Primero analyst workshop presentation

Analyst Workshop
April 3, 2014

TSX:P I NYSE:PPP I 2
This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the
Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases,
forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
”estimates”, ”forecasts”, ”intends”, ”anticipates” or “believes”, or variations of such words and phrases or statements that certain actions,
events or results “may”, ”could”, “would”, ”might”, or “will be taken”, “occur” or “be achieved”, or the negative of these words or
comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or
implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without
limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national
and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining
necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A
complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the
Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com.
This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers
that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”), 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$.
Cautionary Statement

Agenda
1. Corporate Overview
Joseph Conway, President & C.E.O.
2. Corporate Responsibility
Jim Mallory, V.P. Corporate Responsibility
3. Financial Review
David Blaiklock, C.F.O.
4. San Dimas
Renaud Adams, C.O.O. / Gabriel Voicu, V.P. Geology & Exploration
5. Lunch - Social & Economic Outlook for Mexico
Carlos Elizondo, Ph.D.
6. Black Fox & Grey Fox
Renaud Adams, C.O.O. / Gabriel Voicu, V.P. Geology & Exploration
7. Cerro del Gallo
Louis Toner, V.P. Projects / Gabriel Voicu, V.P. Geology & Exploration
8. Corporate Development
David Sandison, V.P. Corporate Development

David Sandison
VP, Corporate Development
Gabriel Voicu
VP, Geology and Exploration
Tamara Brown
VP, Investor Relations
H. Maura Lendon
VP, Chief General Counsel
and Corporate Secretary
Management Participants
Louis Toner
VP, Project Development
and Construction
Jim Mallory
VP, Corporate Responsibility
Joseph F. Conway
President & Chief Executive Officer
Renaud Adams
Chief Operating Officer
David Blaiklock
Chief Financial Officer

Corporate Overview
Joseph Conway, President & C.E.O.

Vision and Values
VISION
To be the most respected precious metals producer in the
Americas, admired for the excellence of its people, its
values, and its delivery on commitments.
VALUES
Integrity: We are uncompromising and consistent in our commitment to transparent, responsible
actions.
Respect: We value the diversity of our employees and other stakeholders and treat each other
with dignity and honesty.
Teamwork: We work together and recognize that each person contributes and makes a difference.
Focused: We have the courage to take bold steps to excel and we apply a disciplined approach to
deliver on our objectives.

TSX:P I NYSE:PPP I 7How we are building value in Primero
Our Strategic Focus
1. Strong balance sheet
2. Measured growth
3. Disciplined cost management
4. Low-risk jurisdictions
5. Responsible mining

$111M
STRONG Cash Balance
$150M3,4
SIGNIFICANT Operating Cash Flow
Strong Balance Sheet
See final slide for footnotes.
Plus $75 million Line of Credit6
provides funding for:
o Expansion of San Dimas
o Reserve replacement
o Repayment of Brigus debt
o Development of Cerro Del Gallo
$77M5
CONSERVATIVE Debt Level
Combined
Company
5-Year
Average
After-Tax
Operating
Cash Flow

-
50
100
150
200
250
2011 2012 2013 2014E
Black Fox San Dimas
PRODUCTION1,4
(thousand AuEq ounces)
102k
111k
Measured Growth
History of delivering results
143k
75k
160k
130%
GROWTH
235k

505
660
300
800
1,300
1,800
2,300
2011 2012 2013E* 2014E*
Black Fox
Cerro del Gallo
San Dimas
GOLD RESERVES
(thousand gold ounces)
Measured Growth
* Assumes San Dimas Gold Reserves as of December 31, 2013, Cerro del Gallo and Black Fox Reserves as of December 31, 2012.
660
710
870 870
710344%
GROWTH
2,240
1,580

$58
$81
$139
$111
0
20
40
60
80
100
120
140
31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13
Measured Growth
CASH BALANCE
(US$million)
91%
GROWTH

Disciplined Cost Management
Below industry average costs
$640
$636
$599
550
600
650
2011 2012 2013
REDUCING CASH COSTS
($/gold equivalent ounce)
~$41/oz
REDUCTION

Builds on Established Presence in Mexico
San Dimas Mine
(AT DECEMBER 31, 2013, MINERAL RESOURCES
INCLUDE MINERAL RESERVES)
Au Reserves (Moz) 0.87
Au M&I Resources (Moz) 1.00
Au Inferred Resources (Moz) 1.00
Ag Reserves (Moz) 49.8
Ag M&I Resources (Moz) 57.7
Ag Inferred Resources (Moz) 72.6
Ventanas Property
(AT JANUARY 27 2009)
Ind. Resources (koz AuEq.) 34.0
Inferred Resources (koz AuEq.) 70.0
Cerro del Gallo
EXCLUDE MINERAL RESERVES)
Ag Reserves (Moz) 15.3
Ag M&I Resources (Moz) 20.6
Cu Reserves (M lbs) 56.4
Cu M&I Resources (M lbs) 103.4
Black Fox Mine
INCLUDE MINERAL RESERVES)
Inferred Resources (Moz) 0.04
Grey Fox
(AT JULY 2, 2013)
Au Indicated Resources (Moz) 0.51
Au Inferred Resources (Moz) 0.23
Producing Mine
Development Project
Exploration Property
Head Office
(Toronto)
Low-Risk Mining Jurisdictions
Located in proven and low-risk jurisdictions

Pipeline of Assets Drives Organic Growth
Production
Construction
Exploration
Development
San Dimas
Black Fox
San Dimas Expansion to 2,500 TPD
Cerro del Gallo
Grey Fox
Potential San Dimas Expansion to 3,000 TPD
Ventanas Property
Black Fox Mine at Depth
Black Fox Complex
San Dimas Regional
Balanced Pipeline of Growth

Responsible Mining
Focused on Responsible Mining
HEALTH AND SAFETY
o We understand that our most important assets are
our people and their safety is our number one
priority
o We maintain world class health and safety policies
ENVIRONMENT
o We utilize sustainable green technologies where
possible
COMMUNITY
o We treat our local communities as our partners
o We focus on understanding our local communities
goals and providing local opportunities

TSX:P I NYSE:PPP I 16How we are building value in Primero
2014 Guidance
Black Fox San Dimas Outlook 2014
Gold equivalent production8
(gold equivalent ounces)
70,000-80,000 155,000-165,000 225,000-245,000
Gold production
(ounces)
70,000-80,000 115,000-125,000 185,000-205,000
Silver production9
(million ounces)
- 6.25-6.50 6.25-6.50
All-in Sustaining Costs10
($ per gold ounce)
$1,300-$1,400 $950-$1,050 $1,100-$1,200
Cash cost10
($ per gold equivalent ounce)
$850-$900 $575-$600 $650-$700

111
143
160 165 165
75
120 120
95
2012 2013 2014E 2015E 2016E
Cerro del Gallo Black Fox San Dimas
How we are building value in Primero
380-400
225-245
280-290
Strong Growth Pipeline
TARGETED GROWTH PROFILE1,2
(thousand AuEq ounces)
250%
GROWTH

2014 Deliverables
Operational Performance
o Produce or exceed 225,000-245,000 AuEq oz at below $700/AuEq oz
o Integrate and begin to optimize the Black Fox operation
o Complete Grey Fox Preliminary Economic Assessment in Q2 2014
o Operate San Dimas consistently at 2,500 TPD
o Increase Reserves and Resources at all sites
Strategic Initiatives
o Evaluate new San Dimas Reserves and assess 3,000 TPD expansion
o Evaluate Cerro del Gallo technical review and assess construction decision
o Evaluate Grey Fox as potential pit depletion replacement
o Maintain strong balance sheet
Sustainability Performance
o Maintain industry leading corporate responsibility standards
o Publish third GRI compliant Sustainability Report

Investment Opportunity
Producing, profitable and growing
o Mid-tier gold producer
o Portfolio of long-life, high-grade assets
o Located in safe mining jurisdictions
o Strong cash flow and balance sheet
o Track record of steady growth
o Low cost structure
$150M
3,4/yr
SIGNIFICANT Annual
Operating Cash Flow
180%1,2
GROWTH planned to
~400,000 AuEq.oz
by 2016 YE1,2

Corporate Responsibility
Jim Mallory, V.P. Corporate Responsibility

Focused on Corporate Responsibility
HEALTH AND SAFETY
o Sound management system and risk prevention programs
o Lowered overall accident frequency index (25% in 2013) at San Dimas
o Black Fox has an impressive 250 days with no lost time accidents
ENVIRONMENT
o Certified as ‘Clean Industry’ by the Procuraduria Federal de Proteccion
al Ambiente (Mexican EPA)
o Hydroelectric Plant supplies majority of mines power
COMMUNITY
o Well developed programs in Health, Education and Social
Development
• 3rd consecutive Socially Responsible Business distinction award
from the Mexican Center for Philanthropy (CEMEFI) and the
Alliance for Corporate Social Responsibility (AliaRSE) awarded
Feb. 2014
• 1st place distinction for practices in education and employment at
the College of Professional Technical Education (CONALEP)
campus in Tayoltita
o Local employment and procurement
Focused on Responsible Mining

SAN DIMAS & BLACK FOX
Workforce
1247
73
Employees Contractors
73
553
528
166
Contractors
Salaried
Local Union 22
Local Union 21
2013 San Dimas Headcount
1,320
342
120
Employees Contractors
2013 Black Fox Head Count
462
73

78%
7%
9%4%2%
100% National Workforce
Durango Guanajuato Sinaloa
Zacatecas Other
SAN DIMAS
Regional Distribution

SAN DIMAS
Safety Performance
7.08
5.7
3.23
2.14 1.96 1.84 1.5 1.12
0
2
4
6
8
2006 2007 2008 2009 2010 2011 2012 2013
All Frequency Index
0.39
0.57 0.55
0.21
0.47
0.18
0.36
0.17
0
0.2
0.4
0.6
0.8
2006 2007 2008 2009 2010 2011 2012 2013
LTI Index
7 7
9
3
7
3
6
3
0
1
2
3
4
5
6
7
8
9
10
2006 2007 2008 2009 2010 2011 2012 2013
Lost Time Injuries
110
70
53
31 29 30 25 20
0
20
40
60
80
100
120
2006 2007 2008 2009 2010 2011 2012 2013
All Incidents

TSX:P I NYSE:PPP I 25Clean Industry Accreditation (a voluntary initiative)
Regular monitoring of:
o Air/water/soil/noise
o Hazardous wastes
o Special industrial wastes
o Environmental Risks
o Other: ( Awareness programs)
Presented by the Federal Attorney for
Environmental Protection May, 2013
SAN DIMAS
Environmental Performance

SAN DIMAS
Community Ejido Agreements
Temporary Occupation and/or
Right-of-way Agreements
3,306 Hectares
Exploration and Development (4)
Power transmission: DGO – Tayoltita (6)
Las Truchas hydro-electric project (8)
Local Ejidos
o ~$260k Annual commitments
• 15 Scholarships
• Computer equipment.
• Medical aid visits
o Regular communications.

