1) The corporate update discusses Primero's record year in 2012, including record revenues, production, and cash flow. 2) Primero is focused on expanding production at San Dimas through mill expansions and exploration with a goal of 400,000 to 500,000 ounces per year. 3) The acquisition of Cerro Del Gallo is expected to close in Q2 2013, which will provide an additional 95,000 ounces per year starting in 2015 and significantly increase Primero's reserves.

1. Corporate Update
March, 2013

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$.
2

3. Building Primero Value
GOAL
400,000 to 500,000 ounces per year
Americas low-risk regions only
Pipeline of growth projects
Leader in per share growth
3

4. Building the Primero Pipeline
DEVELOPMENT
POTENTIAL EXPANSION Cerro Del
CONSTRUCTION San Dimas Gallo
PRODUCTION
San Dimas 3,000 TPD
San Dimas 2,500 TPD
Platform
4

5. 2012 – Record Year for Primero
o Record Revenues and Operating Cash Flow
o Record Annual Production
o Excellent Cost Control
o Strong Balance Sheet
o Positive Tax Ruling
o Increased Silver Sales At Spot
o Positive Exploration Results
o San Dimas Expansion Announced
o Cerro Del Gallo Acquisition Announced
5

6. Primero Operating Results
Production
Q4 ‘12 Q4 ‘11 2012 2011 (AuEq ounces)
1
Mill Throughput 2,066 1,920 1,976 1,815 112,000
+8%
(tonnes per day)
Gold equivalent
2
production 26,310 23,115 111,132 102,224
(gold equivalent ounces) 102,000
Gold production 23,143 20,191 87,900 79,564
(ounces)
92,000
Silver production 1.32 1.20 5.13 4.60
(million ounces) 2011 2012
Gold grade Gold Probable Reserves
3.90 3.70 3.90 3.86 (000’s ounces)
(grams per tonne)
Silver grade
+16%
228 223 234 226 600
(grams per tonne)
500
3
Cash cost 677 719 636 640 400
($ per AuEq ounce)
300
3
Cash cost – by-product 535 580 366 384 200
($ per gold ounce)
100
Capital Expenditures 17.1 8.7 39.7 29.8 0
($ million)
Dec 30, 11 Jun 30, 12
See slide 24 for footnotes. 6

7. Primero Financial Results
Earnings4
(US$ thousands, except Q4 ‘12 Q4 ‘11 2012 2011 ($ per share)
per share amounts)
$0.50 +41%
Revenues 43,597 35,645 182,939 156,542
$0.40
Income from Mine $0.30
17,471 13,286 79,389 65,090
Operations $0.20
Net income 1,245 31 ,216 49,553 49,644 $0.10
$-
EPS 0.01 0.35 0.54 0.56 2011 2012
($ per share)
Cash Flow
4
4,528 4,685 41,292 28,261 Op CF before changes in working capital ($ per share)
Adjusted net income
$1.00 +10%
Adjusted EPS 0.05 0.05 0.45 0.32
4
($ per share)
$0.90
Operating cash flows
before changes in working 17,775 14,602 88,808 77,591 $0.80
capital
$0.70
CFPS 0.19 0.17 0.97 0.88
($ per share) $0.60
2011 2012
See slide 24 for footnotes. 7

8. Primero Capital Structure
$139M Balance Sheet
Dec. 31, 2012
Cash $139 million
Strong Cash Balance Promissory note2 $40 million
$120M
Ownership
5
Goldcorp 32%
Management & insiders ~2%
Significant Operating Cash Flow Institutional & float ~66%
Capital Structure
$5M
Feb.19, 2013
Repayment 97 million
per year6 Shares outstanding
Fully Diluted7 126 million
Conservative Level of Debt Market Cap. ~C$560 million
See slide 24 for footnotes. 8

