<SEC-DOCUMENT>0001062993-12-001270.txt : 20120416
<SEC-HEADER>0001062993-12-001270.hdr.sgml : 20120416
<ACCEPTANCE-DATETIME>20120416140756
ACCESSION NUMBER:		0001062993-12-001270
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120416
FILED AS OF DATE:		20120416
DATE AS OF CHANGE:		20120416

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:		12760668

	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 16, 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 dated April 16, 2012</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>Month, Day, Year</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 DATED APRIL 16, 2012
<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">
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<P align=center><B>Form 51-102F3<BR></B><B><I>Material Change Report</I></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>1.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Name and Address of Company</B>
  </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>FIRST MAJESTIC SILVER CORP. (the
      &#147;Company&#148;) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>1805 &#150; 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>Vancouver, BC V6C 3L2 CANADA </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="16%" colSpan=2 >Telephone: </TD>
    <TD align=left width="75%">(604) 688-3033 </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="16%" colSpan=2 >Facsimile: </TD>
    <TD align=left width="75%">(604) 639-8873 </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="16%"  colSpan=2>&nbsp;</TD>
    <TD align=left width="75%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>2.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Date of Material Change</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>April 16, 2012 </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>3.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>News Release</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>The press release was disseminated
      through the services of Marketwire. </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>4.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Summary of Material Change</B>
  </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ></TD>
    <TD align=left width="91%" colSpan=3>The Company announced that total
      production at its three mines in Mexico for the first quarter ending March
      31, 2012 reached 2,007,219 equivalent ounces of silver. </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>5.</B></TD>
    <TD align=left width="91%"  colSpan=3><STRONG>Full
      Description of Material Change</STRONG> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="8%" ><B>5.1</B> </TD>
    <TD align=left width="83%" colSpan=2><B>Full Description of Material
      Change</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left width="83%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>See Schedule &#147;A&#148; attached hereto.
  </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="8%" ><B>5.2</B> </TD>
    <TD align=left width="83%" colSpan=2><B>Disclosure for Restructuring
      Transactions</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="8%" >&nbsp;</TD>
    <TD align=left width="83%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>Not applicable. </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>6.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Reliance on subsection 7.1(2) or
      (3) of National Instrument 51-102</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>Not applicable </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>7.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Omitted Information</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>Not applicable. </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>8.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Executive Officer</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>Keith Neumeyer, President &amp; CEO
    </TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>Telephone: (604) 688-3033 Facsimile:
      (604) 639-8873 </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left ><B>Item</B> <B>9.</B> </TD>
    <TD align=left width="91%" colSpan=3><B>Date of Report</B> </TD></TR>
  <TR>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%"  colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" align=left >&nbsp;</TD>
    <TD align=left width="91%" colSpan=3>April 16, 2012
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<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><U>SCHEDULE &#147;A&#148;</U> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>FIRST MAJESTIC SILVER CORP.</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Suite 1805 &#150; 925 West Georgia Street </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Vancouver, B.C., Canada V6C 3L2 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Telephone: (604) 688-3033 Fax: (604) 639-8873 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Toll Free: 1-866-529-2807 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Web site: www.firstmajestic.com; E-mail:
      info@firstmajestic.com </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD></TR></TABLE>
<P align=center><B>NEWS RELEASE</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>TSX &#150; FR </TD>
    <TD align=right
      width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April
      16, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>NYSE - AG </TD>
    <TD align=right width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frankfurt &#150; FMV (WKN: A0LHKJ) </TD>
    <TD align=right width="50%">&nbsp;</TD>
  </TR></TABLE>
<P align=center><B><U>First Quarter Production Results and Full Commencement of
<BR>Commercial Production at La Parrilla</U></B></P>
<P align=justify>First Majestic Silver Corp. ("First Majestic" or the "Company")
is pleased to announce that total production at its three mines in Mexico for
the first quarter ending March 31, 2012 reached 2,007,219 equivalent ounces of
silver.</P>
<P align=justify>The total equivalent silver production for the quarter
consisted of 1,826,803 ounces of silver, representing a 7% decrease compared to
the prior quarter but an increase of 3% compared to the same quarter in 2011. In
addition, 3,176,662 pounds of lead was produced representing a 7% decrease from
the previous quarter and an increase of 167% compared to the same quarter in the
previous year and 1,320,726 pounds of zinc was produced compared with 152,664
pounds from the previous quarter and none in the same quarter of the previous
year. Also, 611 ounces of gold was produced, representing an increase of 39%
compared to the previous quarter and an increase of 74% compared to the first
quarter of 2011.</P>
<P align=justify>The Company is pleased to announce that the new La Parrilla
cyanidation circuit has been deemed commercial effective March 1, 2012.
