Silvermex Resources (SLX.TO)

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Fri, Jan 27, 2012 - 10:15pm
infinite_easing
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Silvermex is definitely not a

Silvermex is definitely not a dog. It has been trending upward for the last 5 weeks, though admittedly progress has been very slow. I have held this one mostly because I do think that once Bernanke's 3rd print-party is in full swing, these little plays will do well. At 46 cents, its a steal.

Wed, Feb 15, 2012 - 11:24am
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  February 15, 2012Silvermex

February 15, 2012 Silvermex Resources Delivers Production Growth In Fourth Quarter 2011

Vancouver, BC, Canada - February 15, 2012 - Silvermex Resources Inc. ("Silvermex") (TSX: SLX) reports fourth quarter production results from its La Guitarra mine, located in the Temascaltepec mining district in the State of Mexico. Silver production increased from the previous quarter to 134,106 ounces and gold production to 1,010 ounces.

Fourth Quarter Highlights:
  • Silver production up 94% from Q4 2010.
  • Gold production up 101% from Q4 2010.
  • The mine processed 23,810 tonnes of ore averaging 331 tonnes per day ("tpd"), above the average daily rate of 320 tpd.
  • Recoveries to concentrate averaged 89% in silver and 78.4% in gold.
As a result of the extensive revitalization programs completed throughout 2011, production rates increased steadily, exceeding internal targets and surpassing historic rates in the fourth quarter of the year. Of note, the month of November saw total tonnes of ore processed exceed historic records dating back to the year 2000, when the La Guitarra mine was operated by Luismin S.A. de C.V.

Head grades and metallurgical recoveries were lower in the fourth quarter due to milling of lower grade ore from development in the northwest zone and from milling of low grade material from surface mining in years past. The space occupied by the low grade material was needed for expansion of surface facilities and therefore processed during the quarter.

Duane Nelson, CEO of Silvermex commented, "We are very pleased with the progress we have made in 2011. We continue to advance the La Guitarra mine on schedule and on budget. The mill performed above its designed capacity exceeding our expectations. We are also very pleased with the performance of the mine and mill staff throughout the year. Our current development programs are now advancing in ore, increasing our reserve base and life of mine for 2012 and beyond."

Capital cost information for the quarter will be provided in conjunction with the year-end financial results to be released in late March. Silvermex is currently working on finalizing development and exploration plans for 2012. These will be announced in the coming weeks along with exploration results from La Guitarra and production guidance for the year.

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

"Duane Nelson"
Thu, Mar 1, 2012 - 1:25pm
Einherjar
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  March 01, 2012Silvermex

March 01, 2012 Silvermex Aims To Deliver Resource And Production Growth In 2012

Vancouver, BC, Canada - March 1, 2012 - Silvermex Resources Inc. ("Silvermex") (TSX: SLX) is focused on delivering growth through expansion of resources and production in 2012. Building on 2011, which was a transitional year for Silvermex, the Company's efforts will be centered on upgrading and expanding resources to deliver sustainable production from the La Guitarra Mine, as well as delineating future production centers within the Temascaltepec Mining District for near-term production expansion. Over the course of 2011, Silvermex's focus was on rebuilding, upgrading and redeveloping the La Guitarra Mine. The Company's primary goal of reaching mill designedproduction capacity and achieving positive cash flow from operations was accomplished ahead of schedule and under budget.

At La Guitarra, approximately 7,500m of surface drilling and 7,500m of underground exploration drilling was completed in 2011. Results have continued to extend the main vein structure of La Guitarra as well as show the existence of numerous parallel structures. Drilling to date has demonstrated that there is good continuity to the mineralized zone both along strike and down dip with grades and widths comparable to that currently being mined.Mineralization remains open along strike and at depth. A proposed 35,000 m drill program is expected over the course of 2012, which will include 16,500 m on surface and 20,000 m underground, totaling $7.6 million, with the objective of further delineating areas for mine planning and exploitation. The property hosts numerous, potential production centers with reported resources, all within close proximity to the current mill location.

The Company made significantimprovements at La Guitarra last year, which have resulted in increasedoperationalefficiency. Extensive investments in upgrading and expanding drilling, transportation and safety equipment were made in order to support higher production rates than what the mine had delivered in previous years.During this extensive mine redevelopment, the Company processed 81,153 tonnes of material and recovered 437,953 ounces of silverand 4,293 ounces of gold.

Additionally, since the beginning of the year, the design for expansion and stabilization of the existing tailings facility to international standards has been in progress. Detailed designs for expansion of the tailings pond were completed by Tetra Tech Inc. and construction is expected to begin in the second quarter of 2012 once approval is received from the Mexican Ministry of Environment and Natural Resources ("SEMARNAT").Expected cost for the expansion is $2.5 million.

The Company also implemented extensive safety and environmental initiatives in 2011. These initiatives included: comprehensive, in-depth training, which has led to improved performance from mine site staff, the purchase and installation of additional emergency and rescue equipment, and the installment of apilot water treatment facility to improve mine discharge water quality. Successes with the pilot facility have improved discharge water quality and provided the design criteria for afacility that will economically and effectively treat water over the long term.

At Silvermex's other properties, a total budget of $1.6 million has been approved to advance the Plomosas and Peñasco Quemado projects. At Plomosas a 1,800 m core drill program is expected in 13 holes, with a total budget of $870,000. Drilling will aim to prove the down dip extension of the mineralized structure that has been mined historically. A second phase of drilling is expected dependent on Phase 1 drill results.

Metallurgical testingat Peñasco Quemado, which is currently underway, will help determine the viability of the project for future production. A scoping study is expected later in 2012, dependent on positive metallurgical results.

Silvermex starts 2012 in a strong financial position with cash of $18 million,positive working capitaland no debt. The Company's primary objective for 2012 will be to expand existing resources and reserves while controlling costs and working towards creating positive cash flow from operations over the course of the year. In addition, Silvermex will also continue drilling the Coloso structures in the Temascaltepec disitrict with the focus on outlining a comprehensive plan for near-term production expansion in this area.

Silvermex is also committed to meeting and continually improving environmental standards and community initiatives at La Guitarra. The Company continues to have positive and proactive relations with the surrounding communities. As part of the Company's ongoing mandate as a responsible corporate citizen at La Guitarra, community relations personnel initiate and maintain regular interaction with the surrounding local communities.

