First Majestic Silver Corporation (NYSE: AG) announced today that its board of directors has approved a share repurchase program pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange or alternative Canadian market places over the next 12 months. Pursuant to the Share Repurchase, the Company proposes to repurchase up to 5,848,847 common shares of the Company which is the maximum number of shares permitted to be purchased under the TSX rules and represents 5% of the 116,976,940 issued and outstanding shares of the Company as of March 1, 2013.