First Majestic Silver Corp.: Update on the Cuitaboca Silver Project
November 13 2007 - 10:16AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (PINK SHEETS: FRMSF)(FRANKFURT:
FMV)(WKN: A0LHKJ) (the "Company") is pleased to announce that the
first stage of exploration at the Company's Cuitaboca Silver
Project has defined a system of at least six known parallel veins
that hosts high grade silver, lead and zinc.
The Cuitaboca Silver Project district is located in the State of
Sinaloa in Mexico situated in the Western edge of the Sierra Madre
Occidental metallogenic province, a large geologic region that is
host to many of the best known gold, silver and base metals
producing districts such as San Jose de Gracia, Alamos, Guanacevi,
Tayoltita, Bacis, La Cienega, Pinos Altos, etc.
The Cuitaboca project, acquired from First Silver Reserve, Inc.
late last year along with the San Martin Silver Mine, consists of a
5,134 hectare land package with at least six well known veins with
sulphide mineralization carrying high grade silver. The veins
within the property are known as La Lupita, Los Sapos, Chapotal,
Colateral-Jesus Maria, Mojardina and Santa Eduwiges.
During the first two quarters of this year, access to the
project was achieved with a total of 26 km of new road
construction, which successfully reached two of the veins within
the system: the Colateral-Jesus Maria vein, and the Mojardina vein.
Development of a 100 metre crosscut to access the Colateral vein
was constructed and a drift of 110 metres along the vein has been
completed to date. Results of sampling shown below were taken at
three metre line spacing's along the Colateral vein which have
shown an average grade of 425 g/t silver, 0.42 g/t gold, 1.65% lead
and 2.15% zinc across the 110 metres.
--------------------------------------------------------------------------
Line Width Au Ag Ag Pb Pb Zn Zn Ag
Number Metres g/t g/t Oz % lb/tonne % lb/tonne Eq Oz(i)
--------------------------------------------------------------------------
Line 1 NW 2.30 0.12 251 8.07 0.85 18.76 4.98 109.46 19.30
--------------------------------------------------------------------------
Line 2 NW 1.60 0.18 464 14.92 1.64 36.02 1.78 39.25 22.45
--------------------------------------------------------------------------
Line 3 NW 1.50 0.24 480 15.44 0.74 16.33 1.44 31.68 20.26
--------------------------------------------------------------------------
Line 4 NW 1.10 0.29 169 5.45 1.08 23.72 1.54 33.80 11.35
--------------------------------------------------------------------------
Line 5 NW 1.15 0.20 870 27.98 4.05 89.07 3.82 84.06 45.12
--------------------------------------------------------------------------
Line 6 NW 0.50 1.47 202 6.50 0.53 11.59 0.78 17.20 11.75
--------------------------------------------------------------------------
Line 7 NW 1.10 1.38 1,359 43.69 6.76 148.70 3.68 81.04 69.29
--------------------------------------------------------------------------
Line 8 NW 1.50 1.41 1,240 39.87 3.55 78.11 4.03 88.72 58.28
--------------------------------------------------------------------------
Line 9 NW 2.10 1.28 395 12.70 2.56 56.33 2.93 64.49 26.47
--------------------------------------------------------------------------
Line 10 NW 2.30 0.93 741 23.82 5.30 116.59 3.03 66.73 43.89
--------------------------------------------------------------------------
Line 11 NW 1.35 1.49 756 24.30 1.66 36.55 2.05 45.17 34.65
--------------------------------------------------------------------------
Line 12 NW 1.70 0.25 77 2.49 1.06 23.42 0.79 17.40 6.96
--------------------------------------------------------------------------
Line 13 NW 1.60 0.68 291 9.35 3.34 73.52 1.84 40.37 22.02
--------------------------------------------------------------------------
Line 1 SE 2.00 0.05 216 6.95 0.75 16.60 1.10 24.20 10.85
--------------------------------------------------------------------------
Line 2 SE 2.00 0.08 722 23.22 0.84 18.51 2.13 46.86 29.23
--------------------------------------------------------------------------
Line 3 SE 1.70 0.05 652 20.96 0.83 18.34 2.25 49.50 27.14
--------------------------------------------------------------------------
Line 4 SE 1.50 0.18 718 23.09 1.05 23.10 1.28 28.16 28.27
--------------------------------------------------------------------------
Line 5 SE 1.70 0.51 823 26.46 0.80 17.69 2.08 45.82 33.05
--------------------------------------------------------------------------
Line 6 SE 1.80 1.01 637 20.48 1.50 33.11 3.39 74.56 32.00
--------------------------------------------------------------------------
