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First Majestic Updates Reserves and Resource Estimates and Files Form 40-F Annual Report

March 27, 2014

TSX – FR March 27, 2014

NYSE – AG

Frankfurt – FMV (WKN: A0LHKJ)

VANCOUVER, March 27, 2014 /PRNewswire/ – First Majestic Silver Corp. (“First
Majestic” or the “Company”) is pleased to announce the updated Mineral
Reserve and Resource estimates for its portfolio of properties in
Mexico as of December 31, 2013. The mineral Reserve and Resource
estimates were calculated using US$24.00 per ounce silver, US$1,400 per
ounce gold, US$0.95 per pound lead and US$0.90 per pound zinc.

The Company also announces that its 2013 audited financial statements
have been filed on SEDAR. In addition, a Form 40-F report has been
filed with the United States Securities and Exchange Commission and is
available on EDGAR. Both documents are also available on the Company’s
website at www.firstmajestic.com.

Shareholders may also receive a copy of First Majestic’s audited
financial statements, without charge, upon request to First Majestic,
Suite 1805 – 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2
or to info@firstmajestic.com.

HIGHLIGHTS

        --  138,734,210 silver equivalent ounces of Proven and Probable
            Reserves
        --  102,309,851 silver equivalent ounces of Measured and Indicated
            Resources
        --  285,388,953 silver equivalent ounces of Inferred Resources

In general, the tonnage for Mineral Reserves for the individual mines
have decreased by 5% due to depletion and reclassification of Reserves
into Measured and Indicated Resources in response to lower metal prices
compared to the 2012 estimates. The Company has used US$24.00 silver
prices with a cut-off of December 31, 2013, which impacted cut-off
grades resulting in a reduction in the size of some ore blocks or
conversely reclassification of ore blocks into lower categories. Total
silver Reserves/Resources were reduced by 10% while total equivalent
silver Reserves/Resources were reduced by 4%.

EXPLORATION AND DEVELOPMENT

In 2013, the Company invested $94.4 million on exploration and
development activities and completed 58,578 metres of diamond drilling
and 53,257 metres of underground development on its five operating
mines in Mexico. This represents a 57% reduction in drilling compared
to 135,769 metres in 2012, and a 7% reduction in underground
development as a result of numerous budget cuts which occurred
throughout 2013 due to weak silver prices.

In 2014, First Majestic plans to invest $8.0 million on exploration
activities. The main priority of the exploration work is to further
define and upgrade Resources to support future updates to the Company’s
NI 43-101 Technical Reports. As a result of the exploration budget
cuts in 2013, and reduced programs in 2014, no grassroots or
greenfields drilling is taking place. All drilling is either focused
on mining activities or definition drilling.

The following table contains the Mineral Reserve and Resource as of
December 31, 2013.


    PROVEN AND PROBABLE
    RESERVES 2013

    Mine/Project Category   Mineral        Tonnes   Ag    Au  Pb  Zn      Ag (Oz)  AgEq (Oz)
                            type                  (g/t) (g/t) (%) (%)

                 Proven     Oxides      1,023,409   316     - 2.9 1.6  10,410,996  10,410,996
                 (UG)

                 Proven     Oxides      5,304,946   105     - 0.6 0.2  17,903,993  17,903,993
                 (tailings)

    LA ENCANTADA Probable   Oxides      1,030,341   269     - 2.6 1.2   8,916,063   8,916,063
                 (UG)

                 Total                                      - 1.2 0.5  37,231,053
                 Proven &   Oxides      7,358,696   157                            37,231,053
                 Probable
                 (UG)

                 Proven     Oxides        417,722   192  0.06 0.4 0.2   2,574,698   2,620,763
                 (UG)

                 Proven     Oxides        533,799    63  0.06   -   -   1,081,207   1,140,073
                 (OP)

                 Probable   Oxides      1,105,650   190  0.06 0.5 0.5   6,751,587   6,873,515
                 (UG)

                 Total                                   0.06 0.3 0.3  10,407,492
                 Proven &   Oxides      2,057,170   157                            10,634,351
    LA PARRILLA  Probable
                 (UG) 

                 Proven     Sulphides     660,333   207     - 2.7 2.5   4,403,326   7,320,761
                 (UG)

                 Probable   Sulphides   1,474,118   176     - 1.6 2.8   8,326,819  13,771,114
                 (UG)

