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Focused on Production
   Focused on Growth
      Corporate Update
                    June 2012




                         NYSE:PPP
          TSX:P | NYSE:PPP  TSX:P
Cautionary Statement
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$.




                                                                                                                                   TSX:P | NYSE:PPP               2
Primero Profile
                                                                        AMERICAS FOCUSED
   Gold-silver producer                                               GOLD-SILVER PRODUCER


   Long-life, high-grade asset

   Generates significant cash flow
                                                              Vancouver
   Strong balance sheet                                      Office


                                                                                                     Toronto
   Exploration upside & expansion potential                                                         Office




   Experienced management & board
                                                                 San Dimas
   Attractive valuation                                         Gold-Silver Mine
                                                                 DURANGO MEXICO




Corporate          August 2010          June 2012
                   Acquired San Dimas   • Strengthened Balance Sheet        • Increased throughput
History            from Goldcorp        • Listed on TSX:P, NYSE:PPP         • Exploration success

                                                                              TSX:P | NYSE:PPP           3
Focused Strategy
Become a Leading Intermediate Gold Producer




                          Deliver
                      operational and          Optimize and
                      financial results           expand
                                              existing mine/s




                      Diversify
                       through
                    opportunistic,             Increase
                      accretive                Reserves
                     acquisitions              through
                                              exploration


                                                                TSX:P | NYSE:PPP   4
Strong Balance Sheet
                                                                                                                TSX:P
                                  Exchanges                                                                  NYSE:PPP

$86M                              Balance Sheet at March 31, 2012
                                  Cash2
                                  Promissory note3
                                                                                                        $86 million
                                                                                                        $45 million
Strong Cash Balance               Convertible note4                                                     $30 million
                                  Ownership
                                  Goldcorp                                                                          36%
$90M        1                     Management & insiders
                                  Institutional & float
                                                                                                                    ~3%
                                                                                                                   ~61%
Significant Operating Cash Flow   Capital Structure
                                  Shares outstanding                                                  88 million
                                  Fully Diluted                                                      118 million

$5M        Repayment
           per year3
                                  Market Cap. At June 22, 2012

                                  1.
                                                                                                   C$220 million
                                       Estimated five-year average after-tax operating cash flow based on a 2012 gold
                                       price of $1,600/oz and spot silver $30/oz, see Jan 17, 2012 Press Release.
Conservative Level of Debt        2.   Reflects positive advance tax ruling, see First Quarter 2012 Report for details of off
                                       balance sheet net contingent liability of $20.3 million.
                                  3.   Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015.
                                  4.   Goldcorp: 1 year, 3% note maturing August 6, 2012, convertible at any time at C$6
                                       or on maturity at the greater of C$3.74 or 90% of the 5 day VWAP before the
                                       maturity date.



                                                                                  TSX:P | NYSE:PPP                       5
Delivering Financial Results
                                                                                     Increasing Earnings
                                                                                     Adjusted EPS ($ per share)
     (US$ thousands, except per share amounts)                 Q1 2012    Q1 2011
                                                                                                                              950%
                                                                                     $0.20
     Revenues                                                    44,044     33,988


     Earnings from Mine Operations                               18,662     10,912   $0.10



     Net income (loss)                                           18,578    (7,895)
                                                                                        $-
                                                                                                     Q1 2011                Q1 2012
     EPS ($ per share)                                             0.21     (0.09)
                                                                                     Increasing Cash Flow
                                                                                     Op CF before changes in working capital ($ per share)
                                  1
     Adjusted net income                                         18,780      1,621
                                                                                     $0.30
                                                                                                                            +$0.25
                                                                                     $0.25
     Adjusted EPS ($ per share)                                    0.21       0.02   $0.20
                                                                                     $0.15
     Operating cash flows before changes in                                          $0.10
                                                                 21,257    (1,182)
     working capital                                                                 $0.05
                                                                                        $-
     CFPS ($ per share)                                            0.24     (0.01)   $(0.05)
                                                                                                     Q1 2011                Q1 2012
1 . Please refer to first quarter 2012 MD&A for adjustments.

                                                                                                          TSX:P | NYSE:PPP                   6
Delivering Operational Results
                                                                                                                     Increasing Throughput
                                                       2012E                Q1 2012                 Q1 2011          (tonnes per day)

                                                                                                                                                             8%
    Mill Throughput                                       2,050                   2,076                    1,870
    (tonnes per day)                                                                                                 2,000                        8%
    Gold equivalent                                 100,000-
               1
    production                                                                  25,790                   24,080
                                                     110,000
    (gold equivalent ounces)
    Gold production                                   80,000-
                                                                                22,590                   20,500
    (ounces)                                           90,000
                                                                                                                     1,500
    Silver production                                  4.5-5.0                      1.32                     1.23                2010             2011      2012E
    (million ounces)
    Gold grade                                               3.7                    4.05                     4.03
    (grams per tonne)                                                                                                Increasing Grade
                                                                                                                     (grams of gold per tonne)
    Silver grade                                            225                      242                      250
    (grams per tonne)                                                                                                  5.0

    Cash cost
                   2                                                                                                                                        9%
                                                                                                                       4.0                        10%
    ($ per gold equivalent                          $630-660                       $674                     $624
    ounce)                                                                                                             3.0
                   2
    Cash cost – by-product                          $310-340                       $532                     $491       2.0
    ($ per gold ounce)
                                                                                                                       1.0
    Capital Expenditures                                    $30                     $7.9                     $5.2
    ($ million)                                                                                                         -
1 . “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on 2012 estimated                 Q3 2011          Q4 2011   Q1 2012
     average realized commodity prices ($1,600 per ounce of gold and $9.41 per ounce of silver in full year 2012).
2. Cash cost is a non-GAAP measure. Refer to the first quarter 2012 MD&A for a reconciliation of cash costs.

