GoldMinerPulse.com -- First Majestic Silver Corp.: (NI) 43-101 Metal Valuation Report

First Majestic Silver Corp. (FR)

Company Web Site: www.firstmajestic.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-01-12. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
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Recent Production
2009 : Q4 production was 1,249,568 equivalent ounces of silver. Q3 production was 1,103,840 equivalent ounces.
2008 : Total annual production consisted of 4,244,756 ounces of silver equivalent.
2007 : Total annual production consisted of 3,561,171 ounces of silver equivalents, including 3,170,139 ounces of silver, 2,049 ounces of gold
Source(s): 2009 production from Mon Jan 11, 2010 Production Increases by 18%, Reaches New Record
Hedge Notes:
From p. 12 of 23 in the MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE QUARTER ENDED JUNE 30, 2008
The Company has chosen not to hedge any of its production of silver and has not invested in any futures contracts for the purpose of hedging against commodity prices or currency volatility.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    La Encantada MX $21.30 49% 33% 18%      83.26 M oz     226.58 K t     192.33 K t
    La Parrilla MX $20.31 5% 43% 52%      73.68 M oz     163.48 K t     276.21 K t
    San Martin MX $15.52 7% 13% 81%      63.00 M oz     128.48 K t     158.26 K t
    Del Toro MX $11.64 0 39% 61%      29.94 M oz     170.32 K t     174.95 K t
    Real de Catorce MX $7.86 0 73% 27%      46.81 M oz     17.88 K t     15.93 K t
    Cuitaboca MX $0.45 0 75% 25% 1.94 K oz     2.81 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 1.94 K oz     299.49 M oz     706.74 K t     817.68 K t
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz     $17.15 per oz     $1.01820 per lb     $1.05510 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $0.02     $45.89     $14.17     $16.99
    Percentage of Total Metal Value 0.02%     59.54%     18.39%     22.05%
    PP% | MI% | I% 0 | 69% | 31%     15% | 37% | 47%     19% | 36% | 45%     15% | 37% | 47%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$77.07
    Average Ore Value per Tonne    US$188.82
    Metal Value Leverage (MVL)    24.07
    Market Capitalization as % of Metal Value    4.2%
    Recent Stock Price    C$3.28   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    111.94 M    ( Fully diluted share count taken from the company's Investor Relations, Share Structure page (January 2010). )
    PP% | MI% | I%    16% | 37% | 47%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    203.9 g/t
    Market Capitalization
    per oz of Silver In Ground    $1.20   US$  |   1.23   C$
    Silver Eq Oz Estimate    503.03 M oz   ( 299.49 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $0.71   US$  |   0.73   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of First Majestic Silver Corp. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Lead	Zinc
La Encantada	MX	$21.30	49%	33%	18%		83.26 M oz	226.58 K t	192.33 K t
La Parrilla	MX	$20.31	5%	43%	52%		73.68 M oz	163.48 K t	276.21 K t
San Martin	MX	$15.52	7%	13%	81%		63.00 M oz	128.48 K t	158.26 K t
Del Toro	MX	$11.64	0	39%	61%		29.94 M oz	170.32 K t	174.95 K t
Real de Catorce	MX	$7.86	0	73%	27%		46.81 M oz	17.88 K t	15.93 K t
Cuitaboca	MX	$0.45	0	75%	25%	1.94 K oz	2.81 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	1.94 K oz	299.49 M oz	706.74 K t	817.68 K t
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz	$17.15 per oz	$1.01820 per lb	$1.05510 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$0.02	$45.89	$14.17	$16.99
Percentage of Total Metal Value	0.02%	59.54%	18.39%	22.05%
PP% \| MI% \| I%	0 \| 69% \| 31%	15% \| 37% \| 47%	19% \| 36% \| 45%	15% \| 37% \| 47%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$77.07
Average Ore Value per Tonne	US$188.82
Metal Value Leverage (MVL)	24.07
Market Capitalization as % of Metal Value	4.2%
Recent Stock Price	C$3.28 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	111.94 M ( Fully diluted share count taken from the company's Investor Relations, Share Structure page (January 2010). )
PP% \| MI% \| I%	16% \| 37% \| 47%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	203.9 g/t
Market Capitalization per oz of Silver In Ground	$1.20 US$ \| 1.23 C$
Silver Eq Oz Estimate	503.03 M oz ( 299.49 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$0.71 US$ \| 0.73 C$

See terms for more about GoldMinerPulse metrics.

