First Majestic Silver reports 2nd quarter financial results

First Majestic Silver Corp. reports its unaudited financial results for second quarter ending June 30, 2008.

Management is pleased by the many improvements in costs which can be seen in the second quarter, however, further improvements in profitability can be made and are expected going forward as smelting costs are reduced and expenses come down. It’s important to note that one of the primary drivers of costs savings is the use of new equipment. The Company is now in the third year of a major fleet expansion and replacement program with Sandvik. In order to increase mining efficiencies and tonnages, 21 pieces of underground equipment were ordered for 2008.

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