<SEC-DOCUMENT>0001279569-15-001454.txt : 20150727
<SEC-HEADER>0001279569-15-001454.hdr.sgml : 20150727
<ACCEPTANCE-DATETIME>20150727153529
ACCESSION NUMBER:		0001279569-15-001454
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20150727
FILED AS OF DATE:		20150727
DATE AS OF CHANGE:		20150727

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:		151007043

	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>firstmajestic6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
Washington, D.C. 20549</P>

<P STYLE="font: 18pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><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 STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">For the month of <B><U>July 27,
2015</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">Commission File Number <B><U>001-34984</U></B></P>

<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 24pt"><B><U>FIRST
MAJESTIC SILVER CORP.</U></B></FONT><B><U><FONT STYLE="font-size: 10pt"> </FONT></U></B><BR>
<FONT STYLE="font-size: 10pt">(Translation of registrant's name into English) </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B><U>925 West Georgia Street,
Suite 1805, Vancouver BC V6C 3L2</U></B><BR>
(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

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    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%">&#9744; <font style="font-size: 10pt">Form
    20-F</font> </td>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%"><font style="font-size: 10pt">&#9746;
    Form 40-F</font></td></tr>
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<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">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): &#9744;</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">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): &#9744;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B><U>SUBMITTED HEREWITH</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-right: 0; margin-left: 0">&nbsp;</P>

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    <TD STYLE="text-align: center; width: 8%; font-family: Times New Roman,serif; vertical-align: top; border-bottom: Black 1pt solid"><font style="font-size: 10pt">Exhibits</font></td>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 90%">&nbsp;</td></tr>
<tr>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; vertical-align: top"><A HREF="ex991.htm">99.1</A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><A HREF="ex991.htm">Press Release dated July 27, 2015 - First Majestic
    Announces Friendly Acquisition of SilverCrest Mines</A></td></tr>
<tr>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; vertical-align: top"><A HREF="ex992.htm">99.2</A></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><A HREF="ex992.htm">Material Change Report</A></td></tr>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-right: 0; margin-left: 0">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 cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">FIRST MAJESTIC SILVER CORP. </font></td>
    <td style="width: 60%; font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">By: </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif"><font style="font-size: 10pt"><i>/s/ Connie Lillico</i> </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Connie Lillico </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Corporate Secretary </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif">     July 27,<FONT STYLE="font-size: 10pt"> 2015</FONT></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED JULY 27, 2015
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

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    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NYSE - AG</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NYSE MKT - SVLC</FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">TSX - FR</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">TSX - SVL</FONT></TD></TR>
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    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Frankfurt - FMV</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Frankfurt - CW5</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mexico - AG</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">July 27, 2015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>FIRST MAJESTIC ANNOUNCES FRIENDLY ACQUISITION
OF SILVERCREST MINES</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>VANCOUVER, BC, CANADA - First Majestic Silver
Corp. (&ldquo;First Majestic&rdquo;) and SilverCrest Mines Inc. (&ldquo;SilverCrest&rdquo;) </B>are pleased to announce that the
companies have entered into a definitive agreement (the &ldquo;Arrangement Agreement&rdquo;) pursuant to which First Majestic has
agreed to acquire all of the issued and outstanding common shares of SilverCrest for consideration of 0.2769 of a common share
of First Majestic (the &ldquo;Exchange Ratio&rdquo;) plus C$0.0001 in cash per SilverCrest common share. The offer implies a value
of C$1.30 per SilverCrest share based on the closing price of First Majestic&rsquo;s common shares on the Toronto Stock Exchange
(&ldquo;TSX&rdquo;) on July 24, 2015. The offer represents a premium of approximately 37% to SilverCrest&rsquo;s 30-day volume-weighted
average price (&ldquo;VWAP&rdquo;) on the TSX for the period ending July 24, 2015 and a 35% premium to SilverCrest&rsquo;s previous
closing price. The transaction will be implemented by way of a plan of arrangement (the &ldquo;Arrangement&rdquo;) under the <I>Business
Corporations Act</I> (British Columbia). In addition, shareholders of SilverCrest will receive shares in a newly formed company
(&ldquo;New SilverCrest&rdquo;) which will hold certain exploration assets currently held by SilverCrest and First Majestic.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>BENEFITS TO FIRST MAJESTIC SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Enhances First Majestic&rsquo;s leading position in Mexico, one of the world&rsquo;s most prolific
silver and gold regions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Accretive to First Majestic&rsquo;s net asset value per share, reserves and total resources per
