October 9, 2003

News Release: Work Program Begins On Niko Silver Project In Mexico

The Company is pleased to announce commencement of geophysical field work on the Niko Silver Project in Mexico. These geophysical surveys are the first tasks leading directly to drilling. The purpose of the geophysics is to determine the size, shape and orientation of the Estrella pipe, thus determining optimal placement of drill holes.
Diamond drilling is anticipated to start in November.

The geophysical surveys will total 9.5 km in length and will probe the Southern portion of the claim block to a depth of 800 meters. Additional geochemical samples covering 14 square km have been collected. The geophysical method used will be Controlled Source and Natural Source Audio-range Magneto Tellurics (CSAMT and NSAMT). The Estrella pipe will be detailed over an area of 300 meters by 750 meters and will define the position of the pipe. The Estrella pipe is 26 times the surface area of the master pipe at Penoles' Naica, and is expected to be like those at the nearby Naica and Santa Eulalia districts where silver and massive base metal sulphides have been mined for generations. Concurrently an environmental base line study will commence as part of the drill permitting process

The Niko Silver Project is a joint venture between First Majestic Resource Corp. and Consolidated JABA Inc. (JABA) as outlined in the Company's news release dated August 12, 2003 and can be viewed on the Companies web site at www.firstmajestic.com.

FIRST MAJESTIC RESOURCE CORP.

"signed"

Keith Neumeyer
President


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.

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Message sent on Wed Oct 8, 2003 at 11:29:11 PM Pacific Time
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