal. </B>For the
      purposes of the Agreement, &#147;<B>Acquisition Proposal</B>&#148; means any
      proposal or offer made by any person, whether written or oral, other than
      First Majestic (or any affiliate of First Majestic or any person acting in
      concert with First Majestic or any affiliate of First Majestic) with
      respect to:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any person or group of
      persons acting jointly or in concert of any capital stock or other voting
      securities, or securities convertible into or exerciseable or exchangeable
      for any capital stock or other voting securities of Silvermex or any of
      its subsidiaries representing 20% or more of the outstanding voting
      securities of Silvermex or such subsidary, on a fully diluted
  basis;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the acquisition or purchase by any person or group of
      persons acting jointly or in concert of 20% or more of the consolidated
      assets of Silvermex and its subsidiaries, taken as a whole, or which
      contribute 20% or more of the consolidated revenue or net income of
      Silvermex and its subsidiaries, taken as a whole, or any of its
      subsidiaries whose assets or revenues, individually or in the aggregate,
      represent 20% or more of the consolidated assets or contribute 20% or more
      of the consolidated revenue or net income of Silvermex and its
      subsidiaries, taken as a whole, (or any lease, license, joint venture or
      other arrangement having the same economic effect as an acquisition or
      purchase);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>a merger, amalgamation, recapitalization, reorganization,
      joint venture or other business combination involving Silvermex or any of
      its affiliates;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>any other extraordinary business transaction involving or
      otherwise relating to Silvermex or any of its affiliates; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>any other transaction the consummation of which would
      reasonably be expected to impede, interfere with, prevent or materially
      delay the transactions contemplated by the Definitive
Agreement, or any public announcement of an intention to do any of the
foregoing.</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 5 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify><B>No Action to Reduce Likelihood of Success or Delay.
      </B>Each Securityholder will not, and will not permit any of its
      affiliates to:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>solicit proxies or become a participant in a solicitation
      in opposition to or competition with First Majestic in connection with the
      Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>assist any person, entity or group in taking or planning
      any action that would compete with, restrain or otherwise serve to
      interfere with or inhibit First Majestic in connection with the
      Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>act jointly or in concert with others with respect to
      voting securities of the Company for the purpose of opposing or competing
      with First Majestic in connection with the Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>exercise any dissent rights in respect of the Transaction
      and the Securityholder hereby waives and shall cause its affiliates to
      waive any rights of appraisal or rights of dissent from the Transaction
      that the Securityholder or any of its affiliates may have, and the
      Securityholder hereby agrees and shall cause its affiliates, not to
      commence or participate in, and to take all actions necessary to opt out
      of, any class in any class action with respect to any claim, derivative or
      otherwise, against the Company or any of its subsidiaries (or any of their
      respective successors, including, without limitation, First Majestic)
      relating to the negotiation, execution and delivery of this Agreement or
      the Transaction;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>solicit, initiate, encourage or facilitate any
      Acquisition Proposal:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>participate in any discussions, conversations,
      negotiations or other communications with any person with respect to an
      Acquisition Proposal;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>enter into any agreement, arrangement or understanding
      with respect to an Acquisition Proposal or pursuant to which the Company
      may be required to delay, abandon, terminate or fail to consummate the
      Transaction; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>furnish any information to any person in connection with
      a proposed Acquisition Proposal or otherwise assist, facilitate or
      encourage the making of, or cooperate in any way regarding, any
      Acquisition Proposal.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify><B>Transfer and Encumbrance. </B>Except with the prior
      written consent of First Majestic, each Securityholder and/or any of its
      affiliates shall not:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>sell, transfer, gift, assign or otherwise dispose of or
      exchange any or all of its Owned Securities or enter into any agreement,
      arrangement or understanding in connection therewith (whether by actual
      disposition, derivative transaction or effective economic disposition
      through cash settlement), provided that, the Securityholder may (A)
      exercise Options or Warrants to acquire
additional Shares, and (B) transfer Securities to a corporation or
      other entity directly or indirectly owned or controlled by the
      Securityholder or under common control with or controlling the
      Securityholder provided that (1) such transfer shall not relieve or
      release the Securityholder of or from its obligations under this
      Agreement, including, without limitation the obligation of the
      Securityholder to vote or cause to be voted all its Owned Securities in
      favour of the Transaction, (2) prompt written notice of such transfer is