                 Total                                      - 1.9 2.7  12,730,145
                 Proven &   Sulphides   2,134,451   186                            21,091,875
                 Probable
                 (UG)

                 Total                              172  0.03 1.2 1.5
                 Proven &   Oxides +    4,191,621                      23,137,637  31,726,226
                 Probable   Sulphides
                 (UG)

                 Proven     Oxides      1,328,098   195  0.19   -   -   8,330,574   8,795,400
                 (UG)

                 Probable   Oxides      2,506,767   175  0.19   -   -  14,102,450  14,979,801
     SAN MARTIN  (UG)

                 Total                                   0.19   -   -  22,433,025
                 Proven &   Oxides      3,834,866   182                            23,775,201
                 Probable
                 (UG)

                 Proven     Oxides        788,673   153  0.01 2.3 2.2   3,873,145   3,894,579
                 (UG)

                 Probable   Oxides        363,158   134  0.00 1.9 2.0   1,559,124   1,562,493
                 (UG)

                 Total                                   0.01 2.2 2.2   5,432,269
                 Proven &   Oxides      1,151,831   147                             5,457,072
                 Probable
                 (UG)
       DEL TORO
                 Proven     Sulphides   1,132,390   180  0.00 3.2 3.0   6,537,571  12,547,372
                 (UG)

                 Probable   Sulphides   1,757,932   245  0.23 4.4 4.6  13,855,578  27,997,288
                 (UG)

                 Total                                   0.14 3.9 4.0  20,393,149
                 Proven &   Sulphides   2,890,322   219                            40,544,659
                 Probable
                 (UG)

                 Total                              199  0.10 3.4 3.5
                 Proven &   Oxides +    4,042,153                      25,825,417  46,001,731
                 Probable   Sulphides
                 (UG)

                 Total                              174  0.06 1.4 1.2
                 Proven and Oxides +   19,427,336                     108,627,132 138,734,210
                 Probable   Sulphides
                 reserves

    MEASURED AND INDICATED
    RESOURCES 2013

    Mine/project Category   Mineral        Tonnes   Ag    Au  Pb  Zn      Ag (Oz)   AgEq (Oz)
                            type                  (g/t) (g/t) (%) (%)                 in situ

                 Measured   Oxides      1,380,065   199     - 1.6 3.3   8,830,896   8,830,896
                 (UG)

                 Indicated  Oxides      1,805,358   225     - 1.6 5.3  13,032,801  13,032,801
    LA ENCANTADA (UG)

                 Total                                      - 1.6 4.4  21,863,698
                 Measured & Oxides      3,185,423   213                            21,863,698
                 Indicated
                 (UG)

                 Measured   Oxides         78,039   164  0.06 0.5 0.0     411,576     420,182
                 (UG)

                 indicated  Oxides        448,084   163  0.06 0.5 0.3   2,354,795   2,404,209
                 (UG)

                 indicated  Oxides        608,203    88  0.06   -   -   1,712,576   1,779,647
                 (OP)

                 Total                                   0.06 0.2 0.1   4,478,948
                 Measured & Oxides      1,134,326   123                             4,604,038
    LA PARRILLA  Indicated
                 (UG & OP)

                 Measured   Sulphides     262,831   191     - 1.2 0.7   1,614,844   2,046,756
                 (UG)

                 Indicated  Sulphides     313,417   181     - 1.7 1.9   1,821,572   2,775,774
                 (UG)

                 Total                                      - 1.5 1.4   3,436,416
                 Measured & Sulphides     576,248   185                             4,822,530
                 Indicated
                 (UG)

                 Total                              144  0.04 0.6 0.5
                 Measured & Oxides +    1,710,574                       7,915,364   9,426,568
                 Indicated  Sulphides
                 (UG & OP)

                 Indicated  Oxides        475,399   158  0.19   -   -   2,411,853   2,578,240
                 (UG)

                 Measured &                                 - 0.7 1.5   1,426,856
                 Indicated  Sulphides     741,387    60                             2,753,917
     SAN MARTIN  (UG)

                 Total                                   0.07 0.4 0.9   3,838,709
                 Measured & Oxides +    1,216,786    98                             5,332,156
                 Indicated  Sulphides
                 (UG)

                 Measured   Oxides        631,191   142  0.00 1.3 1.5   2,883,228   2,887,098
                 (UG)

                 Indicated  Oxides        808,295   157  0.04 1.9 1.4   4,076,180   4,134,962
                 (UG)

