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  • 1. 8/2/2012 TSX:P  NYSE:PPP Focused on Production Focused on Growth Second Quarter 2012 Results August 2, 2012Cautionary StatementThis presentation may contain “forward‐looking” statements within the meaning of Canadian securities legislation and the United States Private SecuritiesLitigation Reform Act of 1995. Forward‐looking statements relate to future events or the anticipated performance of the Company and reflectmanagement’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward‐looking statements can beidentified 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 betaken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward‐looking statements involveknown and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from anyanticipated 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 innational and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessaryexploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors aredescribed 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 willbe 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 theseterms 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 mineraldeposits 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 fora Preliminary Assessment as defined under NI43‐101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economicallyor 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 anyobligation to update these forward‐looking statements or information to reflect changes in assumptions or circumstances other than required by applicablelaw. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially fromthose 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 1
  • 2. 8/2/2012 Management Participants Joseph F. Conway Renaud Adams David BlaiklockPresident & Chief Executive Officer Chief Operating Officer Chief Financial Officer TSX:P |   NYSE:PPP 3 Record Second Quarter Results  Record Gold and Silver Production Sierra Madre Trend MEXICO  Record Profit Margins  Record Operating Cash Flow  Highest Quarterly Silver Sales at Spot  Strong Cash Position  Exploration Success  San Dimas  Increased 2012 Production Guidance Gold‐Silver Mine Ventanas Exploration Property TSX:P |   NYSE:PPP 4 2
  • 3. 8/2/2012 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 5 Record Operating Results Increasing Throughput Q2 Q2 YTD YTD (tonnes per day) 3 3 2012 2011 2012 2011 18% Mill Throughput 2,032 1,605 2,054 1,738  2,000 (tonnes per day) 1 Gold equivalent production 33,598 27,576 59,309 51,659 (gold equivalent ounces) Gold production  23,277 19,374 45,865 39,872 (ounces)  1,500 Silver production  1.36 1.06 2.67 2.29 YTD 2011 YTD 2012 (million ounces) Gold grade  4.25 4.56 4.15 4.27 Revenue by Metal Gold (grams per tonne) (Percentage of Revenue %) Silver Silver grade 256 259 249 254 (grams per tonne) 12%  12%  2 30%  30%  Cash cost $525 $586 $591 $604 ($ per gold equivalent ounce)   2 Cash cost – by‐product $44 $190 $282 $345 88% 88% ($ per gold ounce)   70% 70% Capital Expenditures $7.9 $8.9 $15.8 $14.1 ($ million)1 . “Gold equivalent ounces” include  revenue from silver converted to a gold equivalent based on amounts received. 2. Cash cost is a non‐GAAP measure. Refer to the second quarter 2012 MD&A for a reconciliation of cash costs. 3. Second quarter 2011 operations were impacted by a one month mill workers strike in April 2011. Q1 2012 Q2 2012 Q3 2012E Q4 2012E TSX:P |   NYSE:PPP 6 3
  • 4. 8/2/2012 Strong Financial Results Increasing Earnings  (US$ thousands, except per  Q2  Q2  YTD  YTD  Adjusted EPS ($ per share) share amounts) 2012 2011 2012 2011  $0.20 180% Revenues 57,061 40,830 101,065 74,814 Income from Mine  30,169 18,723 48,831 29,635  $0.10 Operations Net income (loss) 15,005 3,897 33,583 (3,997)  $‐ Q2 2011 Q2 2012 EPS ($ per share) 0.17 0.04 0.38 (0.05) Increasing Cash Flow  1 Op CF before changes in working capital ($ per share) Adjusted net income 15,369 5,634 34,150 7,256  $0.50 105% Adjusted EPS ($ per share) 0.17 0.06 0.39 0.08  $0.40  $0.30 Operating cash flows  before changes in working  35,813 17,877 55,961 16,696  $0.20 capital  $0.10 CFPS ($ per share) 0.41 0.20 0.63 0.19  $‐ Q2 2011 Q2 20121 . Please refer to second quarter 2012 MD&A for adjustments. TSX:P |   NYSE:PPP 