First Majestic Silver Corp.: 3rd Quarter Production Results

VANCOUVER, BRITISH COLUMBIA, Oct 23 (MARKET WIRE) --
First Majestic Silver Corp. ("First Majestic" or the "Company") (TSX:
FR)(PINK SHEETS: FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ) announces today that
production in the third quarter ending September 30th, 2008 was 840,918
equivalent ounces of silver representing a 34% decrease over the prior
quarter production. This decline in production was due to an unusually
heavy rainy season in Mexico that affected the three operations.

Operations at each mine are now back to normal and the Company is
expecting to deliver record fourth quarter production. At the San Martin,
thousands of tonnes of rock washed down the mountain covering three of
the four entrances to the mine and causing an access bridge to collapse,
no injuries were reported due to the storm activity. The excess water
from the heavy tropical rainstorms also affected the crushing circuits
and screens at all three mines causing lower throughput and lower
recoveries.

Mr. Keith Neumeyer, President & CEO stated, "On a more positive note,
with silver prices at a temporary low, it's not a bad time to be selling
less of our silver. Also, I would like to commend our staff at each mine
in working through these unavoidable challenges. Each mine has recovered
remarkably well; cleaning up all the debris and making repairs where
necessary. Furthermore, steps are being taken in advance of the 2009
rainy season to avoid problems in the crushing circuits caused by excess
water."

The equivalent silver production for the quarter consisted of 719,399
ounces of silver representing a 35% decrease from the prior quarter,
1,518,271 pounds of lead representing a 24% decrease from the previous
quarter, 536 ounces of gold representing an increase of 11% compared to
the previous quarter. During the quarter the combined recoveries of
silver at the three different mines showed a decrease from 70% to 67%.
The overall average silver head grade in the quarter for the three mines
decreased to 196 g/t of silver compared to the previous quarter of 230
g/t of silver.

The ore processed during the quarter at the Company's three operating
silver mines; the La Parrilla Silver Mine, the San Martin Silver Mine and
the La Encantada Silver Mine, amounted to 170,298 tonnes representing a
20% decrease over the previous quarter and an increase of 3% over the
same quarter of 2007.

The three mines are now running at or above capacity and in addition, the
mill improvements at each operation are still underway which will result
in higher throughputs in 2009. The San Martin mill is undergoing an
expansion which will take its capacity up to 1000 tpd by year end; the La
Encantada will reach a capacity of 3500 tpd by the second quarter of 2009
and the La Parrilla is being expanded to 1000 tpd and should reach that
capacity by the second quarter of 2009.

The Company's aggressive development program continued in the third
quarter amounting to 8,876 metres of underground development compared
with 7,161 metres of underground development completed in the previous
quarter. Reserve and Resource development remains to be a top priority
for the Company. The Company's global NI 43-101 Resources are currently
over 240,000,000 silver equivalent ounces. The Company is anticipating
new NI 43-101 reports on each of its mines by year end which will
substantially increase the Company's compliant Resources. The Company has
been operating 23 drill rigs for most of the year, and has recently
reduced this number to 15 drill rigs. 26,666 metres of diamond drilling
was completed during the third quarter showing an increase of 31% over
the previous quarter.

As the Company releases its new NI 43-101 reports, and meets its Resource
targets, the current development program and exploration program will be
reduced in the fourth quarter and into 2009. Management believes, the
Company is getting little incremental value for adding additional
Resources/Reserves and due to current market conditions it is prudent to
reduce these programs.

Management at First Majestic is focused on executing the Company's
business plan by continuing the ongoing improvements at each mine and
mill and achieving its production and resource targets while at the same
time taking necessary steps in order to cuts costs in these difficult
market conditions.

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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