share and production per share</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">SilverCrest&rsquo;s Santa Elena Mine will be First Majestic&rsquo;s sixth producing silver mine
adding further growth potential to First Majestic&rsquo;s portfolio of Mexican projects</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Strengthens First Majestic&rsquo;s balance sheet by adding approximately C$30 million in cash and
further enhances the working capital position</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provides operational and production synergies with the potential for additional cost cutting</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Further diversifies production and cash flow across a robust portfolio of producing mines</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>BENEFITS TO SILVERCREST SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provides SilverCrest shareholders with a highly attractive premium to current market price</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Opportunity to participate in a leading silver producer through an all-share transaction</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Gain access to First Majestic's operational and underground mining expertise</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Diversifies SilverCrest&rsquo;s single asset risk profile and provides exposure to First Majestic&rsquo;s
broad portfolio of Mexican assets</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Increased leverage to silver with First Majestic&rsquo;s primarily silver resource base</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Enhances capital markets presence with a pro forma market capitalization in excess of C$700 million
based on current share prices including increased analyst coverage, trading liquidity and a broader institutional investor base</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provides SilverCrest shareholders with ownership in New SilverCrest, a well-capitalized exploration
company created to leverage SilverCrest management&rsquo;s exploration expertise</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Keith Neumeyer, President &amp; CEO of First
Majestic, stated: &ldquo;We believe this transaction provides an excellent opportunity for the shareholders of both First Majestic
and SilverCrest. Shareholders stand to gain significant upside in the combined company with production of well over 20 million
silver equivalent ounces per year while maintaining one of the lowest production costs and highest purity to silver in the industry.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">J. Scott Drever, CEO of SilverCrest, stated:
&quot;We believe the inclusion of SilverCrest&rsquo;s Santa Elena mine into First Majestic&rsquo;s portfolio of operating mines
provides the combined company greater flexibility in the current difficult metals market and creates a strong platform from which
First Majestic can continue its corporate growth to the benefit of both sets of shareholders. SilverCrest shareholders will benefit
from First Majestic's liquidity in the market place, the diversity provided by six mines and Management's long history of successful
operations in Mexico. First Majestic shareholders will benefit from SilverCrest's strong balance sheet, free cash flow and low
cost silver production. &quot; &nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>TRANSACTION SUMMARY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the terms of the Arrangement Agreement,
on closing, each SilverCrest shareholder will receive 0.2769 common shares of First Majestic plus C$0.0001 in cash for each SilverCrest
common share held. Pursuant to the transaction, First Majestic will issue approximately 32.8 million common shares (assuming no
exercise of existing SilverCrest options), valuing SilverCrest&rsquo;s equity at approximately C$154 million, based on current
closing prices. Following the completion of the transaction, the current shareholders of SilverCrest will hold approximately 21%
of the issued and outstanding shares of First Majestic. The transaction will be carried out by way of a court-approved plan of
arrangement and will require the approval of at least 66 2/3% of the votes cast by the shareholders of SilverCrest, and approval
by the &ldquo;majority of the minority&rdquo;, being a majority of the votes cast by SilverCrest shareholders other than J. Scott
Drever, N. Eric Fier and Barney Magnusson, whose votes will not be included in determining minority approval pursuant to Multilateral
Instrument 61-101 - <I>Protection of Minority Security Holders in Special Transactions</I>. The transaction will also require the
approval of a simple majority of the shareholders of First Majestic in accordance with the rules of the TSX and the NYSE. The special
meetings of shareholders of SilverCrest and First Majestic are expected to take place in late September 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement will also provide for the issuance
by First Majestic of an aggregate of approximately 2.9 million replacement stock options (the &ldquo;Replacement Options&rdquo;)
(assuming no exercise of existing SilverCrest options) to SilverCrest option holders who do not exercise such options prior to
the effective time of the Arrangement, at exercise prices adjusted by the Exchange Ratio. All other terms and conditions of the
Replacement Options will be the same as the SilverCrest option for which they were exchanged, except that the terms and conditions
of the First Majestic stock option plan relating to accelerated expiry of First Majestic options on account of early termination
after ceasing to hold office or ceasing to be an employee or consultant will not apply to the Replacement Options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In connection with the Arrangement, each SilverCrest
shareholder will also receive 0.1667 common shares of New SilverCrest for each SilverCrest common share held. As part of the Arrangement,
SilverCrest will transfer the Las Chispas, Cruz de Mayo, Angel de Plata, Huasabas and Estacion Llano<B> </B>exploration<B> </B>properties
located in northern Mexico, as well as C$5.25 million in cash and certain other assets currently owned by SilverCrest to New SilverCrest.