Impact Benefits Agreement (IBA) in place since June 2011
The Black Fox mine has a long relationship with Wahgoshig and the current IBA provides them
with the opportunity to optimize its direct and indirect business participation in the project by
promoting and encouraging the use of Wahgoshig Businesses to supply goods and services for
the project.
Both parties agree to work together to maximize the opportunities for Wahgoshig Businesses
in the project and to promote and assist in the development of business skills.
BLACK FOX
Working together with Wahgoshig First Nations

HEALTH
EDUCATION
COMMUNITY&
SOCIAL
DEVELOPMENT
INFRASTRUCTURE
HEALTH
EDUCATION
HEALTH AND TRAINING
HEALTH WEEK
o Preventive Medicine Programs.
o Alliances with Gov’t and Civic
groups
o Agreements with youth centers
o Addiction prevention
SAN DIMAS
Health
COMMITMENT TO THE
COMMUNITY AND ITS DEVELOPMENT
ACTIONS:
Services to approx. 80% of the local community

TSX:P I NYSE:PPP I 29Best Practice in Education & Employment
HEALTH
EDUCATION
COMMUNITY&
SOCIAL
DEVELOPMENT
COMMITMENT TO THE
INFRASTRUCTURE
EDUCATIONAL
EDUCATION AND CULTURE
COMMUNITY TRAINING
o School subsidies : 255 students
o Adult Education: 260 participants
• Operated by I.D.E.A.
CONALEP Technical school :
• 7th year
• 156 graduates to date
o 45 rural participants @ student hostel
SAN DIMAS
Education
ACTIONS:

HEALTH
EDUCATION
COMMUNITY&
SOCIAL
DEVELOPMENT
COMMITMENT TO THE
SOCIAL
INFRASTRUCTURE
PRODUCTIVE PROJECTS
SUSTAINABLE ALTERNATIVES
SUPPORT & CONTRIBUTIONS
TO THE COMMUNITY
STRATEGIC ALLIANCES – (Shared Value)
SAN DIMAS
Social License
DEPENDENCY PROJECTS
Secretary of Social Development
Greenhouses
Day care center
Sewing workshops
Bakery
Secretary of Environment & Natural
Resources
Ecological stoves
Secretary of Public Education Safe schooling
National Fund for Support to Social
Enterprises
Local supplier
development
Center for Youth Integration Addiction prevention
Rural electrical supply
10 Communities
700 Families
3,255 Inhabitants
ACTIONS:

“Grandes Familias 2013”
o Monthly recreational & cultural programs for
employee‘s families.
• Professionals, staff & labor
• Primero camp and community centers.
o Social Assistance “1-800”
o Preventive Medicine Program
o Communications - Primero Newsletter
o Primero Mining exposition
SAN DIMAS
Employee Wellness

Presented by:
Ministry of Public Education & Ministry of Labor
3rd Consecutive year
• Business Ethics
• Care and Preservation of the
Environment
• Quality of Life
• Community Engagement
SAN DIMAS
Awards & Recognition

Financial Overview
David Blaiklock, C.F.O.

Finance Priorities
o Maintain strong balance sheet and liquidity position to fulfill
strategic objectives
o Meet guidance; deliver on commitments
o Control costs (opex/capex) particularly in this volatile
commodity price environment
o Timely, accurate and transparent reporting for internal and
external stakeholders
o Ensure risks properly identified, monitored and managed

$111M
STRONG Cash Balance
$150M3,4
SIGNIFICANT Operating Cash Flow
Strong Balance Sheet
Growth plans funded with no shareholder dilution
$77M5
CONSERVATIVE Debt Level
Combined
Company
5-Year
Average
After-Tax
Operating
Cash Flow
Exchanges
TSX:P
NYSE:PPP
Balance Sheet
at December 31, 2013
Cash
Debt
Undrawn Line of Credit6
$111 million
$77 million
$75 million
Capital Structure
at March 18, 2014
Shares outstanding
Fully Diluted
Market Cap.
158 million
191 million
C$1.37 billion

Strong Liquidity Available
Cash & Cash Equivalents
(as of December 31, 2013 less Brigus
senior note repayment of $24 million,
less Transaction costs of ~$15 million,
less $10 million subscription in
Fortune Bay)
Available line of credit6
(currently being finalized, undrawn)
$62M
$75M
~$137M LIQUIDITY

2014 Guidance Assumptions
Assumptions
o Average gold price of $1,200 per ounce;
o Average silver price of $7.96 per ounce
(fixed price under SPA of $4.16 per ounce
and spot price of $21 per ounce);
o FX rates of 1.05 Canadian dollars and 13
Mexican pesos to the US dollar.
o Mexico inflation rate of 4%
Sensitivities
Impact on Cash Cost per Gold Equivalent Ounce
$100/oz change in price of Gold $10
10% change in US$/Mexican Peso $28
10% change in US$/Canadian$ $22
2013 Outlook 2014
143,114 225,000-245,000
Gold production
(ounces)
111,983 185,000-205,000
Silver production9
(million ounces)
6.05 6.25-6.50
($ per gold ounce)
$1,077 $1,100-$1,200
Cash cost10
$599 $650-$700
Capital Expenditures
($ millions)
$56.5 $80.0
Exploration
($ millions)
$15.4 $35.0

Low All-in Sustaining Costs
Below industry average costs
All-In Sustaining Costs10
($/ounce)
$968
$1,134
$1,077
-
200
400
600
800
1,000
1,200
2011 2012 2013
Industry Average
$389
$229
$235
AISC $1,077/oz
$218
$6
Operating Cost
Sustaining Capital
G&A
(Including share based payments)
Exploration
Other

2014 Total Estimated Capital Expenditures
Capital Expenditures Estimated 2014
San Dimas Underground Development $14.7 million
San Dimas Sustaining Capital $11.8 million
San Dimas Projects $11.8 million
San Dimas Sub Total $38.3 million
Black Fox Underground Development $7.6 million
Black Fox Open Pit Capital Stripping $3.3 million
Black Fox Sustaining $10.7 million
Black Fox Projects $8.3 million
Grey Fox Development Studies $1.3 million
Black Fox Sub Total $31.2 million
Cerro del Gallo Development $10.4 million
Total $80.0 million
Note: Figures may not add due to rounding.

2014 Total Exploration Expenditures
Capitalized Exploration Expenditures Meters Cost (US$ millions)
San Dimas Mine
San Dimas Diamond Drilling 60,000 $5.4 million
San Dimas Drifting 2,500 $5.9 million
San Dimas Regional Diamond Drilling 20,000 $3.5 million
Ventanas Regional Diamond Drilling 4,100 $0.9 million
San Dimas Sub Total $15.7 million
Black Fox Complex
Black Fox Diamond Drilling 55,700 $7.7 million
Grey Fox & Regional Exploration 76,400 $9.1 million
Black Fox Complex Sub Total $16.8 million
Cerro del Gallo Diamond Drilling 10,000 $2.5 million
Total 226,200 $35.0 million
Note: Figures may not add due to rounding.

48%
32%
11%
9%
San Dimas
Black Fox
Cerro del Gallo
Grey Fox
$115M
2014 Total Capital & Exploration Expenditures

Depreciation and Depletion
o Policy – deplete mining properties using units-of-production basis over
estimated P&P reserves + estimate of portion of mineralization expected
to be classified as reserves.
o 2012 - 2013 SEC initiative to review depletion policies of mining
companies; Primero comment letters and responses filed on edgar.
o SEC aversion to inclusion of anything other than P&P reserves in
depletion base.
o Historically San Dimas has achieved > 90% conversion rate from
resources to reserves.
o Before Q4 2013 – P&P reserves + 75% of (inferred resources and
exploration potential).
o Q4 2013 and after – depletable (P&P + 75% of inferred) and non-
depletable (exploration potential) pools.
o SD depreciation and depletion $45 - 50m / year at 2,500 TPD rate.

Mexican Tax Reforms
o Impact on Primero is an effective tax rate increase from 29% to ~40%
o 7.5% royalty calculated on taxable EBITDA. Exploration costs are deductible.
o Precious metals producers pay an additional environmental erosion fee based on
0.5% of revenue from sales of gold, silver or platinum.
o Both 7.5% royalty and 0.5% fee are deductible for income tax. Effective January 1,
2014; paid by March 31 of following year.
o Other significant changes:
• Elimination of 100% 1st year deduction of exploration costs (now deductible
over 10 years).
• Elimination of accelerated depreciation of PP&E purchases.
o Industry mitigation strategies:
• Continue to apply political pressure through lobbying (highlight contribution
of mining to federal, state and local communities).
• Company specific legal challenge – amparo.
• Tax planning strategies, e.g., separate ownership of concessions from PP&E.

Brigus Tax Position
o Federal tax rate at 25% and Ontario Mining Tax (“OMT”) at 8.5%
o At YE 2013 Brigus had US$282m of tax pools for Cdn federal
income tax
o Pools will increase with future PP&E, development and exploration
expenditures
o In 2013, Brigus used about $35m of these pools, so no federal
income tax likely payable for > 5 years
o At YE 2013 Brigus had US$162m of tax pools for OMT
o In 2013, Brigus used $43m of these pools, so no OMT likely
payable for > 3 years

San Dimas
Renaud Adams, C.O.O.

Mexico is a Low Risk Mining Jurisdiction
Cerro Del Gallo Project
Gold-Silver-Copper Development Project
Guanajuato, Mexico
Ventanas Property
(20km South East of San Dimas)
Durango, Mexico
San Dimas Mine
Gold-Silver Mine
Durango, Mexico
o Politically stable
o Long mining history
o One of world’s largest metals producers
o Excellent infrastructure
o Experienced workforce
BUILDS ON ESTABLISHED PRESENCE IN MEXICO

47
o 24,825 hectare land package
o Over 120 known veins in the
district
o Thickness of veins varies from
0.10 m up to 8 m - Avg 1.90 m
o Some veins can be followed for
more than 1,500 m
o Total underground development
of more than 500 km
47
SAN DIMAS
Large Land Package

SAN DIMAS
Site Aerial View

Location Durango-Sinaloa State Border
Ownership 100%
Metals Gold & Silver
Mining Underground cut and fill and long-hole
DISTRICT PRODUCED 11M OUNCES OF GOLD AND 600M OUNCES OF SILVER
One of Mexico’s Most
Significant Precious
Metals Deposits
See final slide for footnotes. 49
SAN DIMAS 2013 Outlook 2014
143,114
155,000-
165,000
Gold production
(ounces)
111,983
115,000-
125,000
Silver production9
(million ounces)
6.05 6.25-6.50
($ per gold ounce)
$1,077 $950-1,050
Cash cost10
$599 $575-600
Cash cost10
– by-product
($ per gold ounce)
$389 $340-360
Capital Expenditures
($ millions)
$53.1 $38.3
Exploration
($ millions)
$14.6 $15.7
SAN DIMAS
A Flagship Asset

Central Block Discovery
(Roberta, Robertita & Santa Lucía veins)
Acquisition of Luismin by Wheaton River
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
-
50,000
100,000
150,000
200,000
250,000
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014E
2015E
Gold (oz)
Gold Equivalent (AuEqoz)
Gold Grade (g/t) RH
GoldGrade(g/t)
Sinaloa Graben Discovery
Subsequent Acquisition of San Dimas by Primero
San Dimas Historical Production
(AuEq ounces)
CURRENT
RESERVE
GRADE
SAN DIMAS
Proven History of Production

San Dimas Operations

Crushing AreaUnderground Mine
Cut & Fill and Long-Hole
Grinding Section
Dore
Bars
Precipitation
& Smelting
Chemical
Treatment
SAN DIMAS
District Process
Dry Tailings
Facility

