Updated San Martin NI 43-101 Technical Report and Economic Assessment

About this update from First Majestic Silver Corp.

[{"type":"text","content":"\n\n\nNYSE - AG\nTSX - FR\nFrankfurt - FMV\n\n\nVANCOUVER, May 28, 2013 /CNW/ - FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or \"First Majestic\") is pleased to\n announce an updated NI 43-101 Technical Report (TR), Reserve and\n Resource estimate at the San Martin Silver Mine and an economic\n assessment of the current expansion program to 1,300 tpd.  All figures\n are reported in US dollars unless otherwise noted.\n\n\nReported Highlights\n\n\n\nProven and Probable Reserves increase by 224% to 22.0 million silver\n ounces\n\n\nLife of Mine (LOM) increases to 9 ½ years  at higher throughput rates of\n 1,300 tonnes per day (tpd)\n\n\nAfter-tax net present value (NPV 5%) of $52.0 million and 130% internal\n rate of return (IRR) both calculated using a 10% reduction to the\n three-year average silver price\n\n\nLOM average cash cost (co-product) is estimated at $11.45 per ounce,\n excluding any by-product credits\n\n\nLOM average operating cash flow is estimated at $22.8 million per year\n starting in 2014\n\n\nOperating costs per tonne estimated at $43.44 per tonne excluding third\n party smelting/refining charges, transportation and insurance costs\n over LOM\n\n\nAt the increased rate of 1,300 tpd, the Company expects silver\n production to increase by approximately 50% to between 1.4 to 1.6\n million ounces of silver doré per year\n\n\n\n\n\n\nKeith Neumeyer, CEO and President of First Majestic Silver, states: \"Our\n geological team deserves recognition for a job well done. After three\n years of drilling, not only have they replaced all the mined production\n ore, they have also upgraded and discovered many more ounces with a\n higher degree of confidence which substantially improved the mine life\n of the operation.  They make exploration look easy, while in-fact\n replacing reserves is a very time consuming process.  This very\n successful exploration program has allowed us to expand the mill from\n 900 tpd to 1,300 tpd which is expected to substantially improve the\n economics of the San Martin operation.\"\n\n\nThe San Martin Silver Mine, located in the state of Jalisco, Mexico near\n the town of San Martín de Bolaños located in the Bolaños Mining\n District consists of 33 contiguous mining concessions totalling 37,518\n hectares (73,331 acres). The Compan...

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