First Majestic will also transfer its Guadalupe exploration<B> </B>property located in Durango, Mexico to New SilverCrest, and
First Majestic will own approximately 9.9% of the shares of New SilverCrest following completion of the transaction. SilverCrest&rsquo;s
La Joya project will be retained by First Majestic following closing of the transaction, however First Majestic does not have any
immediate plans to advance the La Joya project. N. Eric Fier, SilverCrest&rsquo;s Chief Operating Officer, will be the CEO and
President of New SilverCrest along with other members of SilverCrest&rsquo;s current board and management team. New SilverCrest
intends to make application to list its shares on the TSX Venture Exchange.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to shareholder, court and creditor
approvals, the transaction is subject to applicable regulatory approvals and the satisfaction of certain other closing conditions
customary in transactions of this nature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement Agreement includes customary
provisions, including non-solicitation of alternative transactions, right to match superior proposals and fiduciary-out provisions.
In addition, SilverCrest has agreed to pay a termination fee to First Majestic of C$8 million upon the occurrence of certain events.
First Majestic and SilverCrest have each agreed to pay a C$1 million expense reimbursement fee to the other party upon termination
of the Arrangement Agreement due to the occurrence of certain other events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors of SilverCrest has unanimously
approved the transaction and will provide a written recommendation that SilverCrest shareholders vote in favour of the transaction
which will be included in the Information Circular to be mailed to shareholders in connection with the Arrangement. Each of the
directors and senior officers of SilverCrest, who hold in the aggregate approximately 3.9% of the issued and outstanding SilverCrest
shares (assuming no exercise of existing SilverCrest stock options) have entered into a voting agreement with First Majestic and
have agreed to vote in favour of the transaction at the special meeting of SilverCrest shareholders to be held to consider the
Arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Full details of the Arrangement will be included
in a joint Management Information Circular to be filed with the regulatory authorities and mailed to SilverCrest and First Majestic
shareholders in accordance with applicable securities laws. SilverCrest and First Majestic expect to mail the joint Management
Information Circular in early September 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ADVISORS AND COUNSEL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cormark Securities Inc. (&ldquo;Cormark&rdquo;)
acted as exclusive financial advisor and McCullough O&rsquo;Connor Irwin LLP acted as legal counsel to First Majestic. Cormark
has provided an opinion to the First Majestic Board of Directors that, based upon and subject to the assumptions, limitations and
qualifications in the opinion, the consideration being offered by First Majestic to SilverCrest pursuant to the transaction is
fair, from a financial point of view, to First Majestic.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">National Bank Financial Inc. (&ldquo;National
Bank&rdquo;) acted as exclusive financial advisor and Koffman Kalef LLP acted as legal advisor to SilverCrest. National Bank has
provided an opinion to the Board of Directors of SilverCrest that, based upon and subject to the assumptions, limitations, and
qualifications in the opinions, the consideration to be received is fair, from a financial point of view, to the shareholders of
SilverCrest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>CONFERENCE CALL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">First
Majestic and SilverCrest will host a joint conference call and webcast on July 27, 2015 at 2:00 pm Eastern time / 11:00 am
Pacific time for members of the investment community to discuss the proposed transaction. The call-in details are as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free Canada &amp; USA:</FONT></TD>
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1-800-319-4610</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Outside of Canada &amp; USA:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1-604-638-5340</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free Germany:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0800 180 1954</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free UK:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0808 101 2791</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Click on WEBCAST on the First Majestic homepage
as a simultaneous audio webcast of the conference call at <U>www.firstmajestic.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Conference call will be recorded and you
can listen to an archive of the conference by calling:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free Canada &amp; USA:</FONT></TD>
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1-800-319-6413</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Outside of Canada &amp; USA:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1-604-638-9010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Pin Code:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3928</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An archived webcast of the conference call
will also be available at <U>www.firstmajestic.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ABOUT FIRST MAJESTIC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-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 STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
For further information, contact <U>info@firstmajestic.com</U>, visit our website at <U>www.firstmajestic.com</U> or contact Todd
Anthony, Investor Relations at 1.866.529.2807.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ABOUT SILVERCREST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SilverCrest
is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest&rsquo;s flagship property is the 100%-owned
Santa Elena Mine, located in the State of Sonora, Mexico. The operation comprises a high-grade,
epithermal silver and gold deposit, along with a 3,000 tpd conventional milling facility. Santa Elena is projected to produce in
