Mr. Eric Sprott, a shareholder, reports

ERIC SPROTT REPORTS HOLDINGS IN FIRST MAJESTIC SILVER CORP.

Sprott Mining Inc. (a corporation which Eric Sprott beneficially owns) has disposed of a total of 600,000 common shares of First Majestic Silver Corp. over the Toronto Stock Exchange (representing approximately 0.2 per cent of the outstanding shares on a non-diluted basis) at a price of approximately $14.63 per share for aggregate consideration of approximately $8,779,920.

Mr. Sprott now beneficially owns or controls 23,325,241 shares and five million warrants (representing approximately 9.1 per cent of the outstanding shares on a non-diluted basis and approximately 10.8 per cent on a partially diluted basis). Prior to the disposition, Mr. Sprott beneficially owned and controlled 23,925,241 common shares and five million common share purchase warrants (representing approximately 9.3 per cent on a non-diluted basis and approximately 11.1 per cent on a partially diluted basis). The disposition resulted in an ownership change, on a partially diluted basis, of approximately 2.2 per cent since the last filing of an early warning report.

The securities noted above are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of Sprott Mining's early warning report will appear on First Majestic's profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay St., Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ont., M5J 2J1).