Cuitaboca - ^top^

(NI) 43-101 Report:

Title: TECHNICAL QUALIFYING REPORT Cuitaboca Exploration Project
Date: 2005-06-29 (67 pages)

Project Location: State of Sinaloa, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.01 1.34 K oz 0.180 g/t 231.00 K t
Silver $0.32 2.11 M oz 284.000 g/t 231.00 K t
Estimate notes: See p. 7 of 67 of the NI 43-101 dated June 29, 2005

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	1.34 K oz	0.180 g/t	231.00 K t
Silver	$0.32	2.11 M oz	284.000 g/t	231.00 K t
Estimate notes: See p. 7 of 67 of the NI 43-101 dated June 29, 2005

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.01 0.60 K oz 0.260 g/t 72.00 K t
Silver $0.11 699.09 K oz 302.000 g/t 72.00 K t
Estimate notes: See p. 7 of 67 of the NI 43-101 dated June 29, 2005

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	0.60 K oz	0.260 g/t	72.00 K t
Silver	$0.11	699.09 K oz	302.000 g/t	72.00 K t
Estimate notes: See p. 7 of 67 of the NI 43-101 dated June 29, 2005

Del Toro - ^top^

(NI) 43-101 Report:

Title: Technical Report for the Del Toro Silver Mine, Zacatecas State, México
Date: 2008-10-08 (113 pages)

Project Location: Zacatecas, Mexico / Mining Region: Mexican Silver Belt

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $1.83    11.92 M oz     269.000 g/t     1.38 M t
   Lead $1.30    64.63 K t       46,900.000 g/t     1.38 M t
   Zinc $1.37    66.14 K t       48,000.000 g/t     1.38 M t
Estimate notes: See Table 3-1, p. 12 of 113 of NI 43-101 dated October 9, 2008.
Resource estimated "in situ". Minimum mining width - 2.00m.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.83	11.92 M oz	269.000 g/t	1.38 M t
Lead	$1.30	64.63 K t	46,900.000 g/t	1.38 M t
Zinc	$1.37	66.14 K t	48,000.000 g/t	1.38 M t
Estimate notes: See Table 3-1, p. 12 of 113 of NI 43-101 dated October 9, 2008. Resource estimated "in situ". Minimum mining width - 2.00m.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $2.76    18.02 M oz     306.000 g/t     1.83 M t
   Lead $2.12    105.69 K t       57,700.000 g/t     1.83 M t
   Zinc $2.26    108.81 K t       59,400.000 g/t     1.83 M t
Estimate notes: See Table 3-1, p. 12 of 113 of NI 43-101 dated October 9, 2008.
Resource estimated "in situ". Minimum mining width - 2.00m.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.76	18.02 M oz	306.000 g/t	1.83 M t
Lead	$2.12	105.69 K t	57,700.000 g/t	1.83 M t
Zinc	$2.26	108.81 K t	59,400.000 g/t	1.83 M t
Estimate notes: See Table 3-1, p. 12 of 113 of NI 43-101 dated October 9, 2008. Resource estimated "in situ". Minimum mining width - 2.00m.

La Encantada - ^top^

(NI) 43-101 Report:

Title: Technical Report for the La Encantada Silver Mine Coahuila State, México, AMENDED and RESTATED
Date: 2009-02-26 (134 pages)

Updates:

Project Location: Coahuila State, Mexico / Mining Region: Sierra Madre Oriental

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $5.32    34.75 M oz     208.000 g/t     5.20 M t
   Lead $2.52    125.74 K t       24,200.000 g/t     5.20 M t
   Zinc $2.52    121.06 K t       23,300.000 g/t     5.20 M t
Estimate notes: See TABLE 3-1 First Majestic Silver Corp.Minera La Encantada, S.A. de C.V.La Encantada Mine on p. 11 of 134 of the (NI) 43-101 report dated January 2009.
Cut Off Grade (COG) estimated as 250 g/tonne Ag only; and 228g/tonne Ag eqv net of Pb credit.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.32	34.75 M oz	208.000 g/t	5.20 M t
Lead	$2.52	125.74 K t	24,200.000 g/t	5.20 M t
Zinc	$2.52	121.06 K t	23,300.000 g/t	5.20 M t
Estimate notes: See TABLE 3-1 First Majestic Silver Corp.Minera La Encantada, S.A. de C.V.La Encantada Mine on p. 11 of 134 of the (NI) 43-101 report dated January 2009. Cut Off Grade (COG) estimated as 250 g/tonne Ag only; and 228g/tonne Ag eqv net of Pb credit.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $4.66    30.42 M oz     176.000 g/t     5.38 M t
   Lead $1.51    75.27 K t       14,000.000 g/t     5.38 M t
   Zinc $0.95    45.70 K t       8,500.000 g/t     5.38 M t
Estimate notes: See notes for Proven + Probable above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$4.66	30.42 M oz	176.000 g/t	5.38 M t
Lead	$1.51	75.27 K t	14,000.000 g/t	5.38 M t
Zinc	$0.95	45.70 K t	8,500.000 g/t	5.38 M t
Estimate notes: See notes for Proven + Probable above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $2.77    18.09 M oz     220.000 g/t     2.56 M t
   Lead $0.51    25.57 K t       10,000.000 g/t     2.56 M t
   Zinc $0.53    25.57 K t       10,000.000 g/t     2.56 M t
Estimate notes: See notes for Proven + Probable above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.77	18.09 M oz	220.000 g/t	2.56 M t
Lead	$0.51	25.57 K t	10,000.000 g/t	2.56 M t
Zinc	$0.53	25.57 K t	10,000.000 g/t	2.56 M t
Estimate notes: See notes for Proven + Probable above.

La Parrilla - ^top^

(NI) 43-101 Report:

Title: Technical Report for the La Parrilla Silver Mine, Durango State, Mexico
Date: 2009-02-26 (128 pages)

Project Location: Durango State, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $0.73    4.79 M oz     295.000 g/t     505.53 K t
   Lead $0.14    7.08 K t       14,000.000 g/t     505.53 K t
   Zinc $0.11    5.11 K t       10,100.000 g/t     505.53 K t
Estimate notes: See TABLE 19-4, Mineral Resources Prepared by FMPlats, Reviewed by FAH as of September 30, 2008 on p. 88 of 128 in the (NI) 43-101 report dated February 2009.
Cut-off grade estimated as 184 g/tonne Ag net of Au credit in oxide ores; and 246 g/tonne Ag net of Pb credit in sulphide ores.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.73	4.79 M oz	295.000 g/t	505.53 K t
Lead	$0.14	7.08 K t	14,000.000 g/t	505.53 K t
Zinc	$0.11	5.11 K t	10,100.000 g/t	505.53 K t
Estimate notes: See TABLE 19-4, Mineral Resources Prepared by FMPlats, Reviewed by FAH as of September 30, 2008 on p. 88 of 128 in the (NI) 43-101 report dated February 2009. Cut-off grade estimated as 184 g/tonne Ag net of Au credit in oxide ores; and 246 g/tonne Ag net of Pb credit in sulphide ores.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $3.89    25.42 M oz     255.000 g/t     3.10 M t
   Lead $1.74    86.80 K t       28,000.000 g/t     3.10 M t
   Zinc $3.16    151.90 K t       49,000.000 g/t     3.10 M t
Estimate notes: See TABLE 19-5, Mineral Resources Prepared by FMPlats, Reviewed by FAH as of September 30, 2008 on p. 95 of 128 in the (NI) 43-101 report dated February 2009.
Cut Off Grade estimated as 184 g/tonne Ag net of Au credit in oxide ores; and 246 g/tonne Ag net of Pb credit in sulfide ores. Zinc not considered in COG estimates.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.89	25.42 M oz	255.000 g/t	3.10 M t
Lead	$1.74	86.80 K t	28,000.000 g/t	3.10 M t
Zinc	$3.16	151.90 K t	49,000.000 g/t	3.10 M t
Estimate notes: See TABLE 19-5, Mineral Resources Prepared by FMPlats, Reviewed by FAH as of September 30, 2008 on p. 95 of 128 in the (NI) 43-101 report dated February 2009. Cut Off Grade estimated as 184 g/tonne Ag net of Au credit in oxide ores; and 246 g/tonne Ag net of Pb credit in sulfide ores. Zinc not considered in COG estimates.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $6.66    43.47 M oz     169.000 g/t     8.00 M t
   Lead $1.40    69.60 K t       8,700.000 g/t     8.00 M t
   Zinc $2.48    119.20 K t       14,900.000 g/t     8.00 M t
Estimate notes: See Measured + Indicated notes above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$6.66	43.47 M oz	169.000 g/t	8.00 M t
Lead	$1.40	69.60 K t	8,700.000 g/t	8.00 M t
Zinc	$2.48	119.20 K t	14,900.000 g/t	8.00 M t
Estimate notes: See Measured + Indicated notes above.