                                                                                                                                        TSX:P | NYSE:PPP             7
Strong Growth Profile
           Two Expansion Scenario Production Profiles
           (000 AuEq ounces)

 200


                                                                                                                   3,000 tpd
                                                                                 3,000 tpd



                                                                                                                   2,500 tpd
 100          GOLD   EQUIVALENT1                                                 Ramping to:
                                                                                 2,500 tpd
              GOLD




    0
                      2012E                            2013E                             2014E                            2015E
1 . “Gold equivalent ounces” include silver production converted to a gold equivalent based on flat estimated average realized commodity
    prices of $1,600 per ounce of gold and $9.41 per ounce of silver ($30 per ounce for ounces sold at spot and ~$4 per ounce for contract
    ounces).
                                                                                                                TSX:P | NYSE:PPP             8
Silver Purchase Agreement and Taxation
Currently Selling 50% of Silver at Spot Prices


Primero sells 50% of annual production above 3.5 million ounces at spot
   Remainder sold at ~$4 per ounce under silver purchase agreement
   Threshold increases to 6.0 million ounces in August 2014

Primero selling 50% of silver production at spot prices from May 1st to August 5th 2012

Focused on reducing tax impact through tax structuring
   Advance tax ruling (“APA”) filed in Mexico, seeking taxes to be based on realized revenue
    •   APA ruling expected by end of 2012
   Financial Statements reflect benefit of paying tax on realized revenue retroactive to
    acquisition
   APA supported by transfer pricing study and 3 “should level” opinions (70% or greater
    confidence of a positive ruling)

                                                                          TSX:P | NYSE:PPP   9
Focused Strategy
Become a Leading Intermediate Gold Producer




                          Deliver               Optimize and
                      operational and              expand
                      financial results        existing mine/s




                      Diversify
                       through
                    opportunistic,             Increase
                      accretive                Reserves
                     acquisitions              through
                                              exploration



                                                                 TSX:P | NYSE:PPP   10
San Dimas: Solid Platform for Growth
      One of Mexico’s Most Significant Precious Metals Deposits

                                                                                                                                                          MEXICO
    QUICK FACTS
    LOCATION                    Durango-Sinaloa State Border, Mexico
    OWNERSHIP                   100%
    METALS                      Gold & Silver
    MINING                      Underground, cut and fill

    2011 PRODUCTION
    GOLD EQ.                    102,200 gold equivalent ounces
    GOLD                        79,600 ounces
    SILVER                      4.6 million ounces
    CASH COST                   $640 per ounce (co-product)

    RESERVES & RESOURCES1 (at December 31, 2011)
       Classification            Tonnage        Gold Grade        Silver Grade       Gold        Silver
(Resources include Reserves)       (M)             (g/t)              (g/ t)         (koz)       (Moz)
 Mineral Reserves                                                                                                           San Dimas
                                                                                                                            Gold-Silver Mine
 Probable                           3.5             4.5               280            505         31.8
                                                                                                                                   Ventanas
 Mineral Resources                                                                                                                 Exploration Property
 Indicated                          2.9             6.2               390            577         36.5
 Inferred                           5.8             3.8               320            704         60.8
                     1 . See Slide 28 for Reserve & Resource notes & details and Slide 9 for silver purchase agreement details .      TSX:P | NYSE:PPP        11
Long-Life Mining District Produced 11M oz To Date
Large 22,500 hectare land package; Over 120 known veins




                                                                ARANA
                                                               HANGING
                                                   TAYOLTITA     WALL
                                                     BLOCK

                                         CENTRAL
                                          BLOCK                               TAYOLTITA MINE
                             SINALOA                                          Mined 1975 - 2002
                                               2012
                             GRABEN
                                               Target
                              BLOCK
                     WEST
                     BLOCK                                                     CENTRAL MINE
                                2012                                           Mined 2002 - Present
                                Target
                                                                              SAN ANTONIO MINE
                                                                              Mined 1987 - 2002




                                                                         TSX:P | NYSE:PPP             12
Optimize San Dimas
                                                      Increasing Throughput
Maximize Throughput                                   (tonnes per day)
                                                                                           8%
   Ensure daily throughput at capacity (2,100 tpd)
                                                      2,000                       8%
   Examine mill expansion opportunity

Control Costs
   Reduce costs per tonne
                                                      1,500
   Improve productivity per man shift                              2010         2011    2012E



Optimize Grade                                        Reducing Costs
                                                      ($ per ounce by-product)

   Implementing 3D Planning                           $500                      $87     $44-
   Control mining dilution                            $450                              $74
                                                       $400

Accelerate Mine Development                            $350

                                                       $300
   Increase number of mining faces                    $250

   Complete lateral haulage connections between       $200
                                                                    2010         2011    2012E
    current mining and exploration areas
                                                                           TSX:P | NYSE:PPP      13
Expand San Dimas
Two Potential Mill Expansion Scenarios: 2,500tpd or 3,000tpd


Current operating capacity of 2,100 tpd

Current capacity is mainly limited by crushing

Examining two expansion scenarios: 2,500 tpd
and 3,000 tpd
   Basic engineering completed for both scenarios
   Detailed engineering ongoing
   Targeting expansion decision by Q3 2012

