March 15, 2004

News Release: First Majestic Finances for $11.6 Million for Working Capital and to Purchase the La Parrilla Silver Mine

The Company is pleased to announce a non-brokered private placement of 8,000,000 units (the "Units") at a purchase price of $1.45 per Unit for gross proceeds to the Company of $11,600,000. Each Unit will consist of one common share of the Company and one half of one-non-transferable common share purchase warrant (the "Warrant"). One whole Warrant will entitle the holder to purchase an additional common share of the Company at any time over a period of two years from the date of closing (the "Closing") the private placement at an exercise price of $1.85 per share during the first year after Closing and at $2.05 per share during the second year from the Closing. The Company has agreed to pay certain finder's fees on a portion of the private placement. The finder's fee will be paid in cash or common shares of the Company, at the option of the finder. The gross proceeds of the private placement will be used to purchase the La Parrilla Silver Mine, as previously announced on January 13, 2004, and for general working capital purposes.

The private placement is subject to formal documentation and regulatory approvals.

The Company continues to pursue potential acquisition targets in Mexico in accordance with its acquisition strategy. The Company is in negotiations with a number of potential targets. At this time no agreement has been reached with any potential target. The potential targets of the Company remain confidential in order for the Company to
maintain its competitive position.

FIRST MAJESTIC RESOURCE CORP.
"signed"
Keith Neumeyer
President


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 Resource 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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