Line 7 SE 2.20 0.39 413 13.28 0.55 12.06 1.08 23.80 17.24
--------------------------------------------------------------------------
Line 8 SE 1.50 0.41 677 21.77 1.84 40.48 3.98 87.56 34.13
--------------------------------------------------------------------------
Line 9 SE 1.50 0.27 53 1.70 0.65 14.32 0.39 8.67 4.49
--------------------------------------------------------------------------
Line 10 SE 1.20 0.12 37 1.19 0.59 13.04 0.42 9.24 3.60
--------------------------------------------------------------------------
Line 11 SE 1.00 0.04 276 8.87 0.38 8.46 0.64 14.05 11.04
--------------------------------------------------------------------------
Line 12 SE 1.00 0.01 2 0.06 0.04 0.94 0.08 1.79 0.32
--------------------------------------------------------------------------
Line 13 SE 0.70 0.01 6 0.18 0.09 1.91 0.15 3.29 0.67
--------------------------------------------------------------------------
Line 14 SE 1.00 0.01 20 0.64 0.07 1.56 0.12 2.64 1.04
--------------------------------------------------------------------------
Line 15 SE 1.15 0.01 3 0.10 0.03 0.67 0.04 0.85 0.26
--------------------------------------------------------------------------
Line 16 SE 0.60 0.01 4 0.14 0.07 1.45 0.18 4.05 0.64
--------------------------------------------------------------------------
Line 17 SE 0.50 0.04 12 0.37 0.17 3.78 0.45 9.90 1.67
--------------------------------------------------------------------------
Line 18 SE 1.05 0.03 9 0.29 0.20 4.49 0.30 6.66 1.39
--------------------------------------------------------------------------
Line 19 SE 1.70 0.08 72 2.33 2.72 59.77 6.05 133.05 19.98
--------------------------------------------------------------------------
Line 20 SE 1.40 0.01 29 0.93 3.39 74.55 3.18 70.04 14.97
--------------------------------------------------------------------------
Average
over 110 m 1.42 0.42 425 13.66 1.65 36.39 2.15 47.23 22.31
--------------------------------------------------------------------------
(i) Kitco, November 6, 2007 metal prices (Au: 821.50 USD/oz, Ag: 15.22
USD/oz, Pb: 1.70 USD/lb, Zn: 1.24 USD/lb. No recoveries and NSR
considered).
Highlights of the first 40 metres on the NW side of the drift define a
block with an average grade of 547 g/t silver, 0.72 g/t gold, 2.60% lead
and 2.69% zinc.
--------------------------------------------------------------------------
Line Width Au Ag Ag Pb Pb Zn Zn (i)Ag
Number Metres g/t g/t Oz % lb/tonne % lb/Tonne Eq Oz
--------------------------------------------------------------------------
Line 1 NW 2.30 0.12 251 8.07 0.85 18.76 4.98 109.46 19.30
--------------------------------------------------------------------------
Line 2 NW 1.60 0.18 464 14.92 1.64 36.02 1.78 39.25 22.45
--------------------------------------------------------------------------
Line 3 NW 1.50 0.24 480 15.44 0.74 16.33 1.44 31.68 20.26
--------------------------------------------------------------------------
Line 4 NW 1.10 0.29 169 5.45 1.08 23.72 1.54 33.80 11.35
--------------------------------------------------------------------------
Line 5 NW 1.15 0.20 870 27.98 4.05 89.07 3.82 84.06 45.12
--------------------------------------------------------------------------
Line 6 NW 0.50 1.47 202 6.50 0.53 11.59 0.78 17.20 11.75
--------------------------------------------------------------------------
Line 7 NW 1.10 1.38 1,359 43.69 6.76 148.70 3.68 81.04 69.29
--------------------------------------------------------------------------
Line 8 NW 1.50 1.41 1,240 39.87 3.55 78.11 4.03 88.72 58.28
--------------------------------------------------------------------------
Line 9 NW 2.10 1.28 395 12.70 2.56 56.33 2.93 64.49 26.47
--------------------------------------------------------------------------
Line 10 NW 2.30 0.93 741 23.82 5.30 116.59 3.03 66.73 43.89
--------------------------------------------------------------------------
Line 11 NW 1.35 1.49 756 24.30 1.66 36.55 2.05 45.17 34.65
--------------------------------------------------------------------------
Line 12 NW 1.70 0.25 77 2.49 1.06 23.42 0.79 17.40 6.96
--------------------------------------------------------------------------
Line 13 NW 1.60 0.68 291 9.35 3.34 73.52 1.84 40.37 22.02
--------------------------------------------------------------------------
Average 1.52 0.72 547 17.59 2.60 57.25 2.69 59.13 30.05
over 40 m
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(i) Kitco, November 6, 2007 metal prices (Au: 821.50 USD/oz, Ag: 15.22
USD/oz, Pb: 1.70 USD/lb, Zn: 1.24 USD/lb. Recoveries and NSR are not
considered).