a range of 4.7 to 5.1 million silver equivalent ounces in 2015. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For further information, contact SilverCrest
at 1.866.691.1730 or via our website online at <U>www.silvercrestmines.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ON BEHALF OF THE BOARD OF</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">FIRST MAJESTIC SILVER CORP.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&ldquo;Keith Neumeyer&rdquo;</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Keith Neumeyer</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President &amp; CEO</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ON BEHALF OF THE BOARD OF</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">SILVERCREST MINES INC.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&ldquo;J. Scott Drever&rdquo;</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">J. Scott Drever</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">CEO</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This news release includes certain &quot;Forward-Looking
Statements&quot; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &ldquo;forward-looking
information&rdquo; under applicable Canadian securities laws. When used in this news release, the words &quot;anticipate&quot;,
&quot;believe&quot;, &quot;estimate&quot;, &quot;expect&quot;, &quot;target&quot;, &quot;plan&quot;, &quot;forecast&quot;, &quot;may&quot;,
&quot;schedule&quot; and similar words or expressions, identify forward-looking statements or information. These forward-looking
statements or information relate to, among other things: anticipated benefits of the Arrangement to First Majestic, SilverCrest
and their respective shareholders; the timing and receipt of required shareholder, court, stock exchange, creditor and regulatory
approvals for the Arrangement; the ability of First Majestic and SilverCrest to satisfy the other conditions to, and to complete,
the Arrangement; the anticipated timing of the mailing of the joint information circular regarding the Arrangement; the closing
of the Arrangement; the listing of the New SilverCrest shares on the TSX Venture Exchange; the development of the Santa Elena Mine;
future silver production; analyst coverage, liquidity and institutional shareholdings of First Majestic shares; future growth potential
for First Majestic, SilverCrest and their respective businesses; future plans for the La Joya property; future mine development
plans; estimates regarding the life of and recovery of minerals at the Santa Elena mine; and estimates of production costs.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In respect of the forward-looking statements
and information concerning the anticipated completion of the proposed Arrangement and the anticipated timing for completion of
the Arrangement, the parties have provided them in reliance on certain assumptions that they believe are reasonable at this time,
including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required joint management
information circular; the ability of the parties to receive, in a timely manner, the necessary shareholder, court, stock exchange,
creditor and regulatory approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing
of the Arrangement. These dates may change for a number of reasons, including unforeseen delays in preparing meeting material;
inability to secure necessary shareholder, court, stock exchange, creditor and regulatory approvals in the time assumed or the
need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not
place undue reliance on the forward-looking statements and information contained in this news release concerning these times.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Forward-looking information relating to future
silver production, analyst coverage, liquidity and institutional shareholdings of First Majestic shares, future growth potential
for First Majestic, SilverCrest and their respective businesses, future mine development plans, estimates regarding the life of
and recovery of minerals at the Santa Elena mine, and estimates of production costs is based on management of the applicable parties&rsquo;
reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management&rsquo;s experience and
perception of trends, current conditions and expected developments, and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things,
the price of silver, gold, and other metals; costs of development and production; estimated production rates for silver and other
metals produced by the parties; the estimated costs of development of development projects; First Majestic and/or SilverCrest&rsquo;s
ability to operate in a safe and effective manner and their ability to obtain financing on reasonable terms.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These statements reflect the parties&rsquo; respective
current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered
reasonable by the respective parties, 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 parties have made assumptions and estimates based on or related to many of these factors. Such
factors include, without limitation: satisfaction or waiver of all applicable conditions to closing of the Arrangement including,
without limitation, receipt of all necessary shareholder, court, stock exchange, creditor and regulatory approvals or consents
and lack of material changes with respect to First Majestic and SilverCrest and their respective businesses, all as more particularly
set forth in the Arrangement Agreement; the synergies expected from the Arrangement not being realized; business integration risks;
fluctuations in general macro-economic conditions; fluctuations in securities markets and the market price of First Majestic&rsquo;s
shares; fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas,
fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar);
changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in
Canada or Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated
with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual
or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the parties do business; inability to obtain adequate insurance to cover risks
and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted
in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and
increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including
the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades
of mineral reserves as properties are mined; title to properties; and the factors identified under the caption &quot;Risk Factors&quot;
