<SEC-DOCUMENT>0001062993-14-002009.txt : 20140408
<SEC-HEADER>0001062993-14-002009.hdr.sgml : 20140408
<ACCEPTANCE-DATETIME>20140408070252
ACCESSION NUMBER:		0001062993-14-002009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140408
FILED AS OF DATE:		20140408
DATE AS OF CHANGE:		20140408

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:		14749922

	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 <u><b>April 8, 2014</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 Dated April 8, 2014</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 8, 2014</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>EXHIBIT 99.1
<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">



<A name="page_1"></A>

<P align="center">
<B>Form 51-102F3</B><BR>
<B><I>Material Change Report</I></B><BR>
</P>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left>
<B>Item 1.</B>	</TD>
	<TD width=90% align=left>
<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 width=90% align=left>
FIRST MAJESTIC SILVER CORP. (the &ldquo;Company&rdquo;)	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
1805 &ndash; 925 West Georgia Street	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Vancouver, BC V6C 3L2 CANADA	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Telephone:	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(604) 688-3033 </TD>
  </TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Facsimile:	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(604) 639-8873 </TD>
  </TR>
<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;		</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Item 2.</B>	</TD>
	<TD width=90% align=left>
<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 width=90% align=left>
April 8 2014		</TD>
  </TR>
<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;		</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Item 3.</B>	</TD>
	<TD width=90% align=left>
<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 width=90% align=left>
The press release was disseminated through the services of CNW Group.	</TD>
</TR>
<TR>
	<TD>&nbsp;	</TD>
<TD width="90%">&nbsp;		</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Item 4.</B>	</TD>
	<TD width=90% align=left>
<B>Summary 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 width=90% align=left> <div align="justify">The Company announced that total production at its five operating silver mines in Mexico for the first quarter ending March 31, 2014 reached a new quarterly record of 3,631,672 equivalent ounces of silver, representing a 33% increase compared to the same quarter in 2013. </div></TD>
</TR>
</TABLE>
<P align="justify">
<B>Item 5.Full Description of Material Change</B></P>



<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left><B>5.1 Full Description of Material Change</B></TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>See Schedule &ldquo;A&rdquo; attached hereto.</TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left><B>5.2 Disclosure for Restructuring Transactions</B></TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>Not applicable.</TD>
  </TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
	<TD align=left>
<B>Item</B>
	6.</TD>
	<TD width=90% align=left>
<B>Reliance on subsection 7.1(2) or (3) of National Instrument 51-102</B>	</TD>
</TR>
  <TR valign="top">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Not applicable	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Item</B>
	7.</TD>
	<TD width=90% align=left>
<B>Omitted Information</B>	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Not applicable.	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Item</B>
	8.</TD>
	<TD width=90% align=left>
<B>Executive Officer</B>	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Keith Neumeyer, President &amp; CEO	</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
Telephone: (604) 688-3033 Facsimile: (604) 639-8873	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left>
<B>Item</B>
	9.</TD>
	<TD width=90% align=left>
<B>Date of Report</B>	</TD>
</TR>
<TR valign="top">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left>&nbsp;	</TD>
	<TD width=90% align=left>
April 8, 2014	</TD>
</TR>
</TABLE>
<BR>

