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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/26/13 -- FIRST MAJESTIC SILVER CORP. (TSX: FR)(NYSE: AG)(FRANKFURT: FMV) (the "Company" or "First Majestic") is pleased to announce the audited consolidated financial results for the Company's fourth quarter and year ending December 31, 2012. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

2012 HIGHLIGHTS

--  Cash Flow of $1.35 per share (non-GAAP)--  Adjusted Earnings per Share (non-GAAP) of $0.26 for the fourth quarter    and $1.05 for the full year--  Basic Earnings per Share amounted to $0.80 for the full year--  Total Cash Cost of $9.08 per ounce for the year--  Revenues after smelting and refining amounted to $247.2 million for 2012--  Mine Operating Earnings for the year of $142.0 million--  Net Earnings After Taxes amounted to $88.9 million for the year--  Silver only production increased to 8.26 million ounces compared to 7.22    million ounces in 2011 or 9.11 equivalent ounces for 2012 compared to    7.56 equivalent ounces for 2011--  With 91% of revenues resulting from the sale of pure silver in 2012,    First Majestic remains one of the purest silver producers in the world--  2013 guidance ranging from 12.3 to 13.0 million ounces of silver    equivalent production or 11.1 to 11.7 million ounces of pure silver--  The current cash balance for the Company was approximately $103.2    million in cash and cash equivalents in treasury. The Orko break-fee of    $11.6 million was received on February 20, 2013.

                    Fourth      Fourth                   Quarter     Quarter             Annual      Annual                      2012        2011 Change        2012        2011 Change----------------------------------------------------------------------------Operating----------------------------------------------------------------------------Silver Equivalent Ounces Produced        2,562,926   2,101,528    22%   9,110,452   7,562,494    20%Silver Ounces Produced (excluding equivalent ounces from by-products)    2,311,146   1,957,657    18%   8,260,434   7,216,109    14%Payable Silver Ounces Produced(1)     2,209,144   1,926,055    15%   7,990,492   7,094,359    13%Total Cash Costs per Ounce(2)            $9.26       $8.01    16%       $9.08       $8.24    10%Total Production Cost per Tonne(2)           $28.24      $27.48     3%      $28.62      $28.50     0%Average Realized Silver Price Per Ounce ($/eq. oz.)(2)            $32.42      $31.70     2%      $31.10      $35.38   -12%----------------------------------------------------------------------------Financial----------------------------------------------------------------------------Revenues ($ millions)           $71.0       $60.8    17%      $247.2      $245.5     1%Mine Operating Earnings ($ millions)           $39.5       $38.4     3%      $142.0      $163.3   -13%Net Earnings ($ millions)        $22.4       $21.3     5%       $88.9      $103.6   -14%Operating Cash Flows Before Movements in Working Capital and Income Taxes ($ millions)        $43.2       $36.9    17%      $146.8      $160.2    -8%Cash and Cash Equivalents ($ millions)       $111.6       $91.2    22%      $111.6       $91.2    22%Working Capital ($ millions)          $115.7      $109.7     5%      $115.7      $109.7     5%----------------------------------------------------------------------------Shareholders----------------------------------------------------------------------------Earnings Per Share ("EPS") - Basic             $0.19       $0.20    -5%       $0.80       $1.00   -20%Cash Flow Per Share(2)            $0.37       $0.35     6%       $1.35       $1.56   -14%Weighted Average Shares Outstanding for the Periods       116,442,639 105,203,712    11% 110,775,284 103,276,935     7%(1) Payable Silver Ounces Produced is equivalent to Silver Ounces Producedless metal deductions from smelters and refineries.(2) The Company reports non-GAAP measures which include Total Cash Costs perOunce, Total Production Cost per Tonne, Average Realized Silver Price perOunce and Cash Flow Per Share. These measures are widely used in the miningindustry as a benchmark for performance, but do not have a standardizedmeaning and may differ from methods used by other companies with similardescriptions.--  Generated Revenues of $247.2 million for 2012, an increase of 1%    compared to $245.5 million for 2011. Smelting and refining charges    increased by $10.1M compared in 2012 related to increased concentrate    output from the new La Guitarra Silver Mine and the expanded La Parrilla    flotation circuit. Total revenues in 2012 arising from the sale of    silver amounted to 91% of total revenues maintaining First Majestic as    the purest silver producer in the world.--  Generated Revenues of $71.0 million for the fourth quarter of 2012    compared to $60.8 million for the fourth quarter of 2011, an increase of    $10.2 million or 17%.--  Mine Operating Earnings decreased by $21.3 million or 13% to $142.0    million for 2012, compared to $163.3 million for the same period in the    prior year. The decrease was primarily attributed to a 12% decline in    average realized silver price per ounce during the year. In addition,    depletion, depreciation and amortization expense increased by $10.0    million compared to 2011 due to a 25% increase in tonnage milled and    additional depreciation and amortization from the La Parrilla plant    expansion and the addition of the La Guitarra mine.--  Operating Cash Flows generated before movements in Working Capital and    Income Taxes of $146.8 million or $1.35 per share (a non-GAAP measure)    for 2012 compared to $160.2 million or $1.56 per share for 2011. The    decrease in cash flow is consistent with decrease in mine operating    earnings, which were affected by a decline in silver prices compared to    2011.--  The Company generated Net Earnings after taxes of $88.9 million for 2012    compared to $103.6 million for 2011.--  Net Earnings after taxes was $22.4 million for the fourth quarter of    2012 compared to $21.3 million for the fourth quarter of 2011, an    increase of $1.1 million or 5%.--  The Company generated Basic Earnings Per Share ("EPS") of $0.80 for    2012. Adjusted EPS (a non-GAAP measure) normalized for non-cash or non-    recurring items was $1.05 for the year.--  Basic Earnings per Share for the fourth quarter of 2012 was $0.19,    compared to $0.20 for the fourth quarter of 2011, the slight decrease    was primarily due to an 11% increase in weighted average shares    outstanding during the period. Adjusted EPS (a non-GAAP measure) after    normalizing for non-cash or non-recurring items was $0.26.--  Total Cash Costs per Ounce of silver (a non-GAAP measure) for 2012    increased to $9.08 per ounce of silver, compared to $8.24 per ounce of    silver for 2011, an increase of 10% primarily attributed to increase in    concentrate production from the new La Guitarra mine and expansion of    the La Parrilla flotation circuit, which have higher smelting and    refining charges.--  Total Cash Costs per Ounce of silver (a non-GAAP measure) for the fourth    quarter of 2012 increased to $9.26 per ounce of silver, compared to    $8.01 per ounce of silver for the fourth quarter of 2011, an increase of    16%. The increase is primarily due to higher cost of consumables    including cyanide, energy and petroleum products. Cyanide and diesel    costs increased 17% and 9% quarter over quarter.--  During the year, Cash and cash equivalents increased by $20.4 million to    $111.6 million and improved working capital by $6.0 million to $115.7    million as of December 31, 2012.