VANCOUVER, British
Columbia, March 10, 2014 – First Majestic Silver Corp. (“First
Majestic” or the “Company”) announced today that its board of
directors has approved the extension of its share repurchase program (the
“Share Repurchase”) pursuant to a normal course issuer bid in the
open market through the facilities of the Toronto Stock Exchange
(“TSX”) or alternative Canadian market places over the next 12
months. Pursuant to the Share Repurchase, the Company proposes to repurchase up
to 5,865,931 common shares of the Company which represents 5% of the
117,318,624 issued and outstanding shares of the Company as of March 4, 2014.

In order to implement
the Share Repurchase, First Majestic has received TSX approval of its notice of
intention to make a normal course issuer bid. The notice provides that First
Majestic may, during the 12 month period commencing on March 13, 2014 and ending
on or before March 12, 2015, purchase up to 5,865,931 common shares through the
facilities of the TSX and alternative Canadian marketplaces.

In accordance with TSX
rules, daily purchases made by First Majestic on the TSX will not exceed
116,903 common shares, or 25% of First Majestic’s average daily trading volume
of 467,612 common shares on the TSX for the six calendar months preceding the
date of the acceptance of the original notice, subject to certain prescribed
exemptions.

The Company
repurchased a total of 215,000 shares for cancellation under its prior normal
course issuer bid which commenced on March 13, 2013 and expires on March 12,
2014, at a volume weighted average price of $11.385 per common share. All
repurchases were made by means of open-market transactions through the
facilities of the TSX.

First Majestic will
make no purchases of common shares other than open-market purchases. The price
that the Company will pay for any common shares will be the prevailing market
price of such shares at the time of acquisition. All common shares purchased
pursuant to the Share Repurchase will be cancelled.

First Majestic is
adopting the Share Repurchase because it believes that its common shares have
been trading in a price range which does not adequately reflect the value of
such securities in relation to the Company’s business and its future prospects.
Accordingly, the purchase of First Majestic’s common shares will increase the
proportionate interest of, and be advantageous to, all remaining shareholders
of First Majestic.

First Majestic is a
mining company focused on silver production in México and is aggressively
pursuing the development of its existing mineral property assets and the
pursuit through acquisition of additional mineral assets which contribute to
the Company achieving its corporate growth objectives.

FOR FURTHER
INFORMATION contact [email protected], visit our website at
www.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER
CORP.

“signed”

Keith Neumeyer,
President & CEO

SPECIAL NOTE REGARDING
FORWARD‐LOOKING INFORMATION

This news release
includes certain “Forward‐Looking Statements” of
“forward looking information” within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws, respectively. When used in this news release, the words
“anticipate”, “believe”, “estimate”,
“expect”, “target”, “plan”, “forecast”,
“may”, “schedule” and similar words or expressions, identify
forward‐looking statements or information. These
forward‐looking statements or information relate to, among other
things the adoption and purchase of shares under the Company’s normal course
issuer bid.

These statements
reflect the Company’s current views with respect to future events and are
necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed or implied by
such forward‐looking statements or information and the Company has
made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in the market price of
the Company’s shares; fluctuations in the currency markets (such as the
Canadian dollar and Mexican peso versus the U.S. dollar); and the Company’s
cash flow and availability of alternate sources of capital; and the factors
identified under the caption “Risk Factors” in the Company’s Annual
Information Form, under the caption “Risks Relating to First Majestic’s
Business”.

Investors are
cautioned against attributing undue certainty to forward‐looking
statements or information. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be anticipated, estimated or
intended. The Company does not intend, and does not assume any obligation, to
update these forward‐looking statements or information to reflect
changes in assumptions or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable
law.