2. This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the
Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases,
forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions,
events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or
comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or
implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without
limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national
and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining
necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A
complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the
Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com.
This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers
that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI43-101”)), the United States Securities and Exchange Commission does not recognize them. Readers are
cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition,
“inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that
all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment
as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or
legally mineable.
Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that
described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company
neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions
or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place
undue reliance on forward-looking statements.
Unless otherwise indicated, all dollar values herein are in US$.
2

3. 1
2
3
4
5
6
3

4. TSX:P
$107 Solid Exchanges
NYSE:PPP
million Cash Balance BALANCE SHEET at Sept 30, 2011
Cash $107 million
Promissory note1 $50 million
Convertible note2 $60 million*
$90 Strong OWNERSHIP
million3 Operating Cash Flow Goldcorp 36%
Management & insiders ~3%
Institutional & float ~61%
$5 Conservative CAPITAL STRUCTURE
million Level Of Debt Shares outstanding 88 million
repayment per Fully Diluted 117 million
year Market Cap. At Nov. 1, 2011 $250 million
*$30 million paid on October 19, 2011
1. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015.
2. Goldcorp: 1 year, 3% note maturing August 6, 2012, convertible at any time at CDN$6 or on maturity at the greater of CDN$3.74 or 90% of
the 5 day VWAP before the maturity date.
3. Estimated 5 year average after-tax cash flow based on long term gold price of $1,200 and silver $24, see Jan 17, 2011 Press Release. 4

5. $0.10
Increasing Earnings
1 Adjusted EPS ($ per share)
(US$ thousands, except per share amounts) Q3 2011 Q3 2010
Revenues 46,079 18,853 $-
Earnings from Mine Operations 22,170 895
$(0.10)
Net income (loss) 35,066 (35,630)
$(0.20)
EPS ($ per share) 0.40 (0.68) Q4 2010 Q1 2011 Q2 2011 Q3 2011
Increasing Cash Flow
Op CF before changes in working
Adjusted net income (loss) 5,716 (12,210) capital ($ per share)
$0.50
Adjusted EPS ($ per share) 0.06 (0.23)
$0.30
Operating cash flows before
50,549 (27)
changes in working capital $0.10
CFPS ($ per share) 0.57 - $(0.10)
Q4 2010 Q1 2011 Q2 2011 Q3 2011
1. Primero acquired the San Dimas mine on August 6, 2010, operating it for 55 out of 92 days in Q3 2010. 5

6. Q3 2011 Q3 2010 Increasing Throughput
(tonnes per day)
Mill Throughput 2,033 1,590 2,500
(tonnes per day) 28%
2,000
Gold equivalent production 27,450 21,790
1,500
(gold equivalent ounces)
1,000
Gold production 19,500 18,420
500
(ounces)
-
Q3 2010 Q3 2011
Silver production 1.10 1.01
(million ounces)
Reducing Costs
Gold grade ($ per AuEq ounce)
3.35 4.03 $12
(grams per tonne)
Silver grade 195 227 $600
(grams per tonne)
2
Cash cost $641 $653
($ per gold equivalent ounce)
2
Cash cost – by-product $222 $552 $500
($ per gold ounce) Q3 2010 Q3 2011
1. Mining continued throughout a mill worker strike that caused 30 days of lost production, the mill was operated for only 61 days following the strike in Q2 2011. 6
2 .Cash cost is a non-GAAP measure. Refer to the second quarter 2011 MD&A for a reconciliation of cash costs to operating expenses.