9. Primero Growth Profile
Estimated Production Profile8,9 250
at 3,000 TPD
(Attributable 000 AuEq ounces)
San DimasCerro Del Gallo Gallo
Primero Cerro Del
9
205
160
130
111
2012E 2013E 2014E 2015E
See slide 24 for footnotes. 9

10. Focused on Low Risk Regions in the Americas
BUILDS ON ESTABLISHED PRESENCE Risk Mining Jurisdictions
Mexico Remains One of the Lowest IN MEXICO
Corporate Offices
San Dimas Mine
Gold-Silver Mine
Durango, Mexico
o Politically stable
o Long mining history
o One of world’s largest metals producers
Ventanas Property
o Excellent infrastructure Exploration Property
Durango, Mexico
o Experienced workforce
Cerro Del Gallo Project
Gold-Silver-Copper Development Project
Guanajuato, Mexico
10

11. SAN DIMAS
A Flagship Asset
DISTRICT PRODUCED 11M OUNCES OF GOLD AND 600M OUNCES OF SILVER
Location Durango-Sinaloa State Border
Ownership 100%
One of Mexico’s Most
Metals Gold & Silver Significant Precious
Mining U/G: cut and fill, long-hole Metals Deposits
History 100+ years of production
2013E
2
Gold equivalent production
120,000-130,000
(gold equivalent ounces)
Gold production
80,000-90,000
(ounces)
10
Silver production
6.0-6.5
(million ounces)
10
Silver sales at spot
900-1,000
(thousand ounces)
3
Cash cost
$620-640
($ per gold equivalent ounce)
3
Cash cost – by-product
$280-300
($ per gold ounce)
15
Capital Expenditures ($ million) $42
See slide 24 for footnotes. 11

12. SAN DIMAS
Expansion to 2,500 TPD11
ATTRACTIVE IRR AND PAYBACK PERIOD
Total capital expenditure of ~$16.5 million
Expand milling capacity to 2,500 TPD
o Install third ball mill, already on-site
o Reconfigure crushers
o Install new tailings thickener and pumps
Expand mine throughput
o Develop Sinaloa Graben veins
o Connect Central Block to Sinaloa Graben
o New mining equipment
Future expansion to 3,000 TPD possible Mill Expansion to:
o Dependent on exploration success 2,500 TPD
CAPACITY
o Minimal capital and no disruption to operation
See slide 24 for footnotes. 12

13. SAN DIMAS
Expansion On-Track for Q1 2014
Ball Mill Foundation
Jan 20, 2013
13
13

14. SAN DIMAS
Expansion On-Track for Q1 2014
Ball Mill Foundation
Feb. 16, 2013
14
14

15. SAN DIMAS
Increase Reserves Through Exploration
Large 22,500 hectare land package; Over 120 known veins
A’
ARANA
HANGING
TAYOLTITA WALL
BLOCK
CENTRAL
BLOCK TAYOLTITA MINE
SINALOA Mined 1975 - 2002
GRABEN
Target
BLOCK
Tunnels
WEST CENTRAL BLOCK MINE
BLOCK Mined 2002 - Present
2013 Planned Tunnels Target
Tayoltita
Future Planned Tunnels
Mill
Veins SAN ANTONIO MINE
Mined 1987 - 2002
Faults
Ag-Au High Grade Trend A
Targets
Mines
15

16. SAN DIMAS
District Wide Exploration Potential
Longitudinal Cross Section
West Block
2013 EXPLORATION
Sinaloa Graben Central Block Tayoltita Block Arana
San Antonio
Mined 1987-2002 Mined 2012-Current Mined 2002-Current Mined 1975-2002 Hanging Wall
SW NE
3,000 m. 3,000 m.
2,000 m. 2013 EXPLORATION PROGRAM 2,000 m.
DRILLING FOR EXTENSIONS OF KNOWN VEINS
1,000 m. 1,000 m.
Source: San Dimas Geology Office
A A’
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
16

