Vancouver - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the 'Company' or 'First Majestic') is pleased to announce it has filed an updated technical report in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects for its Santa Elena Silver/Gold Mine in Sonora, Mexico.
The report also includes positive results of a Pre-Feasibility Study ('PFS') completed for its 100% owned Ermitano Project which is located only four kilometres east of the Santa Elena processing plant. The Company has filed the Technical Report on its website under the Reserves and Resources section and on SEDAR (www.sedar.com) under First Majestic's issuer profile. All amounts are in U.S. dollars unless stated otherwise.
UPDATED MINERAL RESERVE & RESOURCE ESTIMATES FOR SANTA ELENA
Proven and Probable Mineral Reserves ('P&P') increased 59% to 51.0 million silver equivalent ounces consisting of 12.6 million ounces of silver and 418.4 thousand ounces of gold. Average P&P grades increased 30% to 314 AgEq g/t (78 g/t silver and 2.58 g/t gold)
Measured and Indicated Mineral Resources ('M&I') increased 7% to 69.2 million silver equivalent ounces consisting of 18.9 million ounces of silver and 557 thousand ounces of gold. Average M&I grades increased 8% to 355 AgEq g/t (97 g/t silver and 2.85 g/t gold)
Inferred Resources decreased 13% to 62.4 million silver equivalent ounces consisting of 16.2 million ounces of silver and 490 thousand ounces of gold. Average Inferred grades increased 6% to 310 AgEq g/t (80 g/t silver and 2.43 g/t gold)
Contact:
Tel: 1.866.529.2807
Email: info@firstmajestic.com
Web: www.firstmajestic.com
Cautionary Note Regarding Forward Looking Statements
This press release contains 'forward looking information' and 'forward-looking statements' under applicable Canadian and U.S. securities laws (collectively, 'forward looking statements'). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; commercial mining operations; cash flow; budgets; the timing and amount of estimated future production; ore grades; recovery rates; rates of return; mine plans and mine life; integration of operations; future sales; the future price of silver and other metals; costs of production; costs and timing of development at the Company's projects; estimates of royalty payments; commencement of initial batch test processing at the Santa Elena processing plant; capital projects and exploration activities and the possible results thereof. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'forecast', 'potential', 'target', 'intend', 'could', 'might', 'should', 'believe' and similar expressions) are not statements of historical fact and may be 'forward looking statements'.
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society, risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled 'Description of the Business - Risk Factors' in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
The Company believes that the expectations reflected in these forward looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws
FIRST MAJESTIC SILVER CORP. 
