<SEC-DOCUMENT>0001062993-13-002096.txt : 20130426
<SEC-HEADER>0001062993-13-002096.hdr.sgml : 20130426
<ACCEPTANCE-DATETIME>20130426080235
ACCESSION NUMBER:		0001062993-13-002096
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130426
FILED AS OF DATE:		20130426
DATE AS OF CHANGE:		20130426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		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:		13784798

	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 6-K - 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 <u><b>April, 2013</b></u></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>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="fmlogo.jpg" width="194" height="116"></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 26, 2013 </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 26, 2013</TD>
    <TD align=left width="60%"
>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp; </p>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>Form 51-102F3<BR>
<I>Material Change Report</I></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="88%" colSpan=2><B>Name and Address of Company</B>  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>FIRST MAJESTIC SILVER CORP. (the
      &#147;Company&#148;) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>1805 &#150; 925 West Georgia Street </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Vancouver, BC V6C 3L2 CANADA </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Telephone: (604) 688-3033 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Facsimile: (604) 639-8873 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 2.</B> </TD>
    <TD align=left width="88%" colSpan=2><B>Date of Material Change</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>April 26, 2013 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 3.</B> </TD>
    <TD align=left width="88%" colSpan=2><B>News Release</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>The press release was disseminated
      through the services of Marketwire. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 4.</B> </TD>
  <TD align=left width="88%" colSpan=2><B>Summary of Material Change</B>  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="88%" colSpan=2>
      <P align=justify>The Company announced that on April 24, 2013, after a
      lengthy trial, the Supreme Court of British Columbia ruled in favour of
      First Majestic with respect to the previously reported litigation against
      Hector Davila Santos (&#147;Hector Davila&#148;) ( not related to the Company&#146;s
      Chief Operating Officer, Ramon Davila) and Minera Arroyo Del Agua, S.A. de
      C.V. (which subsequently became Minerales y Minas Mexicana, S.A. de C.V.).      </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Item 5.</B> </TD>
    <TD align=left width="88%"  colSpan=2><STRONG>Full
      Description of Material Change</STRONG></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" ><B>5.1</B> </TD>
  <TD align=left width="83%"><B>Full Description of Material Change</B>  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="83%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
  <TD align=left width="88%" colSpan=2>See Schedule &#147;A&#148; attached hereto.  </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="5%" ><B>5.2</B> </TD>
    <TD align=left width="83%"><B>Disclosure for Restructuring
      Transactions</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="83%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Not applicable. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 6.</B> </TD>
    <TD align=left width="88%" colSpan=2><B>Reliance on subsection 7.1(2) or
      (3) of National Instrument 51-102</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Not applicable </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 7.</B> </TD>
    <TD align=left width="88%" colSpan=2><B>Omitted Information</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Not applicable. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 8.</B> </TD>
    <TD align=left width="88%" colSpan=2><B>Executive Officer</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Keith Neumeyer, President &amp; CEO    </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="88%" colSpan=2>Telephone: (604) 688-3033 Facsimile:
      (604) 639-8873 </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item 9.</B> </TD>
    <TD align=left width="88%" colSpan=2><B>Date of Report</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="88%"  colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
<TD align=left width="88%" colSpan=2>April 26, 2013</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></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><U>SCHEDULE &#147;A&#148; </U></TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><FONT size=5>FIRST MAJESTIC SILVER CORP.
