DESCRIPTION: First Majestic Silver Corp. is committed to building a senior silver producing mining company based on an aggressive development and acquisition plan with a focus on Mexico. The company presently owns and operates three producing silver mines in Mexico—the La Encantada Silver Mine, the La Parrilla Silver Mine and the San Martin Silver Mine. Production from these three mines is anticipated to be approximately 4.5 million ounces of silver in 2009 (5.0 silver eqv.) with further increases planned in 2010 and beyond.
View video of opening of La Encantada mine. (12/14/09) BNN features First Majestic Silver. (11/26/09)
The information below is based on the most recent information we have
received from analysts and the companies participating in The Gold Report.
We encourage you to visit the company's web site for updates.
"On Monday, First Majestic Silver Corp. (TSX: FR) announced its fourth quarter production numbers were up 15% over the third quarter and up 18% over the same quarter for 2008 to 1.25 million silver equivalent ounces.
'Assuming we can maintain our current production levels at La Parrilla and San Martin and with the increases in production coming out of the La Encantada, 2010 is shaping up to be a very good year for First Majestic,' says Keith Neumeyer, First Majestic President and CEO.
In 2010, First Majestic anticipates producing over 6 million ounces of silver. The company's La Encantada Silver Mine in Mexico is expected to reach full capacity early this year. The newly found Buenos Aires ore body on the property has average grades of 400 g/t of silver and is currently under development and preparations for production in this year.
Other advancements the miner hopes to make in 2010 include drilling of the La Esperanza vein at the San Martin Silver Mine, which has shown samples ranging from 100 to 250 g/t of silver on surface. And receipt of a Change of Use of Land Permit on the Del Toro Silver Mine is expected early this year.
On Tuesday, shares of First Majestic on the TSX were trading at $4.09."
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Melissa Pistilli, Silver Investing News (01/12/10)