Third Ball Mill On-Site expands crushing to 3,000 tpd

Mill Leaching Capacity currently 2,500 tpd               Assessing Mill Expansion:
Tailings Filter Expansion Completed
                                                               2,500   tpd or   3,000     tpd

                                                                                     CAPACITY

   Capacity 3,300 tpd

                                                                  TSX:P | NYSE:PPP       14
Focused Strategy
Become a Leading Intermediate Gold Producer




                          Deliver
                                               Optimize and
                      operational and
                                                  expand
                      financial results
                                              existing mine/s




                      Diversify
                       through
                    opportunistic,              Increase
                      accretive                 Reserves
                     acquisitions               through
                                               exploration


                                                                TSX:P | NYSE:PPP   15
District Wide Exploration Potential

             West Block
           2012 EXPLORATION
                                 Sinaloa Graben             Central Block                 Tayoltita Block         Arana
             San Antonio
            Mined 1987-2002       2012 EXPLORATION          Mined 2002-Current             Mined 1975-2002     Hanging Wall
SW                                                                                                                                                 NE
3,000 m.                                                                                                                                       3,000 m.




2,000 m.                           2012 EXPLORATION PROGRAM                                                                                     2,000 m.
                                    DRILLING BETWEEN EXISTING MINES


1,000 m.                                                                                                                                        1,000 m.




                                                                                                                       Source: San Dimas Geology Office



                                                                                                                   0              1            2
           Mineralization – Ore Bodies               Extension of the Favorable Horizon            Faults

           Favorable Horizon                         Potential                                     Intrusive        K I L O M E T E R S




                                                                                                                 TSX:P | NYSE:PPP                         16
2012 Exploration Program
  $12 million 2012 Program Targets Vein Extensions from Existing Mines
 Development                                       Delineation Drilling
    22,000 metres drifting and raise boring          35,000 metres delineation drilling
    Tunnels approaching Sinaloa Graben from the   Exploration Drilling
     east and from the south
                                                      30,000 metres diamond drilling
ROBERTITA CROSS SECTION

               Sinaloa Graben                                        Central Block
                2012 EXPLORATION                                     Mined 2002-Current




                      Sinaloa
                      Graben
                      Tunnel




                                                                                   DELINEATION



                                                                                  TSX:P | NYSE:PPP   17
Two New Veins Discovered to date in 2012
 Alexa and Victoria Vein Discoveries Support Exploration Potential

Located in Prolific Central Corridor        Strategic Underground Drill Locations
   Alexa located 125m north of Victoria       Drilling from old El Pilar workings, Sinaloa
   Mining access expected by end of 2012       Graben tunnel and a drift from Robertita




                                                                        TSX:P | NYSE:PPP       18
Additional Discovery Opportunities
        Targeting Historical Significant Intercepts Close to Infrastructure
                   Length Width    Silver       Gold                             CENTRAL       TAYOLTITA
                                                           SINALOA                BLOCK
Drift                  (m)              (g/t)                                                    BLOCK
                                                           GRABEN
1. Aranza 7-129W     79      2.2    543          5.2        BLOCK
   Elia 8-285W      221      2.8   1,491        15.9
   Elia 8-359W       69      2.2    668          8.1
                                                                             7
2. Rob 21-822E      167      3.0    686         13.8                              2
                                                       WEST
Drill Hole                Width    Silver       Gold   BLOCK     4
3. TGS-S-22                  8.6    958          6.8                                 6
   TGS-S-15                  7.5    403          8.1                             5
4. PIL 7-01                  2.9    508         16.0                 3
5. SOL-9-02                  1.8    549         10.7                     1
6. MAR-9-17                  2.4    514          8.9
7. RO-16-03                  1.4    205          9.5


                                                                                                  LEGEND



                                                                                                      LEGEND


                                                                                           TSX:P | NYSE:PPP    19
Testing for Second Mineralized Horizon
 “Blue-Sky” Opportunity

Historical Geological Model Recognized One Mineralized Horizon
   300-600 metres of vertical extent
Geologic Concept of Second Mineralized Horizon
   Running parallel and 150-200 metres below first horizon
   If proven, would significantly increase exploration potential




                                                                    TSX:P | NYSE:PPP   20
Focused Strategy
Become a Leading Intermediate Gold Producer




                          Deliver
                      operational and           Optimize and
                      financial results            expand
                                               existing mine/s




                      Diversify
                       through
                                               Increase
                    opportunistic,
                                               Reserves
                      accretive
                                               through
                     acquisitions
                                              exploration



                                                                 TSX:P | NYSE:PPP   21
Growth through Acquisition
Selective Acquisition Criteria

                                                 Growth Strategy

    Diversify asset base
                                                                              LEADING MID-TIER
                                                                               GOLD PRODUCER
    Create a portfolio of early and advanced
     stage projects                                          AMERICAS
                                                            ACQUISITIONS
                                                                                 ACQUISITION/S



    Remain focused on mining friendly                                           ACQUISITION/S

     jurisdictions in the Americas
                                                  SAN DIMAS                      ACQUISITION/S
                                                 OPTIMIZATION

    Focus on similar scale to San Dimas                                         OPTIMIZATION


                                                                                  EXPLORATION
    Remain opportunistic by leveraging strong
     balance sheet and cash flow
                                                                           SAN DIMAS PLATFORM




                                                                   TSX:P | NYSE:PPP         22
2012 Objectives & Catalysts

   Produce or exceed 100,000-110,000 AuEq oz                 Upcoming Catalysts

   Improve productivity per man shift                                       2012
                                                       Q1               Q2          Q3      Q4
   Commence mill expansion construction
                                                       Exploration
   Replace reserves with 150% of production           Results

