June 6, 2002

News Release: Gold Exploration Commences

First Majestic Resource Corp. ("Company") is pleased to announce the
commencement of the Phase 1 exploration program on the Wekusko Gold Properties ("Wekusko") and the Ferro Gold Mine ("Ferro") located in the Snow Lake region of Manitoba, Canada. Snow Lake is home to the New Britannia Gold Mine currently in production and is owned by TVX Gold Inc. (TVX-TSE), TVX Newmont and High River Gold Mines. The Wekusko covers an area of more than 7774 ha (19,209 acres). The Ferro is within the contiguous property claim boundaries of the Wekusko Gold Properties. Aerial photography of the entire property has been completed by TheOrthoshop of Calgary Alberta. The aerial photographs included 1:20,000 photos and 1:5,000 digital topographic mapping. This will enable an accurate compilation of the considerable data base for the area as well as assist in laying out precise field location for grids. Compilation of the orthganal air photos is expected to be completed in the next few weeks.

The revamping (recutting, chaining, picketing every 50 metres and relabeling) of the 1988 grids is presently underway. This work, including the orthogonal air photos, is being completed in anticipation of the commencement of field crew mobilization and biogeochem sampling in mid-June.

Arc Metals Limited of Flin Flon Manitoba has been engaged by the Company to compile computer data on geological and geophysical work and Activation Laboratories Ltd. of Ancaster Ontario has been engaged to analyse biogeochemical samples.

The Ferro Gold Mine

Located within the Wekusko boundaries, the developed Ferro contains a diluted resource of 87,741 tons of 0.422 oz. Au/ton. A prefeasibility study was conducted by Ash & Associates Consulting Ltd of Vancouver B.C. in 1992. The Ferro contains over 5,000 feet of underground workings constructed in the 1940's. Work on the project stopped in 1948 when an electrical failure caused the mine to be flooded and a pending financing was withdrawn.

Also within the Wekusko boundaries are at least two other deposits; the Gold Dust zone, which has a recognized drill indicated gold resource, and the McCafferty vein. The Gold Dust is a similar, near surface resource located 300 metres SE of the Ferro and was discovered in 1989 predominantly by geologic prospecting and geophysical surveying. The McCafferty, discovered in the 1930's, is a gold bearing quartz vein traced on surface for 1600 feet, which had limited drilling and indication of visible gold continuing to a depth of 600 feet. A similar vein, the Rex-Laguna Mine which adjoins the Wekusko claim block, located 6 km along strike to the SW, produced 58,962 oz. of Au at an average recovered grade of 0.51 oz. Au/ton in the 1930's. A number of other gold showings in the area also yielded minor past production.

The deposits within the Wekusko claim block remains open. The Company feels there is good potential to increase the resource size of these deposits.

The Wekusko Gold Properties

The Wekusko Gold Properties, SE of the mining community of Snow Lake are host to two distinct styles of faulting which are associated with gold deposits in the area.

The first fault is a major crustal break identified as the Crowduck Bay Fault, which, passes through the Wekusko area and has a known strike length of over 100 km. Regional scale structures such as the Crowduck Bay fault are associated with many gold deposits and mining camps, throughout the world. Also associated with this fault system are localized Nickel occurrences, Lithium deposits and the only reported Kimberlite in the Province of Manitoba, located at the south end of Wekusko Lake. These localized mineral occurrences further support the interpretation that the Crowduck Bay fault is a major, deep crustal structure.

The second style of faulting which occurs on the Wekusko property is a thrust fault, which is similar to the McLeod Road structure that hosts the New Britannia gold deposit. This second style of faulting, associated with the Britannia deposit, indicates the potential for similar deposits at Wekusko.

An independent study undertaken by Manitoba Ministry of Energy and Mines, Exploration Geochemistry Mineral Deposits Geologist, Dr. Mark Fedikow, has demonstrated the potential of geochemical surveying in the detection of hidden mineralization on the property. Much of the mineralization in the area is found in recessive weathering shear zones, with little or no outcrop visible, which greatly restricted historic exploration activity. The application of a proven geochemical survey method gives the Company an unprecedented advantage in exploring gold mineralization within the property.

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.

The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction

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