Mr. Keith Neumeyer reports

FIRST MAJESTIC SECURES $60 MILLION CREDIT FACILITY

First Majestic Silver Corp. has entered into an agreement with Bank of Nova Scotia and Investec Bank PLC for a senior secured credit facility consisting of a $25-million revolving credit line and a $35-million term loan. The proceeds of the facility are being used to settle the company's existing lead and zinc prepayment facility with Bank of America Merrill Lynch and to replace the $15-million revolving credit line the company assumed when it acquired SilverCrest Mines. All dollar amounts are in United States dollars unless stated otherwise.

Effective with this transaction, the company has eliminated its base metal hedge with a mark-to-market gain of $5.0-million. The company is settling the BAML prepayment facility debt with a cash payment of $31.5-million from proceeds of the $35-million term loan. The remaining $3.5-million net of transaction fees is added to the company's treasury for general and administrative purposes. The SilverCrest credit line was due to be repaid no later than June 30, 2016. Effective with the new facility, the repayment of the credit line has been deferred to February, 2019, and an additional $10-million has been added to establish a $25-million revolving credit line for the company.

"The announcement of today's debt restructuring, along with the decision to lock in our $5.0-million gain on our BAML lead and zinc hedge, and to push out the settlement of the revolving credit line by three years, immediately improves the company's working capital position and provides significant financial flexibility to continue pursuing our corporate objectives," stated Keith Neumeyer, president and chief executive officer. "Our strengthened balance sheet and diverse portfolio of producing silver mines provides us with the opportunity to access funds at a low cost of capital."

The facility has a three-year payback period, which is based on terms and conditions consistent with financings of this nature. The term loan provides for a six-month repayment holiday and a three-year payback period consisting of 11 quarterly payments. Further details will be communicated in the company's 2015 annual management's discussion and analysis and in the first-quarter financial results of the company.

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