18.11.2004 – 21:04

First Majestic Resource Corp.

First Majestic Resource Corp. - Acquisition of the Dios Padre Silver Mine, Mexico

Vancouver, November 18 (ots/PRNewswire)

TSX Venture Exchange - FR

Pink Sheets - FMJRF

The Company is pleased to announce that it has signed a Letter
Agreement with Exploraciones El Rey, S. A. de C.V. and B. J. Kennemur
for the purchase of the Dios Padre Silver Mine located in the Eastern
Sierra Madre Mountain range about midway between Hermosillo and
Chihuahua in east central Sonora Mexico. The purchase includes all
properties, assets and equipment and all mining concessions
consisting of 285 hectares.

The previous and or historic reserve and resource estimates for
the Dios Padre Mine vary significantly due to the nature of the work
completed and the availability and access to underground sections of
the mine. The reader is cautioned that the estimation does not
conform to National Instrument 43-101 requirements for reporting
reserves and resources. The Company is not treating these historic or
previous estimates as current resources. These resource estimates
should not be relied upon until they have been verified by the
Company's final due diligence program and reviewed by the Company's
'Qualified Person'. As stated in the most recent report known by the
Company, dated December 2002, published by David A. Bending, M.Sc.,
P.Geo of Reno, Nevada; using a conservative resource model focusing
on resources in the accessible upper levels of the mine, 3,500,000
tonnes grading 465 g/t containing 57,211,000 ounces of silver has
been estimated which appears to be amenable to open pit mining. It
also appears by reviewing this and other reports on the Dios Padre
Silver Mine the ore responds well to conventional milling and
flotation. The on-sight mill appears to have yielded historic
recoveries of up to 87% silver.

The Company has agreed to pay a purchase price of US$6,500,000 for
the Dios Padre Silver Mine payable over a period of thirty six
months. In addition, the Company has agreed to issue 500,000 common
shares to the vendors. A final due-diligence program will commence
immediately and is expected to be completed within six months. All
the legal formalities and formal documentation is anticipated to be
completed within the same time frame. An initial payment of
US$300,000 has been paid. The payment schedule is as follows; Upon
completion of final due-diligence and regulatory approvals, closing
will take place and a payment of US$450,000 and issuance of 500,000
common shares will be paid; 6th month anniversary US$500,000; 12th
month anniversary US$500,000; 18th month anniversary US$500,000; 24th
anniversary US$1,000,000; 30th month anniversary US$1,250,000; and on
the 36th a final payment of US$2,000,000. In addition, the Company
has agreed to issue to the vendors an additional 500,000 common
shares if an independent technical report from a qualified
international recognized engineering or geological consulting firm
confirms that the proven, probable or indicated reserves contained
within the Dios Padre concessions exceeds 50,000,000 ounces of
silver.

The Dios Padre is a high grade epithermal silver-lead deposit with
limited production data. Reports supplied to the Company from the
vendor state mining commenced in the 17th century and continued very
intermittently from 1860 to 1910, 1923, 1946 to 1947, and 1962 to
1966. Some estimates of tonnage and grade mined during these periods
has been made, however, collectively it is difficult to summarize
total ore and grade mined to date. In addition to the main Dios Padre
claim, this agreement covers two additional contiguous claims that
show good potential for high grade disseminated and vein deposits of
silver.

The Dios Padre Silver Mine can be reached via a 25 km gravel road
north of highway 16 which is 220 km west of Hermosillo. The mine is
located outside the small town of Real de La Trinidad.

Management is very excited by this opportunity to acquire an asset
of this potential size and thus will work diligently to close this
transaction in a timely manner. The Company's objective is to proceed
as rapidly as possible in order to bring the Dios Padre into
production.

The purchase of the Dios Padre Silver Mine is subject to
completion of satisfactory due-diligence, receipt of any necessary
regulatory approvals and formal purchase documentation.

FIRST MAJESTIC RESOURCE CORP.

"signed"

Keith Neumeyer President

This press release includes certain "Forward-Looking Statements"
within the meaning of section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential mineralization and
reserves, exploration results and future plans and objectives of
First Majestic Resource Corp. are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such
statements.

The TSX Venture Exchange has in no way passed upon the merits of
the proposed transaction and the TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release

Contact:

For further information: FIRST MAJESTIC RESOURCE CORP., Suite 1480 -
885 West Georgia Street, Vancouver, BC, Canada V6C 3E8, Telephone:
+1-604-688-3033, Fax: +1-604-601-2010, Web site:
www.firstmajestic.com, E-mail: info@firstmajestic.com