Real de Catorce - ^top^

(NI) 43-101 Report:

Title: UPDATED NI 43-101 TECHNICAL REPORT AND MINERAL RESOURCE ESTIMATE FOR THE REAL DE CATORCE PROPERTY SAN LUÍS POTOSÍ STATE, MEXICO
Date: 2008-07-25 (0 pages)

Updates: First Majestic Reserves and Resources web page (viewed January 2010).

Project Location: San Luis Potosi, Mexico / Mining Region: Sierra Madre Oriental

Map View: View the Real de Catorce property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $5.16    33.69 M oz     205.000 g/t     5.11 M t
   Lead $0.28    13.80 K t       2,700.000 g/t     5.11 M t
   Zinc $0.27    12.78 K t       2,500.000 g/t     5.11 M t
Estimate notes: See First Majestic Reserves and Resources web page (viewed January 2010).
Grade capping at 605 g/t Ag for oxides and 1500 g/t Ag for sulphides.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.16	33.69 M oz	205.000 g/t	5.11 M t
Lead	$0.28	13.80 K t	2,700.000 g/t	5.11 M t
Zinc	$0.27	12.78 K t	2,500.000 g/t	5.11 M t
Estimate notes: See First Majestic Reserves and Resources web page (viewed January 2010). Grade capping at 605 g/t Ag for oxides and 1500 g/t Ag for sulphides.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $2.01    13.12 M oz     220.000 g/t     1.85 M t
   Lead $0.08    4.08 K t       2,200.000 g/t     1.85 M t
   Zinc $0.07    3.15 K t       1,700.000 g/t     1.85 M t
Estimate notes: See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.01	13.12 M oz	220.000 g/t	1.85 M t
Lead	$0.08	4.08 K t	2,200.000 g/t	1.85 M t
Zinc	$0.07	3.15 K t	1,700.000 g/t	1.85 M t
Estimate notes: See Measured + Indicated notes.

San Martin - ^top^

(NI) 43-101 Report:

Title: Technical Report for the San Martín de Bolaños Silver Mine, State of Jalisco, México
Date: 2009-02-26 (113 pages)

Updates:

Project Location: State of Jalisco, Mexico / Mining Region: Sierra Madre Occidental

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $1.04 6.79 M oz 274.000 g/t 770.46 K t
Estimate notes: See TABLE 19-4, Mineral Reserves Prepared by FMS, Reviewed by PAH as of September 30, 2008 on p. 68 of 113 of the (NI) 43-101 report dated February 2009.
Cut Off estimates as 146 g/tonne Ag for mined oxides, and 87 g/tonne Ag for dump recovered oxides; Ageq=Au/Pb credits = 10g/tonne Ag.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.04	6.79 M oz	274.000 g/t	770.46 K t
Estimate notes: See TABLE 19-4, Mineral Reserves Prepared by FMS, Reviewed by PAH as of September 30, 2008 on p. 68 of 113 of the (NI) 43-101 report dated February 2009. Cut Off estimates as 146 g/tonne Ag for mined oxides, and 87 g/tonne Ag for dump recovered oxides; Ageq=Au/Pb credits = 10g/tonne Ag.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $1.14    7.44 M oz     154.000 g/t     1.50 M t
   Lead $0.27    13.68 K t       9,100.000 g/t     1.50 M t
   Zinc $0.56    27.06 K t       18,000.000 g/t     1.50 M t
Estimate notes: See Proven + Probable notes above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.14	7.44 M oz	154.000 g/t	1.50 M t
Lead	$0.27	13.68 K t	9,100.000 g/t	1.50 M t
Zinc	$0.56	27.06 K t	18,000.000 g/t	1.50 M t
Estimate notes: See Proven + Probable notes above.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $7.47    48.77 M oz     185.000 g/t     8.20 M t
   Lead $2.30    114.80 K t       14,000.000 g/t     8.20 M t
   Zinc $2.73    131.20 K t       16,000.000 g/t     8.20 M t
Estimate notes: See notes for Proven + Probable above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$7.47	48.77 M oz	185.000 g/t	8.20 M t
Lead	$2.30	114.80 K t	14,000.000 g/t	8.20 M t
Zinc	$2.73	131.20 K t	16,000.000 g/t	8.20 M t
Estimate notes: See notes for Proven + Probable above.


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