Bank of America Merrill Lynch
16th Annual Canada Mining Conference

The ‘New’ Americas Gold Play
September 9, 2010
Cautionary Statement                                                                                                      ...
Investment Highlights   TSX:P




                                3
Corporate Strategy                                                                                                   TSX:P...
Financial Strength                                                                                                        ...
San Dimas
                       Solid Platform                                                                           ...
Improved Cash Flow
       Amended Silver Agreement
                                                                       ...
Infrastructure and Optimization                                              TSX:P


  ESTABLISHED INFRASTRUCTURE
        ...
Corporate Social Responsibility                    TSX:P


  Health and Safety
     Industry leading health and safety ini...
Proven 90% Resource Conversion                                                                  TSX:P

                   ...
Significant Exploration Upside                                                        TSX:P


  Aggressive drilling and de...
Sinaloa Graben
    Renewed High Grade Zone                                                                                ...
Unlocking Value                                                                                                           ...
P/NAV Multiples                                                                                                           ...
Production Multiples                                                                                                      ...
Cash Flow Multiples                                                                                                       ...
Why Primero Mining?                                                                   TSX:P


  Established Mexican gold a...
APPENDICES
Experienced Management                                                         TSX:P


Wade Nesmith | Executive Chairman
 ...
Acquisition Overview                                                                                         TSX:P

     A...
Board of Directors                                                      TSX:P


Wade Nesmith | Chairman                  M...
San Dimas Mines                                                             TSX:P



World-class gold and silver mine loca...
San Dimas Geological Setting                        TSX:P

The geological setting at San Dimas shows
two major volcanic su...
San Dimas Mining                                         TSX:P

Consists of three ore-zones: Tayoltita, Santa Rita and
Cen...
San Dimas Processing                                                                          TSX:P

Tayoltita mill has a ...
San Dimas People
                                                         TSX:P


  San Dimas total headcount in 2009: 1,0...
San Dimas Infrastructure                   TSX:P

Access to the area is by air or by road
from the city of Durango, by roa...
District Wide Upside – Long Section                                                                                    TSX...
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Primero Presentation