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

<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">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>NEWS RELEASE</B> </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>TSX &#150; FR </TD>
    <TD align=right width="15%">April 8, 2014 </TD></TR>
  <TR vAlign=top>
    <TD align=left>NYSE - AG </TD>
    <TD align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frankfurt &#150; FMV (WKN: A0LHKJ) </TD>
    <TD align=left width="15%"></TD></TR></TABLE>
<P align=center><B><U>First Majestic&#146;s Q1 Production Reaches New Record
of</U></B><B> </B><BR><B><U>3.63 million Silver Equivalent Ounces</U></B><B>
</B><BR></P>
<P align=justify>First Majestic Silver Corp. ("First Majestic" or the "Company")
is pleased to announce that total production at its five operating silver mines
in Mexico for the first quarter ending March 31, 2014 reached a new quarterly
record of 3,631,672 equivalent ounces of silver, representing a 33% increase
compared to the same quarter in 2013.</P>
<P align=justify>Total silver production for the quarter consisted of 2,895,497
ounces of silver, representing an increase of 19% compared to the same quarter
in 2013. In addition, 8,593,807 pounds of lead and 2,689,274 pounds of zinc were
produced, representing an increase of 112% and 60%, respectively, compared to
the same quarter of the previous year. Also produced were 3,375 ounces of gold,
representing an increase of 113% compared to the first quarter of 2013.</P>
<P align=justify>Keith Neumeyer, President &amp; CEO of First Majestic, states,
&#147;Our first quarter results show a great start to the new year. Even though some
challenges existed in the quarter, other improvements that were implemented in
2013 are taking hold. With many exciting initiatives underway in the areas of
automation, processes and metallurgy, we are setting ourselves up for another
record year of production&#148;.</P>
<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>
<P align=justify><B><U>Production Details Table:</U></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 style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="18%"><B>Quarter Ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="18%"><B>Quarter Ended</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=center width="18%"><B>% Change over</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left
      ><B><U>Consolidated Production Results</U></B> </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=center
      width="18%"><B>Prior Year&#146;s</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%"><B>March 31, 2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="18%"><B>March 31, 2013</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%"><B>Quarter</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Ore processed/tonnes milled </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">637,663 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">730,357 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">-13% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Total production - ounces of silver equivalent
</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">3,631,672 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">2,731,792 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">33% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Total silver ounces produced </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">2,895,497 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">2,437,664 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">19% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Silver Grade (g/t) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">214 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">181 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">18% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Silver Recovery (%) </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">66 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">57 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">15% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Pounds of lead produced </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">8,593,807 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">4,058,114 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">112% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Pounds of zinc produced </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">2,689,274 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">1,679,378 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">60% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Gold ounces produced </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">3,375 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">1,584 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">113% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left >Tonnes of Iron ore produced </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">188 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">4,354 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="18%">-96% </TD></TR></TABLE>
<P align=justify><B><U>Operational Review:</U></B></P>
<P align=justify>The total ore processed during the quarter at the Company's
five operating silver mines: La Encantada, La Parrilla, Del Toro, San Martin and
La Guitarra, amounted to 637,663 tonnes milled, representing a 9% decrease over
the previous quarter primarily due to the elimination of old tailings in the ore
blend at La Encantada.</P>
<P align=justify>Silver grades in the quarter for the five mines increased by
12% to 214 g/t compared to the previous quarter. Combined silver recoveries
averaged 66% in the quarter, an improvement over the fourth quarter average of
64%. These improvements were primarily the result of the changes occurring at
the La Encantada Silver Mine.</P>
<P align=justify>The Company's underground development in the first quarter
consisted of 12,215 metres, an 8% decrease compared to 13,280 metres completed
in the previous quarter. This decrease is part of a planned reduction of capital
expenditures aimed at reducing costs due to the lower metal price
environment.</P>
<P align=justify>During the quarter, nine diamond drill rigs were operating at
the Company&#146;s five operations. The Company completed 7,190 metres of diamond
drilling in the quarter, compared to 8,324 metres in the prior quarter,
representing a 13% decrease.</P>
<P align=justify>The table below represents the operating parameters at each of
the Company&#146;s five producing silver mines. Starting in 2014, the Company has
adopted the use of calendar days versus operating days for its average
