Just an FYI-on FIRST MAJESTIC'S recent earnings release, and noted grade reduction:


 Combined Silver Grades (g/t)




Keith Neumeyer, CEO and President of First Majestic, states, "I would like to congratulate the entire First Majestic team for their efforts at reaching the milestone of producing over 2 million ounces of pure silver for the first time in the Company's history in a single quarter.

Congrats to AG.

By comparison, our share of the JV-would be approx 7-million ozs per year; grade in the AMC-study was 702-G/T Indicated / 513-Inferred, at a (- $0.03-cents), cash cost at the three year trailing avg silver price of $23+.. Using $32.50-spot silver, cash cost goes to a negative (- $1.07).

FIRST MAJESTIC cash cost: $8.83 (3-producing mine average in pesentation).

With all mining costs on the rise, specially diesel, our high-grade JV-deserves a premium valuation.

Early CINCO silver grade 132-G/T. Give Megaw a little more time onc he has the seismic data.