07:12 AM EDT, 03/29/2018 (MT Newswires) -- FIRST MAJESTIC SILVER CORP. (FR.TO, AG) reported Thursdayits 2017 Mineral Reserve and Resource estimates for its existing mineral property assets in Mexico with an effective date of December 31, 2017 and with an exploration cut-off date of October 31, 2017.

Among 2017 highlights: Proven and Probable Reserves increased 11%, or 11.8 million ounces, to 120.2 million silver equivalent ounces; Measured and Indicated Resources increased 9%, or 10.8 million ounces, to 137.1 million silver equivalent ounces; Inferred Resources increased 22%, or 41.0 million ounces, to 226.8 million silver equivalent ounces.

"First Majestic embarked on its most aggressive exploration program in 2017 by completing 156,540 metres of diamond drilling across its Mexican assets which I'm pleased to see a healthy 11% increase in the global reserve base as well as a number of significant new discoveries at La Parrilla and Santa Elena," said Keith Neumeyer, President and CEO.

"Total reserve grades also improved at each of the operating mines with the exception of La Encantada which remained unchanged compared to 2016. These 2017 estimates did not capture the full year's worth of drilling due to time delays for assay reporting and block modelling, however, it's very encouraging to see that the renewed investment in exploration are showing positive results on our reserves and resources. Our aggressive exploration program is continuing into 2018 with 183,000 metres of diamond drilling planned across our core assets in Mexico. A major focus of the 2018 program will be to continue expanding known resources at the Cerro de Santiago discovery in La Parrilla and the Ermitano West project in Santa Elena in order to further increase the mine life at each of these assets."

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