17. SAN DIMAS
Focused Exploration & Development
Targeting Vein Extensions from Existing Mines
Development
o 6,500 metres development drifting
o Tunnels joining Sinaloa Graben and
Central Block being completed
o Lower level tunnel commenced, expected
to be completed in 18-24 months
Exploration
o $15.4 million exploration program
o 34,000 metres delineation drilling
o 40,000 metres exploration drilling, plus
3,800 metres of exploration drifting
17

18. SAN DIMAS
2012 Discoveries in 2013 Mine Plan
Significant Opportunity Close to Infrastructure
Located in Prolific Central Corridor Strategic Underground Drill Locations
o Alexa located 125m north of Victoria o Drilling from old El Pilar workings, Sinaloa Graben
o Targeting inclusion in Reserves by 2012 tunnel and east-west drift from Robertita
year-end
o Mining access achieved within 12 months
of discovery
18

19. CERRO DEL GALLO
A Transformational Acquisition
Transaction Details
o Cerro shareholders to receive 0.023 of a Primero share for each Cerro share and 80.01% in
“Spinco”
o Transaction value of $119 million as at announcement date December 12, 2012
o Cerro Resources NL shareholder approval meeting mid April 2013, transaction expected to
close in Q2 2012
Benefits to Primero Shareholders
o Accretive to Primero on key metrics
o Leverages Primero’s regional expertise and solidifies position in Mexico, with further
consolidation opportunities
o Diversifies near term production with additional 95,000 AuEq. oz per year
o Doubles Reserves and Triples Measured and Indicated Resources
Benefits to Cerro Resources Shareholders
o Attractive premium
o Significantly improved market presence and liquidity
o Provides opportunity to participate in valuation re-rating as the combination diversifies
production and cash flows
19

20. CERRO DEL GALLO
Provides ~95,000 AuEq ounces per year starting 201512
Technical Overview
o Open pit, heap leach gold-silver-copper
project
o Large resource base relative to reserves
o Excellent local infrastructure in a region
known to actively support mining
o Two phased development plan
12
o Phase I heap leach facility with SART metallurgical processing to recover silver and
copper
o Commercial Production of Phase I expected in 2015
o Potential future Phase II incorporates Carbon In Leach (CIL) and presents optimization
opportunity12
See slide 24 for footnotes. 20

21. CERRO DEL GALLO
Large Gold Domain Resource
3.2M oz of Gold or 5.6M oz of Gold Equivalent 13,14
See slide 24 for footnotes. 21

22. CERRO DEL GALLO
Cerro Del Gallo Development Plan
2013 2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Detailed
Engineering
Geotechnical
Permitting/Land
Acquisition
Earth Works
Mill Tests
Acid Generation
Tests
SART
Optimization
Plant & Mill
Construction
Estimated Transaction Closing
Production
Commissioning
Commercial
Production
Phase II
Feasibility Study 22
22

23. The Primero Opportunity
A Compelling Investment
o San Dimas: A Platform for Cash Generation
o Transformational Cerro Del Gallo Acquisition
Scheduled to Close in Q2 2013
o Cash Flow and Capital to Fund Growth
o Significant Exploration Potential at San Dimas
and Cerro Del Gallo
o Attractive Valuation on Key Metrics
23
19