In 2012, management will continue to leverage its exploration, development and operating expertise to assess additional opportunities that could deliver value to Silvermex shareholders. "We expect 2012 will be another successful year for Silvermex and our shareholders, as we strengthen our core operations and set the stage for near term silver and gold production increases", stated Duane Nelson, CEO of Silvermex.

In the months ahead, the Company will report on the results of outlined programs and initiatives. The Board of Directors and Management are confident that these results will benefit shareholder value and build ongoing confidence in Silvermex as a responsible, successful, growth-oriented silver mining company.


Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs throughout the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

"Duane Nelson"
Thu, Mar 1, 2012 - 3:24pm
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I've been holding Silvermex

I've been holding Silvermex for awhile now, looks like things could move up this year. Hope so.

Thu, Mar 1, 2012 - 4:55pm Silver Spurs
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I have a feeling

I have a feeling that options/warrants are holding the share price at the moment and we also need a confirmation of the 180 million oz as a resource. The management are still evaluating data from previous management. Once these 2 are resolved there will be a serious rerating.

Tue, Mar 13, 2012 - 9:45pm
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Silvermex GGCRF trading stopped for 6 weeks or more?

Silvermex Reports on OTC Link Trading Status

Vancouver, BC, Canada - March 13, 2012 - Silvermex Resources Inc. ("Silvermex") (TSX: SLX) reports that, on March 13, 2012, with the consent of Silvermex, the Securities and Exchange Commission ("SEC") issued an order revoking the registration of Silvermex's common shares (traded on the over-the-counter market in the United States under the symbol "GGCRF") under section 12(g) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act").

Silvermex consented to this administrative procedure as an amenable solution to address the filing delinquencies of its predecessor company, Genco Resources Ltd. ("Genco"), under the Exchange Act. As a result, broker-dealers in the United States are currently unable to effect transactions in the United States markets under the trading symbol GGCRF. Silvermex's common shares continue to trade publicly on the TSX under the symbol SLX.

Silvermex, which had previously filed an annual report on Form 40-F with the SEC in December 2011, is currently preparing a registration statement on Form 40-F and is expecting to file the new registration statement within 14 days. The registration statement is anticipated to become effective 60 days after its filing. For more information, the SEC order can be accessed via the following link: https://www.sec.gov/litigation/admin/2012/34-66578.pdf.

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs throughout the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

"Duane Nelson"

Duane Nelson
CEO & Director

For more information please visit the Company's website at www.silvermexresources.com or contact Fiona Grant, Manager, Investor Relations at 604-682-4004.

Tue, Mar 13, 2012 - 11:37pm FleetFeet
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So what happens to my shares?

So what happens to my shares?

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Wed, Mar 14, 2012 - 7:29am TheGoodDoctor
bobby
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well, what is this?

TheGoodDoctor wrote:

So what happens to my shares?

maybe, money heaven?

or, maybe, purgatory where they suffer, only to return after being rendered righteous by the regulator's ceremonial bris

Wed, Mar 14, 2012 - 8:19am bobby
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Silvermex

Silvermex's OTC registration temporarily cancelled

2012-03-13 18:53 ET - News Release

Mr. Duane Nelson reports

SILVERMEX REPORTS ON OTC LINK TRADING STATUS

On March 13, 2012, with the consent of Silvermex Resources Inc., the Securities and Exchange Commission issued an order revoking the registration of Silvermex's common shares (traded on the over-the-counter market in the United States under the symbol GGCRF) under Section 12 (j) of the U.S. Securities Exchange Act of 1934, as amended.

Silvermex consented to this administrative procedure as an amenable solution to address the filing delinquencies of its predecessor company, Genco Resources Ltd., under the exchange act. As a result, broker dealers in the United States are currently unable to effect transactions in the United States markets under the trading symbol GGCRF. Silvermex's common shares continue to trade publicly on the Toronto Stock Exchange under the symbol SLX.

Silvermex, which had previously filed an annual report on Form 40-F with the SEC in December, 2011, is currently preparing a registration statement on Form 40-F and is expecting to file the new registration statement within 14 days. The registration statement is anticipated to become effective 60 days after its filing.

We seek Safe Harbor.

Wed, Mar 14, 2012 - 3:44pm
Einherjar
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Underground Drilling

Underground Drilling Continues to Extend Mineralization at Silvermex's La Guitarra Mine

VANCOUVER, BRITISH COLUMBIA, Mar 14, 2012 (MARKETWIRE via COMTEX) -- Silvermex Resources Inc. ("Silvermex") CA:SLX 0.00% announces underground drill results from its La Guitarra mine, located in the Temascaltepec Mining District in the State of Mexico. A total of 91 underground drill holes have been completed for a total of 7,636 m. This drilling completes the 7,500 m drill program proposed in 2011, which was designed to test the continuity of various structures underground throughout the La Guitarra Mine. Drilling is ongoing by two contractor rigs and two rigs owned by the mine.

Recent drilling continues to extend the limits of gold and silver mineralization in existing stopes and ore chutes, which will be mined in the immediate future. "As was reported in a news release on November 3, 2011, our underground program has been very successful in identifying the largest ore chute to date in the La Guitarra mine," commented Michael Callahan, Silvermex's President. "Our most recent drilling continues to extend this zone both laterally and vertically. This program has been very successful in extending the life of the La Guitarra mine and we will continue with an aggressive drill campaign into 2012."

The La Guitarra mine is divided into three sectors: the Northwest Zone, the Central Zone and the Southeast Zone. Drilling in the Northwest Zone is focused on delineation of mineralized shoots for future production, in up to four distinct ore shoots within the broad La Guitarra vein. Delineation drilling in the Northwest zone has identified mineralized structures within the broader La Guitarra vein structure, which will aid in guiding future mine development. The presence of high grade gold and silver mineralization in parallel structures to the La Guitarra Vein is highly encouraging as such zones have been very productive in the past. Follow-up drilling will investigate the full potential of these structures.

In the Southeast Zone, a total of 57 holes have been completed. Drilling has focused on extending the Southeast Zone down dip and defining the strike length and plunge of the ore shoot. Highlights of the results include hole LGS-10, which intercepted 2.0 m of 509.1 g/t Ag and 1.71 g/t Au, hole LGS-13, which intercepted 0.9 m of 586.3 g/t Ag and 0.14 g/t Au, hole LGS-16, which intercepted 1.1 m of 476.1 g/t Ag and 2.32 g/t Au, LGS-17 which intercepted 2.1 m of 406.2 g/t Ag and 1.09 g/t Au, and hole LGS-44, which intercepted 0.15 m of 1,154 g/t Ag and 8.9 g/t Au. All widths are true widths. As shown in the table below, widths and grades for the LGS series of holes in the Southeast zone are consistent.