in First Majestic&rsquo;s Annual Information Form, and under the caption &quot;Risk Factors&quot; in SilverCrest&rsquo;s Annual
Information Form. In addition, the failure of a party to comply with the terms of the Arrangement Agreement may result in that
party being required to pay a non-completion or other fee to the other party, the result of which could have a material adverse
effect on the paying party&rsquo;s financial position and results of operations and its ability to fund growth prospects and current
operations.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Readers are cautioned against attributing undue
certainty to forward-looking statements or information. Although the parties have 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 parties do not intend, and do 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>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Form 51-102F3</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Material Change Report</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name
and Address of Company </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">FIRST MAJESTIC SILVER CORP. (the
&ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">1805 - 925 West Georgia Street</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Vancouver, BC V6C 3L2 CANADA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Telephone:&#9;(604) 688-3033</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Facsimile:&#9;(604) 639-8873</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 2.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
of Material Change </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">July 27, 2015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News
Release </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">The press release was disseminated
through the services of Marketwired.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 4.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary
of Material Change </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">First Majestic Silver Corp. (the
&ldquo;Company&rdquo;) and SilverCrest Mines Inc. (&ldquo;SilverCrest&rdquo;) announced that the companies have entered into a
definitive agreement (the &ldquo;Arrangement Agreement&rdquo;) pursuant to which First Majestic has agreed to acquire all of the
issued and outstanding common shares of SilverCrest for consideration of 0.2769 of a common share of First Majestic (the &ldquo;Exchange
Ratio&rdquo;) plus C$0.0001 in cash per SilverCrest common share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 5.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full
Description of Material Change</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><B>5.1</B></TD><TD STYLE="text-align: justify"><B>Full Description of Material Change</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">See Schedule &ldquo;A&rdquo; attached
hereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in"><B>5.2</B></TD><TD STYLE="text-align: justify"><B>Disclosure for Restructuring Transactions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance
on subsection 7.1(2) or (3) of National Instrument 51-102</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 7.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted
Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 8.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Officer</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Keith Neumeyer, President &amp; CEO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">Telephone: (604) 688-3033 Facsimile:
(604) 639-8873</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>Item 9.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
of Report</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-align: justify">July 27, 2015</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>SCHEDULE &ldquo;A&rdquo;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><img src="image_004.jpg" alt="" style="height: 107px; width: 159px"></td>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: middle"><img src="image_005.jpg" alt="Silvercrest Mines" style="height: 49px; width: 182px"></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">NYSE - AG</font></td>
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">NYSE MKT - SVLC</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font: 10pt Arial, Helvetica, Sans-Serif">TSX - FR</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">TSX - SVL</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font: 10pt Arial, Helvetica, Sans-Serif">Frankfurt - FMV</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Frankfurt - CW5</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mexico - AG</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">July 27, 2015</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>FIRST MAJESTIC ANNOUNCES FRIENDLY ACQUISITION
OF SILVERCREST MINES</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>VANCOUVER, BC, CANADA - First Majestic Silver
Corp. (&ldquo;First Majestic&rdquo;) and SilverCrest Mines Inc. (&ldquo;SilverCrest&rdquo;) </B>are pleased to announce that the
companies have entered into a definitive agreement (the &ldquo;Arrangement Agreement&rdquo;) pursuant to which First Majestic has
agreed to acquire all of the issued and outstanding common shares of SilverCrest for consideration of 0.2769 of a common share
of First Majestic (the &ldquo;Exchange Ratio&rdquo;) plus C$0.0001 in cash per SilverCrest common share. The offer implies a value
of C$1.30 per SilverCrest share based on the closing price of First Majestic&rsquo;s common shares on the Toronto Stock Exchange
(&ldquo;TSX&rdquo;) on July 24, 2015. The offer represents a premium of approximately 37% to SilverCrest&rsquo;s 30-day volume-weighted
average price (&ldquo;VWAP&rdquo;) on the TSX for the period ending July 24, 2015 and a 35% premium to SilverCrest&rsquo;s previous
closing price. The transaction will be implemented by way of a plan of arrangement (the &ldquo;Arrangement&rdquo;) under the <I>Business
Corporations Act</I> (British Columbia). In addition, shareholders of SilverCrest will receive shares in a newly formed company
(&ldquo;New SilverCrest&rdquo;) which will hold certain exploration assets currently held by SilverCrest and First Majestic.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>BENEFITS TO FIRST MAJESTIC SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Enhances First Majestic&rsquo;s leading position in Mexico, one of the world&rsquo;s most prolific
