UPDATE 1-First Majestic Q1 production up 56 percent

Mon Apr 12, 2010 12:51pm EDT

* Total ore processed up 34 pct from prior quarter

* Shares up 3 pct

April 12 (Reuters) - Canada's First Majestic Silver Corp (FR.TO) posted a 56 percent increase in total production at its three mines in Mexico in the first quarter.

"The completion of the La Encantada construction is obviously a key milestone and production levels at our La Parrilla and San Martin mines have exceeded budget for three consecutive quarters," Chief Executive Keith Neumeyer said in a statement.

Total production rose to 1.6 million equivalent ounces of silver.

Total equivalent silver production included 1.4 million ounces of silver, 2.5 million pounds of lead, and 857 ounces of gold.

The total ore processed rose 34 percent sequentially to 337,110 tonnes.

Shares of the Vancouver, British Columbia-based First Majestic were trading up 3 percent at C$3.67 Monday afternoon on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Anne Pallivathuckal)