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Primero Presentation

  1. 1. Bank of America Merrill Lynch 16th Annual Canada Mining Conference The ‘New’ Americas Gold Play September 9, 2010
  2. 2. Cautionary Statement TSX:P 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 preliminary prospectus and will be detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are, or will be available, for review on SEDAR at www.sedar.com. This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)), the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward- looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Unless otherwise indicated, all dollar values herein are in US$. 2
  3. 3. Investment Highlights TSX:P 3
  4. 4. Corporate Strategy TSX:P GROWTH TARGETED GROWTH PROFILE 2010-2011: Optimization & resource expansion LEADING MID-TIER GOLD PRODUCER 2011-2012: Potential Latin American acquisitions 400 Leading mid-tier gold producer by 2013 LATIN AMERICAN ACQUISITIONS LOW CASH COST 300 Industry leading cash cost profile SAN DIMAS LOW RISK OPTIMIZATION ACQUISITIONS Strong balance sheet 200 EXPLORATION Un-hedged gold OPTIMIZATION Americas stable pro-mining jurisdictions SAN DIMAS RESPONSIBILITY 100 (GOLD EQUIVALENT OUNCES) Sustainable growth Commitment to leading CSR programs 0 2010 2011 2012 2013 1. Production based on five year average, source NI 43-101 technical report 4
  5. 5. Financial Strength TSX:P Cash flow engine to fund growth ~$50 million cash ~$70 million operating cash flow/yr Robust operating margins After Tax Operating Cash Flow1,2 ($M) After Tax Cumulative Cash Balance1,3 ($M) $900 Au / $15.00 Ag $1,220 Au / $17.50 Ag $350 Free Cash Flow Opening Cash $90 $318 $80 $77 $78 $74 $300 $71 $273 $70 $65 $250 $60 $216 $54 $54 $203 $51 $50 $48 $200 $180 $44 $159 $40 $146 $150 $113 $30 $106 $100 $83 $20 $1,220 Au / $1,220 Au / $1,220 Au / $1,220 Au / $1,220 Au / $17.50 Ag $17.50 Ag $17.50 Ag $17.50 Ag $17.50 Ag $50 $15.00 Ag $15.00 Ag $15.00 Ag $15.00 Ag $15.00 Ag $900 Au / $900 Au / $900 Au / $900 Au / $900 Au / $10 $- $- 2010E 2011E 2012E 2013E 2014E 2010E 2011E 2012E 2013E 2014E 1. Includes Silver Wheaton contract impact, resulting in an effective tax rate of approximately 55% 2. Includes interest expense on the Goldcorp promissory and convertables notes 3. Free cash flow includes interest expense on the Goldcorp secured promissory and convertible notes and principal repayment on the Goldcorp secured promissory note (principal on convertible note is paid through excess cash 5 from financing and exercise of warrants)
  6. 6. San Dimas Solid Platform TSX:P World-class gold-silver mine plus 227km2 of exploration concessions in epithermal district San Dimas 250 year history with historical production Mazatlan Durango estimated at 11 million ounces of gold and over 582 million ounces silver San Dimas Historical Gold Production P&P Reserves Gold Silver (at Dec 31 2009) 180 Au Production (LHS) Au Grade (RHS) 9 Contained (M oz) 0.9 61 160 8 140 7 Grade (g/t) 4.8 339 120 6 Inferred Resources Gold Silver Au Production (koz) (at Dec 31 2009) Au grade (g/t) 100 5 80 4 Contained (M oz) 1.6 155 60 3 Grade (g/t) 3.3 317 40 2 Production (k oz/yr) 107 20 1 Estimated 5 year average. 0 - Est. LOM (years) 25+ 2003 2004 2005 2006 2007 2008 2009 1. Average annual production and cash cost for next 5 years, gold equivalent based on $900/oz gold and $15/oz silver 2. Attributable to Primero under amended silver purchase agreement and based on NI 43-101 report Source: NI 43-101 technical report 6