24. Footnotes
1. Based on 365 days per year.
2. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on estimated average realized commodity prices ($1,600
per ounce of gold and $9.41 per ounce of silver in full year 2012, consensus prices thereafter).
3. Cash cost is a non-GAAP measure. Refer to the fourth quarter 2012 MD&A for a reconciliation of cash costs.
4. Refer to fourth quarter 2012 MD&A for adjustments.
5. Estimated five-year average after-tax operating cash flow based on production profile discussed in the October 15, 2012 News Release “Primero
Announces Expansion of its San Dimas Mine”.
6. 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.
7. Fully diluted shares include 20.8 million warrants with an exercise price of Cdn$8 per share, expiring on July 20, 2015; and 7.8 million options with an
average exercise price of Cdn$5.65.
8. “Gold equivalent ounces” include silver and copper production converted to a gold equivalent based on consensus estimated commodity prices ;
accounts for the San Dimas silver purchase agreement; and uses Cerro Resources publically disclosed production estimates delayed by 12 months.
9. Assumes 100% ownership of Cerro Del Gallo and that it begins production in mid-2015.
10. Silver production is subject to a silver purchase agreement. Refer to the fourth quarter 2012 MD&A for details.
11. See October 15, 2012 News Release “Primero Announces Expansion of its San Dimas Mine” for details.
12. Cerro Resources Phase I Definitive Feasibility Study as of May 2012 and Phase II Preliminary Economic Assessment as of May 2011.
13. As estimated by Cerro Resources using gold, silver and copper price of US$1,341/oz, US$25.58/oz and US$7,582/t (or $3.44/lb) respectively. See
Cerro Resources Phase I Definitive Feasibility Study as of May 2012.
14. See note 7 in January 23, 2012 News Release “ Primero achieves 2012 Guidance and Provides 2013 Outlook.
15. Does not include exploration costs.
24

25. Primero Momentum
Primero Production
Appendix A: Acquisition of Cerro Del Gallo

26. CERRO DEL GALLO
Technical Details
Phase I Heap Leach (Source: Cerro Resources Definitive Feasibility Study June 2012)
Heap Leach Grades 0.69 g/t Au, 14.8g/t Ag, 0.08% Cu
Strip Ratio1 0.91
Capital Costs $154 million
Operating Costs2 $514/AuEq.oz
Phase I Life of Mine (LOM) 7.2 years Primero to complete its own
Phase I Average Annual Production3 94,600 AuEq.oz optimization studies
Permitting To be completed in 2013
1. 9 million tonnes of ‘fresh’ material expected to be mined during Phase I for processing in Phase II. The material has been treated as ‘waste’ material for
purposes of calculating the Phase I LOM strip ratio.
2. Cash cost is a non-GAAP measure as estimated by Cerro Resources and include costs for mining, processing, metal transport and refining and
administration but do not include capital costs or royalties (4%).
3. Gold equivalent ounces estimated by Cerro Resources include revenue from silver and copper converted to a gold equivalent based three year historic
prices as of Definitive Feasibility Study of June 2012, of Gold $1,341/oz, Silver $25.58/oz and Copper $7,582/tonne.
26

27. CERRO DEL GALLO
Reserves and In-Pit Resources1
Total Resources Within the Gold Domain - 20082
M Tonnes Au Au Ag Ag Cu Cu Au Eq* AuEq
Category
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Measured & Indicated 209.0 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58
Inferred 20.0 0.30 0.19 7.0 4.5 0.09 39.7 0.59 0.38
1. Gold equivalent ounces calculated by Cerro Resources using gold, silver and copper prices of US$1,341/oz, US$25.58/oz and US$7,582/t respectively.
2. These resources are reported using internal cut-off grade of 0.2 g/tAu as per Golder Associates Technical Report, 2008.
Phase I Heap Leach In-pit Proven and Probable Reserves – DFS June 20123
M Tonnes Au Au Ag Ag Cu Cu Au Eq* AuEq
Category
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.11 1.15
3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.
Phase II In-pit Resources (excluding P+P Reserves) – PEA May 20114,5
M Tonnes Au Au Ag Ag Cu Cu Au Eq* AuEq
Category
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Measured & Indicated 47.9 0.60 0.92 13.3 20.5 0.10 103.4 1.03 1.58
4. These resources are reported using internal cut-off grades of 0.24, 0.29, and 0.34 gAuEq/t for weathered, partially oxidized, and fresh material
respectively.
5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.
27