  </FONT></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><FONT size=5>NEWS RELEASE</FONT></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>NYSE &#150; AG </TD>
    <TD align=right width="50%">April 26, 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>TSX &#150; FR </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frankfurt &#150; FMV </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=center><B><U>First Majestic Receives Positive Judgment for US$89.6 in
Court Litigation</U></B></P>
<P align=justify><B>FIRST MAJESTIC SILVER CORP. </B>(AG: NYSE; FR: TSX) (the
"Company" or &#147;First Majestic&#148;) is pleased to announce that on April 24, 2013,
after a lengthy trial, the Supreme Court of British Columbia ruled in favour of
First Majestic with respect to the previously reported litigation against Hector
Davila Santos (&#147;Hector Davila&#148;) ( not related to the Company&#146;s Chief Operating
Officer, Ramon Davila) and Minera Arroyo Del Agua, S.A. de C.V. (which
subsequently became Minerales y Minas Mexicana, S.A. de C.V.).</P>
<P align=justify>In November 2007, the Company and its wholly-owned subsidiary,
First Silver Reserve Inc. (&#147;FSR&#148;) commenced an action against Hector Davila, the
previous director, President &amp; Chief Executive Officer of FSR. The Company
alleged, among other things, that while Hector Davila held the positions of
director, President and Chief Executive Officer of FSR, he violated his
fiduciary duty to FSR and that subsequently, through Minera Arroyo, he acquired
the Bola&#241;os Mine from Grupo Mexico (&#147;Grupo&#148;) for his own personal interest. FSR
became a wholly owned subsidiary of First Majestic in September 2006.</P>
<P align=justify>The Honourable Mr. Justice Myers concluded that the Bola&#241;os
opportunity belonged to FSR and that Hector Davila did in fact breach his
fiduciary duty by acquiring the Bola&#241;os Mine. Mr. Justice Myers calculated in
his ruling a net opportunity loss in favour of First Majestic in the amount of
US$89.6 million, after reducing an initial amount of US$111 million for the
post-acquisition investments of Hector Davila at the Bola&#241;os Mine and applying a
15% reduction contingency. The US$89.6 million judgment does not include
pre-judgment interest or legal costs, of which a portion is recoverable, nor has
the court ruled on Hector Davila&#146;s counterclaim for, among other things,
interest charges on the approximately CDN$14.250 million which has been held in
Hector Davila&#146;s lawyer&#146;s trust account since July 2009. These issues, together
with other outstanding issues, will be subsequently addressed by Mr. Justice
Myers on a date to be scheduled. Under British Columbia law, Hector Davila has
30 days to appeal the April 24, 2013 judgment.</P>
<P align=justify>The Reasons for Judgment can be viewed on the Company's web
site at <u>www.firstmajestic.com/s/RelatedArticles</u> until May 30, 2013. Significant excerpts from the 100 page judgment include the
following:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>&#147;For the reasons that follow, I conclude that the Bola&#241;os opportunity
  belonged to First Silver and that Mr. (<I>Hector</I>) Davila breached the
  fiduciary duty he owed to First Silver&#148;. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center>2</P>
<UL style="TEXT-ALIGN: justify">
  <LI>&#147;Mr. (<I>Hector</I>) Davila had a great deal of knowledge about Bola&#241;os
  because of his prior ownership of it. First Silver was entitled to the benefit
  of that knowledge, especially since Mr. (<I>Hector</I>) Davila saw fit to have
  First Silver pursue it. It was not up to him to unilaterally decide to take it
  for himself&#148;. <BR>&nbsp;
  <LI>&#147;The only conclusion that can be reached on this evidence is that Mr.