7.  Sold 511,750 ounces of silver at spot in 2011
 Reducing tax impact:
– Silver call options used to limit tax impact, purchased call options at $49/oz to
cover 30% of expected sales under purchase agreement (to cover tax liability)
– Advance tax ruling commenced, seeking tax be based on realized revenue
– Increase production and diversify asset base
1.60
Silver Sales Silver sold at spot (million ounces)
(million ounces) Silver sold under contract (million ounces)
1.40
1.37
1.20
0.25 1.00
1.06 0.26
0.86 0.80
0.77
0.60
0.40
0.20
0.00
Q4 2010 Q1 2011 Q2 2011 Q3 2011
7

8.  APA filing is a “trigger event” and will be reflected in Q4 2011
financial statements
 No provision to be recognized in balance sheet as it is based on
three “should-level” opinions
 A contingent liability will be disclosed in the financial
statements (including $ value)
 Sufficient cash to be retained in case of an unfavourable
outcome
 Ruling expected in 12-14 months
8

9. Income Statement YTD 30 Sept,
Adjustments
YTD (with APA)
Income Statement Changes: (US$ thousands) 2011 30 Sept, 2011
 Foreign Exchange Income Revenues 120,897 120,897
 Income Taxes Earnings from Mine Operations 51,805 51,805
 Net Income Foreign exchange gain 4,634 (599) 4,035
Income taxes current (22,476) 17,698 (4,778)
Income taxes deferred (2,264) (2,264)
Income taxes total (24,740) 17,698 (7,042)
Net Income for the period 31,069 17,099 48,168
Balance Sheet Changes: Balance Sheet YTD 30 Sept, YTD (with APA)
 Accounts Receivable (US$ thousands) 2011
Adjustments
30 Sept, 2011
 Accounts Payable Cash and cash equivalents 107,227 107,227
 Deficit Trade and other receivables 7,245 18,482 25,727
Total current assets 128,419 18,482 146,901
Trade and other payables 30,569 (6,174) 24,395
Total current liabilities 35,569 (6,174) 29,395
Cash Flow Statement:
 Same except for Net Income Total liabilities
Deficit
153,760
(4,164)
(6,174)
24,656
147,586
20,492
difference as indicated in
Income Statement Total equity 465,656 24,656 490,312
Total liabilities and equity 619,416 18,482 637,898
9

11. INCREASE MINE DEVELOPMENT
Key to production growth
CONSISTENTLY OPERATE MILL AT DESIGN CAPACITY
Q3 2011:~2,033 tpd, Design: 2,100 tpd
EXPAND MILL TO 2,500 TPD BY 2013
Tertiary ball mill onsite, Leach capacity: 2,500 tpd
POTENTIAL EXPANSION BEYOND 2,500 tpd
Targeting review based on 2011 exploration and
development results
11

12. 1
At November 4, 2011 2011E Outlook
 Exploration drilling increasing: Gold equivalent
production 100,000 - 110,000
37,000 metres diamond drilling (gold equivalent ounces)
completed Gold production 80,000 - 85,000
(ounces)
Increase in planned delineation drilling
 Development Drifting on-track Silver sales at spot
(ounces)
500,000 – 525,000
 Guidance revised due to: Silver production 4.5 – 5.0
(million ounces)
Month long strike impacted production 2
Cash cost – gold
Lower grades than expected equivalent $610 - $630
($ per gold equivalent ounce)
2
Cash cost – by-product $340 - $360
($ per gold ounce)
1. 2011 forecast assumes an average gold price of $1,575 per ounce; spot silver
$40 per ounce, contract silver at $4.04 per ounce.
2. Cash cost is a non-GAAP measure.
12

13. West Block Sinaloa Graben Central Block Tayoltita Block Arana
San Antonio Mined 2002-Current Mined 1975-2002
2011 EXPLORATION Hanging Wall
Mined 1987-2002 PRIORITY
SW NE
3,000 m.
6.81 4.7 3,000 m.
g/t average grade
g/t average grade
2,000 m. 3 – 81 1.5 2,000 m.
m average width
m average width
1,000 m. 1,000 m.
Source: San Dimas Geology Office
Mineralization – Ore Bodies Extension of the Favorable Horizon 0 1 2
Favorable Horizon Potential
K I L O M E T E R S
1. Average Sinaloa Graben grade reported in 2010 Reserve and Resource Statement
2. Indicative of exploration results to date 13

14. 14

15. 1
2
3
4
5
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