28. Significantly Increases Reserves & Resources1
New Primero Attributable Gold Equivalent Reserves and Resources1,2,4
+261%
(million gold equivalent ounces)
2.3
Cerro Del Gallo Primero
San Dimas
+133%
1.0
1.2
0.9
0.8
P+P M+I 3 Inferred
1. Primero’s gold equivalent reserves and and resources are adjusted for the silver purchase agreement and only attributable silver ounces to Primero are included.
29% of all silver reserves and resources for San Dimas are considered attributable.
2. Based on 100% ownership of Cerro Del Gallo. Gold Equivalency based on long-term prices per ounce: Gold $1,350, Silver $23.25, Copper $7,447.
3. M+I Resources include Reserves.
4. See note 7 in January 23, 2013 News Release “ Primero achieves 2012 Guidance and Provides 2013 Outlook.”
28

29. CERRO DEL GALLO
Exploration Upside Potential
Potential Exploration Targets
Early stage regional prospecting
previously returned1:
o 1.5m @ 590g/t Ag and 3.40g/t Au
o 4.6m @ 428g/t Ag and 3.52g/t Au
o 3.6m @ 359g/t Ag and 1.57g/t Au
o 4.6m @ 239g/t Ag and 1.91g/t Au
o 6.0m @ 243g/t Ag and 1.70g/t Au
o 3.1m @ 200g/t Ag and 1.05g/t Au
o 7.6m @ 168g/t Ag and 1.51g/t Au
1. As reported by Cerro Resources in November 16,2012
Investor Presentation:
http://www.cerroresources.com/index.cfm/investor/pre
sentations1/ 29

30. CERRO DEL GALLO
Transaction Summary
o Creates a diversified, high growth, low cost producer in Mexico with further
consolidation opportunities
o Strengthens growth profile and cash flows with estimated production of
approximately 260,000 Au Eq. ounces by 20162
o Combined attributable proven and probable reserves of approximately 1.7 million Au
Eq. ounces and measured and indicated resources of 3.1 million Au Eq. ounces1
o Strong balance sheet with cash flow sufficient to fund development growth
o Significant additional exploration upside
o Solidifies and leverages Primero’s established presence in Mexico
o Delivers on strategy of delivering value to shareholders through low risk exposure to
precious metals in the Americas
o Attractive acquisition metrics and accretive on key measures
o Limited dilution of only 15% to Primero shareholders
1.See note 7 in January 23, 2013 News Release “ Primero achieves 2012 Guidance and Provides 2013 Outlook.”
2.Assuming the successful closing of the Cerro Del Gallo acquisition as announced by the Company on December 12, 2012 in the news release “Primero to
Acquire Cerro Del Gallo”, available on the Company’s website www.primeromining.com or Sedar www.sedar.com and that it begins production in mid-2015 in
addition to the successful expansion of San Dimas to over 160,000 gold equivalent ounces per annum.
30

31. CERRO DEL GALLO
Cautionary Statement
Cerro Resources NL (“Cerro”) has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (“NI 43-101”) entitled “Technical Report, First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project,
Guanajuato, Mexico” (the “Technical Report”) with an effective date of May 11, 2012. Mr. Gabriel Voicu P.Geo, Vice President,
Geology and Exploration, Primero, who is a “qualified person” for the purposes of NI 43-101, has reviewed the Technical Report on
behalf of Primero. To the best of Primero’s knowledge, information and belief, there is no new material scientific or technical
information that would make the Technical Report inaccurate or misleading. Primero plans to file a technical report on the Cerro
Del Gallo project within 180 days of December 13, 2012 in accordance with the requirements of NI 43-101.
Cautionary Note to US Investors Regarding Mineral Reporting Standards:
Primero prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the
requirements of US securities laws. Terms relating to mineral resources and mineral reserves in this material change report and
other documents referenced herein are defined in accordance with NI 43-101 under the guidelines set out in the Canadian
Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Securities and Exchange
Commission (the “SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a
company can economically and legally extract or produce. Primero uses certain terms, such as, “measured mineral resources”,
“indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves”, that the SEC does not recognize
(these terms may be used in this presentation and other documents referenced herein and are included in the public filings of
Primero which have been filed with securities commissions or similar authorities in Canada).
31

