First Majestic Silver Corp.: 2007 Year End Financial Results

VANCOUVER, BRITISH COLUMBIA, Apr 17 (MARKET WIRE) --
FIRST MAJESTIC SILVER CORP. (TSX: FR)(PINK SHEETS: FRMSF)(FRANKFURT:
FMV)(WKN: A0LHKJ) (the "Company") is pleased to announce the annual
financial results for the Company's year ended December 31, 2007. The
Company's prior annual audited results were for the six month
transitional year ended December 31, 2006, as the Company changed its
fiscal year in 2006. The full version of the financial statements can be
viewed on the Company's web site at www.firstmajestic.com or on SEDAR at
www.sedar.com. The following are highlights from the year end and fourth
quarter. Shareholders or interested parties are encouraged to review the
complete financial statements for further details.

Total Revenue for 2007 - $42.9 million
Total Revenue for 4th Quarter - $11.6 million
Mine Earnings (excluding amortization and depletion) $15.9 million
Mine Earnings for 4th Quarter (excluding amortization
and depletion) $5.3 million
Positive Operating Cash Flow for 2007 (before working
capital changes) $8.6 million
Total Equivalent Silver Production for 2007 3,561,171 ounces
Total Cash Costs per Silver Ounce for the year US$7.06
Total Mining Costs per Tonne for the year US$42.96
Cash in Treasury, currently $53 million

FINANCIAL PERFORMANCE AND HIGHLIGHTS

- Sales revenues for the year were $42.9 million; an annualized increase
of 68% compared to $12.8 million for the six month provisional year ended
December 31, 2006.

- Mine earnings (excluding amortization and depreciation) for the year
amounted to $15.9 million, compared to $1.7 million for the six month
transitional year ended December 31, 2006.

- The Company generated cash flow from operating activities (before
working capital changes) of $8.6 million for the year, compared to cash
used in operations (before working capital changes) of $1.9 million for
the six months ended December 31, 2006.

- The Company currently has more than $53 million in its treasury, is
generating significant cash flows from operations, and has sufficient
capital to support its operating requirements for the foreseeable future
provided it does not undertake any major acquisitions.

- Total annual production for 2007 consisted of 3,561,171 ounces of
silver equivalents, including 3,170,139 ounces of silver, 2,049 ounces of
gold, and 2,924,146 pounds of lead.

- The Company invested $18.9 million in capital expenditures on its
mineral properties, a further $11.8 million on additions to plant and
equipment, and an additional $4.9 million on acquisitions during 2007.

- Net loss for the year ended December 31, 2007, was $7,230,122 compared
to $7,588,195 for the six month provisional year ended December 31, 2006
(the prior audited period), representing a 52% decrease from the
annualized prior year's net loss. The net loss for the year included
non-cash stock-based compensation expense of $3,865,689, and a write-down
of a mineral property of $1,703,591.

- Sales revenues for the fourth quarter were $11,631,476, a 43% increase
compared to $8,138,284 in the final quarter of 2006. Shipments in the
final quarter of 2007 included 908,688 equivalent ounces of silver, an
increase of 58% over the 574,547 equivalent ounces shipped in the final
quarter of 2006.

- Net loss for the quarter ended December 31, 2007, was $1,292,632
representing a 38% decrease from the third quarter's net loss of
$2,070,082.

- Silver production in the fourth quarter ending December 31, 2007, has
increased to 1,008,299 equivalent ounces of silver, an increase of 7.2%
over the prior quarter's production of 940,225 equivalent ounces of
silver, and increase of 75% over the 574,547 produced in the quarter
ending December 31, 2006.

- Direct cash costs per ounce of silver for the year ended December 31,
2007, were US$7.06 per ounce, and for the quarter they were US$7.97 per
ounce of silver, with the increase due to increases in energy costs,
reagent costs, and increases in equipment maintenance costs. The Company
has taken steps which are expected to positively impact cash costs
throughout 2008.

Keith Neumeyer, President and CEO, commented, "First Majestic continued
its strong growth in revenues and mine earnings during 2007. With our
recent financing and cash flow generated from our mines we are in a
positive position to continue our growth through 2008 and into 2009. We
are continuing toward our goal of becoming a senior silver producer and I
am assured that with continued performance like we have delivered in 2007
that we will continue to add value for our shareholders."

2008 Outlook

As the Company continues to grow, we will focus on expansion of our
mills. In 2008, management at First Majestic will focus on executing our
business plan by continuing the ongoing improvements at each mine and
achieving our production and resource targets.

As a result of the work we completed in 2007, the additions to our
management team, and the improvements made at each of our mines, we are
targeting production of 5.5 million ounces of silver equivalent for 2008.
We are very focused on the success of the company and improvements are
expected to include: the completion of the flotation circuit at the San
Martin, the replacement of the secondary crusher at the La Encantada, new
filter presses at the La Parrilla, and we are currently reviewing
expansion plans for our mining operations. We are in the third year of an
equipment replacement program where 20 additional pieces of underground
equipment are expected to be delivered and be operational this year.
These deliveries include scoop-trams, underground trucks and jumbos. We
expect this new equipment to provide more efficient underground
operations.

First Majestic anticipates that silver, gold, and lead prices will
continue to be volatile in 2008 but will continue their upward trends. We
expect all three of our producing mines to deliver positive cash flows
from production, and mine operating earnings during 2008.

First Majestic is a producing silver company focused in Mexico and is
aggressively pursuing its business plan to become a senior silver
producer through the development of its existing assets and the pursuit
through acquisition of additional assets that contribute to achieving its
corporate growth objectives.

FIRST MAJESTIC SILVER CORP.

Keith Neumeyer, President & CEO

This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein, including without limitation, statements regarding
potential mineralization and reserves, exploration results and future
plans and objectives of First Majestic Silver Corp. are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements.

Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
Email: info@firstmajestic.com
Website: www.firstmajestic.com

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