  7. 7. Improved Cash Flow Amended Silver Agreement Old Agreement To 25 Years All silver sold at ~$4 for 25 years (19 years remaining) Amended Agreement First 3.5 million oz Ag plus 50% of excess sold to SLW at ~$4 First 4 years 50% of Ag production above 3.5 million oz sold at spot First 6 million oz Ag plus 50% of excess sold to SLW at ~$4 Year 5 to LOM 50% of Ag production above 6 million oz sold at spot 180 Amended Silver Agreement Affect on GEO Amended Goldcorp 160 Additional Five year average annual : Agreement1 2009 GEO 140 Gold Production Production 120 Gold (oz) 107,000 113,000 100 Gold Eq (Eq Au oz) 157,000 113,000 80 Spot Silver Exposure2 (oz) 1,800,000 0 60 Cash Cost1 40 Co-product (per Eq oz) $337 $392 20 By-product (per oz) $60 $287 0 2010E 2011E 2012E 2013E 2014E Source: Technical Report , Company data and Goldcorp public reports 7 1 Gold equivalent based on $900/oz gold and $15/oz silver
  8. 8. Infrastructure and Optimization TSX:P ESTABLISHED INFRASTRUCTURE Mill capacity 2,100 tpd (97% Au and 94% Ag recovery)1 Dry tailings filter plant capacity 2,100 tpd New tailings pumping system completed early 2010 Tunnels connecting Central Block and Sinaloa Graben OPTIMIZATION PLAN Operate mill at design capacity (Current:~1,900 tpd, Design: 2,100 tpd) Match milling to leaching capacity (Mill: 2,100 tpd, Leach: 2,500 tpd) Establish trade-off on recovery Scoping study on expansion in 2010 1. Source NI 43-101 technical report 8
  9. 9. Corporate Social Responsibility TSX:P Health and Safety Industry leading health and safety initiatives Frequency Index reduction 40%, Lost Time Injuries reduction 50%, Reportable accidents reduction by 40%1 Epidemiological monitoring program and medical examination programs in place Environmental Certified as ‘Clean Industry’ by the Procuraduria Federal de Proteccion al Ambiente (PROFEPA - Mexican EPA) Community Initiatives Community development programs Basic school, technical college and adult education Local employment and procurement 1. Comparing 2009 to 2008 9
  10. 10. Proven 90% Resource Conversion TSX:P San Dimas Reserve Replacement based on Au ounces (2003-2009) 1,000,000 Reserve Additions Production 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Initial 2003 2004 2005 2006 2007 2008 2009 End 1. NI 43-101 technical report 10
  11. 11. Significant Exploration Upside TSX:P Aggressive drilling and development programs in the past 10 years have resulted in major discoveries that have materially changed reserve and production profiles Significant new discovery of high-grade veins in the Sinaloa Graben Active development on Sinaloa Graben and Arana Hanging Wall scheduled in 2010 Sinaloa Graben million ounce resource potential (currently only 27,000 oz) Additional discoveries likely and will add to current reserves Recent results include: Grade (g/t) Area Drill Hole Intercept (m) Gold Silver Sinaloa Norte DDH TGS-S-15 8.08 403 7.52 DDH TGS-S-22 6.81 958 8.56 Robertita DDD TGS-S-07 4.17 191 2.24 (Central Block extension) 11
  12. 12. Sinaloa Graben Renewed High Grade Zone TSX:P DDH TGS-S-07 191 g/t Ag 4.17 g/t Au Roberta & Robertita– Nancy Vn System 2.24m SAN FRANCISCO San Eduardo Tunnel N Tayoltita Central Block CULEBRA Block CANDELARIA Arana Hanging Wall San Vicente Diamond Drilling Plan Tayoltita Area mine BLENDITA Central CORONADO Block mine Santa Rita PATRICIA DDH TGS-S-22 mine 5 HERMANOS 958 g/t Ag San Antonio S. ANTONIO Proposed Tunnel Mill EL SOL mine Tunnel Budget 2010 6.81 g/t Au GUADALUPE 8.56m Tunnel done TAYOLTITA Vein West Block EL CRISTO Fault TUNNEL ROSARIO SINALOA River/Creek GRABEN TUNNEL Ag-Au High Sinaloa Graben Grade Trend EL ABRA LA Diamond VERDOSA Sinaloa Graben Drilling Plan VERDOSA RAMP Exploration Target DDH TGS-S-15 Piaxtla River 0 1 2 km 403 g/t Ag 8.08 g/t Au 7.52m 12
  13. 13. Unlocking Value TSX:P 2010E Gold Eq Production (000 oz)1 2010E Cash Cost ($/Au Eq oz)1,2 Market Capitalization ($B)1 450 $800 $3.0 400 $700 $2.5 350 2010 Gold Eq Production (000 oz) $600 Market Capitalization (US$B) 300 $2.0 US$/Au Eq oz $500 250 $351 $400 $1.5 200 149 $300 150 $1.0 $200 100 $0.4 $0.5 50 $100 0 $0 $0.0 B2Gold B2Gold Northgate Jaguar* Primero Aurizon* Aurizon* Northgate Jaguar* Primero Gammon Gammon New Gold Alamos Alamos Golden Star New Gold Golden Star Lake Shore Kirkland* Lake Shore Kirkland* Minefinders Minefinders B2Gold Northgate Jaguar* Aurizon* Primero Gammon Alamos Golden Star New Gold Kirkland* Lake Shore Minefinders 1. Estimates based on Canaccord Genuity research (except for names noted with “*” which are based on company reports and street estimates); Canaccord Genuity prices: Gold Price: 2010: $1,215, 2011: $1,200, 2012: $1,100, 2013: $1,000, 2014: $900, LT: $900; Silver Price: 2010: $18.80, 2011: $19.00, 2012: $18.00, 2013: $17.00, 2014: $16.00, LT: $16.00; Assumes Primero 2010E gold equivalent production using full year silver credit 2. Cash cost based on total cash cost per gold equivalent ounce Note: As of Sept. 2, 2010 13
