October 21, 2003

News Release: First Majestic Resource Enters Option Agreement with JABA to Acquire

First Majestic Resource Corp. is pleased to announce it has entered into an agreement with Consolidated JABA Inc. ('JABA') to acquire up to an 80% interest in the Platino Porphyry Project consisting of 30,000 hectares in the highly prospective Chubut Province, Patagonia, Argentina.

Under the terms of the option agreement the Company can earn up to an 80% interest in the Platino Porphyry Project by spending US$3,000,000 on exploration over the next four years and complete a bankable feasibility study within the following 5 years by spending an additional US$100,000 each year. The agreement includes a minimum work program of US$150,000 to be spent prior to March 31, 2004. In addition First Majestic has agreed to make necessary payments to keep the property in good standing. In the event that First Majestic options the property to a third party, JABA will retain a 0.5% NSR.

First Majestic has further agreed to pay JABA CDN$5,000 and issue 100,000 common shares to JABA within 10 days of regulatory approval. In addition the company will issue an additional 200,000 common shares upon the first anniversary and 250,000 common shares upon the second anniversary and 300,000 common shares upon the third anniversary and 100,000 common shares each anniversary afterward until a bankable feasibility is completed.

JABA has the option of being the operator for the first two years and if elects to operate will receive a 7% management fee. If JABA elects not to contribute its 20% share of the costs to put the Platino Porphyry Project into production, it will retain a 10% carried interest to commercial production. The foregoing is subject to TSX Venture Exchange approval.

The agreement covers three cateos (claim blocks) with dimensions of 5 km by 20 km or 100 square km per cateo totalling 300 square kilometres or a total of 30,000 hectares. Two areas of the combined cateos are of particular interest. The first area covers the Platino Porphyry central system and is 10 km by 10 km or 100 square km (10,000 hectares). The second area covers the zone of potential distal gold mineralization and is 200 square km (20,000 hectares) in size.

Field crews are expected to be mobilized shortly. High resolution imagery and a field program of geological, alteration and leached capping mapping is expected to lead to the identification of drill targets quickly.



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.



CONTACT: TEL: (604) 541-9810 First Majestic Resource Corp.

FAX: (604) 541-9820

Web site: www.firstmajestic.com

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