32. Primero Momentum
Other Appendices

33. SAN DIMAS
PositiveCreated Positive Leverage to Silver
Recent Tax Ruling
Leverage to Silver
Primero sells 50% of annual silver production above 3.5 million ounces at spot
o Remainder sold at ~$4 per ounce under silver purchase agreement
o Threshold commences August 6 to following August 5
o Threshold increases to 6.0 million ounces on August 6, 2014
o Planned expansion anticipated to generate similar silver sales at spot as 2012 post
August 6, 2014
Silver as Percentage of 2013E Revenue
Silver Gold
25%
75%
33

34. SAN DIMAS
Expansion Timeline
Expansion to 2,500 TPD and Potential for Further Expansion to 3,000 TPD
2013 2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Optimization
(SD at 2,150 TPD)
3D Mine Planning
Expansion 1
(SD at 2,500 TPD)
Crushing/Grinding
Leaching
Potential Expansion
2
(SD at 3,000 TPD)
Exploration
34

35. Executive Management
Joseph F. Conway | President & C.E.O. 1 Tamara Brown | VP, Investor Relations
o Former CEO, President and Director of IAMGOLD o Former Director Investor Relations for IAMGOLD;
from 2003 to 2010 Partner of a Toronto based, boutique investment
bank; Professional engineer in mining industry
o Former President, CEO and Director of Repadre
Capital from 1995 to 2003
H. Maura Lendon | VP, Chief General Counsel and
Corporate Secretary
o Former Senior Vice President, Chief Legal Officer
Renaud Adams | C.O.O. and Corporate Secretary of HudBay Minerals Inc.;
Chief Counsel Canada, Chief Privacy Officer -
o Former SVP, American Operations for IAMGOLD Canada of AT&T
o Former General Manager of Rosebel Gold Mine
2007 to 2010
o Former General Manager El Toqui Mine in Chile Gabriel Voicu | VP, Geology and Exploration
and then the El Mochito Mine in Honduras
o 25 Years of mining experience, formerly held senior
technical and exploration positions with Cambior
and Iamgold
David Blaiklock | C.F.O.
o Former controller IntraWest David Sandison | VP, Corporate Development
o Previously controller for a number of public and
private companies in real estate development o Former VP, Corporate Development of
Clarity Capital ; Director, Corporate Development
Xstrata Zinc Canada ; Director Business Development,
Noranda/Falconbridge;;Former EVP, Noranda Chile
Board Committees: 1.Health, Safety and Environment
35

36. Board of Directors
Wade Nesmith | Chairman Rohan Hazelton | Director 1,5 Robert Quartermain | Director 2,3
o Founder of Primero o VP, Strategy, Goldcorp o Founder and President & CEO,
o Founding and current director o Formerly with Wheaton River Pretivm Resources
of Silver Wheaton, former and Deloitte & Touche LLP o Former President, Silver Standard
Chairman of Selwyn Resources o Director of Vista Gold Corp.
and Canplats Resources
David Demers | Director2,3,4,5 Timo Jauristo | Director 2 Michael Riley | Director 5
o Founder, CEO and Director o EVP, Corporate Development, o Chartered accountant with more
Westport Innovations Goldcorp than 26 years of accounting
o Director of Cummins Westport o Former CEO of Zincore Metals experience
and Juniper Engines Inc. and Southwestern o 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
o Former Director of Breakwater o 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
o 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 36