Cut and Fill (Jumbo and Jack-Leg) Long-Hole
SAN DIMAS
Mining Methods

54
Jumbo Drill Rig

Jackleg Drill

Long Hole Drill

PREGNANT SOLUTION
34
BALL MILL 12’x14’ NO. 2
Industrial Water
Pregnant Solution
Precipitate
Zinc
Pulp
Tailings
Barren Solution
Return Solution
Dore
Slag
TAILINGS IMPOUNDMENT
1
RETURN
SOLUTION
COARSE ORE BIN CAP. 780 TON
CONVEYOR BELT Nº 1 36’’ W, 49.1’ L
JAW CRUSHER PETTIBONE 20”x 36”
CONVEYOR BELT Nº 2 24” W, 160.6’ L
INTERMEDIATE ORE BIN CAP. 375 TON
VIBRATING SCREEN TRAYLOR 8’X16’
CONVEYOR BELT Nº 5 36 ” W, 86.1’ L
SECONDARY CRUSHER HP-300
TERTIARY CRUSHER SYMON´S 7 Ft
CONVEYOR BELT Nº 6 24’’ W, 750.7’ L
FINE ORE BINS Nº 1 & Nº 2 CAP. 1,000 TON Ea.
BALL MILLS (2) 12’ X 14’ MARCY
PRIMARY THICKENNER Nº 1 48’X12’ (d x h)
PRIMARY THICHENNER Nº 2 (HI-CAP) 55’X10’ (d x h)
AGITATORS (7) 30’X24’ (d x h)
AGITATORS (1) 30´X20’ (d x h)
SUPERAGITATORS (6) 50’X30’ (d x h)
THICKENNER - INTERMEDIATE (2) 30’X10’ (d x h)
THICKENNER - INTERMEDIATE(1) (HI-CAP) 48’X10’ (d x h)
SHEET FILTERS AUTOJET (2)
FILTERS PRESS (4) 60” SQUARE
INDUCTION FURNACE (2) CAP. 700kg
GEHO PUMPS TZPM-180 (4)
DELKOR THICKENNER (1) 50 FT HI-PAC
DELKOR THICKENNER (1) 80 FT HI-PAC
BUFFER TANK (1) 30 x 24 (dxh)
PUTZMEISTER SAND PUMP HSP-25100
EQUIPMENT CHARACTERISTICS
VIBRATING FEEDER
MINE CARS
COARSE ORE BIN
JAW CRUSHER
INTERMEDIATE
ORE BIN
VIBRATING SCREEN
BELT No. 1
SECONDARY FEEDER
DUMP TRUCKS
BELT Nº 7CONE CRUSHER
HP-300
BELT Nº 8
BELT Nº 9
CONE CRUSHER
SYMONS 7 FT
GEHO PUMPS
+ + + + +
+ + + + +
+ + + + +
CLARIFIERS
+ + + + +
+ + + + +
+ + + + +
BALL MILL 12’x14’ NO1
LIME
FINE ORE BIN No. 2
FINE ORE BIN NO 1
INDUSTRIAL WATER
1 2
3 4 5 6 7 8 9
BARREN Nº 1
SEMIRICH SOLUTION
PRIMARY THICKENNER 1
RETURN SOLUTION
INTERMEDIATE NO 1
14
INTERMEDIATE Nº3
13
JALES
BARREN Nº 2
SUPERAGITATORS
1211
SUPERAGITATORS
10
RECIRCULATOR
9
INTERMEDIATE NO 2
THICKENNER DELKOR 1SUPERAGITATOR 1
SUPERAGITATOR 2
HOLOFLITE
DRYER
HELICOIDAL
CONVEYOR
JAW CRUSHER
BULLION
PACKING
FLUX MIX
VAULT
FILTERS PRESS
SHEET FILTERS
AUTOJET NºS1 & 2
VACUUM PUMP
PCP PUMPS
DE-OXYGENTION TOWER
INDUCTION
FURNACES
ZINC
POWDER
PRIMARY THICKENNER 2
AGITATORS
THICKENNER DELKOR 2
1 2
BUFFER TANK
PUTZMEISTER PUMP
SAN DIMAS
Plant’s Flowsheet

SAN DIMAS
2014 Mine Plan
Area
2014 Tonnes Dist.
(%)
2014 oz Au Dist.
(%)
Reserves oz Au
Dist. (%)
Central Block 62% 60% 58%
Sinaloa Graben 23% 30% 38%
Tayoltita 15% 10% 5%
Total 100% 100% 100%
o Contribution (oz Au) from Sinaloa will increase to reserve
distribution level once higher grade from Victoria vein
becomes available (18 months)
o Over 20 km of development including 2.5 km of strategic
exploration drifting

• Adding an additional long hole drill in 2014.
• Optimization to minimize long hole drill downtime.
• Adding a 1.2 tonne ANFO loader to increase long hole blasting capacity.
• Targeting long hole mining of up to 36% of total ore production.
30%
33%
3%
20%
14%
-
50
100
150
200
250
300
350
Long Hole Cut-and-Fill Development Cut-and-Fill Development
Jack Leg Jumbo
Tonnage(kt)
2014 Tonnes Target by Mining Method
SAN DIMAS
Mine Plan by Mining Method

Q1 2014
Q2 2014
Q3 2014
Q4 2014
100m
Mining Contribution % 19
Tonnes Mined kt 170
Au Grade g/t 3.60
Ag Grade g/t 182 Long Section
SAN DIMAS
2014 Mine Plan Roberta

Q1 2014
Q2 2014
Q3 2014
Q4 2014
100m
Tonnes Mined kt 200
Au Grade g/t 5.55
SAN DIMAS
2014 Mine Plan Robertita

Q1 2014
Q2 2014
Q3 2014
Q4 2014
50m
Tonnes Mined kt 130
Au Grade g/t 5.62
SAN DIMAS
2014 Mine Plan Victoria

Q1 2014
Q2 2014
Q3 2014
Q4 2014
50m
Tonnes Mined kt 53
Au Grade g/t 4.17
SAN DIMAS
2014 Mine Plan Alexa

SAN DIMAS
Victoria Highest Grades 18 Months Away

San Dimas Costs & Capex

60%
40%
Cost by Currency
Mexican Pesos
US Dollars
Cost
49%
51%
Variable
Fixed
Fixed Operating Cost
SAN DIMAS
Costs

$66.30$26.50
$16.30
$2.60
2013 Unit Cost = $112/tonne
Mine Mill G&A Refining
Note: 2013 unit costs per tonne higher due to 792,239 tonnes mined versus 766,930 tonnes milled.
SAN DIMAS
2013 Costs per Tonne

43%
13%
5%
3%
2% 2% 3% 3% 4%
1%
5%
2% 1%
8%
2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
SAN DIMAS
2013 Operating Cost Breakdown

27%
22%
29%
22%
Underground Development
Projects
Exploration
Sustaining
$54M
SAN DIMAS
2014 Capital & Exploration Expenditure

Expansion & Optimization

o Maximize use of Long Hole mining method: Target 30% of total mining by year-end
o Maximize potential effective hours of equipment (OEE): Mine planning, shift
scheduling, planning, transportation of personnel, equipment tracking system
o Continue to focus on dilution control and improving mill feed grades
o Haulage optimization is a priority
o Development and training of workforce
o Ongoing integration of continuous improvement tools & practices
o Establish/respect preventive maintenance best practices while continuing to improve
preventive/corrective ratio and increased wrench time
o Improved security at site to mitigate potential asset theft
Increase Overall Mine Productivity
SAN DIMAS
Expansion & Optimization Program

Long hole Mining Method
Implementation of Long hole Mining
Opportunity to further increase productivity and
decrease mining cost.
o Excellent ground condition
o Sub-vertical vein system
o Adequate drilling equipment
o Excellent fragmentation
o Lower dilution than C&F Jumbo
Work Execution Planning
Optimization of Mine Planning
Opportunity to increase mining productivity by
maximizing the utilization of existing resources and,
reinforcement of best practices between
departments.
o Mine planning continues to improve
o Implementation of 3D mine planning provides
further opportunities
SAN DIMAS
Mining Methods & Execution

Implementation of State of the Art Mine
Concept and Scheduling Software
Target pro-active decisions and adjustments
Implementation of Leading KPIs and Risk
Management tools
3D Concepts & Scheduling Risk Management & KPIs
SAN DIMAS
Modeling and Planning

Phase I:
o Optimize ore haulage
o Create internal ore bin
o Create one entry/one exit point
o Create one point of delivery to mill
Phase II:
o Replace haulage trucks with
conveyor system
Sinaloa Graben North
SAN DIMAS
Mine Operations – Haulage Optimization

TSX:P I NYSE:PPP I 75Tunnel Loop
SAN DIMAS
Phase I: Haulage Optimization Routes

Potential Conveyor System
SAN DIMAS
Phase II: Mine Conveyor Concept

Implement Equipment Tracking to Optimize Effective Hours
o Install equipment tracking devices on all critical equipment
o Analyze and optimize effective hours versus non operating and operating delays
• Track asset utilization
• Complete more drill/blast cycles per day
• Optimize scheduling and routing
• Reduce fuel costs
• Track scheduled maintenance
• View proof of ore delivery
• Reduce administration
SAN DIMAS
Mine Operations – Equipment Tracking

o Union has agreed to a 3 month trial of 12 hour shifts in some long-hole mining stopes
o Current scope of trial is limited
o Mine currently operates on a 6 day per week, 3 x 8 hour shifts per day
o Creates opportunity for mine to transition to 7 days per week, 2 x 12 hour shifts per day
o 12 hour shifts expected to recover 2hrs per day in travel time
o Achieve ~1.7 complete drill/blast cycles per day in current 3 x 8 hr shifts
o Expected to achieve 2 complete drill/blast cycles per day in 2 x 12 hr shifts
o Potential significant productivity improvements
Mine trialing 12 hour Shifts
SAN DIMAS
Mine Operations – Potential 7 Day Operation

1,500
2,000
2,500
3,000
2011 2012 2013 2014E 2015E 2016E 2017E
San Dimas Tonnes Per Day
Phase 1 Mill
Expansion to
2,500 tpd
Mine
Optimized to
3,000 tpd
Base Production
Mine
Production of
2,150 tpd
Target Mine
Production of
2,750 tpd
Mine
Production
of 2,500 tpd
Phase 2 Mill
Expansion
Scoping Study
Current Capacity
3,000 tpd Target


Phase 2 Mill
Expansion to
3,000 tpd
SAN DIMAS
Potential Phase 2 Expansion


-
1,000
2,000
3,000
2014E 2015E 2016E 2017E
Graben North
Santa Rita
Tayoltita
Sinaloa Graben
Central Block
3,000TPD THROUGHPUT CONCEPT
(tonnes per day)
SAN DIMAS
Expansion Concept

TSX:P I NYSE:PPP I 81Mill Operating at 2,500 TPD
Item Current Capacity 3,000 tpd Target
1. Mine 2,500 tpd
2. Crushing 2,500 tpd
3. Grinding (3 ball mills) 3,000 tpd
4. Leaching & Thickening 2,500 tpd
5. Tailings 3,000 tpd


SAN DIMAS
Current Mill Component Capacities

o Third ball mill, new ore bins/ore feed
system and pumping capacity, has
already increased grinding capacity to
3,000 TPD
o Crushing equipment was reconfigured to
reach 2,500 TPD
o Crushing capacity of 3,000 TPD can be
achieved by adding new primary crusher
and a parallel secondary/tertiary line
SAN DIMAS
Crushing & Grinding Expansion

o Leaching & Reagents: 2,500 TPD achieved by
the addition of extra leaching capacity and
optimization of leach kinetics
o Limited optimization required to reach 3,000
TPD
o Precipitation & Refining: Extra filter press and
limited optimization required to achieve 3,000
TPD
o Extra thickening capacity was installed for
2,500 tpd expansion
SAN DIMAS
Chemical Processing Expansion