                                                       Reserve and
                                                       Resource Update
   Develop access across Sinaloa Graben
                                                       Mill Expansion
                                                       Decision
   Evaluate high quality strategic growth
    alternatives in mining friendly jurisdictions in   Exploration
                                                       Results
    the Americas
                                                       Advance Tax
                                                       Ruling
   Maintain industry leading Corporate
    Responsibility standards


                                                                         TSX:P | NYSE:PPP    23
The Primero Opportunity
Compelling Investment Argument

                                                                             MEXICO
                                       Sierra Madre Trend

Long-Life, High-Grade Asset

Cash Flow and Capital to Fund Growth

Significant Exploration Potential

Proven Management & Board

Attractive Valuation
                                                San Dimas
                                                Gold-Silver Mine


                                                      Ventanas
                                                      Exploration Property




                                                        TSX:P | NYSE:PPP        24
Appendices



  TSX:P | NYSE:PPP   25
Executive Management
    Joseph F. Conway | President & C.E.O. 1                          Tamara Brown | VP Investor Relations

       Former CEO, President and Director of IAMGOLD                   Former Director Investor Relations for IAMGOLD
        from 2003 to 2010                                               Former Partner of a Toronto based, boutique
       Former President, CEO and Director of Repadre                    investment bank; Professional engineer in mining
        Capital from 1995 to 2003                                        industry

                                                                     H. Maura Lendon | VP, Chief General Counsel and
                                                                                       Corporate Secretary

                                                                        Former Senior Vice President, Chief Legal Officer
    Renaud Adams | C.O.O.                                                and Corporate Secretary of HudBay Minerals Inc.
                                                                        Former Chief Counsel Canada, Chief Privacy Officer
       Former SVP, American Operations for IAMGOLD                      - Canada of AT&T
       Former General Manager of Rosebel Gold Mine
        2007 to 2010
       Former General Manager El Toqui Mine in Chile                Joaquin Merino | VP Exploration
        and then the El Mochito Mine in Honduras
                                                                        Former VP, Exploration of Apogee Minerals
                                                                        Former Exploration Manager for Placer Dome
                                                                         at Porgera Mine

    David Blaiklock | C.F.O.
                                                                     David Sandison | VP Corporate Development
       Former Controller IntraWest
       Previously controller for a number of public and                Former Director, Corporate Development
        private companies in real estate development                     Xstrata Zinc Canada
                                                                        Former Director Business Development,
                                                                         Noranda/Falconbridge
                Board Committees: 1.Health, Safety and Environment      Former EVP Noranda, Chile

                                                                                            TSX:P | NYSE:PPP             26
Board of Directors
   Wade Nesmith | Chairman              Rohan Hazelton | Director 1,5                      Robert Quartermain | Director 2,3

      Founder of Primero                  VP, Finance, Goldcorp                             Founder and President & CEO,
      Founding and current director       Formerly with Wheaton River                        Pretivm Resources
       of Silver Wheaton, Chairman of       and Deloitte & Touche LLP                         Former President, Silver Standard
       Selwyn Resources                                                                       Director of Vista Gold Corp.
                                                                                               and Canplats Resources




   David Demers | Director2,3,4         Timo Jauristo | Director 2                         Michael Riley | Director 5

      Founder, CEO and Director           EVP, Corporate Development,                       Chartered accountant with more
       Westport Innovations                 Goldcorp                                           than 26 years of accounting
      Director of Cummins Westport        Former CEO of Zincore Metals                       experience
       and Juniper Engines                  Inc. and Southwestern                             Chair of Primero Audit Committee,
                                            Resources Corp.                                    Chair of Audit Committee of B.C.
                                                                                               Lottery Corporation and member of
                                                                                               the Audit Committee of Canalaska
                                                                                               Uranium Ltd.


   Grant Edey | Director 3,5            Eduardo Luna | Director 1                         Joseph Conway | Director1
                                                                                          see Executive Management
      Former Director of Breakwater       Former EVP & President,
       Resources, former director of        Mexico. Former Chairman and
       Queenstake Resources, Santa          CEO of Silver Wheaton,
                                                                               Board Committees:
       Cruz Gold                            Executive VP of Goldcorp and       1.Health, Safety and Environment
      Former CFO, IAMGOLD                  Luismin S.A. de C.V. (San Dimas)   2. Human Resources and Compensation
                                            and President of Mexican           3. Governance and Nominating
                                            Mining Chamber and the Silver      4. Lead Director 5. Audit
                                            Institute
                                                                                                TSX:P | NYSE:PPP              27
2011 Mineral Resources and Mineral Reserves
  Classification                Tonnage                 Gold Grade (g/t)                Silver Grade              Contained Gold             Contained Silver
                            (million tonnes)                                                (g/ t)                 (000 ounces)               (000 ounces)
Mineral Resources
   Indicated                        2.877                         6.2                         390                         577                       36,470
   Inferred                         5.833                         3.8                         320                         704                       60,770
Mineral Reserves
   Probable                         3.514                         4.5                         280                         505                       31,800
Notes to Resource Statement:
1. Indicated Mineral Resources include Mineral Reserves.
2. Cutoff grade of 2 g/t AuEq is applied and the AuEq is calculated at a gold price of US$1,400 per troy ounce and silver price of US$25 per troy ounce.
3. A constant bulk density of 2.7 tonnes/m3 has been used.
4. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants
   (Canada) Ltd. and Qualified Persons (“QP’s”) for the purposes of National Instrument 43-101 (“NI 43-101”).
Notes to Reserve Statement:
1. Cutoff grade of 2.52g/t AuEq based on total operating cost of US$98.51/t. Metal prices assumed are a gold price of US$1,250 per troy ounce and silver price of
   US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability.
2. Processing recovery factors for gold and silver of 97% and 94% assumed.
3. Exchange rate assumed is 13.00 pesos/US$1.00.
4. The Mineral Reserve estimates were prepared by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a Qualified Person (“QP”) for the
   purposes of NI 43-101.