Highlights of the first 33 metres on the SE side of the drift define a
block with an average grade of 493 g/t silver, 0.29 g/t gold, 0.90% lead
and 1.76% zinc.
------------------------------------------------------------------------
Line Width Au Ag Ag Pb Pb Zn Zn (i)Ag
Number Metres g/t g/t Oz % lb/Tonne % lb/Tonne Eq Oz
------------------------------------------------------------------------
Line 1 SE 2.00 0.05 216 6.95 0.75 16.60 1.10 24.20 10.85
------------------------------------------------------------------------
Line 2 SE 2.00 0.08 722 23.22 0.84 18.51 2.13 46.86 29.23
------------------------------------------------------------------------
Line 3 SE 1.70 0.05 652 20.96 0.83 18.34 2.25 49.50 27.14
------------------------------------------------------------------------
Line 4 SE 1.50 0.18 718 23.09 1.05 23.10 1.28 28.16 28.27
------------------------------------------------------------------------
Line 5 SE 1.70 0.51 823 26.46 0.80 17.69 2.08 45.82 33.05
------------------------------------------------------------------------
Line 6 SE 1.80 1.01 637 20.48 1.50 33.11 3.39 74.56 32.00
------------------------------------------------------------------------
Line 7 SE 2.20 0.39 413 13.28 0.55 12.06 1.08 23.80 17.24
------------------------------------------------------------------------
Line 8 SE 1.50 0.41 677 21.77 1.84 40.48 3.98 87.56 34.13
------------------------------------------------------------------------
Line 9 SE 1.50 0.27 53 1.70 0.65 14.32 0.39 8.67 4.49
------------------------------------------------------------------------
Line 10 SE 1.20 0.12 37 1.19 0.59 13.04 0.42 9.24 3.60
------------------------------------------------------------------------
Line 11 SE 1.00 0.04 276 8.87 0.38 8.46 0.64 14.05 11.04
------------------------------------------------------------------------
Average 1.65 0.29 493 15.86 0.90 19.81 1.76 38.81 21.75
over 33 m
------------------------------------------------------------------------
(i) Kitco, November 6, 2007 metal prices (Au: 821.50 USD/oz, Ag: 15.22
USD/oz, Pb: 1.70 USD/lb, Zn: 1.24 USD/lb. Recoveries and NSR are not
considered).
Based on the successful development of the Colateral vein which
remains open both at depth and along strike, the Company intends to
advance the current exploration program increasing the development
and exploration efforts by completing 2,000 metres of direct
drifting along the vein and commencing a diamond drill program at
both the Colateral and Mojardina veins. Road construction will also
be continued to extend access to the La Lupita, Los Sapos,
Chapotal, and Santa Eduwiges veins where additional exploration
work will be carried out.
Samples are shipped to the Inspectorate preparation laboratory
in Durango, Mexico for drying, crushing and pulverizing.
Inspectorate Mexico then sends the pulps by air-freight to
Inspectorate America Corporation in Sparks, Nevada for assaying.
Systematic assaying of standards and blanks are performed for
precision and accuracy; check assays are regularly conducted by
inspectorate America Corporation.
Baltazar Solano-Rico, M.Sc., President of Behre Dolbear de
Mexico, S.A. de C.V. is the Company's Qualified Person for the
Cuitaboca Silver Project as defined in NI 43-101 and has reviewed
the content of this news release.
First Majestic is a producing silver company focused in Mexico
and is aggressively pursuing its business plan to become a senior
silver producer through development of its existing assets and the
pursuit through acquisition of additional assets that make sense to
achieving its corporate objective.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
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.
Contacts: First Majestic Silver Corp. Keith Neumeyer President
& CEO (604) 688-3033 or Toll Free: 1-866-529-2807 (604)
639-8873 (FAX) Email: info@firstmajestic.com Website:
www.firstmajestic.com