silver and gold regions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Accretive to First Majestic&rsquo;s net asset value per share, reserves and total resources per
share and production per share</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">SilverCrest&rsquo;s Santa Elena Mine will be First Majestic&rsquo;s sixth producing silver mine
adding further growth potential to First Majestic&rsquo;s portfolio of Mexican projects</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Strengthens First Majestic&rsquo;s balance sheet by adding approximately C$30 million in cash and
further enhances the working capital position</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provides operational and production synergies with the potential for additional cost cutting</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Further diversifies production and cash flow across a robust portfolio of producing mines</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>BENEFITS TO SILVERCREST SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provides SilverCrest shareholders with a highly attractive premium to current market price</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Opportunity to participate in a leading silver producer through an all-share transaction</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Gain access to First Majestic's operational and underground mining expertise</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Diversifies SilverCrest&rsquo;s single asset risk profile and provides exposure to First Majestic&rsquo;s
broad portfolio of Mexican assets</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Increased leverage to silver with First Majestic&rsquo;s primarily silver resource base</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Enhances capital markets presence with a pro forma market capitalization in excess of C$700 million
based on current share prices including increased analyst coverage, trading liquidity and a broader institutional investor base</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Provides SilverCrest shareholders with ownership in New SilverCrest, a well-capitalized exploration
company created to leverage SilverCrest management&rsquo;s exploration expertise</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Keith Neumeyer, President &amp; CEO of First
Majestic, stated: &ldquo;We believe this transaction provides an excellent opportunity for the shareholders of both First Majestic
and SilverCrest. Shareholders stand to gain significant upside in the combined company with production of well over 20 million
silver equivalent ounces per year while maintaining one of the lowest production costs and highest purity to silver in the industry.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">J. Scott Drever, CEO of SilverCrest, stated:
&quot;We believe the inclusion of SilverCrest&rsquo;s Santa Elena mine into First Majestic&rsquo;s portfolio of operating mines
provides the combined company greater flexibility in the current difficult metals market and creates a strong platform from which
First Majestic can continue its corporate growth to the benefit of both sets of shareholders. SilverCrest shareholders will benefit
from First Majestic's liquidity in the market place, the diversity provided by six mines and Management's long history of successful
operations in Mexico. First Majestic shareholders will benefit from SilverCrest's strong balance sheet, free cash flow and low
cost silver production. &quot; &nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>TRANSACTION SUMMARY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the terms of the Arrangement Agreement,
on closing, each SilverCrest shareholder will receive 0.2769 common shares of First Majestic plus C$0.0001 in cash for each SilverCrest
common share held. Pursuant to the transaction, First Majestic will issue approximately 32.8 million common shares (assuming no
exercise of existing SilverCrest options), valuing SilverCrest&rsquo;s equity at approximately C$154 million, based on current
closing prices. Following the completion of the transaction, the current shareholders of SilverCrest will hold approximately 21%
of the issued and outstanding shares of First Majestic. The transaction will be carried out by way of a court-approved plan of
arrangement and will require the approval of at least 66 2/3% of the votes cast by the shareholders of SilverCrest, and approval
by the &ldquo;majority of the minority&rdquo;, being a majority of the votes cast by SilverCrest shareholders other than J. Scott
Drever, N. Eric Fier and Barney Magnusson, whose votes will not be included in determining minority approval pursuant to Multilateral
Instrument 61-101 - <I>Protection of Minority Security Holders in Special Transactions</I>. The transaction will also require the
approval of a simple majority of the shareholders of First Majestic in accordance with the rules of the TSX and the NYSE. The special
meetings of shareholders of SilverCrest and First Majestic are expected to take place in late September 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement will also provide for the issuance
by First Majestic of an aggregate of approximately 2.9 million replacement stock options (the &ldquo;Replacement Options&rdquo;)
(assuming no exercise of existing SilverCrest options) to SilverCrest option holders who do not exercise such options prior to
the effective time of the Arrangement, at exercise prices adjusted by the Exchange Ratio. All other terms and conditions of the
Replacement Options will be the same as the SilverCrest option for which they were exchanged, except that the terms and conditions
of the First Majestic stock option plan relating to accelerated expiry of First Majestic options on account of early termination
after ceasing to hold office or ceasing to be an employee or consultant will not apply to the Replacement Options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In connection with the Arrangement, each SilverCrest
shareholder will also receive 0.1667 common shares of New SilverCrest for each SilverCrest common share held. As part of the Arrangement,
SilverCrest will transfer the Las Chispas, Cruz de Mayo, Angel de Plata, Huasabas and Estacion Llano<B> </B>exploration<B> </B>properties
located in northern Mexico, as well as C$5.25 million in cash and certain other assets currently owned by SilverCrest to New SilverCrest.