Effective March 1, 2012, all revenues and costs will henceforth be treated as
normal course operations and recorded in the Company's income statement. The
connection of the new power line to the national grid and the construction of
the Merrill-Crowe circuit are now completed. The installation of the new
tailings filters is expected to be completed during the second quarter.</P>
<P align=justify>Keith Neumeyer, President &amp; CEO of First Majestic states,
"our focus in the first quarter paid off with the completion of the new
cyanidation circuit at La Parrilla. With two major construction projects
underway our operations staff deserve to be commended by achieving close to
budget in this quarter. The way is now paved for a great start to 2012".</P>
<P align=justify><B>Production Details Table:</B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left><BR><BR><B>Consolidated</B> </TD>
    <TD align=center width="13%"><B>Quarter Ended</B> <BR><B>March 31,</B>
      <BR><B>2012</B> </TD>
    <TD align=center width="13%"><B>Quarter Ended</B> <BR><B>March 31,</B>
      <BR><B>2011</B> </TD>
    <TD align=center width="13%"><B>%</B> <BR><B>Variance</B> <BR><B>Prior
      Year</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ore processed/tonnes milled </TD>
    <TD align=right width="13%">558,183 </TD>
    <TD align=right width="13%">456,506 </TD>
    <TD align=right width="13%">22% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total production - ounces of silver equivalent </TD>
    <TD align=right width="13%">2,007,219 </TD>
    <TD align=right width="13%">1,825,366 </TD>
    <TD align=right width="13%">10% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total commercial production - ounces silver equivalent </TD>
    <TD align=right width="13%">1,976,763 </TD>
    <TD align=right width="13%">1,825,366 </TD>
    <TD align=right width="13%">8% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver ounces produced </TD>
    <TD align=right width="13%">1,826,803 </TD>
    <TD align=right width="13%">1,769,208 </TD>
    <TD align=right width="13%">3% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pre-commercial silver ounces produced </TD>
    <TD align=right width="13%">28,639 </TD>
    <TD align=right width="13%">- </TD>
    <TD align=right width="13%">100% </TD></TR></TABLE></DIV><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>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left>Silver Grade (g/t) </TD>
    <TD align=right width="13%">177 </TD>
    <TD align=right width="13%">211 </TD>
    <TD align=right width="13%">(16)% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Silver Recovery (%) </TD>
    <TD align=right width="13%">57% </TD>
    <TD align=right width="13%">57% </TD>
    <TD align=right width="13%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pounds of lead produced </TD>
    <TD align=right width="13%">3,176,662 </TD>
    <TD align=right width="13%">1,187,912 </TD>
    <TD align=right width="13%">167% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equivalent ounces from lead </TD>
    <TD align=right width="13%">92,859 </TD>
    <TD align=right width="13%">38,340 </TD>
    <TD align=right width="13%">142% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lead Grade (%) </TD>
    <TD align=right width="13%">1.9 </TD>
    <TD align=right width="13%">1.7 </TD>
    <TD align=right width="13%">12% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Lead Recovery (%) </TD>
    <TD align=right width="13%">89% </TD>
    <TD align=right width="13%">87% </TD>
    <TD align=right width="13%">2% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pounds of zinc produced </TD>
    <TD align=right width="13%">1,320,726 </TD>
    <TD align=right width="13%">- </TD>
    <TD align=right width="13%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equivalent ounces from zinc </TD>
    <TD align=right width="13%">37,273 </TD>
    <TD align=right width="13%">- </TD>
    <TD align=right width="13%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gold ounces produced </TD>
    <TD align=right width="13%">611 </TD>
    <TD align=right width="13%">351 </TD>