84
High Density Tailings Pumped to Filter
o Two Putzmeister tailings pumps with installed
capacity of 3,000 TPD
o A third pump on site to be installed for back-up
purposes
Third Dry Tailings Filter Completed
o Capacity 3,000 tpd installed
o Minimum 15 year operating life
Best Practices Dry Tailings Plant
Third Dry Tailings
Filter Completed
3,000tpd
TOTAL CAPACITY
SAN DIMAS
Dry Tailings Filter Expansion Complete

o Will support mine at 3,000 TPD for over
15 years
o Construction on schedule, 90% complete
o Projected cost ~$9.3M
o Re-engineering of rock cut:
• Width reduced by 20%
• Redesign driven by rock instability on north side
• Simplified design
o Sustaining capital project
SAN DIMAS
Waste Rock Project

o Las Truchas Power House capacity was 7.3mW
o At 2,500 TPD provided 70% of San Dimas
power
o Grid power cost of $0.11/kWhr
o Las Truchas average cost of $0.015/kWhr
o At 2,150 TPD operating level saved:
• $2.5M per year
• 23,500 tonnes of CO2
SAN DIMAS
Las Truchas Hydro Power Facility

o Full Project Scope considers doubling current hydro generation of Las Truchas
and consists of construction of extra reservoir/dam (18M m3) and expansion
of current power house c/w installation of second turbine/generator
o All current and future power needs (up to 3,000 TPD) of San Dimas power
requirements covered with proposed Phase 2 expansion of Truchas
o Phase 2A – Expansion of current power house on-going:
• Total estimated cost of $7M, $3.9M budgeted in 2014
• Will add nearly 50% to current hydro generation
o Potential Phase 2B – Construction of extra reservoir
• Pre-Feasibility study - Completion Q2 2014
• Would add another 50% to the current hydro generation
• Capital estimate of ~$15M
• Financing options available through external sources
SAN DIMAS
Las Truchas Expansion

o Civil works construction started
o Initial work focused on pads for transformer
relocation
o Delivery dates to site:
• New Transformer: April 2014
• Turbine: May 2014
• Generator: April 2014
o Commissioning August 2014
o On budget @ $7.0M
SAN DIMAS
Truchas Hydro Power House Expansion

San Dimas Exploration
Gabriel Voicu, V.P. Exploration

35°
Upper volcanic group
Piaxtla intrusive
Arana diorite and
intrusive andesite
Lower volcanic group
Fault
Geologic boundary
Vein
Strike and dip
Mill
Town site
0 1 2 3 4 5 Km
34°
35°
10°
105°56’
TAYOLTITACONTRA
ESTACA
76°
33°
35°
35°
25°
CARBONERAS
NORTH
(After Henshaw, 1953; Randalll,1970; Smith and Hall, 1974; Nemeth,1976;
Clarke, 1982; Enriquez,1995).
A’
SAN DIMAS
Geological Setting

Favorable Horizon
Mineralization – Ore Bodies Extension of the Favorable Horizon
Potential
0 1 2
K I L O M E T E R S
SW NE
3,000 m.
2,000 m.
1,000 m.
3,000 m.
2,000 m.
1,000 m.
Source: San Dimas Geology Office
Intrusive
Faults
West Block
2014 EXPLORATION
San Antonio
Mined 1987-2002
Central Block
Mined 2002-Current
Tayoltita Block
Mined 1975-Current
Arana
Hanging Wall
Sinaloa Graben
Mined 2012-Current
2014 EXPLORATION PROGRAM
DRILLING FOR EXTENSIONS OF KNOWN VEINS
LONGITUDINAL CROSS SECTION
SAN DIMAS
District Wide Exploration Potential

SAN DIMAS
Structural Concept

0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
Initial 2003 2004 2005 2006 2007 2008 2009 2010 2011* 2012 2013 End
Ounces
San Dimas Reserve Replacement based on Au ounces (2003-2013)
Reserve Additions Production
Central Block Discovery
Roberta, Robertita veins
Acquisition of Luismin by Wheaton River
Sinaloa Graben Discovery
Acquisition of San Dimas by Primero
New Block Model Introduced
SAN DIMAS
Proven History of Reserve Replacement

CLASSIFICATION
TONNAGE
(MILLION TONNES)
GOLD GRADE (G/T)
SILVER GRADE
(G/ T)
CONTAINED GOLD
(000 OUNCES)
CONTAINED SILVER
(000 OUNCES)
Mineral Reserves
Proven &
Probable
4.893 5.5 315 870 49,479
Mineral Resources
Measured &
Indicated
4.282 7.2 419 997 57,713
Inferred 7,333 4.2 310 998 72,647
Notes to Mineral Reserve Statement:
Cutoff grade of 2.7 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.97/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.
Processing recovery factors for gold and silver of 97% and 94% assumed.
Exchange rate assumed is 13 pesos/US$1.00.
The Mineral Reserve estimates were prepared under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero and a QP for the purposes of
National Instrument 43-101 (“NI 43-101”).
Notes to Mineral Resource Statement:
Mineral Resources are total and include those resources converted to Mineral Reserves.
A 2.0g/t AuEq cutoff grade is applied and the gold equivalent is calculated at a gold price of US$1,300 per troy ounce and a silver price of US$20 per troy ounce.
A constant bulk density of 2.7 tonnes/m3 has been used.
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 was 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 as of December 31, 2011. 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.
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
SAN DIMAS
2013 Increased Reserves and Grade

Block Tonnes
Grade (g/t) Ounces Mining Method Dilution
Gold Silver AuEq Gold % Silver Jack Leg Jumbo
Long
Hole
1Robertita Central Block 906,752 6.8 324 11.8 196,947 23% 9,458,016 5% 75% 20% 75%
2Victoria Sinaloa Graben 524,793 11.5 370 17.3 194,594 22% 6,235,001 18% 82% 0% 56%
3Roberta Central Block 754,925 5.4 221 8.8 130,471 15% 5,361,330 7% 36% 57% 47%
4Elia Sinaloa Graben 269,095 8.2 598 17.5 70,987 8% 5,170,783 0% 65% 35% 71%
5Alexa Sinaloa Graben 304,234 5 257 9.0 49,402 6% 2,514,692 0% 0% 100% 21%
6Marina 1 Central Block 331,249 4.5 290 9.0 48,324 6% 3,091,620 19% 0% 81% 36%
7Marina 2 Central Block 122,199 5.5 348 10.9 21,737 2% 1,366,328 0% 0% 100% 66%
8Santa Lucia Central Block 272,157 2 319 7.0 17,955 2% 2,795,439 27% 0% 73% 27%
9San Enrique Central Block 134,096 4.1 220 7.5 17,866 2% 947,616 100% 0% 0% 41%
10Castellana Central Block 201,927 2.5 286 6.9 16,357 2% 1,855,077 31% 0% 69% 49%
11America Tayoltita 131,684 3.1 524 11.2 13,063 2% 2,219,269 100% 0% 0% 46%
12Aranza Sinaloa Graben 118,820 3.4 322 8.4 12,948 1% 1,230,019 0% 0% 100% 43%
13Tayoltita Tayoltita 139,581 2.7 214 6.0 12,220 1% 958,147 100% 0% 0% 37%
14Celia Central Block 160,762 2.2 255 6.2 11,489 1% 1,319,379 77% 0% 23% 40%
15Marisa Central Block 46,387 5.6 645 15.6 8,427 1% 962,196 100% 0% 0% 22%
16Jael Central Block 73,783 3.5 261 7.6 8,389 1% 619,164 100% 0% 0% 38%
17Noche Buena Tayoltita 94,308 2.5 212 5.7 7,449 1% 641,665 100% 0% 0% 87%
18Gloria Central Block 55,681 4.1 243 7.9 7,378 1% 435,024 0% 0% 100% 155%
19Gabriela Central Block 82,001 2.5 263 6.6 6,712 1% 693,047 100% 0% 0% 30%
20Soledad Central Block 47,721 3.8 320 8.7 5,789 1% 491,403 100% 0% 0% 64%
21Cristina Central Block 31,197 2.3 301 7.0 2,330 0% 301,702 100% 0% 0% 38%
22Santa Gertrudis Tayoltita 29,068 1.9 302 6.5 1,750 0% 282,088 100% 0% 0% 76%
23Pozolera Tayoltita 23,762 1.9 308 6.7 1,486 0% 235,290 100% 0% 0% 44%
24El Oro Tayoltita 7,643 3.6 149 5.9 888 0% 36,603 100% 0% 0% 44%
25Stockpile 29,442 5.1 272 9.3 4,813 1% 257,605
Total 4,893,266 5.5 315 10.4 869,770 100% 49,478,504 28% 32% 40% 50%
SAN DIMAS
Reserves by Area

Our goal is to replace depleted reserves by 100%.
Delineation Objectives:
o Test the continuity of the economic oreshoots along strike and at depth
o Transfer Inferred Resources to Measured & Indicated Resources
o Investigate possible sub parallel veins to the main veins
o Improve the characterization of the geometry of the veins and grade
variability
Exploration Objectives:
o Discover new high-grade veins close to mine infrastructure
o Verify lateral and downdip extension of the known veins
o Increase the Inferred Resources
SAN DIMAS
Objectives

2
34
1
Ore
Body
Proposed Drilling
Proposed Drilling
Old Hole
Proposed Drilling
Proposed Drilling
Ore Body
Stope
Stope
Test DrillingDelineation Drilling
Vein-continuity Exploration DrillingExploration Drilling
Less Investment Required (money and
time)
Long Term Impact
Short Term Impact
More Investment Required (money and
time)
SAN DIMAS
Strategy R&R Development

o 2014 $15.7 million
exploration program
o 22,500 hectare package
o 80,000 metres of drilling:
 35,000 metres delineation
drilling
 25,000 metres exploration
drilling, plus 2,500 metres of
exploration drifting
 20,000 meters regional
exploration drilling
o Targeting high-grade central
corridor, close to existing
infrastructure
SAN DIMAS
Focused Exploration

San Dimas Drilling Program
Item Meters CapEx
Delineation Drilling 35,000 meters
Mine & Regional
Exploration Drilling
45,000 meters
Total Drilling 80,000 meters $8.9 million
Exploration Drifting 2,500 meters $5.9 million
Ventanas - $0.9 million
TOTAL $15.7 million
SAN DIMAS
2014 Exploration Program

Central Block
1. Robertita
2. Roberta
3. San Enrique
4. Marinas
5. Gloria
6. Soledad-Jael
7. Castellana
8. San Salvador-Gertrudis
Sinaloa Graben
9. Sistema Rosario
10. Aranza
11. Elia
12. Castellana-Sta. Eulalia
13. Marinas Proyección.
14. Victoria/Pillar
15. Alexa
16. San Jose- Trinidad
San Fernando North
19. Gloria-Goteras
20. Frapopan
21. Pozolera
22. Noche Buena
Tayoltita
23. Nivel 22 Independ-Arana
24. Nivel 24 Independ HW
25. Nivel 27-28
Santa Rita
26. San Alberto
27. Nancy
28. Marisa
West Block
17. Marshall-Franklin y Carmen
18. San Jose - Trinidad
SAN DIMAS
2014 Near Mine Exploration Targets

Elev.100 Elev.100
Elev.200Elev.200
Elev.300 Elev.300
Elev.400Elev.400
Elev.500 Elev.500
Elev.600Elev.600
Elev.700 Elev.700
Elev.800
200 m0 100
SW NE
RO_305
RO_304
RO_303
RO_250
RO13_314
DDH Au g/t Ag g/t TW m
RO_250 4.8 133 1.0
RO_303 34.4 55 1.2
RO_304 11.3 722 1.0
3.1 142 1.5
RO_305 2.6 356 1.1
RO13_314 5.7 13 2.3
Working Old
Drilling 2014
Fault
Limite Zona Favorable
Explanation
Productive Andesite
Portal Rhyolite
Socavon Rhyolite
Buena Andesite
Piaxtla Intrusive
SAN DIMAS
2014 Roberta Targets

