- jetzt erst recht ein klarer Kauf
First Majestic Silver Corp.: La Parrilla Silver Mine Update and New NI 43-101 Resource
Tuesday February 6, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 6, 2007 -- FIRST MAJESTIC SILVER CORP. (CDNX:FR.V - News)(Other OTC:FRMSF.PK - News)(FWB: FMV) (WKN: A0LHKJ) (the "Company") is pleased to announce an update regarding its activities in Mexico at its flagship property, the La Parrilla Silver Mine and the resource development drilling presently underway.
The La Parrilla Silver Mine is located about 1km from the village of San Juan de La Parrilla and 75km SE of Durango, Mexico. Covering in excess of 3400 hectares, with excellent infrastructure, the mine is only 4km off of the main highway which links Durango and Zacatecas. Among the several large vein systems included within the La Parrilla property boundaries, the Company is focusing on the La Rosa/Los Rosarios, San Marcos, San Jose, San Nicolas, Vacas, Quebradilla, La Luz and Recuerdo structures.
To date, 126 diamond drill holes totalling 30,096 metres have been completed. Six drill rigs are operating full time in the different regions within the property. The drill program was designed to develop additional resources, explore known mineralized areas and assist in mining activity. An updated NI 43-101 report has been posted today on SEDAR (http://www.sedar.com). Due to the lag time between completion of each drill hole and the receipt of results and preparation of reports, this updated NI 43-101 report covers only 100 of the 126 holes for a total of 23,702 metres. The total current resources are estimated as follows:
--------------------------------------------------------------------------
Total Ounces
Grade Grade Silver Silver
Resources Tonnes Ag g/t Au g/t ounces Equiv.
--------------------------------------------------------------------------
Indicated 1,800,465 282 0.13 14,488,459 20,859,348
--------------------------------------------------------------------------
Measured 66,835 274 0.05 589,815 596,563
--------------------------------------------------------------------------
Total Measured+
Indicated 1,867,300 278 0.09 15,078,274 21,455,911
--------------------------------------------------------------------------
A cut-off of 100 g/t Ag is used in all calculations of this report and the silver equivalent values are calculated according to the following formula: Ag eqv. oz. equals (Ag oz. + (Au oz. x 570/9.70)). The conservative prices of US$570 for gold and US$9.70 for silver in the formula are based on quotations during the first week of February 2006 and used in the previous report (Helsen, dated March 27, 2006) and kept in the present report for the sake of consistency. The calculation of Total Measured + Indicated Resources assume 100% recoveries.
As a result of the ongoing encouraging drill program and the recent discovery of a number of new areas of interest, the Company decided to acquire additional land through staking an additional two large land blocks. One 18,466 hectare block of land encircling the original 3,424 hectare land package surrounding the La Parrilla for a new total of 21,890 hectares, and a second adjacent land block of 31,347 hectares for a new grand total of land held in the region of 53,237 hectares.
Shareholders and interested parties are encouraged to view this very positive report updating the ongoing activities at the La Parrilla Silver Mine. The report can be viewed at http://www.sedar.ca or http://www.firstmajestic.com.
The Company's Independent Qualified Person under the policies of National Instrument 43-101 responsible for supervision at the La Parrilla Silver Mine and has authored the most recent qualifying report, is Dr. Jan N. Helsen, Ph. D., P. Geo.
The Company is further pleased to report that the construction of the new 800 tpd mill at the La Parrilla is complete. Construction began last year in May. The old mill has now been replaced by a newer and much larger facility. Two different circuits have been installed: a 400 tpd cyanidation circuit and a 400 tpd flotation circuit. Both circuits have now been commissioned and are in operation.
In addition to the activities at the La Parrilla Silver Mine; the Company is pleased to announce the purchase of the nearby San Juan Silver Mine. This mine is part of the land package previously reported as the Chalchihuites Group of Properties where drilling and development has been ongoing since early 2006. The property consists of 10 mining claims totalling 204 hectares in the Chalchihuites area 50 kilometres away from the La Parrilla. The purchase was made through the exercise of an option agreement signed in October 2004. The final payment of US$650,000 was made on January 11, 2007.
The decision to exercise the option was based on the excellent results of the exploration and development program which has included five diamond drill holes total of 1,892 meters and the development of a 168 meter ramp and 76 meters of direct drifting.
Over 2000 tonnes of sulphide ore has now been stockpiled from the San Juan Silver Mine for the purpose of mixing at the La Parrilla mill.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving our corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
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:
Contacts:
First Majestic Silver Corp.
Keith Neumeyer
President
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 601-2010 (FAX)
Email: info@firstmajestic.com
Website: http://www.firstmajestic.com
http://biz.yahoo.com/iw/070206/0211913.html