Vancouver, BC, Canada – First Majestic Silver Corp. (AG: NYSE; FR: TSX) (the “Company” or “First Majestic”) is
pleased to announce that it has closed its previously announced transaction to sell its 100% owned past
producing La Guitarra Silver Mine to Sierra Madre Gold & Silver Ltd. (“Sierra Madre”) (TSX Venture: SM) following
the receipt of approval from the Comisión Federal de Competencia Económica (COFECE) and the TSX Venture
Exchange as well as the completion of other customary closing conditions. In consideration of the sale, First
Majestic received 69,063,076 shares of Sierra Madre at a deemed price of CDN$0.65 per share for an
approximate value of CDN$44.9 million or US$35.0 million.