Keith Neumeyer, President and CEO of First Majestic, states: "We are obviously very pleased with the ruling of US$89.6 million in our favour from the BC Supreme Court. It has long been my belief that the actions of Hector Davila in early 2006, when we purchased the majority interest in FSR, were inappropriate. After a lengthy, time consuming, expensive and difficult legal process, it is gratifying to have the BC Supreme Court agree with our arguments and grant us such a large award. However, I caution shareholders that, due to the magnitude of this award, we anticipate Hector Davila will appeal this decision and there will be further legal activities in order to realize this award. It is my view that directors and officers of public companies need to be held to the highest ethical and moral standards and should be role models for industry, to assure transparency and honesty for the benefit of all the stakeholders. I would like to personally thank our legal team headed by Shapray Cramer LLP who endured countless hours over the past five years diligently presenting and arguing our case which culminated finally in a 58 day trial resulting in this outcome."
First Majestic is a producing silver company focused on silver production in Mexico and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.
FIRST MAJESTIC SILVER CORP.
Keith Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities laws. 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: additional court proceedings and the dates thereof, and recovery of judgment amounts.
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: availability of time on court calendars in Canada and elsewhere; the recognition of Canadian judgments under Mexican law; the possibility of settlement discussions; the risk of appeal of judgment; and the insufficiency of the defendant's assets to satisfy the judgment amount.
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.
First Majestic Silver Corp.
President & CEO
(604) 688-3033 or Toll Free: 1-866-529-2807
(604) 639-8873 (FAX)
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