First Majestic will also transfer its Guadalupe exploration<B> </B>property located in Durango, Mexico to New SilverCrest, and
First Majestic will own approximately 9.9% of the shares of New SilverCrest following completion of the transaction. SilverCrest&rsquo;s
La Joya project will be retained by First Majestic following closing of the transaction, however First Majestic does not have any
immediate plans to advance the La Joya project. N. Eric Fier, SilverCrest&rsquo;s Chief Operating Officer, will be the CEO and
President of New SilverCrest along with other members of SilverCrest&rsquo;s current board and management team. New SilverCrest
intends to make application to list its shares on the TSX Venture Exchange.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to shareholder, court and creditor
approvals, the transaction is subject to applicable regulatory approvals and the satisfaction of certain other closing conditions
customary in transactions of this nature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Arrangement Agreement includes customary
provisions, including non-solicitation of alternative transactions, right to match superior proposals and fiduciary-out provisions.
In addition, SilverCrest has agreed to pay a termination fee to First Majestic of C$8 million upon the occurrence of certain events.
First Majestic and SilverCrest have each agreed to pay a C$1 million expense reimbursement fee to the other party upon termination
of the Arrangement Agreement due to the occurrence of certain other events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors of SilverCrest has unanimously
approved the transaction and will provide a written recommendation that SilverCrest shareholders vote in favour of the transaction
which will be included in the Information Circular to be mailed to shareholders in connection with the Arrangement. Each of the
directors and senior officers of SilverCrest, who hold in the aggregate approximately 3.9% of the issued and outstanding SilverCrest
shares (assuming no exercise of existing SilverCrest stock options) have entered into a voting agreement with First Majestic and
have agreed to vote in favour of the transaction at the special meeting of SilverCrest shareholders to be held to consider the
Arrangement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Full details of the Arrangement will be included
in a joint Management Information Circular to be filed with the regulatory authorities and mailed to SilverCrest and First Majestic
shareholders in accordance with applicable securities laws. SilverCrest and First Majestic expect to mail the joint Management
Information Circular in early September 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ADVISORS AND COUNSEL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cormark Securities Inc. (&ldquo;Cormark&rdquo;)
acted as exclusive financial advisor and McCullough O&rsquo;Connor Irwin LLP acted as legal counsel to First Majestic. Cormark
has provided an opinion to the First Majestic Board of Directors that, based upon and subject to the assumptions, limitations and
qualifications in the opinion, the consideration being offered by First Majestic to SilverCrest pursuant to the transaction is
fair, from a financial point of view, to First Majestic.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">National Bank Financial Inc. (&ldquo;National
Bank&rdquo;) acted as exclusive financial advisor and Koffman Kalef LLP acted as legal advisor to SilverCrest. National Bank has
provided an opinion to the Board of Directors of SilverCrest that, based upon and subject to the assumptions, limitations, and
qualifications in the opinions, the consideration to be received is fair, from a financial point of view, to the shareholders of
SilverCrest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>CONFERENCE CALL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">First
Majestic and SilverCrest will host a joint conference call and webcast on July 27, 2015 at 2:00 pm Eastern time / 11:00 am
Pacific time for members of the investment community to discuss the proposed transaction. The call-in details are as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free Canada &amp; USA:</font></td>
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1-800-319-4610</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Outside of Canada &amp; USA:</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1-604-638-5340</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free Germany:</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">0800 180 1954</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free UK:</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">0808 101 2791</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Click on WEBCAST on the First Majestic homepage
as a simultaneous audio webcast of the conference call at <U>www.firstmajestic.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Conference call will be recorded and you
can listen to an archive of the conference by calling:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Toll Free Canada &amp; USA:</font></td>
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1-800-319-6413</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Outside of Canada &amp; USA:</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1-604-638-9010</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Pin Code:</font></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3928</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An archived webcast of the conference call
will also be available at <U>www.firstmajestic.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ABOUT FIRST MAJESTIC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-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 STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
For further information, contact <U>info@firstmajestic.com</U>, visit our website at <U>www.firstmajestic.com</U> or contact Todd
Anthony, Investor Relations at 1.866.529.2807.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>ABOUT SILVERCREST</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">SilverCrest
is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest&rsquo;s flagship property is the 100%-owned
Santa Elena Mine, located in the State of Sonora, Mexico. The operation comprises a high-grade,
epithermal silver and gold deposit, along with a 3,000 tpd conventional milling facility. Santa Elena is projected to produce in
a range of 4.7 to 5.1 million silver equivalent ounces in 2015. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For further information, contact SilverCrest
at 1.866.691.1730 or via our website online at <U>www.silvercrestmines.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ON BEHALF OF THE BOARD OF</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">FIRST MAJESTIC SILVER CORP.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>&ldquo;Keith Neumeyer&rdquo;</i></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>&nbsp;</i></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Keith Neumeyer</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President &amp; CEO</P></td>