TARGETS ROBERTITA VEINSW NE
700m
600m
500m
400m
300m
700m
600m
500m
400m
300m
ROB13_274
ROB13_276
ROB13_293
ROB13_281
ROB13_284
ROB13_285
ROB13_277
ROB13_286
ROB13_290
ROB13_291
ROB13_287
ROB13_275
ROB13_282
Productive Andesite
Working Old
Drilling 2014
Fault
Explanation
Portal Rhyolite
Socavon Rhyolite
Buena Andesite
Piaxtla Intrusive
200 m0 100
ROB13_274 4.3 293 0.5
3.8 142 0.4
3.4 271 0.4
ROB13_275 10.0 281 10.8
ROB13_276 1.9 102 1.9
ROB13_277 19.8 1383 1.3
ROB13_281 5.5 228 1.8
ROB13_282 12.5 467 3.2
14.7 597 1.3
ROB13_284 3.9 172 0.5
ROB13_285 4.1 361 1.7
ROB13_286 21.1 262 2.0
ROB13_287 100.8 732 2.5
ROB13_290 4.8 6 0.6
ROB13_291 6.1 174 0.4
ROB13_293 7.4 508 1.8
SAN DIMAS
2014 Robertita Targets

Victoria
Orebody
NE
500 msnm
700 msnm
300 msnm
200 m0 100
500 msnm
700 msnm
300 msnm
DDH 2013
DDH 2012
Pending
Not Significant
Planned
VIC13_282 5.7 142 1.1
VIC13_284 25.8 318 0.4
VIC13_287 8.7 507 0.7
VIC13_288 3.2 57 2.9
VIC13_289 81.7 4,536 7.2
VIC13_290 19.2 993 3.1
VIC13_291 85.0 2,716 9.1
VIC13_293 57.8 1,724 1.1
VIC13_294 20.8 1,043 11.4
VIC13_288
VIC13_293
VIC13_290
VIC13_287
VIC13_294
VIC13_289
VIC13_291
VIC13_284
VIC13_282
SAN DIMAS
2014 Victoria Targets

Elev.400 m Elev.400 m
Elev.800 m
AL13-078
AL13-083
AL13-083
AL13-079
AL13-076
AL13-081
AL13-074
AL13-075
AL13-057
AL13-063
AL13-058
AL13-070
AL13-065
AL13-056
AL13-062
AL13-071(1)
AL13-066
AL13-067
AL13-061
AL13-069
AL13-085
AL13-086AL13-072
AL13-084
AL13-073
AL13-088
AL13-089
AL13-073
AL13-077 AL13-080
Elev.800 m
AL13-059
AL13-091
AL13-092
Proceso
AL13-090
SW NE
200 m0 100
Productive Andesite
Working Old
Drilling 2014
Fault
Explanation
Portal Rhyolite
Socavon Rhyolite
Buena Andesite
Piaxtla Intrusive
SAN DIMAS
2014 Alexa Targets

0 1 2km
Tayoltita
Mill
Treviño
Tunnel
Arana
Hanging
Wall Block
Central
Block
Tayoltita
Block
West
Block
Tunnel
sProposed Tunnels
Vein
Fault
River
EL
CRISTO
TUNEL
ESCONDIDO
TRINIDA
DSAN
JOSE
LUZ Y
REYES/PEREZ
ESPERANZA
TESCALAMA
SAN VICENTE
SAN JUAN
CAMICHIN
VERDOSA
2014 DDH proposal
targets
ORDER OF PRIORITY
1. Luz y Reyes 3,000 m
2. Hedionda 240 m
3. San Jose 1,200 m
4. Trinidad 900 m
5. El Cristo 2,100 m
6. Camichin 960 m
7. Veta Nueva 600 m
8. Verdosa 1,420 m
9. San Vicente 1,260 m
10. San Juan 1,500 m
11. Carmen/Sin Nombre 1,920 m
12. Santa Cruz/Agua Dulce 1,350 m
13. Coronado 1,280 m
14. Carmen Escobosa 1,040 m
15. San Rafael 420 m
16. Tescalama 320 m
17. Esperanza 420 m
TOTAL 20,000 m
SAN DIMAS
2014 Regional Exploration Targets

Noche Buena
mine
N
2’671,000 N
398,000E
399,000E
400,000E
401,000E
2’670,000 N
2’671,000 E
2’670,000 N
398,000E
399,000E
400,000E
401,000E
0 250 500
Escala Grafica
Tunnels
Proposed Tunnels
Vein
Fault
River
SAN DIMAS
Regional Exploration 2014 LUZ Y REYES / PEREZ Vein

Sinaloa
Fault
SW
NE
?
1,100 msnm
900 msnm
DDH Pending
Not Significant
Planned
DDH 2013 Significant
1,100 msnm
900 msnm
Looking NW
LYR13_003 LYR13_001
200 m0 100
LYR13_001 2.3 351 0.6
LYR13_002 7.4 528 11.9
LYR13_003 5.6 445 0.8
LYR13_004 1.8 296 0.5
LYR13_005 5.4 803 0.7
LYR13_007 12.3 206 2.6
LYR13_008 1.0 230 0.4
LYR13_009 12.0 2,109 3.2
3.8 517 3.8
LYR13_008
LYR13_004
LYR13_002
LYR13_005
LYR13_009
LYR13_007
INTRUSIVE ANDESITE
LAS CUMBRES RHYOLITE
PRODUCTIVE ANDESITE
PORTAL RHYOLITE
BUELNA ANDESITE
SOCAVON RHYOLITE
BOLAÑOS DIKE
ARANA INTRUSIVE
CAMICHIN INTRUSIVE
PIAXTLA INTRUSIVE
LEGEND
Luz y Reyes/Perez: 6 DDH; 3,000m
• To continue exploring its extension inside favorable
horizon towards NE and SW (600m) based on
promising preliminary results from 2013 and prepare
it for the Mine Exploration delineation program.
SAN DIMAS
2014 Regional Exploration Target – Luz Y Reyes/Perez

2014 VENTANAS DISTRICT PROGRAM
o Not covered by Silver Purchase Agreement
o Ventanas property 3,300 ha located 29km (straight line) south of San Dimas
o 17 mines commencing 1757 and stopped in 1810. The mines have been discontinuously exploited between
1880 and 1973. 820m of tunnels, 1,320m of drifting and 9,282m in 36 DDH
o Released resources in Mala Noche vein (NI 43-101):
o Indicated: 155,000 tonnes @ 2.49g/t Au and 258g/t Ag
o Inferred : 229,400 tonnes @ 2.31g/t Au and 412g/t Ag
o Underground and open pit targets
o DDH program commenced in November 2013 and continues in 2014
o Two veins will be drilled: Valenciana and Mala Noche; 12 holes(*); 2,000m(*)
o Systematic channel sampling in Valenciana vein totalizing 20 trenches (1,100m) and sampling of 13
trenches (700m).
o Rebuild and improve old camp in Ventanas, including core shack, access roads and Internet communication
o Total budget approximately $0.9 million
VENTANAS
Exploration Program

"El Alacrán"
Valenciana
"MALA NOCHE"
"VENTANAS"
"LA LIBERTAD"
NORTE
REGIONAL GEOLOGY VENTANAS-MALA NOCHE
IGNIMBRITAS
ANDESITAS
ALUVION
INTRUSIVO
NORTE
MINA
LA CONCEPCION
MINA SAN CAYETANO
Pueblo de
Villa Coronas
(Ventanas)
Pueblo de
Mala Noche
Mala Noche
California
La Prieta
109
VENTANAS

Black Fox Mine

Location Timmins, Ontario
Ownership 100% (8% gold stream at $504/oz)
Metals Gold
Mining Open pit & underground
Capacity 2,200 TPD
Mine Life Open Pit: ~3 years, U/G: ~7 years
CLASSIFICATION
TONNAGE
( TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
( OUNCES)
Mineral Reserves
Proven & Probable 4,469,000 4.6 660,800
Mineral Resources (includes Mineral Reserves)
Measured & Indicated 4,942,149 5.2 822,542
Inferred 270,998 5.1 44,172
BLACK FOX
Another Opportunity to Unlock Value
Black Fox Gold Pour
Black Fox Mill

BLACK FOX
Proven Prospective District
Destor-Porcupine Fault Strike Length ~200km

BLACK FOX
Large ~2,000 Hectare Property
40 land parcels and 22 patented mining leases
BLACK FOX MINE

BLACK FOX
Property Layout
Established Infrastructure

BLACK FOX
Black Fox Mill
Capacity of 2,200 TPD

o Our technical team recognized an under-capitalized underground mine
o We have successfully turned San Dimas around from operating at ~1,500
TPD with variable, below reserve grade results to 2,500 TPD at reserve
grade in 2 years
o Potential at depth (proven regional geology), laterally and district
represents significant upside
BLACK FOX
Operations Acquisition Rationale
Challenge/Opportunity San Dimas Black Fox
Under-capitalized underground development Yes Yes
New block model necessary Yes No
New mining method necessary Yes No
Under-capitalized delineation drilling Yes Yes
Under-capitalized exploration drilling Yes Yes

MINE
RESERVE/
RESOURCE
DEPTH (m)
SHAFT/
RAMP DEPTH
(m)
RESERVE
GRADE (g/t
Au)
RESOURCE
GRADE (g/t
Au)
Holloway Mine 900 864 4.5 4.3
Doyon 1,040 1,040 n.a. 4.4
Holt Mine 1,200 1,075 4.7 4.3
Timmins West 1,200 1,200 5.2 5.5
Hoyle Pond 1,290 2,200 17.1 12.9
McIntyre 1,300 1,300 8.9 8.9
Lapa 1,600 1,400 5.9 5.2
Dome 1,665 1,665 4.4 4.3
Kirkland Lake 1,750 1,750 14.0 15.0
Hollinger 1,800 1,800 9.1 9.1
Westwood 2,650 2,650 9.9 11.1
LaRonde 3,200 2,860 5.0 4.6
Average 1,633 1,651 8.1 7.5
Black Fox 510 390 4.6 5.3
BLACK FOX
Open for Expansion at Depth
Black Fox Open-Pit
Note: Company estimates.

BLACK FOX
Black Fox Today
29th April, 2013 News Release

0.00
1.00
2.00
3.00
4.00
5.00
6.00
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2E Q3E Q4E
2012 2013 2014
Mill Feed Grade
Ounces produced
Actual ounces
Targeted Ounces
Feed Grade
BLACK FOX
Production Review
o Fewer ounces produced in Q4 2013 and Q1 2014 due to lower mill feed grade.

Mill Feed Grade
Underground Grade
Open Pit HG Grade
0
2
4
6
8
10
2012 2013 2014
g/t Au
BLACK FOX
Grade Review
o Underground mined grade has reduced in Q1 2014, likely due to lack of available stopes.
o Open-pit mined grade has reduced in Q4 2013 and Q1 2014 because of mining from upper benches of
Phase 3 where grade is lower closer to surface.
o Overall grade has reduced  Lower underground production (high grade), resulting in more open pit mill
feed (low grade).

0
500
1,000
1,500
2,000
2,500
2012 2013 2014
Mill Throughput (tpd)
Total Throughput
UG tonnes
BLACK FOX
Underground Production Review
o High grade underground tonnes have been replaced with lower grade open pit tonnes, resulting in lower
mill feed grades.
o Low mill throughput in Q2 2013 and Q1 2014 because of water issues.
Water issues at the mill

0
500
1,000
1,500
2,000
2,500
3,000
2012 2013 2014
Dev. metres/
ore tpd
Capital metres
Oper. metres
UG Ore tonnes
BLACK FOX
Underground Development Review
o Reduction in capital development (mid-long term) has resulted in a lack of available stopes.
o Need to increase operating development (short term).
o Ore production lags development because of the time required for definition drilling and stope preparation.