  14. 14. P/NAV Multiples TSX:P P/NAV Multiples (5% $850 Au/ $15.5 Ag)1,2 3.0x 2.5x Inter. Average: 2.11x 2.0x 1.5x Jr. Average: 1.40x 1.0x 1.14x 0.5x - Eldorado Minefinders Goldcorp Aurizon* Barrick Jaguar* Kirkland* Primero Northgate Yamana Kinross B2Gold Gammon IAMGOLD Randgold Lake Shore Golden Star Agnico Alamos Red Back New Gold Junior Intermediate Senior 1. Estimates based on Canaccord Genuity research (except for names noted with “*” which are based on company reports and street estimates); Canaccord Genuity prices: Gold Price: 2010: $1,215, 2011: $1,200, 2012: $1,100, 2013: $1,000, 2014: $900, LT: $900; Silver Price: 2010: $18.80, 2011: $19.00, 2012: $18.00, 2013: $17.00, 2014: $16.00, LT: $16.00 2. Primero NAV calculation assumes non-NI 43-101 resources upside Note: As of Sept. 2, 2010 14
  15. 15. Production Multiples TSX:P Production Multiples ($ Adjusted Market Cap/2010 Production Au Eq oz) 1,2 $22,500 $20,000 $17,500 $15,000 Inter. Average: $13,298 $12,500 $10,000 $7,500 Jr. Average: $5,482 $5,000 $2,500 Primero $3,406 $- Eldorado Minefinders Goldcorp Aurizon* Barrick Northgate Jaguar* Yamana Kinross Gammon B2Gold IAMGOLD Randgold Kirkland* Golden Star Agnico Alamos Red Back New Gold Junior Intermediate Senior 1. Estimates based on Canaccord Genuity research (except for names noted with “*” which are based on company reports and street estimates); Canaccord Genuity prices: Gold Price: 2010: $1,215, 2011: $1,200, 2012: $1,100, 2013: $1,000, 2014: $900, LT: $900; Silver Price: 2010: $18.80, 2011: $19.00, 2012: $18.00, 2013: $17.00, 2014: $16.00, LT: $16.00 2. Adjusted market cap is market capitalization adjusted for debt, working capital and base metal mines (where applicable) Note: As of Sept. 2, 2010 15
  16. 16. Cash Flow Multiples TSX:P Cash Flow Multiples (2010)1,2 35x 30x 25x Inter. Average: 18.8x 20x Jr. Average: 15.9x 15x 10x 5x 6.4x - Eldorado Minefinders Goldcorp Barrick Northgate Primero Jaguar* Yamana Aurizon* Kinross Gammon B2Gold IAMGOLD Randgold Kirkland* Golden Star Agnico Alamos Red Back New Gold Junior Intermediate Senior 1. Estimates based on Canaccord Genuity research (except for names noted with “*” which are based on company reports and street estimates); Canaccord Genuity prices: Gold Price: 2010: $1,215, 2011: $1,200, 2012: $1,100, 2013: $1,000, 2014: $900, LT: $900; Silver Price: 2010: $18.80, 2011: $19.00, 2012: $18.00, 2013: $17.00, 2014: $16.00, LT: $16.00 2. Operating cash flow includes interest payments on Goldcorp note Note: As of Sept. 2, 2010 16
  17. 17. Why Primero Mining? TSX:P Established Mexican gold and silver producer 107,000 oz Au, 7.1 M oz Ag (2010-2014 average) Immediate production, cash flow and exposure to gold Market preferred geography Proven management team Joe Conway and Eduardo Luna Long life, low cost asset P&P reserves of 860,000 oz Au and 61 M oz Ag Total resources of 2.5 M oz Au and 216 M oz Ag Industry low $337/oz cash cost (2010-2014 average) Ideal growth platform Well positioned to quickly become a leading mid-tier gold producer Attractive valuation – re-rating opportunity Potential re-rating as Primero trades at a discount to peers on all significant value metrics Production, cash cost and resource numbers from NI 43-101 technical report 17
  18. 18. APPENDICES