    <TD align=right width="13%">74% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equivalent ounces from gold </TD>
    <TD align=right width="13%">36,168 </TD>
    <TD align=right width="13%">16,751 </TD>
    <TD align=right width="13%">116% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Equivalent ounces from iron </TD>
    <TD align=right width="13%">14,116 </TD>
    <TD align=right width="13%">1,067 </TD>
    <TD align=right width="13%">1223% </TD></TR></TABLE></DIV>
<P align=justify><B>Other Developments:</B></P>
<P align=justify>The total ore processed during the quarter at the Company's
three operating silver mines, the La Encantada Silver Mine, the La Parrilla
Silver Mine and the San Martin Silver Mine, amounted to 558,183 tonnes milled
representing a decrease of 1% over the previous quarter due to fewer operating
days. The average head grade in the quarter for the three mines decreased by 12%
over the previous quarter to 177 g/t of silver. The combined recoveries of
silver increased from 54% to 57% in the quarter.</P>
<P align=justify>The Company's underground development, including Robbins raises
in the first quarter consisted of 16,088 metres, compared to 12,841 metres
completed in the previous quarter. There were 29,194 metres of diamond drilling
completed in the quarter compared with 19,916 metres of diamond drilling in the
fourth quarter 2011 representing a 47% increase. The expanded exploration
program consists of definition drilling to define Reserves and Resources at the
Company's three operating mines to assist in mining activities and at the Del
Toro Silver Mine which is being prepared for production later in 2012. The
Company had 19 diamond drill rigs operating during the first quarter.</P>
<P align=justify><B>At the La Encantada Silver Mine:</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The third ball mill which was installed in the fourth quarter and is
  expected to be operational by April 15<SUP>th</SUP>, bringing fresh ore
  throughput to 1,500 tpd. The increase in processing ore from the mine relative
  to ore from tailing is expected to assist in improving overall grades and
  recoveries at the processing plant. In addition, metallurgical testing is
  ongoing with the objective of improving recoveries by eliminating or reducing
  the manganese in the ore feed prior to the cyanidation process. </P>
  <LI>
  <P>There was continued underground development to access the San Francisco
  vein. This area is known for higher silver grades and lower manganese content.
  In addition, the Milagros Breccia pipe, also an area of lower manganese, is
  being developed at the 600 and the 730 Levels in order for it to be brought
  into production in the second quarter of 2012. </P>
  <LI>
  <P>Three diamond drill rigs are active at La Encantada, two on surface and one
  underground, with the objective of defining Reserves and Resources. A new NI
  43-101 Technical Report will be released prior to 2012 year end. </P>
  <LI>
  <P>A total of 6,038 metres have been drilled compared to 2,922 metres of
  drilling in the fourth quarter of 2011, showing an increase of 107% over the
  prior quarter. A total of 3,921 metres of underground development was
  completed in the first quarter compared to 3,760 metres of development in the
  fourth quarter 2011, an increase of 4% over the prior quarter. In addition,
  802 metres of Robbins raises were developed which will aid with ventilation
  and optimization of the operations at the mine. </P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>3</P>
<P align=justify><B>At the La Parrilla Silver Mine:</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The new parallel 1,000 tpd flotation and 1,000 tpd cyanidation circuits
  (2,000 tpd combined), which replaced the old 850 tpd total circuit capacity,
  are now fully operational. </P>
  <LI>
  <P>The final additional improvement will be the operation of the new tailings
  filters which will re-circulate over 80% of the water through the milling
  process. The tailings filters are in the final stage of installation, and are
  expected to be operational in the second quarter of 2012. </P>
  <LI>
  <P>The new 115,000 Kw power transmission line was completed and connected in