Assays for 29 of the 91 holes are reported in the table below. Previous results were reported on September 28, 2011 and November 3, 2011 and can be viewed on the Company website www.silvermexresources.com . All significant drill intercepts (defined as any mineralization grading a minimum of 150 g/t Ag equivalent using factor of 1 gram Au = 56 gram Ag) are presented in the following table:

------------------------------------------------------------------- True Ag From To Width Width Au Ag Eq Hole No (m) (m) (m) (m) (g/t) (g/t) (g/t) ------------------------------------------------------------------- Northwest Zone ------------------------------------------------------------------- GMU-09 37.90 38.60 0.70 0.60 3.700 60.00 267.20 ------------------------------------------------------------------- GMU-110 29.00 30.00 1.00 0.85 4.300 115.00 355.80 ------------------------------------------------------------------- GMU-112 2.35 3.60 1.25 1.20 0.700 169.00 208.20 ------------------------------------------------------------------- GMU-113 10.80 12.20 1.40 1.20 0.250 156.00 170.00 ------------------------------------------------------------------- GMU-115 13.50 14.15 0.65 0.60 1.292 161.62 233.98 ------------------------------------------------------------------- Southeast Zone ------------------------------------------------------------------- LGS-09 48.60 49.20 0.60 0.50 0.393 127.60 149.61 ----------------------------------------------------------- 57.10 57.80 0.70 0.06 0.764 254.50 297.28 ----------------------------------------------------------- 69.00 70.90 1.90 1.60 1.973 88.93 199.43 ------------------------------------------------------------------- LGS-10 31.50 31.75 0.25 0.20 0.569 128.60 160.46 ----------------------------------------------------------- 63.85 64.70 0.85 0.75 0.441 124.80 149.50 ----------------------------------------------------------- 66.50 68.90 2.40 2.00 1.712 509.14 605.02 ------------------------------------------------------------------- LGS-11 29.00 29.25 0.25 0.20 2.298 475.70 604.39 ----------------------------------------------------------- 66.20 66.70 0.50 0.40 0.455 139.60 165.08 ------------------------------------------------------------------- LGS-13 105.40 106.60 1.20 0.90 0.138 586.25 593.98 ----------------------------------------------------------- 115.20 115.95 0.75 0.60 0.621 122.68 157.43 ------------------------------------------------------------------- LGS-14 117.50 118.15 0.65 0.50 0.154 330.02 338.64 ------------------------------------------------------------------- LGS-15 154.60 157.40 2.80 1.65 1.398 175.56 253.88 ----------------------------------------------------------- 159.60 161.80 2.20 1.30 1.380 118.89 196.14 ------------------------------------------------------------------- LGS-16 187.00 188.60 1.60 1.10 2.315 476.10 605.77 ------------------------------------------------------------------- LGS-17 154.60 157.90 3.30 2.10 1.092 406.15 467.29 ------------------------------------------------------------------- LGS-18 8 8.3 0.30 0.30 0.307 166.10 183.29 ----------------------------------------------------------- 60.45 60.55 0.10 0.10 1.423 112.60 192.29 ----------------------------------------------------------- 65.35 65.45 0.10 0.10 5.265 91.70 386.54 ------------------------------------------------------------------- LGS-19 55.50 58.45 2.95 1.97 0.587 198.48 231.37 ----------------------------------------------------------- 60.15 62.30 2.15 1.44 0.734 131.14 172.25 ------------------------------------------------------------------- LGS-20 60.95 61.30 0.35 0.27 0.284 140.00 155.90 ------------------------------------------------------------------- LGS-25 118.00 120.85 2.85 2.20 4.941 166.09 442.81 ----------------------------------------------------------- 132.20 132.50 0.30 0.15 0.490 322.60 350.04 ------------------------------------------------------------------- LGS-26 133.95 134.80 0.85 0.65 0.354 631.20 651.02 ------------------------------------------------------------------- LGS-30 78.70 79.00 0.30 0.20 0.062 289.30 292.77 ------------------------------------------------------------------- LGS-31 75.65 78.35 2.70 2.20 0.317 239.79 257.56 ----------------------------------------------------------- 108.00 108.35 0.35 0.20 0.611 165.40 199.62 ------------------------------------------------------------------- LGS-38 62.50 63.15 0.65 0.50 0.552 413.10 444.01 ------------------------------------------------------------------- LGS-39 48.00 48.85 0.85 0.70 0.261 147.20 161.82 ----------------------------------------------------------- 55.05 55.25 0.20 0.15 0.462 303.40 329.27 ----------------------------------------------------------- 64.70 66.75 2.05 1.80 0.252 176.10 190.21 ------------------------------------------------------------------- LGS-40 55.15 55.35 0.20 0.15 0.179 176.50 186.52 ------------------------------------------------------------------- LGS-44 59.20 59.40 0.20 0.15 8.899 1,154.50 1,652.84 ------------------------------------------------------------------- LGS-45 28.90 29.30 0.40 0.30 0.708 135.80 175.45 ------------------------------------------------------------------- LGS-46 37.20 38.15 0.95 0.80 0.112 203.10 209.37 ------------------------------------------------------------------- LGS-47 34.20 36.35 2.15 1.80 0.234 179.24 192.32 ------------------------------------------------------------------- Ag Eq = Ag Assay + 56 X Au Assay -------------------------------------------------------------------

Sampling of the drill core was overseen by a Minera La Guitarra geologist who marked off the drill core at appropriate intervals based upon the geology and mineralization present. Sample intervals normally vary from 0.2 - 1.0 m in length. No sample exceeded 1.5 m in overall length. All core samples were sent to Inspectorate Labs sample preparation in Durango, Mexico. Assays for gold were done by 1 Assay Tonne Fire Assay AA Finish and 4 Acid ICP-AES for silver and other elements. Gold assays that exceed 5 g/t by AA are redone using a gravimetric finish. Silver assays in excess of 100 g/t are redone using Fire Assay Gravimetric. Four acid ICP analyses were conducted at the main laboratory of Inspectorate in Reno, Nevada, USA. The GMU series of drill holes were assayed at La Guitarra's own laboratory (Fire Assay Gravimetric Finish) with check assaying of pulps from intercepts with significant intercepts completed by Inspectorate. Certified standards, blanks, and duplicate samples were inserted in every batch of 20 samples sent to all laboratories.