      provided to First Majestic, (3) the transferee agrees to be bound by the
      terms hereof pursuant to documentation approved in writing by First
      Majestic in advance of such transfer and (4) the transferee continues to
      be a corporation or other entity directly or indirectly owned or
      controlled by the Securityholder or under common control with or
      controlling the Securityholder, at all times prior to the effective date
  of the Transaction;</P></TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>- 6 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>grant or enter into with any person any agreement or
      option, right or privilege (whether by law, pre-emptive or contractual)
      capable of becoming an agreement or option, for the exchange, acquisition
      or transfer from the Securityholder of any Securities or any right or
      interest thereto; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>allow any of its Owned Securities to become subject to
      any Encumbrances.</P></TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify><B>Additional Securities. </B>Each Securityholder agrees,
      severally and not jointly, that any securities of the Company which the
      Securityholder or any of its affiliates acquires beneficial ownership of,
      or direction or control over, after the execution of this Agreement shall
      be subject to the terms of this Agreement to the same extent as if they
      constituted Securities held by the Securityholder as of the date of this
      Agreement and the term &#147;Securities&#148; and &#147;Owned Securities&#148; as used herein
      will include all such securities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify><B>Other Covenants. </B>Each Securityholder also agrees,
      severally and not jointly:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>to the details of this Agreement being set out in any
      information circular or disclosure document produced by the Company or
      First Majestic in connection with the Transaction and to this Agreement
      being available for public inspection to the extent required by law;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>to use commercially reasonable efforts to exercise all
      &#147;in-the-money&#148; Options prior to the effective date of the
    Transaction.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify><B>First Majestic Acknowledgements. </B>First Majestic
      acknowledges that, if any Securityholder is also a director, officer or
      employee of the Company or any of its subsidiaries, that the provisions of
      this Agreement shall bind such Securityholder solely in his or her
      capacity as a securityholder of the Company and shall not be deemed or
      interpreted to bind any such Securityholder in his or her capacity as a
      director, officer or employee of the Company or any of its
      subsidiaries.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify><B>Termination. </B>Unless otherwise provided for herein,
      this Agreement shall terminate on the earlier
of:</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A>
<P align=center>- 7 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>First Majestic providing written notice of termination to
      the Securityholders;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the termination of the Definitive Agreement in accordance
      with its terms;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the termination of the Letter of Intent without First
      Majestic and the Company entering into a Definitive Agreement;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>the effective time of the Transaction; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>as agreed by First Majestic and the Company in accordance
      with the terms of the Definitive Agreement.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">12. </TD>
    <TD>
      <P align=justify><B>Specific Performance. </B>Each Securityholder
      acknowledges that it will be impossible to measure in money the damage to
      First Majestic if the Securityholder fails to comply with any of its
      obligations under this Agreement, that every such obligation is material
      and that, in the event of any such failure, First Majestic will not have
      an adequate remedy at law or in damages, and accordingly, each
      Securityholder agrees that the issuance of an injunction or other
      equitable remedy is the appropriate remedy for any such failure.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">13. </TD>
    <TD>
      <P align=justify><B>No Ownership Interest. </B>Nothing contained in this
      Agreement shall be deemed to vest in First Majestic any direct or indirect
      ownership or incidence of ownership at law or in equity with respect to
      any of the Securities or any right or entitlement to acquire or become the
      owner at law or in equity of the Securities. Any rights, ownership and
      economic benefits of and relating to the Securities shall remain vested in
      and belong to the Securityholders and their affiliates, as the case may
      be. First Majestic shall have no authority to manage, direct, superintend,
      restrict, regulate, govern or administer any of the policies or operations
      of the Company or exercise any power or authority to direct any
      Securityholder or his or her affiliates in the voting of any of the
      Securities, except as otherwise provided herein, or in the performance of
      the Securityholder&#146;s and its affiliates&#146; duties or responsibilities as a
      securityholder of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">14. </TD>
    <TD>
      <P align=justify><B>Successors and Assigns. </B>The provisions of this
      Agreement shall be binding upon and enure to the benefit of the parties
      hereto and their respective successors and permitted assigns, provided
      that no party may assign, delegate or otherwise transfer any of its or his
      rights, interests or obligations under this Agreement without the prior
      written consent of the other party, except that First Majestic may assign,
