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First
Majestic Silver Corp. (“First Majestic” or the “Company”)
(NYSE: AG; TSX: FR) is pleased to announce the following personnel promotions
and changes.

In the
ongoing effort to continually improve operations and to realize further
operational efficiencies over the coming years, after achieving the senior
producer status in 2013, the Company has decided to promote Mr. Salvador García
to the role of Chief Operating Officer starting July 1, 2014.
Mr. García
has been partnering with Mr. Ramon Davila to manage the Company’s Mexican
operations since January 2013 and has proven his ability to take over this
important operational role. Mr. García is well respected and highly regarded
within the Mexican mining industry with over 35 years’ experience in senior
positions in all aspects of mining operations.

Prior to joining First Majestic in January 2013, Mr. García
held several positions, most recently as Vice President Mexico, for Goldcorp.
Mr. García was with Luismin prior to its acquisition by Goldcorp (NYSE:GG;
TSX:G) for a period of 25 years. He worked in positions ranging from Mine
Superintendent, General Manager and Operations Director and was later promoted
to the senior management team of Goldcorp as Vice President Mexico. While in
those positions, he was responsible for the operations at the Tayoltita and San
Antonio mines and was involved in the development, construction and operation
of the Los Filos, El Sauzal and Peñasquito mines. Mr. Garcia graduated with a
bachelor’s degree in mine engineering from the School of Mines at the
University of Guanajuato.

Consistent with the Company’s successions plans, Mr. García
will replace Mr. Davila who will remain on the Board of Directors. Mr. Davila
will also continue to act as the Company’s Governmental Relations Officer in
Mexico and will remain a member on the Chamber of Mines representing First
Majestic. Mr. Davila has held the position of Chief Operating Officer since
December 2003 and will retire from that position on June 30, 2014.

Mr. Davila stated, “What a long and exciting journey it
has been over the past 10 years. I’ve had the opportunity to head the Mexican
team to the dream of taking First Majestic to the level of a senior silver
producer. When you have the willingness, there’s no place to go but up. I would
like to thank Mr. Keith Neumeyer, the Board of Directors, and all of our staff
for their friendship and support, and I look forward to continually working
with First Majestic and its Board of Directors in the years to come in my
Directorship role”.

Keith Neumeyer, President and CEO of First Majestic states,
“As many of our shareholders know, 2013 was our tenth year anniversary and
we have achieved our initial goal of building a company that produces over 10
million ounces of silver per year. We were able to reach this goal because of
the depth and breadth of our management team and the continuous efforts the
entire team brings to the table every day. We are now turning the page on a new
chapter for First Majestic. Our focus has now been elevated toward reaching 20
million ounces of silver production and I truly believe we have the experienced
team and the quality assets to accomplish this new goal. Many achievements have
been realized over the past 10 years and a lot of hard work remains to achieve
this new goal, but everyone is ready for the new challenge. I would personally
like to thank Ramon Davila for his many years of hard work and dedication in
assisting in the development of First Majestic to reach its goals to
date.”

In addition, First Majestic is also pleased to announce the
following personnel changes within the Operations and Geological teams in an
effort to organize operations and geology for greater efficiency and
effectiveness.

Consistent with the Company’s primary focuses, which are;
automation, information technology and metallurgy, Mr. Alejandro Sandoval was
recruited as the General Manager of Processing Plants in January to focus on
improving recoveries at all operations. Mr. Sandoval has over 37 years of
experience in the Mexican mining industry and specifically in the area of
metallurgy, having had experience in all positions at the plants, laboratories,
research and design and construction of plants with Fresnillo, Peñoles,
Goldcorp and Minera Frisco. Mr. Sandoval is responsible for all metallurgical
matters and for ongoing improvements and testing at all operations. He
graduated with a bachelor’s degree in metallurgy from the School of Metallurgy
at the University of San Luis Potosi.

Mr. Mario Valdez Bustillos, a mining engineer with over 31
years of mining experience in all aspects of mining operations. Mr. Valdez has
held several positions ranging from Mine Foreman, Assistant of Mine
Superintendent, Mine Superintendent, Manager of several operations at Grupo
Mexico, Minera Alfil and Diabras and who has held the position of Regional
Manager of Operations since June 2009. Mr. Valdez has been promoted to
Divisional Manager of Operations in charge of the La Encantada, San Martin and
La Guitarra mining operations. He graduated with a bachelor’s degree in mine
engineering from the School of Mines at the University of Chihuahua.

Mr. Carlos Castro Villalobos, a mining and metallurgical
engineer with over 36 years of mining experience has held numerous positions in
companies such as Peñoles and Luismin, including Manager of Mining Operations
and Manager of Construction of Mining Projects. Mr. Castro has been the
Company’s Manager of Projects since June 2012 where he was responsible for the
construction of Del Toro and the expansion project at La Parrilla. He has now
been promoted to Divisional Manager of Operations in charge of the La Parrilla
and Del Toro operations. Mr. Castro graduated with a bachelor’s degree in mine
engineering from the School of Mines at the University of Guanajuato.

