Appeal against First Majestic Silver dismissed

[News Release from Oct. 24, 2013] FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the “Company” or “First Majestic”) is pleased to announce that further to its news release on September 30, 2013, the Court of Appeal has dismissed the appeal of Hector Davila Santos (“Hector Davila”) and Minerales y Minas Mexicanas, S.A. de C.V. (“MMM”).

As previously announced, on April 24, 2013 the Supreme Court of British Columbia awarded judgment of US$93.84 million in favour of First Majestic in the litigation against Hector Davila and MMM. This judgment was subsequently appealed by Hector Davila and MMM. On June 27, 2013, the Court of Appeal for British Columbia ordered Hector Davila and MMM to post security for the unpaid trial judgment in the amount of US$79 million, (being the approximate difference between the judgment amount of US$93.84 million, less the funds of CDN$14.85 million previously received by First Majestic) or in the alternative to post a letter of credit in that amount within 90 days of the order, with liberty to apply for further directions on the form of security, if necessary. As Hector Davila and MMM did not post security or provide a letter of credit, the Company applied for an order dismissing their appeal. On October 23, 2013, the Company received the Court of Appeal’s Reasons for Judgment dismissing their appeal (“the Dismissal Order”). Hector Davila and MMM have seven days from the date of the Dismissal Order in which to initiate an application to vary or discharge the Dismissal Order.