      delegate or otherwise transfer any of its rights, interests or obligations
      under this Agreement to a direct or indirect subsidiary, without reducing
      its own obligations hereunder, without the prior consent of the
      Securityholders.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">15. </TD>
    <TD>
      <P align=justify><B>Confidentiality. </B>Each Securityholder shall
      maintain in confidence the matters referred to in this Agreement and shall
      not make any public disclosure, except to the extent required by
      applicable law or the requirements of any securities regulatory authority
      or stock exchange, of the terms of this Agreement without the consent of
      First Majestic, such consent not be unreasonably
  withheld.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A>
<P align=center>- 8 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">16. </TD>
    <TD>
      <P align=justify><B>Entire Agreement. </B>This Agreement supersedes all
      prior agreements among the parties hereto with respect to the subject
      matter hereof and contains the entire agreement among the parties with
      respect to the subject matter hereof. This Agreement may not be modified
      or waived, except expressly by an instrument in writing signed by all the
      parties hereto. No waiver of any provision hereof by any party shall be
      deemed a waiver by any other party nor shall any such waiver be deemed a
      continuing waiver of any matter by such party.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">17. </TD>
    <TD>
      <P align=justify><B>Notice. </B>Any demand, notice or other communication
      to be given in connection with this Agreement must be given in writing and
      will be given by personal delivery or by electronic means of communication
      addressed to the recipient as follows:</P></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=top>
    <TD align=left>if to any Securityholder: </TD>
    <TD align=left width="50%">The addresses set out on the last page of this
      Agreement </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>if to First Majestic: </TD>
    <TD align=left width="50%">Suite 1805 - 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Vancouver, BC V6C 3L2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Attention: Keith Neumeyer </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Fax Number: (604) 639-8873 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Email: keith@firstmajestic.com
</TD></TR></TABLE></DIV>
<P align=justify>Any demand, notice or other communication given by personal
delivery will be conclusively deemed to have been given on the day of actual
delivery thereof and, if given by electronic communication, on the day of
transmittal thereof if given during the normal business hours of the recipient
and on the business day during which such normal business hours next occur if
not given during such hours on any day.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">18. </TD>
    <TD>
      <P align=justify><B>Further Assurances. </B>Each of the parties hereto
      agrees to execute such further and other deeds, documents and assurances
      and to do such further and other acts as may be necessary to carry out the
      true intent and meaning of this Agreement fully and effectually.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">19. </TD>
    <TD>
      <P align=justify><B>Severability. </B>Each of the covenants, provisions,
      sections, subsections and other subdivisions hereof is severable from
      every other covenant, provision, section, subsection and subdivision and
      the invalidity or unenforceability of any one or more covenants,
      provisions, sections, subsections and other subdivisions hereof shall not
      effect the validity or enforceability of the remaining covenants,
      provisions, sections, subsections or subdivisions hereof.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">20. </TD>
    <TD>
      <P align=justify><B>Miscellaneous.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>This Agreement shall be construed in accordance with the
      laws of British Columbia and the parties hereto agree to attorn to the
      jurisdiction of the courts thereof.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>This Agreement may be executed in one or more
      counterparts, each of which shall be deemed to be an original but all of
      which together shall constitute one and the same
  instrument.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A>
<P align=center>- 9 -</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>All Section headings herein are for convenience of
      reference only and are not part of this Agreement and no construction or
      interference shall be derived there from.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>References to &#147;he&#148; and &#147;they&#148; shall be interpreted to
      include &#147;her&#148;, &#147;it&#148; and other gender variations
thereof.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_10></A>
<P align=center>- 10 -</P>
<P align=justify>IN WITNESS WHEREOF, the parties have executed and delivered
this Agreement as of the date first above written.</P>
<P align=justify><B>FIRST MAJESTIC SILVER CORP. </B>per:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;Raymond
      Polman&#148; </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Authorized Signatory </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>&#147;James
      Anderson&#148; </I>(signed) <BR>&nbsp; </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Print Name: James Anderson </TD>
    <TD align=left width="50%" >&nbsp;</TD></TR></TABLE>
<P align=justify>Note: This agreement is considered to be in effect on the basis
that the agreed First Majestic/Silvermex share exchange ratio is equal to or
greater than 0.0344.</P>
<P align=justify>This agreement shall remain in effect until October 1, 2012 but
shall then terminate unless sooner terminated pursuant to paragraph 11.</P>
<P align=justify>Total Shares: 9,257,744 <BR>Total Options: 0 <BR>Total
Warrants: 11,345,400</P>
<HR align=center width="100%" color=black noShade SIZE=5>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