BLACK FOX
Underground Operating Cost Review
o Unit underground operating costs are higher because of lower ore production.
0
200
400
600
800
1,000
1,200
0
50
100
150
200
250
300
2012 2013 2014
Ore tpdUG Opex $/t
Targeted UG Opex
Actual UG Opex
UG Ore Tonnes

BLACK FOX
Underground Long Hole Proportion
0
50
100
150
200
250
0%
20%
40%
60%
80%
100%
2012 2013 2014
UG Opex $/tProportion of tonnes
Development
MCAF / Shrinkage
Longhole

BLACK FOX
Overview
• Health & Safety:
• Health and Safety is #1 – Black Fox currently has over 250 days without Lost Time Accident
• Maintaining well trained personnel
• Best Safety Practices in place
• Risks:
• Mill Water Management Process (Currently mill at low throughput)
• Available ore zones underground
• Environment:
• Raise Tailings Dam (Phase 7 & 8)
• Continue to clean and deepen Water Management Pond
• Proceed with Phase 9 & 10 tailings design
• Open Pit Waste dump failure and repairs
• Permits:
• The 2,500 tpd Environmental Compliance Approval in place
• Community , Stakeholders:
• IBA agreement with Wahgoshig First Nation
• Local township of Matheson

Challenges:
• Underground development rate dropped off significantly in 2013
• Underground throughput impacted in Q4 2013 and Q1 2014 and expected Q2
2014
• Underground throughput decreased from 800 TPD in Q2 2013 to 350 TPD in Q1
2014
• Lack of short term drilling ahead
Opportunities:
• Mine history has proven that increasing development increases production
• Inferred resources close to infrastructure are ready to be converted to reserves
• Drill ready - exploration targets exist
BLACK FOX
Underground Challenges & Opportunities

Challenges:
• Water inflows increased in 2013 in Open-Pit Phase 3 West expansion
• 12% increase water volume from 2011 to 2012
• 179 % increase from 2012 to 2013
• Water inflow effected Pit and U/G production in Q2 2013
• Ramp closed for 2 days
• UG West ramp was lost for a total of two (2) weeks
• Dewatering system - design presently under review
• Waste Rock Dump wall failure - remediation of East and North side complete. South side
completed by June when dry
Opportunities:
• Opportunity to replace lower grade open-pit ounces with higher grade underground ounces
• Phase 3 open-pit push back nearly completed, higher grades available in short term
• Short term pumping system in place to mitigate water inflow, followed by a full dewatering
system in 2014
BLACK FOX
Open-pit Challenges & Opportunities

WATER ISSUES
o March 2013
• Water Management Pond (“WMP”) depleted/frozen water (Extreme Cold weather)
• March 2013 – added 1.5M gallons from outside source (River and Mine Shaft)
o May 2013
• Rapid spring melt caused severe inflows to WMP
• Mill was shut down in May 2013 for 18 days due to severe inflow of spring run off
o March 2014
• WMP: depleted/frozen water. Mill did not operate at full capacity during March, now
using same water source as 2013
MITIGATION PLAN
o Additional excavation and raise of berms of WMP for extra water storage
o AMEC looking at WMP water balance & capacity required, raise of berms and deepening of
WMP
BLACK FOX
2013 Water Challenges & Mitigation Plan

BLACK FOX
Mill Tailings & Water Management Pond (“WMP”)
Extra space available
West of current tailings disposal

BLACK FOX
Black Fox 2014 Mine Plan

2014 (k$)
Black Fox
UG Capital Development 7,569
OP Waste Stripping 3,351
Mill, Tailings, and Environment 5,277
Projects 11,362
Overhauls 1,860
Other 512
Sub-Total Black Fox 37,598
Exploration 7,667
Grey Fox
Exploration (Flow-Through) 9,090
Studies and Engineering 1,291
Sub-Total Grey Fox 10,381
Total Capex 46,387
BLACK FOX
2014 Capital Expenditures

BLACK FOX
Operating Strategy Short Term
o Operate the Open Pit and Underground at a rate of 2,400 tpd
• Underground target 1,000 tpd @ 5.8 g/t
• Open Pit High Grade target 1,200 tpd @ 3.0 g/t
• Open Pit Low Grade target 200 tpd @ 1.0 g/t
• Add two underground 50T trucks and one 6 yard scoop
o Aggressive Diamond Drilling Program
• Exploration drift open on level 500 and drilling to test depth extension of mine
• Delineation of inferred resources (between levels 200 and 400), conversion into indicated
category and accelerated definition drilling (West Zone) in order to open new mining sectors
• Surface exploration program to attempt to extend life of Open Pit
o Black Fox Crushing:
• Temporary Contractor Crusher Installation Targeting end of March 2014
• May 2014 permanent “Contractor” crusher installed
• Crushing ore to 3/8” , hauled to mill and processed @ at a rate of 2,400
• Crushing at mill no longer required, freeing up space for future HPGR or equivalent

BLACK FOX
Operating Strategy Mid-Term
o Continue ramp development below 520 and 540 level
o Complete Grey Fox Feasibility by end of Q4 2014
• Mill expansion requirements: Complete all studies for incorporation of Grey Fox
onto Black Fox milling facilities including grinding power required and metallurgy
(leaching only or leaching flotation scenario)
• Complete all mining studies: Open Pit vs Underground, mining methods and
required infrastructure
o Proceed with 10M tonne tailings upgrade
o Advance Grey Fox:
• Initiate exploration ramp
• Final design (end of Q3 2014)

Black Fox Exploration

BLACK FOX
Prolific Abitibi Greenstone Belt
One of the world’s largest Archean greenstone belts

BLACK FOX
Regional Geology (Hoxha and James, 1998)
Archean age, lode gold deposit

BLACK FOX
Typical Cross Section
Destor-Porcupine Fault

BLACK FOX
Black Fox Mine, 147 & Contact Zone Depositional Model
Destor-Porcupine FaultArchean Lode Gold Deposits Depositional Model
Producing /
Past-Producing
Mines
Ross produced over 1 million ounces at a
grade of 0.15 opt.
Note the change in ore body shape over a
vertical range of 1 km as one moves from a
brittle to a ductile environment.
147&Contact Zone
Brittle Deformation
Depositional Model
Ross Mine Composite Level Plans
Upper portion of Ross has depositional
characteristics similar to Brigus’ 147 Zone
Ross Mine located 3 km south of 147 Zone
Black Fox Mine
Ductile
Derformation

Contact and 147 Zone Location
(Brittle Deformation Model)
Ross Lake
fault
GREY FOX
Contact and 147 (Zones located within Regional Graben

MINE
RESERVE/
RESOURCE
DEPTH (m)
SHAFT/
RAMP DEPTH
(m)
RESERVE
GRADE (g/t
Au)
RESOURCE
GRADE (g/t
Au)
Holloway Mine 900 864 4.5 4.3
Doyon 1,040 1,040 n.a. 4.4
Holt Mine 1,200 1,075 4.7 4.3
Timmins West 1,200 1,200 5.2 5.5
Hoyle Pond 1,290 2,200 17.1 12.9
McIntyre 1,300 1,300 8.9 8.9
Lapa 1,600 1,400 5.9 5.2
Dome 1,665 1,665 4.4 4.3
Kirkland Lake 1,750 1,750 14.0 15.0
Hollinger 1,800 1,800 9.1 9.1
Westwood 2,650 2,650 9.9 11.1
LaRonde 3,200 2,860 5.0 4.6
Average 1,633 1,651 8.1 7.5
Black Fox 510 390 4.6 5.3
BLACK FOX
Open for Expansion at Depth
Black Fox Open-Pit
Note: Company estimates.

BLACK FOX
2013 Reserves & Resources
1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in estimated
reserves remains subject to metallurgical recovery losses.
2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream agreement from the
Black Fox Technical Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the
underground reserves and resources are reported at a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2013, net of mining
depletion from the January, 2011 independent Technical Report.
Estimated Gold Mineral Proven and Probable Reserves, as of December 31, 2013
CLASSIFICATION
TONNAGE
( TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
( OUNCES)
Mineral Reserves
Proven & Probable 4,469,000 4.6 660,800
Inferred 270,998 5.1 44,172

o Several areas with high exploration potential: at surface (W and E extensions of
the open pit) and underground (at depth, as well as extensions of the E, W, and
Central zones)
o The exploration holes will be drilled from surface and underground
o The exploration development (drifting) will focus on level 9,500 (500 m below
surface) to create new locations for drilling
o The exploration program is flexible depending on results
o The objectives are:
• Increase the known resources at the Black Fox deposit
• Find new extensions of the known zones at Black Fox and discover new mineralized areas
• Re-assess the expansion of the open pit (phase 4)
• Re-assess the exploration potential at depth
• Transfer ounces from Inferred to Indicated category
BLACK FOX
2014 Exploration & Delineation Program

• Black Fox Underground
• Drilling : 47,700m = $6,200k
• Exploration 37,700m – 130 holes ($4,900k)
• Delineation 10,000m – 40 holes ($1,300k)
• Black Fox Surface
o Drilling : 7,650m = $1,000k
o 25 Holes test down plunge of known mined out ore-shoots for east and east
o 5 following down plunge of the north south structure further to the east.
• Underground Exploration Drifting
o Drilling : 335m @ $3,700/m = $1,233k
Grand Total $8,433k
BLACK FOX
2014 Exploration Budget

Exploration drift
325mL
Barren area due to
intruding dykes
Black Fox dips south
Level 235mL
LEVEL 500ml Exploration Drift,
Total of 800m length in
2014/2015 X
645-01-W
40.71g/t 26.75m
645-34-W
18.09g/t 37.80m
12.88gpt / 11.3m
Longitudinal Section Looking North
3.40gpt / 15.4m
Incl. 7.68gpt /
3.40m
15.02gpt
/ 3.3m
BLACK FOX
Exploration Drift

o Total Exploration Drifting (2014-15) 800m across
o Total Exploration Drifting Cost $2.5milion
o 2014 Only Exploration Drifting 335m along with three Drill Bays
o 2014 Total Cost $1,233k
o Approximately cost $3,700/meter
o Completion Mid May Start of the first bay of DD Program
BLACK FOX
Exploration Drifting Program

Au concentrations, capped
LEVEL 500mL
WEST ZONE
SHALLOW
WEST ZONE
DEEP
CENTRE
ZONE
Indicated + Inferred Resources
EAST
/SOUTHEAST
ZONEEAST ZONE
BLACK FOX
Exploration Potential

Surface West
Surface East
BLACK FOX
Surface Exploration

CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
Location 4 km from Black Fox - Timmins, ON
Ownership 100% (No gold stream)
Metals Gold
Mining Open pit potential & Underground
Exploration 3 rigs on site
Permitting Currently underway
(July 3, 2013)
CLASSIFICATION
TONNES
(M)
CAPPED Au
(g/t)
CONTAINED
Au (oz)
Indicated Resources 4.3 3.7 507,400
Total Inferred Resources 1.5 4.7 228,600
GREY FOX
Promising Exploration Project
Grey Fox Aerial
Grey Fox Core

GREY FOX
Contact, 147 and Grey Fox South Zone Geology

GFS
147
GFS
CZ
N
Potential Underground Only Mining Scenario Resource @ 2.84 gpt Cut-Off
Zone Category Tonnage Grade Ounces
X 1000 gpt
147 Indicated 1,292 6.0 248,129
Inferred 394 5.1 64,346
1,686 5.8 312,475
CZ Indicated 623 6.0 119,595
Inferred 552 6.4 114,116
1,176 6.2 233,711
GFS Indicated 188 5.7 34,356
Inferred 224 4.8 34,407
412 5.2 68,763
Total All 3,275 5.9 614,949
 Red: Indicated Resource
 Green: Inferred Resource
 Approximately 80% of current Resource drilled at 15m centres
 *NI 43-101 compliant independent Resource Statement July 30,
2013 completed by InnovExplo, Val-d’Or, Quebec
 Grade is calculated for all underground resource >2.84 gpt
GREY FOX
Contact, 147 and Grey Fox South Zone Block Model