                 Total                                   0.02 1.6 1.4   6,959,408
                 Measured & Oxides      1,439,486   150                             7,022,059
                 Indicated
                 (UG)
       DEL TORO
                 Measured   Sulphides     169,994   207  0.01 3.3 2.1   1,131,518   1,920,105
                 (UG)

                 Indicated  Sulphides     672,288   165  0.04 3.7 2.0   3,557,624   6,886,611
                 (UG)

                 Total                                   0.03 3.6 2.0   4,689,142
                 Measured & Sulphides     842,282   173                             8,806,715
                 Indicated
                 (UG)

                 Total                              159  0.03 2.4 1.6
                 Measured & Oxides +    2,281,768                      11,648,550  15,828,775
                 Indicated  Sulphides
                 (UG)

                 Measured &                         222     -   -   -
                 Indicated  Oxides      2,656,428                      18,960,160  18,960,160
                 (UG)

                 Measured & Oxides                          -   -   -   4,060,348
                 Indicated  (tailings)  1,403,233    90                             4,060,348
                 (UG)
        LA LUZ
                 Measured &                                 -   -   -  10,689,662
                 Indicated  Sulphides   1,052,170   316                            10,689,662
                 (UG)

                 Total                                      -   -   -  33,710,170
                 Measured & Oxides +    5,111,831   205                            33,710,170
                 Indicated  Sulphides
                 (UG)

                 Total                              117     -   -   -
       PEÑASCO   Measured & Oxides      2,565,000                       9,648,598   9,648,598
       QUEMADO   Indicated
                 (UG)

                 Total                              251  0.17 0.9 2.4
     LA FRAZADA  Measured & Sulphides     583,000                       4,695,342   6,499,887
                 Indicated
                 (UG)

                 Total                              174  0.02 0.8 1.3
                 Measured   Oxides +
                 and        Sulphides  16,654,381                      93,320,430 102,309,851
                 Indicated
                 Resources

    INFERRED RESOURCES 2013                                                        

    Mine/Project Category   Mineral        Tonnes   Ag    Au  Pb  Zn      Ag (Oz)   AgEq (Oz)
                            type                  (g/t) (g/t) (%) (%)                 in situ

                 Total      Oxides +                156     - 1.1 1.5
    LA ENCANTADA Inferred   Sulphides   4,348,724                      21,822,446  21,822,446
                 (UG)

                 Inferred   Oxides      4,928,449   178  0.06 0.4 0.3  28,251,697  28,795,192
                 (UG)

                 Inferred   Sulphides   8,325,556   168     - 1.9 2.3  45,094,192  74,162,354
    LA PARRILLA  (UG)

                 Total      Oxides +                     0.02 1.3 1.5  73,345,889
                 Inferred   Sulphides  13,254,005   172                           102,957,546
                 (UG)

                 Inferred   Oxides     10,010,526   172  0.19   -   -  55,316,021  58,819,635
                 (UG)

                 Inferred   Sulphides     993,661    54     - 0.7 1.6   1,722,204   3,622,607
     SAN MARTIN  (UG)

                 Total      Oxides +                     0.17 0.1 0.1  57,038,225
                 Inferred   Sulphides  11,004,187   161                            62,442,241
                 (UG) 

                 Inferred   Oxides      1,602,922   167  0.04 2.4 2.1   8,589,178   8,701,325
                 (UG)

                 Inferred   Sulphides   5,283,964   174  0.12 3.5 5.4  29,500,830  70,594,560
       DEL TORO  (UG)

                 Total                                   0.10 3.3 4.6  38,090,008
                 Inferred   Oxides +    6,886,886   172                            79,295,885
                 (UG & Zn   Sulphides
                 body)

                 Total      Oxides +                220     -   -   -
        LA LUZ   Inferred   Sulphides   1,854,964                      13,120,462  13,120,462
                 (UG)

       PEÑASCO   Total                               41     -   -   -
       QUEMADO   Inferred   Oxides        100,000                         131,818     131,818
                 (UG)

                 Total                              225  0.17 0.9 2.6
     LA FRAZADA  Inferred   Sulphides     534,000                       3,862,911   5,618,554
                 (UG)

                 Total      Oxides +                170  0.08 1.2 1.6
                 Inferred   Sulphides  37,982,766                     207,411,760 285,388,953
                 Resources

                 Other                                7  0.01 0.2 3.1
       DEL TORO  (Inferred  Sulphides   4,181,904                         991,969  12,522,062
                 Zn body)

                 Historic                           191  0.80 2.1 3.4
       PLOMOSAS  reserves   Sulphides     895,512                       5,499,152  11,001,048
                 (UG)

    (1) In all cases, the metal prices considered were $24.00 USD/Oz - Ag,
        $1,400.00 USD/Oz - Au, $0.95 USD/lb - Pb, and $0.90 USD/lb - Zn.

