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First Majestic Silver ups La Encantada's proven, probable reserves by 9%

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First Majestic Silver ups La Encantada's proven, probable reserves by 9%

First MajesticSilver Corp. said March 28 that proven and probable reserves at itsLa Encantada silvermine in Mexico increased to 6.7 million tonnes at 143 g/t of silver for 30.6 millionounces of contained silver — an increase of 9%, on a contained ounces basis, comparedto a previous estimate made in 2008.

The increase was due primarily to the upgrading of tailings toreserves, offset by annual depletion and a lower silver price assumption of US$17.50per ounce, which was lower than the US$20.00 per ounce assumption used in the lasttechnical report.

Measured and indicated resources stood at 6.1 million tonnesat 160 g/t of silver for 31.4 million ounces of contained silver, a fall of 15%.Inferred resources were updated to 905,000 tonnes at 246 g/t for 7.2 million ounces,down 23%.