Additional exploration potential estimated at 6-10 million tonnes at grade ranges of 3-5 grams per
                                                     1
tonne of gold and 200-400 grams per tonne of silver.
1. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is
uncertain if further exploration will result in the target being delineated as a Mineral Resource.



                                                                                                                                    TSX:P | NYSE:PPP            28
Notes to Investors Regarding the Use of Resources
This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S.
securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance
with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and
Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United
States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation may not be comparable to similar
information disclosed by U.S. companies.

The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory
authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as
interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable reserves”
used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless
the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is
made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves
under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards.

In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The
Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them.
United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral
reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or
economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance with
Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or
any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In addition,
disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as
in place tonnage and grade without reference to unit measures.

NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration
provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient
exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and
(ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included
in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no
assurance that exploration will result in any category of NI 43-101 mineral resources being identified.




                                                                                                                                     TSX:P | NYSE:PPP               29
PRIMERO MINING CORP.                   Joseph Conway
Richmond Adelaide Centre               President & C.E.O.
120 Adelaide Street West, Suite 1202
Toronto, ON M5H 1T1                    Investor Relations
T 416 814 3160 F 416 814 3170          T 416 814 3168
TF 877 619 3160                        info@primeromining.com
www.primeromining.com
                                       Trading Symbols
                                       Common Shares TSX:P NYSE:PPP
                                       Warrants     TSX:P.WT




                                                            NYSE:PPP
                                          TSX:P | NYSE:PPP     TSX:P

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Primero corporate-presentation-june-final-july