  January; this power supply will provide the mine with a more dependable and
  continuously operational and a lower cost per kilowatt power source. </P>
  <LI>
  <P>At the La Parrilla Silver Mine, there are four diamond drill rigs
  operating, three are on surface and one underground. The total metres drilled
  during the quarter amounted to 5,569 metres compared to 4,648 metres drilled
  in the previous quarter. Development completed in the quarter was 5,039 metres
  compared with 3,793 metres developed in the previous quarter. </P>
  <LI>
  <P>At the newly designed run rate of 2,000 tpd, it is anticipated that the La
  Parrilla operation will produce in the range of 3.0 to 3.2 million ounces of
  silver equivalent annually. The mill average throughput in the first quarter
  was 1,681 tpd and the current rate is 1,850 tpd. </P>
  <LI>
  <P>As part of the expansion program, an intensive underground development
  program and a new ramp system is under construction including a new production
  shaft. Once completed, an underground rail system connecting the different
  operations to the shaft will be constructed. This investment will improve
  logistics, transportation of ore and is expected to ultimately reduce cash
  costs. </P>
  <LI>
  <P>An aggressive exploration program with diamond drilling, both underground
  and on surface, has indicated the continuation of the Rosarios vein both at
  depth and in the lateral extension connecting the San Marcos vein with the
  Rosarios vein system. </P>
  <LI>
  <P>The year 2012 will mark the first time that the regional geological
  anomalies within this large 69,460 hectare land package will be drilled.
  Results from this exploration program are expected to be released in late 2012
  in an updated NI 43-101 Technical Report. </P></LI></UL>
<P align=justify><B>At the San Martin Silver Mine:</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The two new induction furnaces and two new filter presses were installed
  are now fully operational. These mill improvements completed in 2011 are
  having a positive impact on overall production, quality of dor&#233; and total cash
  costs. Further improvements are planned for 2012 including new leaching tanks
  and new thickeners, which are in the process of being constructed. </P>
  <LI>
  <P>The early results of the exploration drilling program at the
  Rosarios/Huichola veins have also returned very positive results; a new
  North/South system of veins is in the process of being defined. Five drill
  rigs are currently active within the San Martin property. During the quarter,
  a total of 9,205 metres of diamond drilling was completed plus 2,526 metres of
  development compared with 6,885 metres of drilling and 2,426 metres of
  development in the fourth quarter of 2011. </P></LI></UL>
<P align=justify><B>At the Del Toro Silver Mine:</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Construction and development of the Del Toro Silver Mine is well underway
  and is expected to commence production at 1,000 tpd in the fourth quarter of
  2012, and is planned to reach 4,000 tpd by mid-2014. </P>
  <LI>
  <P>As at quarter end, seven drill rigs were active; four on surface and three
  underground. During the quarter, 36 holes were completed for a total of 8,382
  metres. Drilling continues in order to infill previous holes, and test for
  additional Resources and to upgrade previously defined Measured and Indicated
  Resources. </P></LI></UL>
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<!--$$/page=--><A name=page_5></A>
<P align=center>4</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The underground development at the San Juan mine in 2011 was successful in
  reaching ore bodies #1 and #2 via the main ramp. Development continues in this
  ramp to access ore body number #3 at depth. This main ramp was developed 186
  metres during the quarter, and will be used for ore haulage in the first
  production stage prior to the shaft being completed. This main ramp will
  ultimately act as an access to the three main ore bodies which will be
  developed over the next twelve months during the construction of the new mill.