  19. 19. Experienced Management TSX:P Wade Nesmith | Executive Chairman Founder of Mala Noche and CEO since incorporation Former President of Westport Innovations (Europe) Founding and current director of Silver Wheaton, Chairman of each of Geovic Mining and Selwyn Resources Joseph F. Conway | President and C.E.O. Former CEO, President and Director of IAMGOLD from 2003 to 2010 Grew IAMGOLD from a $50 million royalty company to a $6 billion intermediate gold producer with a sector leading growth profile Eduardo Luna | President, Mexico Former Chairman and CEO of Silver Wheaton, Executive VP of Goldcorp and Luismin S.A. de C.V. (San Dimas) and President of Mexican Mining Chamber and the Silver Institute Chairman of the Advisory Board of the Faculty of Mines at the University of Guanajuato and of the Mineral Resources Council in Mexico 19
  20. 20. Acquisition Overview TSX:P Agreement Mala Noche Resources Inc. (“MLA”) acquired 100% of San Dimas from Goldcorp MLA changed its name to Primero Mining Corp. (“Primero”) Goldcorp received $510 million from Primero paid as follows:  $216 million in up front cash  $184 million in shares of Primero (~36% ownership)  $50 million structured as a 5-year 6% note ($5 million repaid annually with a final balloon payment at the end of year 5)  $60 million 1-year 3% note convertible at $6.00 per share and payable at maturity through cash or at a conversion price equal to 90% of the 5-day VWAP of Primero shares prior to maturity Supportive Goldcorp retained ~36% and appoint 2 to 3 board members Shareholder Goldcorp and certain key Primero insiders locked-up for 3 years Silver Stream Silver Wheaton Corp. (“Silver Wheaton”) silver stream agreement modified. Agreement Primero will receive 50% of silver production above 3.5 million ounces Ag for the first 4 years, and 50% of production above 6 million ounces Ag thereafter Primero will extend the current 25 year silver stream contract to life of the mine Financing C$300 million (+ overallotment) offering in common shares to fund the cash portion of the purchase price and for general corporate purposes Note: Unless otherwise indicated, all dollar values herein are in US$ 20
  21. 21. Board of Directors TSX:P Wade Nesmith | Chairman Michael Riley Chartered accountant with more than Joseph F. Conway 26 years of accounting experience Chair of the audit committee of B.C. Eduardo Luna Lottery Corporation and Seacliff Construction Timo Jauristo Robert A. Quartermain EVP, Corporate Development, Goldcorp Former President, Silver Standard Director of Vista Gold Corp. and Rohan Hazelton Canplats Resources • VP, Finance, Goldcorp Grant Edey David Demers Director of Breakwater Resources and Founder, CEO and Director Westport former director of Queenstake Innovations Resources and Santa Cruz Gold Director of Cummins Westport and Former CFO, IAMGOLD Juniper Engines 21
  22. 22. San Dimas Mines TSX:P World-class gold and silver mine located in Mexico Historical Million Grade (g/t) Total Production (million oz) Production Tonnes Gold Silver Gold Silver 1978-2008 13.3 7.0 511 2.9 219 More than 100 veins in the district Thickness of the veins varies from 0.1 m up to 15 m, average of 1.5 m The veins can be followed for more than 1,500 m along strike Ore bodies vary in size from 10 m to 600 m in length with an average length of 150 m by 600 m Total underground development is more than 500 km 22
  23. 23. San Dimas Geological Setting TSX:P The geological setting at San Dimas shows two major volcanic successions, totaling 3,500m in thickness, separated by an erosional and depositional unconformity The Lower Volcanic Unit ("LVG") is predominantly composed of andesitic and rhyolitic flows and tuffs and hosts the mineralized veins Upper Volcanic Unit ("UVG") is composed of a lower andesitic horizon capped by rhyolitic ash flows and tuffs Five major, post-ore north-northwest trending faults have divided the district into five tilted blocks The deposits are high grade, silver-gold epithermal vein deposits formed from the final stages of igneous and hydrothermal activity in two different vein systems 23