Pursuant to National Instrument 43-101, Douglas Blanchflower, P. Geo., Geological Consultant to Silvermex, is the Qualified Person ('QP') responsible for the disclosure in this news release.

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

Duane Nelson, CEO & Director

Wed, Mar 14, 2012 - 6:35pm steepdrop
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In other words hang tight

In other words hang tight they will be listed in the US again in about a couple of months after the new registration statement?

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Wed, Mar 14, 2012 - 9:48pm
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Latest SLX presentation

Tue, Mar 27, 2012 - 2:13pm
Einherjar
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Surface Drilling Continues to Intersect High-Grade

Surface Drilling Continues to Intersect High-Grade Mineralization at Silvermex's La Guitarra Project

VANCOUVER, BRITISH COLUMBIA, Mar 26, 2012 (MARKETWIRE via COMTEX) -- Silvermex Resources Inc. ("Silvermex") CA:SLX +2.33% announces surface drill results from its producing La Guitarra property, located in the Temascaltepec Mining District, in the State of Mexico. To the end of January 2012, 59 holes had been completed totaling 7,633 m in 2011 and 2,290 m in January 2012 for a total of 9,923 m of the originally programmed 7,500 m surface diamond drilling program announced in September 2011. Assay results have been received for 40 of those completed holes, eight of which were announced in November 2011. Thirty-two additional holes are presented below in Table B.

Drilling was completed in the Coloso area, located to northwest of the producing La Guitarra mine. Highlights of the drill results include:

Table A. Drilling Highlights --------------------------------------------------------------------------- True Drill From To Interval Width Au Ag AgEQ Hole No. (m) (m) (m) (m) (g/t) (g/t) (g/t) --------------------------------------------------------------------------- CO-20 70.50 72.76 2.26 1.92 6.967 434.37 824.51 --------------------------------------------------------------------------- including 70.50 71.35 0.85 0.68 9.931 541.00 1097.08 --------------------------------------------------------------------------- CO-28 75.95 78.91 2.96 2.82 6.771 428.19 807.38 --------------------------------------------------------------------------- including 76.95 77.95 1.00 0.90 12.100 744.00 1421.60 --------------------------------------------------------------------------- CO-43 138.50 142.35 3.85 2.57 0.735 590.62 631.77 --------------------------------------------------------------------------- including 141.10 142.10 1.00 0.71 1.530 1855.00 1940.68 --------------------------------------------------------------------------- CO-46 63.56 65.50 1.94 0.85 0.669 266.55 304.00 --------------------------------------------------------------------------- CO-46 63.56 64.50 0.94 0.41 1.040 415.00 473.24 --------------------------------------------------------------------------- CO-39 98.50 99.10 0.60 0.46 0.530 894.00 923.68 --------------------------------------------------------------------------- (i) AgEQ - silver equivalent based on trailing $1,456/oz Au and $26/oz Ag (56:1 ratio)

The Coloso area consists of three main areas of interest. The first area of interest is located at the southeast end of the Coloso area and represents three structures: the Jessica Vein, Jessica Hanging Wall ("HW") Vein and the Joya Larga Vein. A total of 37 drill holes were completed in 2011 in this area. The results of 14 drill holes not previously reported are listed in Table A. The remaining holes are awaiting results from the laboratory. The Jessica structures and the Joya Larga structures are parallel in strike, approximately 50 m apart on surface, and dip in opposite directions. The Jessica and Joya Larga structures are projected to intersect at approximately 250 to 300 m below surface. Drilling has identified approximately 400 m of strike length of significant mineralization on the Main Jessica Vein, 250 m on the Jessica HW Vein and 300 m on the Joya Larga Vein. Undiluted width of the Main Jessica Vein is approximately 1.3 m. The Jessica HW Vein has an average width of approximately 1.0 m, while Joya Larga is narrower at approximately 0.7 m of mineralized structure. The Jessica Main Vein is still open to the southeast and at depth.

