-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UvwyTRqmvHPIfUPtZUvsv89hkWmd78tP+JuevOhIZ8fPqH/Ft0/S1OR3UG03udQS
 ldlAAOMFD4UAi2MD63RFLg==

<SEC-DOCUMENT>0000912282-09-001415.txt : 20090925
<SEC-HEADER>0000912282-09-001415.hdr.sgml : 20090925
<ACCEPTANCE-DATETIME>20090925165239
ACCESSION NUMBER:		0000912282-09-001415
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090925
DATE AS OF CHANGE:		20090925
EFFECTIVENESS DATE:		20090925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-103739
		FILM NUMBER:		091088097

	BUSINESS ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2
		BUSINESS PHONE:		604-688-3033

	MAIL ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MAJESTIC RESOURCE CORP
		DATE OF NAME CHANGE:	20041115
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001308648</cik>
        <entityName>FIRST MAJESTIC SILVER CORP</entityName>
        <issuerAddress>
            <street1>925 WEST GEORGIA STREET</street1>
            <street2>SUITE 1805</street2>
            <city>VANCOUVER</city>
            <stateOrCountry>A1</stateOrCountry>
            <zipCode>V6C 3L2</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>604-688-3033</issuerPhoneNumber>
        <issuerPreviousNameList>
            <previousName>First Majestic Resource Corp.</previousName>
        </issuerPreviousNameList>
        <jurisdictionOfInc>BRITISH COLUMBIA, CANADA</jurisdictionOfInc>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Keith</firstName>
                <middleName></middleName>
                <lastName>Neumeyer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ramon</firstName>
                <middleName></middleName>
                <lastName>Davila</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>C. Fanny Anitua, Suite 2700</street1>
                <street2>Col. Los Angeles</street2>
                <city>Durango</city>
                <stateOrCountry>O5</stateOrCountry>
                <zipCode>CP34076</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Raymond</firstName>
                <middleName></middleName>
                <lastName>Polman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName></middleName>
                <lastName>McCallum</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Connie</firstName>
                <middleName></middleName>
                <lastName>Lillico</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Douglas</firstName>
                <middleName></middleName>
                <lastName>Penrose</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>A.</middleName>
                <lastName>Shaw</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Tony</firstName>
                <middleName></middleName>
                <lastName>Pezzotti</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName></middleName>
                <lastName>Young</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>925 West Georgia Street</street1>
                <street2>Suite 1805</street2>
                <city>Vancouver</city>
                <stateOrCountry>A1</stateOrCountry>
                <zipCode>V6C 3L2</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Other</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Over $100,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000912282-09-000426</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-08-20</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Units = 1 common + 1/2 warrant; 1 wrt exercisable @ Cdn$3.30 for 2 yrs</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>366397</totalOfferingAmount>
            <totalAmountSold>213345</totalAmountSold>
            <totalRemaining>153052</totalRemaining>
            <clarificationOfResponse>(c) represents maximum potential exercise price of warrants issued to U.S. investor</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>FIRST MAJESTIC SILVER CORP</issuerName>
                <signatureName>/s/ Keith Neumeyer</signatureName>
                <nameOfSigner>Keith Neumeyer</nameOfSigner>
                <signatureTitle>President and Chief Executive Officer</signatureTitle>
                <signatureDate>2009-09-25</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----