  </P>
  <LI>
  <P>Underground development at the Dolores and Perseverancia mines continued
  with 142 metres and 244 metres respectively being completed in the first
  quarter. </P>
  <LI>
  <P>After the completion of the platform construction at the mill site,
  foundations were poured at the crushing, flotation and thickener areas during
  the quarter, and mechanical installation also began in the crushing area. The
  water treatment plant was completed during the quarter and is in the process
  of being tested. Also, 95% of the required equipment for the flotation circuit
  and 60% of the equipment for the cyanidation circuit has been ordered and is
  in the process of being delivered. </P>
  <LI>
  <P>Underground development is also underway at the Perseverancia mine which is
  proving very successful. A new discovery, San Nicolas, was intersected in
  November 2011 and the Company is now focusing on the development of additional
  NI 43-101 compliant silver ounces. Portions of this new discovery will be
  included in the NI 43-101 Preliminary Economic Assessment (PEA) which is
  expected to be released in May of 2012. </P>
  <LI>
  <P>Additional information is in the process of being provided to the Mexican
  government authorities to complete the permitting process for the cyanidation
  circuit and the increase of tonnage at the project. </P></LI></UL>
<P align=justify><B>At the La Luz Silver Project:</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The permit for the restoration of the old historic buildings at the Santa
  Ana Hacienda has been received and the construction of the previously
  announced Thematic and Cultural Park which will include a mining museum has
  begun. In addition, cleaning of the impressive underground workings is
  underway to rehabilitate this historic mine for public access. This new
  cultural facility and mining museum will form a 'Sustainable Development
  Project' which will provide permanent long term jobs to the local communities.
  </P>
  <LI>
  <P>To date, the Baseline Study and the Geo-hydrologic Study have been
  completed. The Environmental Impact Statement, the Risk Study, and the Change
  of Use of Land Studies are expected to be presented to government authorities
  in the second half of 2012. </P>
  <LI>
  <P>A metallurgical test is underway to define the final flow sheet diagram for
  a flotation plant which will pave the way for final permitting. </P>
  <LI>
  <P>The Company continued with the process of obtaining final approval for the
  purchasing of 100 hectares of surface rights that was acquired during the
  third quarter of 2011 in order to secure an area where the proposed plant and
  mine access will be located. </P></LI></UL>
<P align=justify>First Majestic is a producing silver company focused in Mexico
and is aggressively pursuing its business plan to become a senior silver
producer through the development of its existing assets and the pursuit through
acquisition of additional assets that contribute to achieving its corporate
growth objectives.</P>
<P align=justify>FOR FURTHER INFORMATION contact info@firstmajestic.com, visit
our website at www.firstmajestic.com or call our toll free number
1.866.529.2807.</P>
<P align=justify>FIRST MAJESTIC SILVER CORP. </P>
<P align=justify>"signed" </P>
<P align=justify>Keith Neumeyer, President &amp; CEO</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center>5</P>
<P align=justify><B>Cautionary Note Regarding Forward Looking
Statements<BR></B>This press release contains "forward-looking statements",
within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation, concerning the business,
operations and financial performance and condition of First Majestic Silver
Corp. Forward-looking statements include, but are not limited to, statements
with respect to the future price of silver and other metals, the estimation of
mineral reserves and resources, the realization of mineral reserve estimates,
the timing and amount of estimated future production, costs of production,
capital expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, hedging practices,
currency exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks, unanticipated
reclamation expenses, timing and possible outcome of pending litigation, title
disputes or claims and limitations on insurance coverage. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking statements are
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
First Majestic Silver Corp. to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to: risks
related to the integration of acquisitions; risks related to international
operations; risks related to joint venture operations; actual results of current
exploration activities; actual results of current reclamation activities;
conclusions of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of metals; possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, as well as those factors
discussed in the section entitled "Description of the Business - Risk Factors"
in First Majestic Silver Corp.'s Annual Information Form for the year ended
December 31, 2011, available on <U>www.sedar.com</U>, and Form 40-F on file with
the United States Securities and Exchange Commission in Washington, D.C.
Although First Majestic Silver Corp. has attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. First
Majestic Silver Corp. does not undertake to update any forward-looking
statements that are incorporated by reference herein, except in accordance with
applicable securities laws.</P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