Table B: Temascaltepec Surface Drill Results --------------------------------------------------------------------------- True Drill From To Interval Width Au Ag AgEQ Hole No. (m) (m) Length(m) (m) (g/t) (g/t) (g/t) --------------------------------------------------------------------------- CO-20 70.50 72.76 2.26 1.92 6.967 434.37 824.51 --------------------------------------------------------------------------- including 70.50 71.35 0.85 0.68 9.931 541.00 1097.08 --------------------------------------------------------------------------- CO-20 116.10 117.92 1.82 1.55 0.428 87.63 111.61 --------------------------------------------------------------------------- CO-22 85.66 89.00 3.34 1.87 0.092 12.40 17.55 --------------------------------------------------------------------------- CO-24 59.00 59.20 0.20 0.14 0.320 61.00 78.92 --------------------------------------------------------------------------- CO-25 58.60 60.10 1.50 1.12 0.125 8.17 15.19 --------------------------------------------------------------------------- CO-26 193.00 194.00 1.00 0.90 0.070 87.00 90.92 --------------------------------------------------------------------------- CO-27 27.31 28.00 0.69 0.40 0.159 9.00 17.96 --------------------------------------------------------------------------- CO-28 75.95 78.91 2.96 2.82 6.771 428.19 807.38 --------------------------------------------------------------------------- including 76.95 77.95 1.00 0.90 12.100 744.00 1421.60 --------------------------------------------------------------------------- including 133.50 133.90 0.40 0.38 0.840 140.00 187.04 --------------------------------------------------------------------------- CO-41 47.50 50.70 3.20 2.69 0.487 178.38 205.64 --------------------------------------------------------------------------- CO-42 52.25 52.90 0.65 0.55 0.429 53.00 77.08 --------------------------------------------------------------------------- CO-42 108.10 111.60 3.50 2.97 1.581 108.29 196.85 --------------------------------------------------------------------------- CO-43 138.50 142.35 3.85 2.57 0.735 590.62 631.77 --------------------------------------------------------------------------- including 141.10 142.10 1.00 0.71 1.530 1855.00 1940.68 --------------------------------------------------------------------------- CO-44 60.47 61.50 1.03 0.31 0.790 125.00 169.24 --------------------------------------------------------------------------- CO-45 87.70 88.70 1.00 0.31 0.630 93.00 128.28 --------------------------------------------------------------------------- CO-45 177.80 178.10 0.30 0.24 0.030 11.00 12.74 --------------------------------------------------------------------------- CO-45 220.00 220.60 0.60 0.47 1.850 51.00 154.60 --------------------------------------------------------------------------- CO-46 63.56 65.50 1.94 0.85 0.669 266.55 304.00 --------------------------------------------------------------------------- including 63.56 64.50 0.94 0.41 1.040 415.00 473.24 --------------------------------------------------------------------------- including 218.05 219.05 1.00 0.11 0.260 19.00 33.56 --------------------------------------------------------------------------- CO-47 121.10 121.72 0.62 0.30 0.731 300.00 340.88 --------------------------------------------------------------------------- CO-47 218.25 218.40 0.15 0.12 0.080 8.00 12.43 --------------------------------------------------------------------------- CO-47 248.00 250.00 2.00 1.58 0.071 129.50 133.45 --------------------------------------------------------------------------- CO-29 90.30 90.60 0.30 0.27 0.043 2.50 4.85 --------------------------------------------------------------------------- CO-30 91.50 91.87 0.37 0.33 0.027 2.50 4.01 --------------------------------------------------------------------------- CO-31 83.20 84.50 1.30 1.16 0.009 2.50 3.00 --------------------------------------------------------------------------- CO-32 77.60 79.00 1.40 1.26 0.130 2.50 9.78 --------------------------------------------------------------------------- CO-33 46.40 48.00 1.60 1.12 0.036 2.50 4.52 --------------------------------------------------------------------------- CO-34 46.50 46.80 0.30 0.24 0.047 2.50 5.08 --------------------------------------------------------------------------- CO-35 51.00 52.20 1.20 0.98 0.075 43.00 47.20 --------------------------------------------------------------------------- CO-37 73.10 74.30 1.20 0.96 0.170 46.00 55.52 --------------------------------------------------------------------------- CO-38 84.50 85.50 1.00 0.80 0.237 99.00 112.27 --------------------------------------------------------------------------- CO-39 98.50 99.10 0.60 0.46 0.530 894.00 923.68 --------------------------------------------------------------------------- CO-40 47.00 48.50 1.50 1.32 0.493 69.00 96.63 --------------------------------------------------------------------------- NA-20 117.80 118.80 1.00 0.86 0.051 6.00 8.86 --------------------------------------------------------------------------- NA-21 66.61 68.94 2.33 1.99 0.010 78.59 79.15 --------------------------------------------------------------------------- NA-21 125.70 127.60 1.90 1.28 0.125 11.00 18.00 --------------------------------------------------------------------------- NA-22 105.25 107.35 2.10 1.83 0.059 4.82 8.10 --------------------------------------------------------------------------- NA-23 20.50 20.80 0.30 0.29 0.007 113.00 113.45 --------------------------------------------------------------------------- NA-23 83.75 85.35 1.60 1.53 0.236 148.88 162.11 --------------------------------------------------------------------------- NA-24 46.70 48.46 1.76 1.57 0.002 64.00 64.14 --------------------------------------------------------------------------- NA-25 58.51 59.51 1.00 0.95 0.006 66.00 66.34 --------------------------------------------------------------------------- NA-25 114.00 114.40 0.40 0.38 0.005 9.00 9.34 --------------------------------------------------------------------------- (i) AgEQ - silver equivalent based on trailing $1,456/oz Au and $26/oz Ag (56:1 ratio)

The second area of interest in the Coloso area is the Nazareno structure located approximately 500 m to the southwest of and parallel to the Jessica/Joya Larga zone. Drilling by Silvermex and previous operators has identified approximately 850 m of strike length of the Nazareno system in a main Nazareno Vein and two HW Veins with mineralization to a depth of approximately 150 m below surface. There have been a total of 18 holes drilled on the Nazareno structures since the beginning of the current drilling program. Average widths of the mineralized structures are approximately 1.5 m for the Main Vein and 1.1 m for the HW Veins. Results of that drilling are summarized in Table A.

The third area of interest tested by Silvermex in the current drill program is the Comales Vein, which has been identified by surface mapping and sampling. Initial drilling on the structure has confirmed the continuity and strength of the structure to the northwest. A total of 12 drill holes have been completed testing approximately 600 m of strike length. A surface access agreement was signed and exploration permits were received in February 2012 to continue with exploration to the northwest on the Comales Vein. A summary of the mineralized intersections is given in Table A.

The Coloso Area is projected to be one of three potential satellite production centers near to the Company's existing operation. The current drilling is a follow up to earlier drill programs totalling 16,093 m of drilling in 63 holes, which were successful in identifying these zones. The current program includes in-fill drilling and step-out drilling to test the extension of the structure along strike and at depth with the goal of defining sufficient resources to advance the area towards becoming a new production center for the company.

At this time the Company would also like to announce the departure of its VP of Exploration, Mr. Robert Fraser. Silvermex would like to thank Mr. Fraser for his hard work and dedication while operating as VP of Exploration for the Company and wishes him all the best in his future ventures.

All samples from the current diamond drill program were sent to ALS Laboratories' sample preparation facility in Guadalajara, Mexico with final analysis done at their facilities in Vancouver, BC. Certified standards, blanks and duplicate samples were inserted in every batch of 20 samples to ensure laboratory QA-QC performance. Assaying for gold and silver was by fire assay and other elements by four acid ICP-AES.

Pursuant to National Instrument 43-101, Douglas Blanchflower, P. Geo., Geological Consultant to Silvermex, is the Qualified Person ('QP') responsible for the disclosure in this news release.

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

Duane Nelson, CEO & Director

Tue, Mar 27, 2012 - 2:14pm
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147.473 g/t Au and 607.703 g/t Ag over 3.2 m

Silvermex Intersects High Grade Gold at La Guitarra-306.99 g/t Au and 1,033.60 g/t Ag or 18,225 g/t Silver Equivalent Over 1.45 Meters

VANCOUVER, BRITISH COLUMBIA, Mar 27, 2012 (MARKETWIRE via COMTEX) -- Silvermex Resources Inc. ("Silvermex") CA:SLX +2.33% announces further underground drill results from five drill holes at its producing La Guitarra property, located in the Temascaltepec Mining District, in the State of Mexico.