37. SAN DIMAS
Mineral Resources and Mineral Reserves, June 30, 2012
Classification Tonnage Gold Grade (g/t) Silver Grade Contained Gold Contained Silver
(MINERAL RESOURCES (million tonnes) (g/ t) (000 ounces) (000 ounces)
INCLUDE MINERAL
RESERVES)
Mineral Reserves
Probable 3.785 4.8 290 584 34,700
Mineral Resources
Indicated 3.193 6.6 400 678 40,630
Inferred 6.865 4.0 300 866 67,500
Notes to Reserve Statement:
1. Cutoff grade of 2.52g/t gold equivalent (“AuEq”) based on total operating cost of US$98.5/t. Metal prices assumed are gold US$1,250 per troy ounce and silver
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 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 QP for the purposes of National
Instrument 43-101 (“NI 43-101”).
Notes to Resource Statement:
1. Mineral Resources are total and include those resources converted to Mineral Reserves.
2. A 2g/t AuEq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,400 per troy ounce and a 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 a 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 tonne
of gold and 200-400 grams per tonne of silver.
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.
37

38. SAN DIMAS
Reserves & Resources within Wireframes by Vein Estimated as at June 30, 2012
Inferred Resources
Reserves Indicated Resources
constrained within wireframes
Block Vein Tonnes (t) Au (g/t) Au (oz) Percentage Tonnes (t) Au (g/t) Au (oz) Percentage Tonnes (t) Au (g/t) Au (oz) Percentage
Central Robertita 1,007,000 5.60 182,300 31% 766,000 8.12 199,800 29% 603,000 6.17 119,700 25%
Central Roberta 992,000 5.40 172,100 29% 709,000 9.13 208,100 31% 759,000 4.61 112,500 24%
Central Marina 1 299,000 7.00 67,800 12% 279,000 8.39 75,194 11% 182,000 6.39 37,420 8%
Sinaloa Elia 143,000 6.10 28,100 5% 100,000 9.63 31,100 5% 82,000 9.28 24,600 5%
Central San Enrique 197,000 4.30 27,000 5% 186,000 5.07 30,300 4% 97,000 3.88 12,100 3%
Central Santa Lucia 341,000 2.00 22,100 4% 384,000 2.12 26,100 4% 302,000 1.51 14,600 3%
Sinaloa Aranza 146,000 4.10 19,200 3% 120,000 5.60 21,700 3% 33,000 7.98 8,500 2%
Central Castellana 216,000 2.50 17,400 3% 207,000 3.17 21,100 3% 183,000 2.87 16,900 4%
Central Celia 160,000 2.60 13,300 2% 154,000 3.15 15,600 2% 159,000 2.95 15,000 3%
Central Marina 2 76,000 4.80 11,600 2% 99,000 6.29 20,000 3% 93,000 5.99 18,000 4%
Central Gloria 51,000 6.60 10,900 2% 34,000 11.23 12,200 2% 23,000 8.13 6,000 1%
Central Jael 56,000 2.60 4,700 1% 49,000 3.41 5,400 1% 21,000 4.97 3400 1%
Central Soledad 46,000 2.90 4,300 1% 42,000 4.76 6,500 1% 32,000 4.19 4,300 1%
Central Gabriela 47,000 2.00 3,000 1% 42,000 2.90 3,900 1% 43,000 2.37 3300 1%
Central San Salvador 5,000 1.30 200 0% 14,000 1.15 500 0% 30,000 0.93 900 0%
Central Angelica 4,000 1.80 200 0% 8,000 1.73 500 0% 35,000 1.83 2000 0%
Sinaloa Victoria 346,000 6.46 71,700 15%
Sinaloa Alexa 26,000 8.94 7,500 2%
Total 3,785,000 4.80 584,300 3,193,000 6.60 677,994 3,049,000 4.90 478,420
38
1 . See slide 36 for Total Inferred Resources including veins outside wireframes.

39. 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.
39

40. Tamara Brown
Vice President, Investor Relations
PRIMERO MINING CORP.
T 416 814 3168
20 Queen Street West, Suite 2301
info@primeromining.com
Toronto, ON M5H 3R3
T 416 814 3160 F 416 814 3170 Trading Symbols
TF 877 619 3160 Common Shares TSX:P, NYSE:PPP
www.primeromining.com Warrants TSX:P.WT