    <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ON BEHALF OF THE BOARD OF</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">SILVERCREST MINES INC.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>&ldquo;J. Scott Drever&rdquo;</i></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><i>&nbsp;</i></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">J. Scott Drever</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">CEO</P></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This news release includes certain &quot;Forward-Looking
Statements&quot; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &ldquo;forward-looking
information&rdquo; under applicable Canadian securities laws. When used in this news release, the words &quot;anticipate&quot;,
&quot;believe&quot;, &quot;estimate&quot;, &quot;expect&quot;, &quot;target&quot;, &quot;plan&quot;, &quot;forecast&quot;, &quot;may&quot;,
&quot;schedule&quot; and similar words or expressions, identify forward-looking statements or information. These forward-looking
statements or information relate to, among other things: anticipated benefits of the Arrangement to First Majestic, SilverCrest
and their respective shareholders; the timing and receipt of required shareholder, court, stock exchange, creditor and regulatory
approvals for the Arrangement; the ability of First Majestic and SilverCrest to satisfy the other conditions to, and to complete,
the Arrangement; the anticipated timing of the mailing of the joint information circular regarding the Arrangement; the closing
of the Arrangement; the listing of the New SilverCrest shares on the TSX Venture Exchange; the development of the Santa Elena Mine;
future silver production; analyst coverage, liquidity and institutional shareholdings of First Majestic shares; future growth potential
for First Majestic, SilverCrest and their respective businesses; future plans for the La Joya property; future mine development
plans; estimates regarding the life of and recovery of minerals at the Santa Elena mine; and estimates of production costs.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In respect of the forward-looking statements
and information concerning the anticipated completion of the proposed Arrangement and the anticipated timing for completion of
the Arrangement, the parties have provided them in reliance on certain assumptions that they believe are reasonable at this time,
including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required joint management
information circular; the ability of the parties to receive, in a timely manner, the necessary shareholder, court, stock exchange,
creditor and regulatory approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing
of the Arrangement. These dates may change for a number of reasons, including unforeseen delays in preparing meeting material;
inability to secure necessary shareholder, court, stock exchange, creditor and regulatory approvals in the time assumed or the
need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not
place undue reliance on the forward-looking statements and information contained in this news release concerning these times.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Forward-looking information relating to future
silver production, analyst coverage, liquidity and institutional shareholdings of First Majestic shares, future growth potential
for First Majestic, SilverCrest and their respective businesses, future mine development plans, estimates regarding the life of
and recovery of minerals at the Santa Elena mine, and estimates of production costs is based on management of the applicable parties&rsquo;
reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management&rsquo;s experience and
perception of trends, current conditions and expected developments, and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things,
the price of silver, gold, and other metals; costs of development and production; estimated production rates for silver and other
metals produced by the parties; the estimated costs of development of development projects; First Majestic and/or SilverCrest&rsquo;s
ability to operate in a safe and effective manner and their ability to obtain financing on reasonable terms.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">These statements reflect the parties&rsquo; respective
current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered
reasonable by the respective parties, 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 parties have made assumptions and estimates based on or related to many of these factors. Such
factors include, without limitation: satisfaction or waiver of all applicable conditions to closing of the Arrangement including,
without limitation, receipt of all necessary shareholder, court, stock exchange, creditor and regulatory approvals or consents
and lack of material changes with respect to First Majestic and SilverCrest and their respective businesses, all as more particularly
set forth in the Arrangement Agreement; the synergies expected from the Arrangement not being realized; business integration risks;
fluctuations in general macro-economic conditions; fluctuations in securities markets and the market price of First Majestic&rsquo;s
shares; fluctuations in the spot and forward price of silver, gold, base metals or certain other commodities (such as natural gas,
fuel oil and electricity); fluctuations in the currency markets (such as the Canadian dollar and Mexican peso versus the U.S. dollar);
changes in national and local government, legislation, taxation, controls, regulations and political or economic developments in
Canada or Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated
with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual
or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the parties do business; inability to obtain adequate insurance to cover risks
and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted
in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and
increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including
the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades
of mineral reserves as properties are mined; title to properties; and the factors identified under the caption &quot;Risk Factors&quot;
in First Majestic&rsquo;s Annual Information Form, and under the caption &quot;Risk Factors&quot; in SilverCrest&rsquo;s Annual
Information Form. In addition, the failure of a party to comply with the terms of the Arrangement Agreement may result in that
party being required to pay a non-completion or other fee to the other party, the result of which could have a material adverse
effect on the paying party&rsquo;s financial position and results of operations and its ability to fund growth prospects and current
operations.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Readers are cautioned against attributing undue
certainty to forward-looking statements or information. Although the parties have 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 parties do not intend, and do 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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<TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR>
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