These latest drill results demonstrate the presence of a significant new ore extension on the main La Guitarra Vein and have returned assays with bonanza grades of gold and silver while the Doncellas Vein in the hanging wall of the La Guitarra vein continues to return significant mineralization. Drilling has demonstrated the potential extension of the ore shoot 150 meters in depth and 100 meters in strike with the ore shoot still open to the NW and at depth.

The diamond drill holes all intersected high grade gold and silver with the most prominent being drill hole LGS-57, where it intersected 147.473 g/t Au and 607.703 g/t Ag over 3.2 m. This includes a 1.45 m interval of 306.99 g/t Au and 1,033.60 g/t Ag. This translates to a silver equivalent grade of 18,225.040 g/t.

Other notable intersections include drill hole LGS-56, where it intersected 5.35 m of 18.059 g/t Au and 67.694 g/t Ag. This includes a 1.25 m interval of 55.422 g/t Au and 158.036 g/t Ag. This translates to a silver equivalent grade of 3,261.683 g/t.

Table 1. Underground Drill Results --------------------------------------------------------------------------- Inter- val True AgEQ From To Len- Wid- Au Ag gpt Hole (m) (m) gth th gpt gpt (56:1) Vein --------------------------------------------------------------------------- LGS-50 41.40 41.55 0.15 0.10 0.440 183.80 208.493 Doncellas --------------------------------------------------------------------------- LGS-50 66.95 67.30 0.35 0.20 0.123 165.20 172.031 La Guitarra --------------------------------------------------------------------------- LGS-56 79.10 84.45 5.35 5.00 18.059 67.69 1,078.993 La Guitarra --------------------------------------------------------------------------- including 79.10 80.10 1.00 0.93 22.242 64.90 1,310.452 La Guitarra --------------------------------------------------------------------------- including 83.20 84.45 1.25 1.15 55.422 158.04 3,261.683 La Guitarra --------------------------------------------------------------------------- LGS-57 49.60 50.75 1.15 0.95 0.532 173.90 203.692 Doncellas --------------------------------------------------------------------------- LGS-57 113.10 116.30 3.20 2.85 147.473 607.70 8,866.210 La Guitarra --------------------------------------------------------------------------- including 113.85 114.35 0.50 0.46 33.852 51.20 1,946.856 La Guitarra --------------------------------------------------------------------------- including 114.35 115.80 1.45 1.35 306.990 1,033.60 18,225.040 La Guitarra --------------------------------------------------------------------------- including 115.80 116.30 0.50 0.40 6.995 217.40 609.120 La Guitarra --------------------------------------------------------------------------- LGS-58 37.30 37.60 0.30 0.20 0.703 177.70 217.068 Doncellas --------------------------------------------------------------------------- LGS-58 134.60 135.40 0.80 0.60 12.247 131.40 817.232 La Guitarra --------------------------------------------------------------------------- LGS-59 72.60 73.40 0.80 0.60 0.061 285.00 288.416 Doncellas --------------------------------------------------------------------------- LGS-59 122.25 122.60 0.35 0.22 6.091 378.40 719.497 La Guitarra --------------------------------------------------------------------------- LGS-60 87.35 87.70 0.35 0.20 0.029 155.20 156.769 Doncellas --------------------------------------------------------------------------- LGS-60 103.50 104.85 1.35 1.05 0.461 370.19 396.033 La Guitarra --------------------------------------------------------------------------- - AgEQ - silver equivalents based on $1,456 gold and $26 silver (56:1 ratio). Recoveries have not been considered.

These intercepts are located between elevations of 1,700 m and 1,600 m. This drilling has demonstrated the potential extension of the ore shoot 150 m in depth and 100 m in strike with the ore shoot still open to the NW and at depth. This indicates that significant mineralization extends below the deepest recorded mining on the La Guitarra Vein.

Duane Nelson, CEO of Silvermex, reports: "We are very pleased with the bonanza type intercepts we are seeing in this new section of the mine. Never before have we seen gold grades over 300 g/t over such wide strike lengths and depths like this. We have already started to modify our mine plan to focus on developing this area. We are confident we can access the upper portion of the high grade ore body by the third quarter of this year."

Sampling of the drill core was overseen by one of the La Guitarra geologists who marked off the drill core at appropriate intervals based upon the geology and mineralization present. Sample intervals normally vary from 0.2 -- 1.0 m in length. No sample exceeded 1.5 m in overall length. All core samples were sent to Inspectorate Labs sample preparation in Durango, Durango, Mexico. Assays for gold were done by 1 Assay Tonne Fire Assay AA Finish and 4 Acid ICP-AES for silver and other elements. Gold assays that exceed 5 g/t by AA are redone using a gravimetric finish. Silver assays in excess of 100 g/t are redone using Fire Assay Gravimetric. Four acid ICP analyses were conducted at the main laboratory of Inspectorate in Reno, Nevada, USA. Certified standards, blanks, and duplicate samples were inserted in every batch of 20 samples sent to the laboratory.

Pursuant to National Instrument 43-101, Douglas Blanchflower, P. Geo., Geological Consultant to Silvermex, is the Qualified Person ('QP') responsible for the disclosure in this news release.

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

Duane Nelson, CEO & Director

Tue, Mar 27, 2012 - 2:17pm
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Silvermex Reports Positive Financial Performance for the Year

Silvermex Reports Positive Financial Performance for the Year 2011

VANCOUVER, BRITISH COLUMBIA, Mar 26, 2012 (MARKETWIRE via COMTEX) -- Silvermex Resources Inc. ("Silvermex") CA:SLX +2.33% announces results for the fiscal year ended December 31, 2011. Overall financial performance improved throughout the reporting period, compared to that of the previous year, attributed to the Company's mining operations at La Guitarra achieving full capacity of mill throughput and, in turn, increased sales.

Highlights, which should be read in conjunction with the audited financial statements and management's discussion and analysis available on www.sedar.com , include:

Financial

-- Generated net income of $3.1 million in Q4 2011, the first quarter of full capacity production from the La Guitarra mill. -- Sales for 2011 were $16.8 million from the sale of 359,188 ounces of silver and 3,959 ounces of gold. -- Metal held in inventory at 2011 year-end included 14,112 ounces of silver and 126 ounces of gold. -- Net loss improved to $3.9 million from $42.2 million in 2010. -- Adjusted net income improved to $5.2 million (non-GAAP) compared to adjusted losses of $3.4 million (non-GAAP) in 2010. -- A total of $9.6 million was spent on capital expenditures and exploration, $3.5 million of which was spent on mine development at the La Guitarra mine and $2.4 million on exploration of the Temascaltepec district. -- Cash costs for the year were $8.67 per ounce (non-GAAP) of silver net of by-products. -- Realized prices were $34.88 per ounce of silver and $1,594.78 per ounce of gold. -- Working capital on December 31, 2011 was $19.1 million.