  • 1. Focused on Production Focused on Growth Corporate Update June 2012 NYSE:PPP TSX:P | NYSE:PPP TSX:P
  • 2. Cautionary Statement 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$. TSX:P | NYSE:PPP 2
  • 3. Primero Profile AMERICAS FOCUSED  Gold-silver producer GOLD-SILVER PRODUCER  Long-life, high-grade asset  Generates significant cash flow Vancouver  Strong balance sheet Office Toronto  Exploration upside & expansion potential Office  Experienced management & board San Dimas  Attractive valuation Gold-Silver Mine DURANGO MEXICO Corporate August 2010 June 2012 Acquired San Dimas • Strengthened Balance Sheet • Increased throughput History from Goldcorp • Listed on TSX:P, NYSE:PPP • Exploration success TSX:P | NYSE:PPP 3
  • 4. Focused Strategy Become a Leading Intermediate Gold Producer Deliver operational and Optimize and financial results expand existing mine/s Diversify through opportunistic, Increase accretive Reserves acquisitions through exploration TSX:P | NYSE:PPP 4
  • 5. Strong Balance Sheet TSX:P Exchanges NYSE:PPP $86M Balance Sheet at March 31, 2012 Cash2 Promissory note3 $86 million $45 million Strong Cash Balance Convertible note4 $30 million Ownership Goldcorp 36% $90M 1 Management & insiders Institutional & float ~3% ~61% Significant Operating Cash Flow Capital Structure Shares outstanding 88 million Fully Diluted 118 million $5M Repayment per year3 Market Cap. At June 22, 2012 1. C$220 million Estimated five-year average after-tax operating cash flow based on a 2012 gold price of $1,600/oz and spot silver $30/oz, see Jan 17, 2012 Press Release. Conservative Level of Debt 2. Reflects positive advance tax ruling, see First Quarter 2012 Report for details of off balance sheet net contingent liability of $20.3 million. 3. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015. 4. Goldcorp: 1 year, 3% note maturing August 6, 2012, convertible at any time at C$6 or on maturity at the greater of C$3.74 or 90% of the 5 day VWAP before the maturity date. TSX:P | NYSE:PPP 5
  • 6. Delivering Financial Results Increasing Earnings Adjusted EPS ($ per share) (US$ thousands, except per share amounts) Q1 2012 Q1 2011 950% $0.20 Revenues 44,044 33,988 Earnings from Mine Operations 18,662 10,912 $0.10 Net income (loss) 18,578 (7,895) $- Q1 2011 Q1 2012 EPS ($ per share) 0.21 (0.09) Increasing Cash Flow Op CF before changes in working capital ($ per share) 1 Adjusted net income 18,780 1,621 $0.30 +$0.25 $0.25 Adjusted EPS ($ per share) 0.21 0.02 $0.20 $0.15 Operating cash flows before changes in $0.10 21,257 (1,182) working capital $0.05 $- CFPS ($ per share) 0.24 (0.01) $(0.05) Q1 2011 Q1 2012 1 . Please refer to first quarter 2012 MD&A for adjustments. TSX:P | NYSE:PPP 6
  • 7. Delivering Operational Results Increasing Throughput 2012E Q1 2012 Q1 2011 (tonnes per day) 8% Mill Throughput 2,050 2,076 1,870 (tonnes per day) 2,000 8% Gold equivalent 100,000- 1 production 25,790 24,080 110,000 (gold equivalent ounces) Gold production 80,000- 22,590 20,500 (ounces) 90,000 1,500 Silver production 4.5-5.0 1.32 1.23 2010 2011 2012E (million ounces) Gold grade 3.7 4.05 4.03 (grams per tonne) Increasing Grade (grams of gold per tonne) Silver grade 225 242 250 (grams per tonne) 5.0 Cash cost 2 9% 4.0 10% ($ per gold equivalent $630-660 $674 $624 ounce) 3.0 2 Cash cost – by-product $310-340 $532 $491 2.0 ($ per gold ounce) 1.0 Capital Expenditures $30 $7.9 $5.2 ($ million) - 1 . “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on 2012 estimated Q3 2011 Q4 2011 Q1 2012 average realized commodity prices ($1,600 per ounce of gold and $9.41 per ounce of silver in full year 2012). 2. Cash cost is a non-GAAP measure. Refer to the first quarter 2012 MD&A for a reconciliation of cash costs. TSX:P | NYSE:PPP 7
  • 8. Strong Growth Profile Two Expansion Scenario Production Profiles (000 AuEq ounces) 200 3,000 tpd 3,000 tpd 2,500 tpd 100 GOLD EQUIVALENT1 Ramping to: 2,500 tpd GOLD 0 2012E 2013E 2014E 2015E 1 . “Gold equivalent ounces” include silver production converted to a gold equivalent based on flat estimated average realized commodity prices of $1,600 per ounce of gold and $9.41 per ounce of silver ($30 per ounce for ounces sold at spot and ~$4 per ounce for contract ounces). TSX:P | NYSE:PPP 8
  • 9. Silver Purchase Agreement and Taxation Currently Selling 50% of Silver at Spot Prices Primero sells 50% of annual production above 3.5 million ounces at spot  Remainder sold at ~$4 per ounce under silver purchase agreement  Threshold increases to 6.0 million ounces in August 2014 Primero selling 50% of silver production at spot prices from May 1st to August 5th 2012 Focused on reducing tax impact through tax structuring  Advance tax ruling (“APA”) filed in Mexico, seeking taxes to be based on realized revenue • APA ruling expected by end of 2012  Financial Statements reflect benefit of paying tax on realized revenue retroactive to acquisition  APA supported by transfer pricing study and 3 “should level” opinions (70% or greater confidence of a positive ruling) TSX:P | NYSE:PPP 9
  • 10. Focused Strategy Become a Leading Intermediate Gold Producer Deliver Optimize and operational and expand financial results existing mine/s Diversify through opportunistic, Increase accretive Reserves acquisitions through exploration TSX:P | NYSE:PPP 10
  • 11. San Dimas: Solid Platform for Growth One of Mexico’s Most Significant Precious Metals Deposits MEXICO QUICK FACTS LOCATION Durango-Sinaloa State Border, Mexico OWNERSHIP 100% METALS Gold & Silver MINING Underground, cut and fill 2011 PRODUCTION GOLD EQ. 102,200 gold equivalent ounces GOLD 79,600 ounces SILVER 4.6 million ounces CASH COST $640 per ounce (co-product) RESERVES & RESOURCES1 (at December 31, 2011) Classification Tonnage Gold Grade Silver Grade Gold Silver (Resources include Reserves) (M) (g/t) (g/ t) (koz) (Moz) Mineral Reserves San Dimas Gold-Silver Mine Probable 3.5 4.5 280 505 31.8 Ventanas Mineral Resources Exploration Property Indicated 2.9 6.2 390 577 36.5 Inferred 5.8 3.8 320 704 60.8 1 . See Slide 28 for Reserve & Resource notes & details and Slide 9 for silver purchase agreement details . TSX:P | NYSE:PPP 11