7 Increased 2012 Production Guidance Increasing Production (gold equivalent ounces) Original 2012E Revised 2012E 120 8‐17% Mill Throughput 115 1,950 2,050 (tonnes per day) 110 1 105 2% Gold equivalent production 100,000‐110,000 110,000‐120,000 100 (gold equivalent ounces) 95 90 Gold production  80,000‐90,000 85,000‐95,000 2010 2011 2012E (ounces) Silver production  4.5‐5.0 5.0‐5.5 Reducing Cash Costs (million ounces) (By‐Product $ per gold ounce) 2  500 Cash cost $630‐660 $610‐640 ($ per gold equivalent ounce)   18%  400 4‐11% 2  300 Cash cost – by‐product $310‐340 $340‐370 ($ per gold ounce)    200 Capital Expenditures $30 $33  100 ($ million)  ‐ 1 . “Gold equivalent ounces” include  revenue from silver converted to a gold equivalent based on 2012 estimated  2010 2011 2012E 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 second quarter 2012 MD&A for a reconciliation of cash costs.  TSX:P |   NYSE:PPP 8 4
  • 5. 8/2/2012 Strong Balance Sheet TSX:P Exchanges NYSE:PPP $126M Balance Sheet at June 30, 2012 Cash2 Promissory note3 $126 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 Diluted5 105 million $5M Repayment per year3 Market Cap. At July 31, 2012 1. 2. C$300 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. Reflects positive advance tax ruling, see Second Quarter 2012 Report for details of  Conservative Level of Debt 3. off balance sheet net contingent liability of $52.4 million. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015.  Principal prepayment equal to 50% of Excess Free Cash Flow. 4. Goldcorp: 1 year, 3% note maturing August 6, 2012.  The Company has elected to  repay in common shares at the greater of C$3.74 or 90% of the 5 day VWAP before  August 6, 2012.  A maximum of 8,422,460 shares will be issued.   5. Fully diluted shares excludes 20.8 million warrants with an exercise price of Cdn$8  per share, expiring on July 20, 2015. TSX:P |   NYSE:PPP 9 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 2015E1 . “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 10 5
  • 6. 8/2/2012Silver Purchase Agreement and TaxationCurrently Selling 50% of Silver at Spot PricesPrimero 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 2014Primero selling 50% of silver production at spot prices from May 1st to August 5th 2012Focused 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 11Focused StrategyBecome 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 12 6
  • 7. 8/2/2012 San Dimas:  Solid Platform for Growth One of Mexico’s Most Significant Precious Metals Deposits MEXICOQUICK FACTSLOCATION Durango‐Sinaloa State Border, MexicoOWNERSHIP 100%METALS Gold & SilverMINING Underground, cut and fill2011 PRODUCTIONGOLD EQ. 102,200 gold equivalent ouncesGOLD 79,600 ouncesSILVER 4.6 million ouncesCASH COST  $640 per gold equivalent ounceRESERVES & RESOURCES1 (at December 31, 2011. Resources include Reserves.) Tonnage Gold Grade  Silver Grade  Gold Silver Classification (M) (g/t) (g/ t) (koz) (Moz)Mineral Reserves San Dimas Gold‐Silver MineProbable 3.5 4.5 280 505 31.8 VentanasMineral Resources Exploration PropertyIndicated 2.9 6.2 390 577 36.5Inferred 5.8 3.8 320 704 60.8 1 . See Slide  31 for Reserve & Resource notes & details and Slide 11 for silver purchase agreement details . TSX:P |   NYSE:PPP 13Long‐Life Mining District Produced 11M oz Au To Date Large 22,500 hectare land package; Over 120 known veins ARANA  HANGING  TAYOLTITA WALL BLOCK CENTRAL  BLOCK TAYOLTITA MINE SINALOA  2012  Mined 1975 ‐ 2002 GRABEN Target BLOCK WEST CENTRAL MINE BLOCK Mined 2002 ‐ Present 2012  Target Tayoltita Mill Veins SAN ANTONIO MINE Mined 1987 ‐ 2002 Faults Ag-Au High Grade Trend Targets Mines TSX:P |   NYSE:PPP 14 7
  • 8. 8/2/2012Optimize San Dimas Increasing Throughput Maximize Throughput (tonnes per day) 8%  Ensure daily throughput at capacity (2,100 tpd)  2,000 8%  Examine mill expansion opportunity Control Costs  Reduce costs per tonne  1,500  Improve productivity per man shift 2010 2011 2012E Optimize Grade Reducing Costs ($ per gold ounce, by‐product)  Implementing 3D Planning $14‐  $500 $87 $44  Control mining dilution  $450  $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 15Expand San DimasTwo Potential Mill Expansion Scenarios:  2,500tpd or 3,000tpdCurrent operating capacity of 2,100 tpdCurrent capacity is mainly limited by crushingExamining two expansion scenarios:  2,500 tpd and 3,000 tpd Basic engineering completed for both scenarios Detailed engineering ongoing Targeting expansion decision by end of Q3 2012Third Ball Mill On‐Site expands crushing to 3,000 tpdMill 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 16 8