Operations

-- Silver production rose 192% to 437,953 oz and gold production increased by 260% to 4,293 ounces due to limited production in 2010. -- Silver-equivalent production increased by 213% to 678,361 oz (at a 56:1 silver) from 216,602 oz in 2010. -- La Guitarra mine and plant output was optimized to its maximum rate of 320 tonnes per day ("tpd"). -- Mining fleet was updated and extensive mine and mill upgrades were completed.

Financial Results

The Company achieved adjusted net income, which excludes share based compensation and the write down of the San Marcial mineral property, for the year ended December 31, 2011 of $5.2 million (non-GAAP) compared to adjusted losses of the same period in 2010 of $3.4 million (non-GAAP). Net loss was $4.4 million for the year ended December 31, 2011 compared with a net loss of $42.2 million for the same period in 2010. For the three months ended December 31, 2011, the Company achieved net income of $3.1 million compared with a net loss of $4.8 million in Q3 and a net loss of $38.1 million in Q4 of 2010.

The Company achieved a gross profit of $6.5 million for the year ended December 31, 2011, on sales of gold and silver of $16.8 million compared with a gross profit of $1.1 million for the comparative 2010 periods on sales of gold and silver of $4.0 million. Since December 31, 2010, the average realized price to the Company of silver and gold over the 2011 year has increased by 31.5% and 18%, respectively, which contributed to the improvement in gross profit.

At December 31, 2011, the Company had cash, restricted cash and short term investments of $20.9 million, current assets of $25.3 million, working capital of $19.1 million, and total assets of $71.2 million.

2012 Production

With the La Guitarra mill now running at full capacity, 2012 production is expected to increase to 500,000 ounces of silver and 5,000 ounces of gold.

Commenting on the year ahead, Duane Nelson, Silvermex's CEO, stated: "I am very pleased with the progress we made in 2011 at our La Guitarra Mine. Even with the extensive equipment acquisitions, mine and mill improvements and developments, we operated at a profit in the fourth quarter of the year. 2012 will be a year of continued growth for us. We now have an updated mining equipment fleet, a well trained workforce and our current exploration programs have been very successful in delineating additional high grade ore shoots. We will concentrate on the development of these new ore shoots to improve head grades and production. Our primary focus for 2012 will be on developing a new mine plan that can expand production well beyond our current capacity".

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

Duane Nelson, CEO & Director

Tue, Mar 27, 2012 - 2:23pm
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Silvermex Intersects High Grade Gold at La Guitarra

This just in -- trading resumes today at 2:30 PM Toronto time.

Silvermex Intersects High Grade Gold at La Guitarra-306.99 g/t Au and 1,033.60 g/t Ag or 18,225 g/t Silver Equivalent Over 1.45 Meters

Silvermex Resources Inc. ("Silvermex") (TSX: SLX) announces further underground drill results from five drill holes at its producing La Guitarra property, located in the Temascaltepec Mining District, in the State of Mexico.

These latest drill results demonstrate the presence of a significant new ore extension on the main La Guitarra Vein and have returned assays with bonanza grades of gold and silver while the Doncellas Vein in the hanging wall of the La Guitarra vein continues to return significant mineralization. Drilling has demonstrated the potential extension of the ore shoot 150 meters in depth and 100 meters in strike with the ore shoot still open to the NW and at depth.

The diamond drill holes all intersected high grade gold and silver with the most prominent being drill hole LGS-57, where it intersected 147.473 g/t Au and 607.703 g/t Ag over 3.2 m. This includes a 1.45 m interval of 306.99 g/t Au and 1,033.60 g/t Ag. This translates to a silver equivalent grade of 18,225.040 g/t.

Other notable intersections include drill hole LGS-56, where it intersected 5.35 m of 18.059 g/t Au and 67.694 g/t Ag. This includes a 1.25 m interval of 55.422 g/t Au and 158.036 g/t Ag. This translates to a silver equivalent grade of 3,261.683 g/t.

Mon, Apr 2, 2012 - 3:19pm
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Silvermex Files Form 40-F Registration Statement With the SEC

April 02, 2012 14:37 ET

Silvermex Files Form 40-F Registration Statement With the SEC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2012) - Silvermex Resources Inc. ("Silvermex") (TSX:SLX) reports that it has filed a registration statement on Form 40‐F for the purpose of registering its common shares under Section 12 of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act").

As reported on March 13, 2012, the Securities and Exchange Commission ("SEC") issued an order revoking the registration of Silvermex's common shares (then quoted on OTC Link - previously the "Pink Sheets" - in the United States under the symbol "GGCRF") under section 12(j) of the Exchange Act. Silvermex consented to this administrative procedure as an amenable solution to address the filing delinquencies of its predecessor company, Genco Resources Ltd. ("Genco"), under the Exchange Act. As a result, broker-dealers in the United States are currently unable to effect transactions in the United States markets under the trading symbol GGCRF.

The registration statement is anticipated to become effective 60 days after the filing date. Upon the registration statement becoming effective, broker‐dealers in the United States will be able to effect transactions in common shares of Silvermex in the United States. In the meantime, Silvermex's common shares continue to trade publicly on the TSX under the symbol SLX.

Company Profile

Silvermex Resources Inc. is a publicly traded mining company focused in Mexico and led by a highly qualified team of professionals from some of the most notable companies in the silver mining sector. The Company's portfolio of projects ranges from early stage exploration to production. Its core asset is the producing La Guitarra silver-gold mine located in the Temascaltepec Mining District of Mexico. Silvermex is currently working to identify future production centers through extensive exploration programs to further develop the district. Silvermex is well financed to further develop resources organically from its multiple projects as well as from the acquisition of additional assets that will drive production growth.