  • 12. Long-Life Mining District Produced 11M oz To Date Large 22,500 hectare land package; Over 120 known veins ARANA HANGING TAYOLTITA WALL BLOCK CENTRAL BLOCK TAYOLTITA MINE SINALOA Mined 1975 - 2002 2012 GRABEN Target BLOCK WEST BLOCK CENTRAL MINE 2012 Mined 2002 - Present Target SAN ANTONIO MINE Mined 1987 - 2002 TSX:P | NYSE:PPP 12
  • 13. Optimize San Dimas Increasing Throughput Maximize Throughput (tonnes per day) 8%  Ensure daily throughput at capacity (2,100 tpd) 2,000 8%  Examine mill expansion opportunity Control Costs  Reduce costs per tonne 1,500  Improve productivity per man shift 2010 2011 2012E Optimize Grade Reducing Costs ($ per ounce by-product)  Implementing 3D Planning $500 $87 $44-  Control mining dilution $450 $74 $400 Accelerate Mine Development $350 $300  Increase number of mining faces $250  Complete lateral haulage connections between $200 2010 2011 2012E current mining and exploration areas TSX:P | NYSE:PPP 13
  • 14. Expand San Dimas Two Potential Mill Expansion Scenarios: 2,500tpd or 3,000tpd Current operating capacity of 2,100 tpd Current capacity is mainly limited by crushing Examining two expansion scenarios: 2,500 tpd and 3,000 tpd  Basic engineering completed for both scenarios  Detailed engineering ongoing  Targeting expansion decision by Q3 2012 Third Ball Mill On-Site expands crushing to 3,000 tpd Mill Leaching Capacity currently 2,500 tpd Assessing Mill Expansion: Tailings Filter Expansion Completed 2,500 tpd or 3,000 tpd CAPACITY  Capacity 3,300 tpd TSX:P | NYSE:PPP 14
  • 15. Focused Strategy Become a Leading Intermediate Gold Producer Deliver Optimize and operational and expand financial results existing mine/s Diversify through opportunistic, Increase accretive Reserves acquisitions through exploration TSX:P | NYSE:PPP 15
  • 16. District Wide Exploration Potential West Block 2012 EXPLORATION Sinaloa Graben Central Block Tayoltita Block Arana San Antonio Mined 1987-2002 2012 EXPLORATION Mined 2002-Current Mined 1975-2002 Hanging Wall SW NE 3,000 m. 3,000 m. 2,000 m. 2012 EXPLORATION PROGRAM 2,000 m. DRILLING BETWEEN EXISTING MINES 1,000 m. 1,000 m. Source: San Dimas Geology Office 0 1 2 Mineralization – Ore Bodies Extension of the Favorable Horizon Faults Favorable Horizon Potential Intrusive K I L O M E T E R S TSX:P | NYSE:PPP 16
  • 17. 2012 Exploration Program $12 million 2012 Program Targets Vein Extensions from Existing Mines Development Delineation Drilling  22,000 metres drifting and raise boring  35,000 metres delineation drilling  Tunnels approaching Sinaloa Graben from the Exploration Drilling east and from the south  30,000 metres diamond drilling ROBERTITA CROSS SECTION Sinaloa Graben Central Block 2012 EXPLORATION Mined 2002-Current Sinaloa Graben Tunnel DELINEATION TSX:P | NYSE:PPP 17
  • 18. Two New Veins Discovered to date in 2012 Alexa and Victoria Vein Discoveries Support Exploration Potential Located in Prolific Central Corridor Strategic Underground Drill Locations  Alexa located 125m north of Victoria  Drilling from old El Pilar workings, Sinaloa  Mining access expected by end of 2012 Graben tunnel and a drift from Robertita TSX:P | NYSE:PPP 18
  • 19. Additional Discovery Opportunities Targeting Historical Significant Intercepts Close to Infrastructure Length Width Silver Gold CENTRAL TAYOLTITA SINALOA BLOCK Drift (m) (g/t) BLOCK GRABEN 1. Aranza 7-129W 79 2.2 543 5.2 BLOCK Elia 8-285W 221 2.8 1,491 15.9 Elia 8-359W 69 2.2 668 8.1 7 2. Rob 21-822E 167 3.0 686 13.8 2 WEST Drill Hole Width Silver Gold BLOCK 4 3. TGS-S-22 8.6 958 6.8 6 TGS-S-15 7.5 403 8.1 5 4. PIL 7-01 2.9 508 16.0 3 5. SOL-9-02 1.8 549 10.7 1 6. MAR-9-17 2.4 514 8.9 7. RO-16-03 1.4 205 9.5 LEGEND LEGEND TSX:P | NYSE:PPP 19
  • 20. Testing for Second Mineralized Horizon “Blue-Sky” Opportunity Historical Geological Model Recognized One Mineralized Horizon  300-600 metres of vertical extent Geologic Concept of Second Mineralized Horizon  Running parallel and 150-200 metres below first horizon  If proven, would significantly increase exploration potential TSX:P | NYSE:PPP 20
  • 21. Focused Strategy Become a Leading Intermediate Gold Producer Deliver operational and Optimize and financial results expand existing mine/s Diversify through Increase opportunistic, Reserves accretive through acquisitions exploration TSX:P | NYSE:PPP 21
  • 22. Growth through Acquisition Selective Acquisition Criteria Growth Strategy  Diversify asset base LEADING MID-TIER GOLD PRODUCER  Create a portfolio of early and advanced stage projects AMERICAS ACQUISITIONS ACQUISITION/S  Remain focused on mining friendly ACQUISITION/S jurisdictions in the Americas SAN DIMAS ACQUISITION/S OPTIMIZATION  Focus on similar scale to San Dimas OPTIMIZATION EXPLORATION  Remain opportunistic by leveraging strong balance sheet and cash flow SAN DIMAS PLATFORM TSX:P | NYSE:PPP 22
  • 23. 2012 Objectives & Catalysts  Produce or exceed 100,000-110,000 AuEq oz Upcoming Catalysts  Improve productivity per man shift 2012 Q1 Q2 Q3 Q4  Commence mill expansion construction Exploration  Replace reserves with 150% of production Results Reserve and Resource Update  Develop access across Sinaloa Graben Mill Expansion Decision  Evaluate high quality strategic growth alternatives in mining friendly jurisdictions in Exploration Results the Americas Advance Tax Ruling  Maintain industry leading Corporate Responsibility standards TSX:P | NYSE:PPP 23
  • 24. The Primero Opportunity Compelling Investment Argument MEXICO Sierra Madre Trend Long-Life, High-Grade Asset Cash Flow and Capital to Fund Growth Significant Exploration Potential Proven Management & Board Attractive Valuation San Dimas Gold-Silver Mine Ventanas Exploration Property TSX:P | NYSE:PPP 24
  • 25. Appendices TSX:P | NYSE:PPP 25