  • 9. 8/2/2012 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 17 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 WallSW NE3,000 m. 3,000 m.2,000 m. 2012 EXPLORATION PROGRAM 2,000 m. DRILLING BETWEEN EXISTING MINES1,000 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 18 9
  • 10. 8/2/2012 2012 Exploration Program 2012 $14 million Program Targets Vein Extensions from Existing Mines Development Delineation Drilling  6,500 metres development drifting  40,000 metres delineation drilling (from 35,000)  Tunnels approaching Sinaloa Graben from the  Exploration Drilling east and from the south  40,000 metres diamond drilling (from 30,000),  plus 2,000 metres of exploration drifting ROBERTITA CROSS SECTION Sinaloa Graben Central Block 2012 EXPLORATION Mined 2002‐Current Sinaloa  Graben  Tunnel DELINEATION TSX:P |   NYSE:PPP 19 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 20 10
  • 11. 8/2/2012 Additional Discovery Opportunities Targeting Historical Significant Intercepts Close to Infrastructure Length  Width Silver         Gold CENTRAL  TAYOLTITA SINALOA  BLOCKDrift (m) (g/t) BLOCK GRABEN1. 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 72.  Rob 21‐822E 167 3.0 686 13.8 2 WESTDrill Hole Width Silver Gold BLOCK 43.  TGS‐S‐22 8.6 958 6.8 6 TGS‐S‐15 7.5 403 8.1 5 Tayoltita Mill4.  PIL 7‐01 2.9 508 16.0 35.  SOL‐9‐02 1.8 549 10.7 16.  MAR‐9‐17 2.4 514 8.97. RO‐16‐03 1.4 205 9.5 LEGEND LEGEND TSX:P |   NYSE:PPP 21 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 22 11
  • 12. 8/2/2012Focused StrategyBecome 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 23Growth Through AcquisitionSelective 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 24 12
  • 13. 8/2/20122012 Objectives & Catalysts Produce or exceed 100,000‐110,000 AuEq oz Upcoming Catalysts  Increased guidance to 110,000 to 120,000 AuEq oz Improve productivity per man shift 2012 Q3 Q4 Commence mill expansion construction Reserve and Resource Update Replace reserves with 150% of production Mill Expansion Decision Develop access across Sinaloa Graben Exploration Results Acquire high quality project(s) in mining  friendly jurisdictions in the Americas Advance Tax Ruling Maintain industry leading Corporate  Responsibility standards TSX:P |   NYSE:PPP 25The Primero OpportunityCompelling Investment Argument MEXICO Sierra Madre TrendLong‐Life, High‐Grade AssetCash Flow and Capital to Fund GrowthSignificant Exploration PotentialProven Management & BoardAttractive Valuation San Dimas Gold‐Silver Mine Ventanas Exploration Property TSX:P |   NYSE:PPP 26 13
  • 14. 8/2/2012 TSX:P  NYSE:PPP Focused on ProductionPRIMERO MINING CORP.Richmond Adelaide Centre Focused on Growth Tamara Brown Vice President, Investor Relations120 Adelaide Street West, Suite 1202 T 416 814 3168Toronto, ON  M5H 1T1 info@primeromining.comT 416 814 3160   F 416 814 3170TF 877 619 3160 Trading Symbolswww.primeromining.com Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT Appendices TSX:P |   NYSE:PPP 28 14
  • 15. 8/2/2012Executive 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 29Board 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 | Director2,3,4,5 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 30 15
  • 16. 8/2/2012 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 60,770Mineral Reserves Probable 3.514 4.5 280 505 31,800Notes 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 31 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 32 16
  • 17. 8/2/2012 TSX:P  NYSE:PPP Focused on ProductionPRIMERO MINING CORP.Richmond Adelaide Centre Focused on Growth Tamara Brown Vice President, Investor Relations120 Adelaide Street West, Suite 1202 T 416 814 3168Toronto, ON  M5H 1T1 info@primeromining.comT 416 814 3160   F 416 814 3170TF 877 619 3160 Trading Symbolswww.primeromining.com Common Shares TSX:P, NYSE:PPP Warrants TSX:P.WT 17

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