ON BEHALF OF THE BOARD

Duane Nelson, CEO & Director

Tue, Apr 3, 2012 - 12:29pm
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First Majestic Announces Friendly Acquisition Of Silvermex

April 03, 2012 First Majestic Announces Friendly Acquisition Of Silvermex Resources

Vancouver, BC, Canada - April 3, 2012 - First Majestic Silver Corp. ("First Majestic") and Silvermex Resources Inc. ("Silvermex") are pleased to announce that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which First Majestic has agreed to acquire all of the issued and outstanding common shares of Silvermex for a consideration of 0.0355 common shares of First Majestic (the "Exchange Ratio") and C$0.0001 in cash per common share of Silvermex. The offer values Silvemex at approximately C$0.60 per share, representing a premium of approximately 33% to the closing price of Silvermex as at April 2, 2012 and approximately 43% to the 30 day volume weighted average price ("VWAP"). The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia).
BENEFITS TO FIRST MAJESTIC SHAREHOLDERS
  • Strengthens First Majestic's position as one of the world's leading silver producers.
  • Enhances First Majestic's leading position in Mexico, one of the world's most prolific silver and gold regions.
  • La Guitarra adds a fourth producing asset with additional growth potential to First Majestic's portfolio of Mexican assets.
  • Further diversifies production and cash flow across a robust portfolio of producing mines and development
  • projects.
BENEFITS
TO SILVERMEX SHAREHOLDERS
  • Provides Silvermex shareholders with a highly attractive premium to current market price.
  • Creates opportunity to participate in a leading silver producer and increases leverage to current strong silver price environment.
  • Gain access to First Majestic's operational expertise and financial strength.
  • Diversifies Silvermex's single asset risk profile and provides exposure to First Majestic's portfolio of Mexican assets.
  • Increased analytical following and liquidity with a broader investor base.
Keith Neumeyer, President & CEO of First Majestic, stated: "We believe this transaction provides an excellent opportunity for the shareholders of both First Majestic and Silvermex. First Majestic shareholders gain increased exposure to silver and can realize the significant upside in production and reserves that we believe exists at La Guitarra, while Silvermex shareholders realize an immediate premium and can capitalize on the value creation that First Majestic brings going forward."

Duane Nelson, CEO of Silvermex added: "First Majestic brings the necessary capital and operational expertise required to accelerate exploration activities and production growth at our La Guitarra Mine as well as our other advanced projects. We believe that First Majestic's proven track record of operational achievements and experience in Mexico will ensure a successful future for the combined company."

TRANSACTION SUMMARY

Under the terms of the Arrangement, on closing, each Silvermex shareholder will receive 0.0355 common shares of First Majestic and C$0.0001 in cash per Silvermex common share. Outstanding Silvermex options will be exchanged for First Majestic shares with a value equal to the in-the-money value of the options (based on the Exchange Ratio). Outstanding Silvermex warrants will be exchanged for First Majestic shares with a value equal to the in-the-money value of the warrants (based on the Exchange Ratio) or may be exchanged for equivalent warrants of First Majestic, at the election of the holder. Pursuant to the transaction, First Majestic will issue approximately 9.6 million First Majestic common shares valuing the company at approximately C$175.4 million based on First Majestic's 30 day VWAP on April 2, 2012. Following completion of the transaction, the current First Majestic shareholders will hold approximately 91.7% of the combined company, while current shareholders of Silvermex will hold approximately 8.3%. The transaction will be carried out by way of a court-approved plan of arrangement and will require the approval of at least 66 2/3% of the votes cast by the shareholders, warrant holders and option holders of Silvermex voting together as a single class at a special meeting expected to take place in June 2012. In addition to shareholder and court approvals, the transaction is subject to applicable regulatory approvals and the satisfaction of certain other closing conditions customary in transactions of this nature.

The Arrangement Agreement includes customary provisions, including no solicitation of alternative transactions, right to match superior proposals and fiduciary-out provisions. Silvermex has agreed to pay a termination fee to First Majestic of C$6.14 million upon the occurrence of certain termination events.

The Board of Directors of Silvermex has unanimously approved the transaction and is expected to provide a written recommendation that Silvermex shareholders vote in favour of the transaction in the information circular to be mailed to shareholders in connection with the Arrangement. Each of the directors and senior officers of Silvermex and certain shareholders of Silvermex representing approximately 21% of the issued and outstanding Silvermex securities have entered into voting agreements with First Majestic and have agreed to vote in favour of the transaction at the special meeting of Silvermex securityholders to be held to consider the Arrangement.

Full details of the Arrangement will be included in a Management Information Circular to be filed with the regulatory authorities and mailed to Silvermex securityholders in accordance with applicable securities laws. Silvermex expects to mail the Management Information Circular in May 2012.

ADVISORS AND COUNSEL

BMO Capital Markets acted as exclusive financial advisor to First Majestic and has provided an opinion to the First Majestic Board of Directors that the consideration to be paid by First Majestic under the transaction is fair, from a financial point of view, to First Majestic. GMP Securities L.P., acting as financial advisor to Silvermex, has provided an opinion to the Board of Directors of Silvermex that, based upon and subject to the assumptions, limitations, and qualifications in the opinion, the consideration to be received is fair, from a financial point of view, to the shareholders of Silvermex. First Majestic's Canadian, Mexican and US legal counsel are McCullough O'Connor Irwin LLP, Todd y Asociados S.C. and Clark Wilson LLP respectively. Silvermex's Canadian and Mexican legal counsel are McMillan LLP and Urias Romero Y Asociados, S.C. respectively.

CONFERENCE CALL

First Majestic and Silvermex will host a joint conference call and webcast on Tuesday, April 3, 2012 at 11:30 am Eastern time / 8:30 am Pacific time for members of the investment community to discuss the proposed transaction. The call-in details are as follows:

Toll Free Canada & USA: 1-800-319-4610
Outside of Canada & USA: 1-604-638-5340 Toll Free Germany: 0800 180 1954 Toll Free UK: 0808 101 2791
Click on WEBCAST on the First Majestic homepage as a simultaneous audio webcast of the conference call at www.firstmajestic.com.

The conference call will be recorded and you can listen to an archive of the conference by calling:

Canada & USA Toll Free: 1-800-319-6413
Outside Canada & USA: 1-604-638-9010 Pin Code: 3928 followed by the # sign

An archived webcast of the conference call will also be available at www.firstmajestic.com.
Tue, Apr 3, 2012 - 1:33pm
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So WTF happens to US

So WTF happens to US shareholders?

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves.” Norm Franz
Tue, Apr 3, 2012 - 1:35pm TheGoodDoctor
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I guess we get bought out?

I guess we get bought out? Maybe get handed a few shares of AG?

Can I offer you a drink? How about this expensive prostitute?