  • 26. Executive Management Joseph F. Conway | President & C.E.O. 1 Tamara Brown | VP Investor Relations  Former CEO, President and Director of IAMGOLD  Former Director Investor Relations for IAMGOLD from 2003 to 2010  Former Partner of a Toronto based, boutique  Former President, CEO and Director of Repadre investment bank; Professional engineer in mining Capital from 1995 to 2003 industry H. Maura Lendon | VP, Chief General Counsel and Corporate Secretary  Former Senior Vice President, Chief Legal Officer Renaud Adams | C.O.O. and Corporate Secretary of HudBay Minerals Inc.  Former Chief Counsel Canada, Chief Privacy Officer  Former SVP, American Operations for IAMGOLD - Canada of AT&T  Former General Manager of Rosebel Gold Mine 2007 to 2010  Former General Manager El Toqui Mine in Chile Joaquin Merino | VP Exploration and then the El Mochito Mine in Honduras  Former VP, Exploration of Apogee Minerals  Former Exploration Manager for Placer Dome at Porgera Mine David Blaiklock | C.F.O. David Sandison | VP Corporate Development  Former Controller IntraWest  Previously controller for a number of public and  Former Director, Corporate Development private companies in real estate development Xstrata Zinc Canada  Former Director Business Development, Noranda/Falconbridge Board Committees: 1.Health, Safety and Environment  Former EVP Noranda, Chile TSX:P | NYSE:PPP 26
  • 27. Board of Directors Wade Nesmith | Chairman Rohan Hazelton | Director 1,5 Robert Quartermain | Director 2,3  Founder of Primero  VP, Finance, Goldcorp  Founder and President & CEO,  Founding and current director  Formerly with Wheaton River Pretivm Resources of Silver Wheaton, Chairman of and Deloitte & Touche LLP  Former President, Silver Standard Selwyn Resources  Director of Vista Gold Corp. and Canplats Resources David Demers | Director2,3,4 Timo Jauristo | Director 2 Michael Riley | Director 5  Founder, CEO and Director  EVP, Corporate Development,  Chartered accountant with more Westport Innovations Goldcorp than 26 years of accounting  Director of Cummins Westport  Former CEO of Zincore Metals experience and Juniper Engines Inc. and Southwestern  Chair of Primero Audit Committee, Resources Corp. Chair of Audit Committee of B.C. Lottery Corporation and member of the Audit Committee of Canalaska Uranium Ltd. Grant Edey | Director 3,5 Eduardo Luna | Director 1 Joseph Conway | Director1 see Executive Management  Former Director of Breakwater  Former EVP & President, Resources, former director of Mexico. Former Chairman and Queenstake Resources, Santa CEO of Silver Wheaton, Board Committees: Cruz Gold Executive VP of Goldcorp and 1.Health, Safety and Environment  Former CFO, IAMGOLD Luismin S.A. de C.V. (San Dimas) 2. Human Resources and Compensation and President of Mexican 3. Governance and Nominating Mining Chamber and the Silver 4. Lead Director 5. Audit Institute TSX:P | NYSE:PPP 27
  • 28. 2011 Mineral Resources and Mineral Reserves Classification Tonnage Gold Grade (g/t) Silver Grade Contained Gold Contained Silver (million tonnes) (g/ t) (000 ounces) (000 ounces) Mineral Resources Indicated 2.877 6.2 390 577 36,470 Inferred 5.833 3.8 320 704 60,770 Mineral Reserves Probable 3.514 4.5 280 505 31,800 Notes to Resource Statement: 1. Indicated Mineral Resources include Mineral Reserves. 2. Cutoff grade of 2 g/t AuEq is applied and the AuEq is calculated at a gold price of US$1,400 per troy ounce and silver price of US$25 per troy ounce. 3. A constant bulk density of 2.7 tonnes/m3 has been used. 4. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants (Canada) Ltd. and Qualified Persons (“QP’s”) for the purposes of National Instrument 43-101 (“NI 43-101”). Notes to Reserve Statement: 1. Cutoff grade of 2.52g/t AuEq based on total operating cost of US$98.51/t. Metal prices assumed are a gold price of US$1,250 per troy ounce and silver price of US$20 per troy ounce. Silver supply contract obligations have been referenced in determining overall vein reserve estimate viability. 2. Processing recovery factors for gold and silver of 97% and 94% assumed. 3. Exchange rate assumed is 13.00 pesos/US$1.00. 4. The Mineral Reserve estimates were prepared by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a Qualified Person (“QP”) for the purposes of NI 43-101. Additional exploration potential estimated at 6-10 million tonnes at grade ranges of 3-5 grams per 1 tonne of gold and 200-400 grams per tonne of silver. 1. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. TSX:P | NYSE:PPP 28
  • 29. Notes to Investors Regarding the Use of Resources This presentation has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this presentation have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and reserve and resource estimates disclosed in this presentation may not be comparable to similar information disclosed by U.S. companies. The mineral reserve estimates in this presentation have been calculated in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of “probable reserves” used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as “reserves” under SEC standards. In addition, this presentation uses the terms “indicated resources” and “inferred resources” to comply with the reporting standards in Canada. The Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Further, “inferred resources” have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred resources” exist. In accordance with Canadian securities laws, estimates of “inferred resources” cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of “indicated resources” or “inferred resources” will ever be upgraded to a higher category or are economically or legally mineable. In addition, disclosure of “contained ounces” is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures. NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included in this presentation. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified. TSX:P | NYSE:PPP 29
  • 30. PRIMERO MINING CORP. Joseph Conway Richmond Adelaide Centre President & C.E.O. 120 Adelaide Street West, Suite 1202 Toronto, ON M5H 1T1 Investor Relations T 416 814 3160 F 416 814 3170 T 416 814 3168 TF 877 619 3160 info@primeromining.com www.primeromining.com Trading Symbols Common Shares TSX:P NYSE:PPP Warrants TSX:P.WT NYSE:PPP TSX:P | NYSE:PPP TSX:P