throughput calculations. </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><B><U>Mine by Mine Quarterly Production Table:</U></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Ore</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Tonnes</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Silver Grade</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Silver</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Silver Oz</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center width="9%"><B>Gold
      Oz</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Pounds of</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Pounds of</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=center
      width="9%"><B>Tonnes of</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=center width="9%"><B>Equivalent</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>Mine</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Processed</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>per Day</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>(g/t)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Recovery %</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Produced</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Produced</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Lead</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Zinc</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>Iron</B> </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="9%"><B>Silver Ounces</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center><B>La
      Encantada</B> </TD>
    <TD align=right width="9%">181,924 </TD>
    <TD align=right width="9%">2,021 </TD>
    <TD align=right width="9%">312 </TD>
    <TD align=right width="9%">57% </TD>
    <TD align=right width="9%">1,043,573 </TD>
    <TD align=right width="9%">20 </TD>
    <TD align=right width="9%">- </TD>
    <TD align=right width="9%">- </TD>
    <TD align=right width="9%">&nbsp; &nbsp; &nbsp; &nbsp;188 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right
      width="9%">1,046,224 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center><B>La Parrilla</B>
    </TD>
    <TD align=right width="9%">186,216 </TD>
    <TD align=right width="9%">2,069 </TD>
    <TD align=right width="9%">174 </TD>
    <TD align=right width="9%">78% </TD>
    <TD align=right width="9%">808,196 </TD>
    <TD align=right width="9%">264 </TD>
    <TD align=right width="9%">5,874,716 </TD>
    <TD align=right width="9%">2,319,225 </TD>
    <TD align=right width="9%">&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right
      width="9%">1,203,337 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center><B>Del Toro</B>
</TD>
    <TD align=right width="9%">144,822 </TD>
    <TD align=right width="9%">1,609 </TD>
    <TD align=right width="9%">210 </TD>
    <TD align=right width="9%">66% </TD>
    <TD align=right width="9%">646,669 </TD>
    <TD align=right width="9%">194 </TD>
    <TD align=right width="9%">2,719,091 </TD>
    <TD align=right width="9%">370,049 </TD>
    <TD align=right width="9%">&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right width="9%">801,460
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid" align=center><B>San Martin</B>
    </TD>
    <TD align=right width="9%">78,524 </TD>
    <TD align=right width="9%">872 </TD>
    <TD align=right width="9%">162 </TD>
    <TD align=right width="9%">69% </TD>
    <TD align=right width="9%">282,829 </TD>
    <TD align=right width="9%">653 </TD>
    <TD align=right width="9%">- </TD>
    <TD align=right width="9%">- </TD>
    <TD align=right width="9%">&nbsp; &nbsp; &nbsp; &nbsp;- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=right width="9%">324,137
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>La Guitarra</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">46,177
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">513
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">94 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">82%
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">114,230 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">2,244
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&nbsp;
      &nbsp; &nbsp; &nbsp;- </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">256,514 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">637,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">7,085
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">214
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">66%
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">2,895,497 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">3,375
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">8,593,807 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">2,689,274 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&nbsp;
      &nbsp; &nbsp; &nbsp;188 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="9%">3,631,672 </TD></TR></TABLE></DIV>
<P align=justify>The following prices were used in the calculation of silver
equivalent ounces: Silver: $20.48 per ounce; Gold: $1,297 per ounce; Lead: $0.95
per pound; Zinc $0.92 per pound and Iron $148 per tonne.</P>
<P align=justify><B><U>At the La Encantada Silver Mine:</U></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>The cyanidation mill averaged 2,021 tpd during the quarter, all from
  underground mine ore. As previously announced, the reprocessing of old
  tailings has been removed from the current mine plan awaiting higher silver
  prices. As a result, the silver grade has increased by 37% to 312 g/t, a
  considerable improvement over the previous quarter.
  <LI>Underground mining continues from the San Francisco vein and the "990" and
  "990-2" chimneys. Additional production from level 1850 at the Buenos Aires
  extension and the recently discovered Regalo Vein and Breccia are now active.
  These new areas, along with the Milagros Breccia which is currently undergoing
  mine preparation, will support the planned increase in fresh mine ore
  production to reach 3,000 tpd by year end.
  <LI>Four drill rigs were active underground at La Encantada during the
  quarter. A total of 5,923 metres of exploration and definition drilling was
  completed in the first quarter, compared to 6,611 metres of drilling in the
  previous quarter. In addition, a total of 2,842 metres of underground
  development were completed in the first quarter, compared to 3,210 metres of
  development in the previous quarter.
  <LI>A substantial portion of the current drilling and development is for the
  purpose of the planned release of an updated NI 43-101 Technical Report.
</LI></UL>
<P align=justify><B><U>At the La Parrilla Silver Mine:</U></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>During the quarter, La Parrilla continued to operate above budget having
  processed 186,216 tonnes of ore (82,318 tonnes of oxides and 103,898 tonnes of
  sulphides) with an average silver grade of 174 g/t. Silver production totaled
  808,196 ounces during the quarter and remained consistent with the previous
  quarter.
  <LI>A new lime feed automation system was installed at La Parrilla during the