GREY FOX
2014 Exploration Drilling Program
Contact, 147 and Grey Fox South Zone Expansion and Definition Drilling
$8 Million Budget = 60,000 metres
Indicated spacing is 20 to 25m drill centres
Inferred spacing is 25 to 40m drill centres

o Three areas with high exploration potential: Grey Fox, Old Stock Mine and Pike
River Property (between Black Fox and Grey Fox)
o Other geophysical and geochemical anomalies are defined on the property with
potential to become interesting exploration targets
o All exploration holes will be drilled from the surface
o The exploration program is flexible depending on results
o The objectives are:
• Increase the known resources at the Grey Fox deposit
• Transfer Inferred to Indicated category
• Find new extensions of the known zones at Grey Fox and discover new mineralized areas
• Re-assess the exploration potential at the old Stock Mine and adjacent area that show
interesting geophysical anomalies
• Assess the exploration potential between Black Fox and Grey Fox (Pike River) (4 km)
where only limited exploration has been done
BLACK FOX
Regional Exploration Program

Known Deposits
Grey Fox 147, Contact and GFS Zones
• Drilling : 61,000m = $8.0M
• Expansion 37,000m
• Delineation 22,000m
• 2,000m Planned Condemnation Drilling Under Proposed Waste Water Pond
Black Fox Mill (Stock Mine)
• Drilling : 7,700m = $1.0M
• 13 Holes test down plunge of known mined out ore-shoots
• 5 Grassroots Exploration Drill Holes to test E3 IP and Mag Geophysical Target
Grassroots New Deposit Discovery Drilling
Pike River Property (Between Grey Fox and Black Fox Mine)
22 Drill Holes : 7,700m $1.0M
Grand Total $10.0M
GREY FOX
2014 Flow-Through Regional Exploration Program

GREY FOX
Contact, 147 and Grey Fox South Zone
GFZ147
GFS
CZ
Grey Fox Gold Deposits
Red: Indicated Resource
Green: Inferred Resource
Black Fox
Mine
Pike River
Grassroots
Exploration
Mine Site Exploration
Grey Fox
Resource Expansion
and Definition

Cerro del Gallo
Louis Toner, V.P. Projects

Location Guanajuato State
Ownership 100%
Metals Gold, silver & copper
Mining Open pit, heap leach, and/or
conventional mill
Excellent Infrastructure: Active mining
district, skilled local workforce, grid power,
water, sealed roads, equipment suppliers and
established transport routes
Supportive Community: District has
produced 1.14 billion ounces of silver and 6.5
million ounces of gold over its 450 year
mining history
Construction Decision: Contingent on
project achieving a 15% IRR at $1,100/oz gold
CERRO DEL GALLO
Potential Near Term Production
Cerro del Gallo Deposit
Cerro del Gallo Exploration Office
Potential near-term 95,000 AuEq. oz

o Guanajuato is an historic mining
district, with production dating
back to 1558
o Major engineering facilities &
workforce centres < 60min
o International airport < 1.5hrs
from project
o Power, water, sealed roads
o Supportive community
Builds on established presence in Mexico
CERRO DEL GALLO
Mining Friendly Guanajuato
Cerro Del Gallo Project
Gold-Silver-Copper Development Project
Guanajuato, Mexico
Ventanas Property
Durango, Mexico
San Dimas Mine
Gold-Silver Mine
Durango, Mexico

TSX:P I NYSE:PPP I 158See final slide for footnotes.
Construction decision expected in Q3 2014
TECHNICAL DETAILS
2
(At $1,341 per ounce of gold, $25.58 per ounce of silver, $7,582 per tonne of copper)
Production Start
13
(Phase I Heap Leach)
End 2015
Proven and Probable Reserves
13
(Phase I Heap Leach)
32.2 Mt @ 1.14 g/t AuEq or 1.2Moz
Measured and Indicated Resources
13
(Phase I Heap Leach In-Pit Excluding Proven and Probable Reserves)
47.9 Mt @ 1.06 g/t AuEq or 1.6Moz
Production
13
(Phase I Average Annual)
94,600 AuEq. Oz
Cash cost
6,14, 15
(Co-Product, Excluding Royalties)
$650-700 per ounce
Heap Leach Grades
12
0.7g/t Au, 14.8g/t Ag, 0.08% Cu
Strip Ratio
12
0.9:1
Phase I Mine Life
12
7.2 years
Capital Cost Estimate
14
$165 million
2013 Capital Expenditures
14
$7.5 million
2014E Capital Expenditures $12.9 million
CERRO DEL GALLO
DFS Economics

o Nominal Annual Dry Ore Throughput 4,500,000 t/a
o Total HLP Material: 32.2 million t
 Weathered Ore 13.6 million t
 Partially Oxidised Ore 18.6 million t
 Fresh Ores not required at this stage
o Total dump material: 29.4 million t
o Total Ore Mined 61.6 million t
o Average Yearly Production:
 Gold: 65 thousand oz
 Silver: 1.3 million oz
 Copper: 885 tons
o Mine Life (Phase 1) 7.2 years
CERRO DEL GALLO
Design Criteria

o Crushing in three stages using a HPGR as a tertiary crusher
o Agglomeration and stacking
o Cyanide heap leaching
o Copper precipitation and cyanide recovery via (SART)
o Carbon in columns adsorption
o Elution
o Electrowinning and gold room refining
o Carbon regeneration
o Reagent mixing, storage and distribution
o Truck Shop & maintenance facilities
o Administration buildings
CERRO DEL GALLO
Scope

o DFS (2012): CAPEX: $165 M, Sustaining: $32M
o Company Target: CAPEX: $150M, Sustaining: $15M
o Company Target: OPEX: Reduce by $2 per ton
o Mining: Optimized Mining Strategy (high grades
first/stockpiling)
o Key restrictions:
o No changes on design criteria from DFS (ore output, recovery)
o No impact on safety
CERRO DEL GALLO
Capital Reduction Objectives

CERRO DEL GALLO
Capital Reduction Opportunities
Potential $20 million in capital savings from:
1. Cold stripping as an alternative/addition to SART
2. Optimize heap leach pad base design
3. Update capital cost for 115kV power line with improved definition
4. Update civil works costs
5. Defer waste stripping
6. Update fresh water design
7. Optimise conveyor designs ie. Reduce lengths
8. Outsource silos and feed equipment operation for cement/lime
9. Update cost for 13.8 kV powerline relocation
10. Reduce to a single stacker
11. Use pre-fab or modular facilities
12. Lease or buy used equipment and consider Chinese equipment
13. Contract drill/blasting
14. Optimize piping design
15. Consider owner managed construction

In 2013 Primero initiated a full review of its Cerro del Gallo – Phase 1 project in order to
optimize the overall outcome of the May 2012 DFS:
• Land holdings increased from approximately 40% to 60%.
• Purchased 100% of the required process water rights.
• Permitting advanced:
• Preparation of the environmental impact assessment (MIA) and change in land use
(ETJ) permits
• Ground water monitoring, geochemical analysis of the waste rock and search for
ground water for the process (borefield analysis) by SRK Consulting.
• Geotechnical assessment and groundwater management by Golder Associates.
• Design optimization and cost reduction:
• Completion the Front End Engineering Design (FEED). Basic design focused on plant
optimization, improved definition of primary power supply, water pipeline routing,
detailed site survey, etc., as well as a cost reduction exercise and detailed capital cost
estimate update by Sedgman S.A.
• Basic design of leach pads, solution ponds, waste dump and emergency ponds by
Golder Associates .
CERRO DEL GALLO
2013 Review

Approximately $7.5 M of the proposed 2014 budget was work not spent and
carried over from 2013, including:
o Land acquisition: Purchases of land went much slower than anticipated due to
difficulties with land titles, slow negotiations, unavailability of land owners etc.
o Exploration: Rejection of permit application to construct new roads to access
drilling sites has delayed the completion of the 2013 drilling program.
o Phase 2 development: Metallurgical laboratory work was delayed to Q1 2014.
o Stakeholders: Mapping started in Q4 2013 however bulk of activity will carry
over into 2014.
CERRO DEL GALLO
2013 Budget Review

Cerro del Gallo Expenses
2014
(million)
Permitting, land, water rights, stakeholder relations
and administration
$8.7
Engineering $1.7
Exploration $2.5
Phase 2 Development $0
Total $12.9
CERRO DEL GALLO
2014 Budget Summary

The main objectives of the 2014 Cerro del Gallo capital expenditures are as
follows:
o Permitting: Complete the permitting process by submitting the MIA and ETJ to the
Mexican environmental authorities (SEMARNAT) and obtain the necessary permits to
start construction by mid year 2014
o Land purchases and water rights: Purchase all remaining land not already acquired
by Primero (20% outstanding). Water rights already secured.
o Engineering: Continue the engineering to a point where we will be ready to purchase
all main equipment and to award civil works construction contract. Half of the 2014
engineering budget is assigned to the metallurgical program. Update 43-101.
o Exploration: Complete drilling program started in 2013, move to regional exploration
o Phase 2 development: On hold until phase 1 project is approved and proceeding
o Administration: Maintain existing administration in place
o Stakeholders: Continue stakeholder mapping, start stakeholder communications
program and define appropriate stakeholder projects
o Construction decision: Targeting mid-2014 for a construction decision
CERRO DEL GALLO
2014 Objectives

Cross Section 1028NE (Az. 210°)
2331600N
2331800N
2332000N
2332200N
288600E
288700E
288800E
288900E
2200 m
2000 m
1800 m
2200 m
2000 m
Weak Oxidation
Strong Oxidation
Au Domain
Felsic Intrusive
Faults
Pit Design 1st Phase
Legend
Pit Design 2nd Phase
200 m
CERRO DEL GALLO
Alteration Model Review

CERRO DEL GALLO
Site Layout

169
SITE LAYOUT

CERRO DEL GALLO
1st Stage Heap Leach Flow Sheet

2013 2014 2015 2016
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Basic Engineering
Permitting/Land
Acquisition
Site Survey
Leach Pad Design &
Earth Works
Infill Drilling and MET
Tests
Acid Generation Tests
SART Optimization
Procurement &
Detailed
Engineering
Plant & Leach Pad
Construction
Commissioning
Production
Phase II Feasibility
Study
CERRO DEL GALLO
Cerro Del Gallo Development Plan
171

Cerro del Gallo Exploration

o The Cerro del Gallo copper-gold-silver deposit can be
considered to be a member of a distinct subclass of
“reduced” porphyry-style copper-gold mineralization
(Rowins, 2000).
o Propylitic alteration boundaries are gradational and
irregular, and more widespread than potassic alteration.
o This alteration pattern is consistent with many other
porphyry copper-gold deposits throughout the world.
o Tellurium-bearing minerals are also common in porphyry
copper-gold deposits, as they are at Cerro del Gallo.
CERRO DEL GALLO
Geology

Providencia
Limestone
San Antón
Volcaniclastics
Espiritu Santo
Group
LEGEND
Vein
2 Km
Providencia Limestone
San Antón
Volcaniclastics
Espiritu Santo Group
Cerro del
Gallo
La Paz vein
CERRO DEL GALLO
Local Geology

o Grid of 50 m spaced sections oriented 030º/210º
TN and 50 m spaced drill collars with predominantly
60º inclined drilling for diamond core and reverse
circulation drill holes along section planes.
o Drilling has been completed over an area of
approximately 1500 m in a north-south direction
and 1400 m in an east-west direction centered on
the peak of Cerro del Gallo.
o Drill holes have been drilled to a maximum depth of
700 m below surface, with the large majority of holes
drilled to a depth of less than 300 m below surface
due to the limited capabilities of the drilling
equipment.
175
CERRO DEL GALLO
Resource Model