    (2) For the La Luz Silver Project, there have been no changes since the
        Technical Report dated July 25, 2008, except an update of Ag eq.
        according to recent metal prices.

    (3) Management of First Majestic is not confident that the open pit
        mining plan contained in the technical reports commissioned by
        Silvermex for the La Guitarra Silver Mine is feasible.
        Accordingly, the Reserve and Resource calculations contained in the
        La Guitarra Silver Mine technical reports will need to be
        recalculated on the basis of an underground only mine.  The results
        of this review may result in a revised mine plan which may
        necessitate the filing of a new technical report.  Accordingly, the
        Resource and Reserve calculations contained in the technical
        reports commissioned by Silvermex for the La Guitarra Silver Mine
        have not been included in this Table.  Readers are cautioned
        against relying on the previously filed technical reports relating
        to the La Guitarra Silver Mine and upon the Resource and Reserve
        calculations therein.

    (4) The Reserve and Resources information provided above is based on
        internal qualified persons' (QPs) reporting as at December 31,
        2013. The information provided was reviewed and validated by the
        Company's internal QP Mr. Ramon Davila, who has the appropriate
        relevant qualifications, and experience in mining and resource
        geology.

    (5) The modification factors for Reserves and Resources are different,
        and are different for all mines.

The following table shows the total tonnage mined from each of the
Company’s five producing properties during 2013, including total ounces
of silver and silver equivalent ounces produced from each property and
the tonnage mined from within and outside of delineated Reserves and
Resources at each property.

TONNAGE AND OUNCES MINED IN 2013


                 LA        LA     DEL TORO  SAN MARTIN    LA        TOTAL
              ENCANTADA PARRILLA                       GUITARRA

    TONNES OF
       ORE    1,139,241  788,335   319,861    322,618   171,662  2,741,717
    PROCESSED

      OZ OF
     SILVER   4,081,094 3,115,997 1,484,598 1,250,774   709,002  10,641,465
    PRODUCED

      OZ OF
     SILVER     81,440  1,103,377  452,538    120,116   392,591  2,150,062
       EQ.
    PRODUCED

    TOTAL OZ
    OF SILVER 4,162,534 4,219,374 1,937,136 1,370,890  1,101,593 12,791,527
       EQ.
    PRODUCED

     TONNES
      MINED    954,864   740,726   319,861    255,171   152,487  2,423,109
      FROM
    RESERVES

     TONNES
      MINED
      FROM     184,378    47,609        0      67,447    19,175    318,609
     OUTSIDE
    RESERVES

First Majestic is a mining company focused on silver production in
México 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.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward Looking Statements

This press release contains “forward-looking statements”, within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation, concerning the
business, operations and financial performance and condition of First
Majestic Silver Corp. Forward-looking statements include, but are not
limited to, statements with respect to the future price of silver and
other metals, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production, costs of production, capital expenditures,
costs and timing of the development of new deposits, success of
exploration activities, permitting time lines, hedging practices,
currency exchange rate fluctuations, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, timing and possible outcome
of pending litigation, title disputes or claims and limitations on
insurance coverage. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as “plans”,
“expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases or
state that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved”. Forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of First Majestic Silver Corp. to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks related
to the integration of acquisitions; risks related to international
operations; risks related to joint venture operations; actual results
of current exploration activities; actual results of current
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
metals; possible variations in ore reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing or in the
completion of development or construction activities, as well as those
factors discussed in the section entitled “Description of the Business
– Risk Factors” in First Majestic Silver Corp.’s Annual Information
Form for the year ended December 31, 2013, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange
Commission in Washington, D.C. Although First Majestic Silver
Corp. has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. First Majestic Silver
Corp. does not undertake to update any forward-looking statements that
are incorporated by reference herein, except in accordance with
applicable securities laws.

SOURCE First Majestic Silver Corp.


Source: PR Newswire



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