  quarter. The new system is part of the Company&#146;s mandate to invest in
  automation technologies to increase milling efficiencies. This new
  installation is designed to help optimize and stabilize cyanide consumption
  levels as well as increase visibility of the pH levels in each of the leaching
  tanks.
  <LI>In order to increase the recovery and grade of the zinc concentrates, a
  new zinc flotation cell was successfully installed in late February. As a
  result, total zinc production during the quarter increased by 45% to 2,319,225
  pounds compared to the previous quarter.
  <LI>Average production at the Vacas mine has now reached 500 tpd, and
  preparation for long-hole mining is being prepared for initial start-up in the
  second quarter. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center>4</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Underground development completed in the quarter totaled 2,255 metres
  compared with 2,989 metres developed in the previous quarter.
  <LI>One underground drill rig was active within the La Parrilla property
  during the quarter. A total of 448 metres were drilled in the first quarter
  compared to 249 metres in the previous quarter. </LI></UL>
<P align=justify><B><U>At the Del Toro Silver Mine:</U></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Effective January 1, 2014, the new cyanidation circuit was deemed
  commercial having reached commercial operating levels. However, due to a
  mechanical issue at one of the oxide thickener tanks, the treatment of oxide
  ore was suspended for a period of two weeks during the quarter. As a result,
  the flotation circuit was temporarily ramped up to offset the reduced
  throughput in the cyanidation circuit.
  <LI>Total mill throughput increased by 18% during the quarter to average 1,609
  tpd (735 tpd in cyanidation and 874 in flotation) containing an average silver
  grade of 210 g/t. This resulted in an 18% increase in silver production to
  646,669 ounces compared with the previous quarter. Average silver recoveries
  were 66% and remained in-line with the previous quarter. Metallurgical testing
  continues on-site aimed at improving recoveries to levels indicated in the
  Pre-Feasibility Study (PFS) dated August 20, 2012.
  <LI>Throughout most of the first quarter, electrical power was supplied to the
  mill by seven diesel generators. On March 11, the Company successfully
  connected to the Mexican national power grid with a 34kV power line which has
  allowed five of the seven generators to come offline at the end of March. With
  only two diesel generators remaining active, the Company now anticipates a
  substantial reduction in cash costs for the remainder of the year as a result
  of lower electrical costs per kilowatt.
  <LI>The construction of the larger 115kV power line is now more than 90%
  complete and is expected to be completed by the end of the second quarter
  following a route change. Once complete, the Del Toro operation will be fully
  connected to the Mexican power grid allowing for further power cost
  reductions.
  <LI>During the quarter, one underground drill rig was active at Del Toro.
  Total exploration metres drilled in the first quarter amounted to 297 metres,
  compared to 799 metres drilled in the previous quarter. In addition, 2,322
  metres of development were completed in the first quarter, compared to 2,612
  metres of development in the previous quarter. </LI></UL>
<P align=justify><B><U>At the San Martin Silver Mine:</U></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>During the quarter, San Martin processed 78,524 tonnes of ore with an
  average silver grade of 162 g/t. Silver production totaled 282,829 ounces
  during the quarter and remained consistent with the previous quarter.
  <LI>Due to a mechanical breakdown in the main gear of the 10&#146; X 10&#146; ball mill,
  production was suspended for a period of nine days while maintenance work
  occurred. The ball mill was successfully fixed and milling has since resumed
  to normal operating levels.
  <LI>The ramp up to 1,300 tpd has been slower than expected due to some
  unexpected issues with piping capacity, ball mill mechanical interruptions and
  clarifying filter capacity. The projected ramp up to mill capacity is now
  expected to be achieved in the second quarter.
  <LI>Underground development completed in the first quarter totaled 3,219
  metres, compared with 2,858 metres of development in the previous quarter. The
  mine development continues to be focused at the Rosarios mine where six areas
  are now in production. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center>5</P>
<UL style="TEXT-ALIGN: justify">
  <LI>One underground drill rig was active within the San Martin property during
  the quarter. Total metres drilled in the first quarter amounted to 276 metres,
  compared to 387 metres of drilling in the previous quarter. </LI></UL>
<P align=justify><B><U>At the La Guitarra Silver Mine:</U></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>During the quarter, La Guitarra averaged 513 tpd with an average silver
  grade of 94 g/t and an average gold grade of 1.8 g/t. Total production during
  the quarter consisted of 114,230 silver ounces and 2,244 gold ounces. This
  represents a 20% decrease in silver production over the previous quarter
  primarily due to a 20% decrease in the silver grade.
  <LI>During the quarter, production ore continued to come from areas within the
  La Guitarra vein which contained higher gold grades in conjunction with lower
  silver grades. Dilution, grade control and laboratory procedures are being
  reviewed in order to increase the silver grade at the mine.
  <LI>Mine development at the Joya Larga structure within the El Coloso area has
  now reached 300 metres along the vein. Drifting continues along the Joya Larga
  structure in an effort to reach the higher silver grade areas.
  <LI>A total of 1,577 metres of development were completed in the first
  quarter, compared to 1,611 metres of development in the previous quarter.
  <LI>Two underground drill rigs were active in the first quarter within the La
  Guitarra property. Total metres drilled in the quarter amounted to 246 metres
  compared to 278 metres drilled in the previous quarter. </LI></UL>
<P align=justify>First Majestic is a mining company focused on silver production
in Mexico and is aggressively pursuing the development of its existing mineral
property assets and the pursuit through acquisition of additional mineral assets
which contribute to the Company 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><I>"signed"</I></P>
<P align=justify>Keith Neumeyer <BR>President &amp; CEO </P>
<P align=justify><B>Cautionary Note Regarding Forward Looking Statements</B></P>
<P align=justify>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, 2013, available on <u><font color=#0000ff>www.sedar.com, </font></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>