  (<I>Hector</I>) Davila breached his fiduciary duty to First Silver by sending
  the April 4<SUP>th </SUP><I>(2006) </I>letter&#133;&#148; <BR>&nbsp;
  <LI>&#147;Factually, I do not think there was a shared assumption regarding
  Bola&#241;os. Mr. (<I>Hector</I>) Davila did not assume that it was his
  opportunity; rather, he knew it was First Silver's. The following excerpt from
  his evidence is sufficient to show that: </LI></UL>
<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%">Q: </TD>
    <TD>
      <P align=justify>So at the moment you meet with Ramon Davila at the time
      that meeting begins on April 3rd, 2006, it's First Silver that has the
      option to acquire the Bolanos property, not Hector Davila Santos
      personally; correct?</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%">A: </TD>
    <TD>
      <P align=justify>Correct, sir.</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%">Q: </TD>
    <TD>
      <P align=justify>And if -- and if you had not said anything at all about
      Bolanos on April 3rd, 2006, if First Majestic became the majority owner of
      First Silver one of the things that would be acquired, as insofar as it
      was the majority owner, was FSR's option to pursue the Bolanos property;
      correct?</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%">A: </TD>
    <TD>
      <P align=justify>Correct, sir.</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%">Q: </TD>
    <TD>
      <P align=justify>So you'll agree with me that when you -- you agree with
      me that when you met with Ramon Davila on April 3rd, 2006, its First
      Silver's option, not Hector Davila Santos personally; correct? We've
      already talked about that?</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%">A: </TD>
    <TD>
      <P align=justify>Okay. Yes, sir&#148;.</P></TD></TR></TABLE>
<UL style="TEXT-ALIGN: justify">
  <LI>&#147;Turning to Mr. Neumeyer, up to the time of the closing of the share
  purchase agreement, he did not believe or assume that Bola&#241;os was not First
  Silver's opportunity. His suspicions were raised and he intended to
  investigate the matter further. And if he did mistakenly believe that the
  opportunity was Mr. (<I>Hector</I>) Davila&#146;s personally, this arose in whole
  or in part from Mr. (<I>Hector</I>) Davila having misrepresented that this was
  so. It cannot be the case that a defendant can raise an equitable defence
  based on his own misconduct&#148;. <BR>&nbsp;
  <LI>&#147;Further, the conclusion I reach from all of the evidence is that Mr.
  (<I>Hector</I>) Davila deliberately took advantage of the sale of his shares
  to obfuscate the dealings for Bola&#241;os. He did this so that if First Majestic
  did not buy his tailings, he could then acquire Bola&#241;os for himself under
  cover of the fog that inevitably occurs in a major corporate transition&#148;.
<BR>&nbsp;
  <LI>&#147;I assessed the loss of First Silver at $105.4 million&#133; Applying the 15%
contingency to that results in a compensation figure of US$89.6 million&#148;.</LI></UL>
<P align=justify>Keith Neumeyer, President and CEO of First Majestic, states:
&#147;We are obviously very pleased with the ruling of US$89.6 million in our favour
from the BC Supreme Court. It has long been my belief that the actions of Hector
Davila in early 2006, when we purchased the majority interest in FSR, were
inappropriate. After a lengthy, time consuming, expensive and difficult legal
process, it is gratifying to have the BC Supreme Court agree with our arguments
and grant us such a large award. However, I caution shareholders that, due to
the magnitude of this award, we anticipate Hector Davila will appeal this
decision and there will be further legal activities in order to realize this
award. It is my view that directors and officers of public companies need to be
held to the highest ethical and moral standards and should be role models for
industry, to assure transparency and honesty for the benefit of all the
stakeholders. I would like to personally thank our legal team headed by Shapray
Cramer LLP who endured countless hours over the past five years diligently
presenting and arguing our case which culminated finally in a 58 day trial
resulting in this outcome.&#148;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center>3</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 the Company achieving its aggressive 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><I>&#147;signed&#148;</I></P>
<P align=justify>Keith Neumeyer, President &amp; CEO</P>
<P align=justify>&nbsp;</P>
<P align=justify>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</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 &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;target&#148;, &#147;plan&#148;,
&#147;forecast&#148;, &#147;may&#148;, &#147;schedule&#148; and similar words or expressions, identify
forward-looking statements or information. These forward-looking statements or
information relate to, among other things: additional court proceedings and the
dates thereof, and recovery of judgment amounts.</P>
<P align=justify>These statements reflect the Company&#146;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: availability of time on court
calendars in Canada and elsewhere; the recognition of Canadian judgments under
Mexican law; the possibility of settlement discussions; the risk of appeal of
judgment; and the insufficiency of the defendant&#146;s assets to satisfy the
judgment amount. 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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