176
CERRO DEL GALLO
Resource Model Cont.

Legend
Au Domain
Cu Domain
Felsic intrusive
contour
CERRO DEL GALLO
Gold & Copper Domain
M&I Resources of 3.2Moz of Gold or 5.6Moz of Gold Equivalent 12,13,

Category
M Tonnes Au Au Ag Ag Cu Cu Au Eq AuEq
(g/t) (M ozs) (g/t) (M ozs) (%) (M lbs) (g/t) (M oz)
Proven 28.2 0.71 0.64 15.1 13.7 0.08 50.2 1.15 1.05
Probable 4.0 0.54 0.07 13.2 1.7 0.07 6.2 0.93 0.12
Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.14 1.18
Category
Measured 39.9 0.61 0.78 13.8 17.71 0.10 88.8 1.07 1.37
Indicated 8.0 0.55 0.14 11.0 2.83 0.08 14.6 0.92 0.24
Measured & Indicated 47.9 0.60 0.92 13.3 20.55 0.1 103.4 1.06 1.64
Total Resources Within the Gold Domain2
Phase I Heap Leach In-Pit Proven and Probable Reserves3
In-Pit Resources (excluding Proven and Probable Reserves)4,5
Category
Measured 129 0.54 2.24 12.0 49.8 0.09 256.0 0.94 3.91
Indicated 80 0.38 0.98 8.0 20.6 0.08 141.1 0.69 1.77
Measured & Indicated 209 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58
Inferred 20 0.3 0.19 7.0 4.5 0.09 39.7 0.59 0.38
1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 (“Feasibility Study”). 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 Feasibility Study, 2012 and Golder Associates Technical Report, 2008.
3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.
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 resp.
5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.
CERRO DEL GALLO
Reserves and In-Pit Resources1

o San Antón property: 25,269 ha (12 concessions).
o Open pit project with historical epithermal veins exploited.
o 80% of the property almost unexplored.
o Potential of new open pit/underground projects in the district.
o New techniques (as Geophysical Aster survey) as
exploration tools and re-interpretation of historic airborne
magnetic survey.
o Secure and friendly mine zone with hundred years of mine
activity (Guanajuato District).
o Good access and infrastructure
CERRO DEL GALLO
2014 Cerro del Gallo Exploration Program

o Analyze using the drilling, geochemical and geophysical data the possible
presence of several types of ore deposits on the property
o Cover all the property with stream sediment sampling to define geochemical
anomalies.
o Geological reconnaissance on the property.
o Soil sampling and focus on detailed geological mapping of new defined
targets.
o Using the geological, geochemical and geophysical information, define drill
targets (10,000m DDH).
CERRO DEL GALLO
2014 Cerro del Gallo Exploration Objectives

o The area is prospective for porphyry copper-gold/ IRGS, sedimentary/volcanogenic massive sulfides,
skarn and low sulfidation epithermal vein systems.
o Carmen-Providencia low sulfidation epithermal vein system located 1.8km west of Cerro del Gallo.
Several encouraging silver-gold intersections were reported over a strike length of 1 km.
Early stage regional prospecting previously returned(*):
 1.5m @ 3.40g/t Au and 590g/t Ag
 4.6m @ 3.52g/t Au and 428g/t Ag
 3.6m @ 1.57g/t Au and 359g/t Ag
 4.6m @ 1.91g/t Au and 239g/t Ag
 6.0m @ 1.70g/t Au and 243g/t Ag
 3.1m @ 1.05g/t Au and 200g/t Ag
 7.6m @ 1.51g/t Au and 168g/t Ag
(*)As reported by Cerro Resources in November 16, 2012 Investor Presentation
CERRO DEL GALLO
o Since Primero’s acquisition of the property in 2013, exploration resumed at Cerro del Gallo with much of the
budget focused on infill & condemnation drilling, some low sulfidation epithermal vein system targets were
drilled with significant results

CP13-027
CP13-028
CP13-031
o First exploration activity since 2008
o 2013: $2 million spent on exploration
o 7,400 meter drill program for infill and
condemnation drilling & 2,500 meter in
district exploration drilling
o 2014: $2.5 millions exploration budget
o Only a very small portion of the entire
district has been explored
1 km
2013 district exploration results:
 8.1m @ 3.64g/t Au & 116g/t Ag (CP13-027)
 0.9m @ 1.18g/t Au & 309g/t Ag (CP13-028)
 0.8m @ 3.85g/t Au & 1,031g/t Ag (CP13-031)
11 holes pending results
DDH Infill & Condem.
DDH Exploration
Arenite
Limestone
Tuff
Felsic Intrusive
Vein
LEGEND
CERRO DEL GALLO

Conventional soil sampling
o 1st priority: Carmen-Providencia, Ave de
Gracia, Espíritu Santo Hill.
o 2nd priority: El Sisote town, Tranquilino, La
Paz.
o 3rd priority: San Luis Rey.
1 Km
11
1
2 2
3
3
La Paz vein
Soil sample program
(grid spacing 100m x 100m)
1 Priority
Historic drill holes
2013 drill holes
2014 drill holes
Legend
183
CERRO DEL GALLO

CERRO DEL GALLO

Corporate Development
David Sandison, V.P. Corporate Development

Corporate Development Objectives
o Project(s) which support balanced objectives of becoming a low full-cost, mid-tier
producer based in the Americas
o Projects which improve and sustain the company’s ability to generate growing free
cash flow
o Driven by investment return criteria
o Maintain a strong Balance Sheet which can support completion of opportunistic
transactions quickly
o Reserves & resources already quantified to minimum PEA level with continuing
upside
o Maximize due-diligence activity with own internal team & fill specialist gaps as
needed

Corporate Development Objectives
o Opportunities which increase corporate skill sets & future options for growth
o Opportunities which piggyback on existing operations and support concepts of
“regional platforms”
o Opportunities which are within the company’s ability to appropriately finance with
equity & debt
o Projects which also contain earlier stage development & exploration asset options
which are undervalued
o Equally open to UG and Open-Pit development opportunities
o No untested or developmental technology issues

M&A Screening Guidelines
o Precious Metals (Gold and/or Silver) > 80% of Net Smelter Returns
o Projects at pre-feasibility or better
o Production timeline: In production to 5 years till production
o Annual production scale: minimum of 75,000oz AuEq for in-production
assets & 100,000 oz AuEq. for development assets
o Exploration Upside: mandatory & high probability to expand R&R
o Mine-Life: minimum of 7 years for in-production assets & +10 years for
development assets
o TACC Structure: market competitive
o Accretion Metrics: Positive NAV/share & long term cash flow/share using
mid-term consensus pricing at time of transaction

Regional Focus
o Restricted to Americas in areas favorable to mining investment from
investor and community license
o Jurisdictions within Americas where company or management has
previous experience & knowledge
o In the event that the jurisdiction is new to the company – credible and
experienced in country industry team in place required
o Avoid/very limited interest in remote locations with heavy
infrastructure demands and social/political challenges

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 Expansion anticipated to generate meaningful silver spot sales post August 6,
2014
Recent Tax Ruling Created Positive Leverage to Silver
25%
75%
SILVER AS PERCENTAGE OF 2013E REVENUE
Silver Gold
SAN DIMAS
Positive Leverage to Silver

CLASSIFICATION
TONNAGE
(MILLION TONNES)
GOLD GRADE (G/T)
SILVER GRADE
(G/ T)
CONTAINED GOLD
(000 OUNCES)
CONTAINED SILVER
(000 OUNCES)
Mineral Reserves
Proven &
Probable
4.893 5.5 315 870 49,479
Mineral Resources
Measured &
Indicated
4.282 7.2 419 997 57,713
Inferred 7,333 4.2 310 998 72,647
Notes to Mineral Reserve Statement:
Cutoff grade of 2.7 grams per tonne (”g/t”) gold equivalent (“AuEq”) based on total operating cost of US$104.97/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.
Processing recovery factors for gold and silver of 97% and 94% assumed.
Exchange rate assumed is 13 pesos/US$1.00.
The Mineral Reserve estimates were prepared under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero and a QP for
the purposes of National Instrument 43-101 (“NI 43-101”).
Notes to Mineral Resource Statement:
Mineral Resources are total and include those resources converted to Mineral Reserves.
A 2.0g/t AuEq cutoff grade is applied and the gold equivalent is calculated at a gold price of US$1,300 per troy ounce and a silver price of US$20 per troy ounce.
A constant bulk density of 2.7 tonnes/m3 has been used.
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 was 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 as of December 31, 2011. 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.
SAN DIMAS

Category
Proven 28.2 0.71 0.64 15.1 13.7 0.08 50.2 1.15 1.05
Probable 4.0 0.54 0.07 13.2 1.7 0.07 6.2 0.93 0.12
Proven & Probable 32.2 0.69 0.71 14.8 15.3 0.08 56.4 1.14 1.18
Category
Measured 39.9 0.61 0.78 13.8 17.71 0.10 88.8 1.07 1.37
Indicated 8.0 0.55 0.14 11.0 2.83 0.08 14.6 0.92 0.24
Measured & Indicated 47.9 0.60 0.92 13.3 20.55 0.1 103.4 1.06 1.64
Total Resources Within the Gold Domain2
Phase I Heap Leach In-Pit Proven and Probable Reserves3
In-Pit Resources (excluding Proven and Probable Reserves)4,5
Category
Measured 129 0.54 2.24 12.0 49.8 0.09 256.0 0.94 3.91
Indicated 80 0.38 0.98 8.0 20.6 0.08 141.1 0.69 1.77
Measured & Indicated 209 0.48 3.22 11.0 70.3 0.08 396.9 0.83 5.58
Inferred 20 0.3 0.19 7.0 4.5 0.09 39.7 0.59 0.38
1. “Technical Report First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico” June 2012 (“Feasibility Study”). 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 Feasibility Study, 2012 and Golder Associates Technical Report, 2008.
3. These reserves are reported using internal cut-off grades of 0.24 and 0.29 gAuEq/t for weathered and partially oxidized, respectively.
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 resp.
5. See note 7 in January 23, 2013 News Release “Primero achieves 2012 Guidance and Provides 2013 Outlook”.
CERRO DEL GALLO
Reserves and In-Pit Resources1

Notes:
1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in
estimated reserves remains subject to metallurgical recovery losses.
2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream
agreement from the NI 43-101 Technical Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are
reported at a 0.88 gpt cutoff and the underground reserves and resources are reported at a 2.54 gpt cutoff. Estimated Black Fox reserves and
resources are shown as at December 31, 2012, net of mining depletion from the October 31, 2010 independent Technical Report.
3. A gold price of US$1,250/oz and an exchange rate of US$1.00=C$1.00 was utilized in the gold cut-off grade calculations of 2.63 gpt for potential
underground at the Contact Zone and 0.65 gpt for potential open-pit 147 Zone mineral resources. Underground and open-pit mining costs, process
costs and G&A costs were estimated using experience gained from Brigus' Black Fox mine. Process recovery was assumed at 95%.
4. Disclosure of "contained ounces" is permitted under Canadian Regulations; however, the SEC permits resources to be reported only as in place
tonnage and grade.
BLACK FOX
CLASSIFICATION
TONNAGE
( TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
( OUNCES)
Mineral Reserves
Proven & Probable 4,469,000 4.6 660,800
Inferred 270,998 5.1 44,172

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