Mr. Sergio Alan Moreno Zazueta, a mining engineer with over
28 years of mining and academic experience at Grupo Mexico and at the School of
Mines at the Sonora University, with work on mining operations with consulting
works on use of explosives, rock mechanics and all aspects of mining operations
who has held the position of Manager of La Encantada since July 2011, has been
promoted to Corporate Manager of Safety, Training and Environmental. Mr. Moreno
graduated with a bachelor’s degree from the School of Mines at the University
of Sonora and holds a master’s degree in extractive metallurgy and a PhD in
mining exploitation.

Mr. Carlos Wong, a geological engineer with over 30 years of
mining experience in all aspects of mine planning, construction of new
projects, reserves definition and exploration. Mr. Wong, who has held the
position of Manager of Exploration since May 2012, has been promoted to Manager
of Planning and Innovation Projects. He graduated with a bachelor’s degree from
the School of Geology at the University of San Luis Potosi and holds a master’s
degree in mineral economics from the Colorado School of Mines.

Ms. Maria Vazquez recently joined First Majestic in October
2013 as Geological Database Manager, located in Vancouver, Canada. Ms. Vazquez
is a professional geoscientist with over 14 years of mining exploration
experience; 10 years of which have been managing geological databases. Previously,
Ms. Vazquez held the position of Database Geologist at AMEC for two and a half
years. She also worked for a junior exploration company in Vancouver for four
years and as a geological database consultant prior to joining AMEC.

Mr. Todd Anthony, who has held the Investors Relations
Manager position since May 2010 has been promoted to Vice President of Investor
Relations. Mr. Anthony has over 8 years of experience within the investment
community and financial markets having worked previously at U.S. Global
Investors. He graduated with a bachelor’s degree in business administration
from Stephen F. Austin State University along with a master’s degree in
business administration from Texas A&M University-Kingsville.

First Majestic is a mining company focused on silver
production in México and is aggressively pursuing the development of its
existing mineral property assets and the pursuit through acquisition of
additional mineral assets which contribute to the Company achieving its
corporate growth objectives.

FOR FURTHER INFORMATION contact [email protected],
visit our website at www.firstmajestic.com or call our toll free number
1.866.529.2807.

 FIRST MAJESTIC SILVER CORP.

 “signed”

 Keith Neumeyer, President & CEO


SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release includes certain “Forward-Looking
Statements” of “forward looking information” within the meaning
of the United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws, respectively. When used in this news
release, the words “anticipate”, “believe”,
“estimate”, “expect”, “target”, “plan”,
“forecast”, “may”, “schedule” and similar words
or expressions, identify forward-looking statements or information. These
forward-looking statements or information relate to, among other things: the
accuracy of mineral reserve and resource estimates; the estimated cost and
timing of development of our development projects; the timing of completion of
exploration programs and preparation of technical reports; the effects of laws,
regulations and government policies on our operations, including, without
limitation, the laws in Mexico which currently have significant restrictions
related to mining; obtaining or maintaining necessary permits, licences and
approvals from government authorities; and continued access to necessary
infrastructure, including, without limitation, access to power, land, water and
roads to carry on activities as planned.

These statements reflect the Company’s current views with
respect to future events and are necessarily based upon a number of assumptions
and estimates that, while considered reasonable by the Company, are inherently
subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different
from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements or information and the Company has
made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in the spot and forward
price of silver, gold, base metals or certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in the currency markets
(such as the Canadian dollar and Mexican peso versus the U.S. dollar); changes
in national and local government, legislation, taxation, controls, regulations
and political or economic developments in Canada or Mexico; the Company’s cash
flow and availability of alternate sources of capital; operating or technical
difficulties in connection with mining or development activities; risks and hazards
associated with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins and flooding); risks relating to the credit
worthiness or financial condition of suppliers, refiners and other parties with
whom the Company does business; inability to obtain adequate insurance to cover
risks and hazards; and the presence of laws and regulations that may impose
restrictions on mining or development, including those currently enacted in
Mexico; employee relations; relationships with and claims by local communities
and indigenous populations; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses, permits and
approvals from government authorities; diminishing quantities or grades of
mineral reserves as properties are mined; the Company’s title to properties;
and the factors identified under the caption “Risk Factors” in the
Company’s Annual Information Form, under the caption “Risks Relating to
First Majestic’s Business”.

Investors
are cautioned against attributing undue certainty to forward-looking statements
or information.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially, there may be
other factors that cause results not to be anticipated, estimated or intended.
The Company does not intend, and does not assume any obligation, to update
these forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events affecting such
statements or information, other than as required by applicable law.

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