  24. 24. San Dimas Mining TSX:P Consists of three ore-zones: Tayoltita, Santa Rita and Central Block  Mining operations employ underground cut-and- fill techniques, with load, haul and dump (LHD) equipment feeding either truck or rail haul to the mills With completion of the San Luis Tunnel, development of the Central Block has evolved to connect with the San Antonio mining area The typical mining operations employ mechanized cut-and-fill mining with primary access provided by adits and internal ramps from an extensive tunnel system through the steep mountainous terrain Ore is transported from the three zones to the processing plant in Tayoltita  San Antonio Mill operation was put into care and maintenance in November 2003 with all milling consolidated to the Tayoltita Mill 24
  25. 25. San Dimas Processing TSX:P Tayoltita mill has a current throughput capacity of 2,100 tonnes per day Ore is processed by conventional cyanidation followed by zinc precipitation of the silver and gold Mill uses fine crushing, single stage ball milling and leaching to produce 1,000 ounces dore bars Tayoltita Treatment Plant Flow Sheet 25
  26. 26. San Dimas People TSX:P San Dimas total headcount in 2009: 1,077 107 135 499 137 199 Employees Union 08 Union 21 Union 22 Contractors 26
  27. 27. San Dimas Infrastructure TSX:P Access to the area is by air or by road from the city of Durango, by road the trip requires ~10 hours Santa Rita is located 3 km upstream from Tayoltita mill San Antonio is located 7 km west of the Tayoltita mill Weather does not affect the operations and mining is carried out throughout the year 27
  28. 28. District Wide Upside – Long Section TSX:P 2010 2010 Priority Priority SW NE San Antonio Sinaloa Graben Central Block Tayoltita Block Arana West Block Castellana and 3,000 m. Block Robertas Hanging Wall 3,000 m. 2,000 m. 2,000 m. 1,000 m. 1,000 m. Source: San Dimas Geology Office Mineralization – Ore Bodies Extension of the Favorable Horizon 0 1 2 Favorable Horizon Potential K I L O M E T E R S 28
  29. 29. Sinaloa Graben, Robertita and Nancy Vein Systems Sinaloa Graben Robertita Vn Nancy Vein System Robertita Vn W DDH Ag gr/t Au gr/t m E ROB 12-03 160 5.81 3.50 ROB 7-34 344 6.80 3.64 ROB 7-36 472 8.04 2.09 Sinaloa Graben ROB 16-03 519 8.67 1.81 Cross Cut ROB 16-07 649 13.25 1.60 Krc L15-826W San Fernando Favorable Tunnel Zone Krc Pilar Mine Kpa Kpa 600 m 600 m San Luis Tunnel Elev San Luis 400 m 400 m Tunnel ROB 7-34 & 36 Santa Anita Kpr Krs 200 m 200 m Guamuchil Tunnel DDDH TGS-S-07 Piaxtla (Project) Robertita Vein Cut Granodiorite Kpr Piaxtla Granodiorite Ag Au m 191 4.17 2.24 Explanation Drilling Plan Proven Ore Drilling Plan 2010 DDH ROB 16-08 L21-843E Probable Ore Drifting Plan Robertita Vein Cut Drifting Plan 2010 Ag Au m 0 500 1000 m Probable Ore by Drilling Level Done 607 4.18 0.96 Stope 29
  30. 30. NW Santa Lucia SE Rosario DDH TGS-S-22 Zacatera- TGS-S-15 Sinaloa Norte Vn Sinaloa Norte Vn Julieta San Salvador Ag Au m Ag Au m 1,000m 958 6.81 8.56m 403 8.08 7.52 1,000m Limoncito Ramp S Graben Tunnel 500m 500m DDH TGS-S-07 Robertita Vn Ag Au m 191 4.17 2.24 DDH TGS-7- San Dimas Creek Roberta 17 Julieta Vn TGS-S-02 y 03 Ag Au m 481 3.73 2.22 Limoncito Ramp Pilar TGS- Mine Scale S-04 & 05 TGS-S-07 TGS-7-17 0 500m Sinaloa Mine Cumbres Rhyolite (Trc) Faults Drilling Plan 2010 Cumbres Rhyolite (Trc) Productive Andesite (Kpa)TGS-S-22 TGS-S-15 Drilling Plan Drifting Plan 2010 Rhyoilite (Kpr) Drifting Plan Buelna Andesite (Kba) Socabon Rhyiolite (Krs) Drifting Done Piaxtla Intrusive (Ktpcg) 30
  31. 31. PRIMERO MINING CORP. Richmond Adelaide Centre 120 Adelaide Street West, Suite 1202 Toronto, ON M5H 1T1 T 416 814 3160 F 416 814 3170 TF 877 619 3160 Email: info@primeromining.com INVESTOR RELATIONS Tamara Brown Vice President, Investor Relations T 416 814 3168 tbrown@primeromining.com The ‘New’ Americas Gold Play

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