Primero Mining Corporation operates the San Dimas gold-silver mine in Mexico, which has produced over 11 million ounces of gold and 590 million ounces of silver over 100+ years of mining. The company is focused on increasing throughput and reducing costs at San Dimas, as well as exploring expansion opportunities through continued exploration success. Primero's goal is to become an intermediate gold producer through optimization and expansion of San Dimas, as well as pursuing acquisition opportunities to diversify its asset base.

1. Focused on Production
Focused on Growth
BMO Capital Markets
2012 Global Metals & Mining Conference
February 2012
NYSE:PPP
TSX:P | NYSE:PPP TSX:P

2. Cautionary Statement
This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflect
management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can be
identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or
“believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will be
taken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any
anticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations,
including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in
national and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessary
exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors are
described in the Company’s annual information form and will be detailed from time to time in the Company’s continuous disclosure, all of which are, or will
be available, for review on SEDAR at www.sedar.com.
This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these
terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)),
the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence,
and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.
Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for
a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically
or legally mineable.
Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-
looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any
obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable
law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements.
Unless otherwise indicated, all dollar values herein are in US$.
TSX:P | NYSE:PPP 2

3. Who is Primero?
 Long-life, high-grade gold-silver producer
generating significant cash flow
 Asset displays exploration upside &
expansion potential Vancouver
Office
Toronto
 Strong management & board Office
 Balanced capital structure
San Dimas
 Modest C$250 million market capitalization Gold-Silver Mine
DURANGO MEXICO
Corporate August 2010 January 2012
Acquired San Dimas • Strengthened Balance Sheet • Increased throughput
History from Goldcorp • Listed on TSX:P, NYSE:PPP • Exploration success
TSX:P | NYSE:PPP 3

4. San Dimas Mine
Solid Production Platform in Mining Friendly Jurisdiction
MEXICO
Rich History Sierra Madre Trend
Produced over 11 million ounces
100 +
years
of gold and 590 million ounces of silver.
Average gold grade of 5.1 grams per tonne
and average silver grade 353 grams per
tonne over last 40 years.
Significant Potential
90
Over 100 known veins, very few fully
% explored. High-grade central corridor
open along strike and at depth. History of
90% resource to reserve conversion.
Solid Production Platform San Dimas
2 X Solid production platform to build a Gold-Silver Mine
diversified intermediate producer. Focused
Ventanas
on doubling production through Exploration Property
optimization and expansion.
TSX:P | NYSE:PPP 4

5. Focused on Production
Increasing Throughput
Maximize Throughput (tonnes per day)
8%
 Ensure daily throughput at capacity (2,100 tpd)
2,000 8%
 Focus on mill expansion
Control Costs
 Reduce costs per tonne
1,500
 Improve productivity per man shift 2010 2011 2012E
Optimize Grade Reducing Costs
($ per ounce by-product)
 Estimation review underway $500 $87 $44-
 Control mining dilution $450 $74
$400
Accelerate Mine Development $350
$300
 Increase number of mining faces $250
 Complete lateral haulage connections between $200
2010 2011 2012E
current mining and exploration areas
TSX:P | NYSE:PPP 5

6. Focused on Growth
Objective is to Become an Intermediate Gold Producer (~ 400,000 AuEq oz)
San Dimas Expansion (to ~200,000 AuEq oz) Growth Strategy
 Focused on significant high-grade discovery
LEADING MID-TIER
GOLD PRODUCER
 Focused on accelerating mine development
AMERICAS ACQUISITIONS
 Targeting mill expansion to 2,500+ tpd ACQUISITIONS
ACQUISITIONS
Expansion through Acquisitions
SAN DIMAS ACQUISITIONS
 Build the Americas presence OPTIMIZATION
OPTIMIZATION
 Diversify asset base
EXPLORATION
 Create a portfolio of early and advanced stage
projects SAN DIMAS PLATFORM
TSX:P | NYSE:PPP 6

7. Balanced Capital Structure
TSX:P
Exchanges NYSE:PPP
~
$72M 1 Balance Sheet (estimated)
Cash1
Promissory note1,3
~$72 million
$50 million
Solid Cash Balance Convertible note1,4 $30 million
Ownership
Goldcorp 36%
$90M 2 Management & insiders
Institutional & float
~3%
~61%
Strong Operating Cash Flow Capital Structure
Shares outstanding 88 million
Fully Diluted 117 million
$5M Repayment
per year
Market Cap. At February 21, 2012
1.
C$250 million
Cash at September 30, 2011 of $107 million. $30 million of convertible note paid on October
Conservative Level of Debt 2.
19, 2011, $5 million of promissory note was paid on December 31,2011.
Estimated five-year average after-tax operating cash flow based on a 2012 gold price of
$1,600/oz and spot silver $30/oz, see Jan 17, 2012 Press Release.
3. Goldcorp: 5 year, 6% note repaid $5M/yr with balloon payment at end of 2015.
4. Goldcorp: 1 year, 3% note maturing August 6, 2012, convertible at any time at C$6 or on
maturity at the greater of C$3.74 or 90% of the 5 day VWAP before the maturity date.
TSX:P | NYSE:PPP 7

8. Strong Financial Results
Increasing Earnings
(US$ thousands, except per share Adjusted EPS ($ per share)
amounts) Q3 2011 Q2 2011 Q1 2011
$0.10
Revenues 46,079 40,830 33,988
$-
Earnings from Mine Operations 22,170 18,723 10,912
Net income (loss) 35,066 3,897 (7,895)
$(0.10)
Q1 2011 Q2 2011 Q3 2011
EPS ($ per share) 0.40 0.04 (0.09) Increasing Cash Flow
Op CF before changes in working capital ($ per share)
Adjusted net income (loss) 5,716 395 (7,652)
$0.50
Adjusted EPS ($ per share) 0.06 - (0.09)
$0.30
Operating cash flows before
50,549 21,456 (1,521) $0.10
changes in working capital
$(0.10)
CFPS ($ per share) 0.57 0.24 (0.02) Q1 2011 Q2 2011 Q3 2011
TSX:P | NYSE:PPP 8

9. Operating Results & Guidance
Increasing Throughput
(tonnes per day)
2012E 2011
8%
Mill Throughput 2,050 1,950 2,000 8%
(tonnes per day)
1
Gold equivalent production 100,000-110,000 102,200
(gold equivalent ounces)
Gold production 80,000-90,000 79,600
(ounces)
1,500
Silver production 2010 2011 2012E
4.50-5.00 4.60
(million ounces)
Gold grade 3.7 3.85 Reducing Costs
(grams per tonne) ($ per ounce by-product)
Silver grade 225 229
$500 $87
(grams per tonne) $450 $44-74
2 $400
Cash cost $630-660 $640
($ per gold equivalent ounce) $350
2 $300
Cash cost – by-product $310-340 $384
($ per gold ounce) $250
$200
1 . “Gold equivalent ounces” include silver ounces converted to a gold equivalent based on estimated average realized 2010 2011 2012E
commodity prices of $1,600 per ounce of gold and $9.41 per ounce of silver.
2. Cash cost is a non-GAAP measure. Refer to the 2011 MD&A for a reconciliation of cash costs to operating expenses.
TSX:P | NYSE:PPP 9

10. Silver Purchase Agreement
Advance tax ruling initiated in order to pay tax only on realized silver revenue
Primero sells 50% of annual production above 3.5 million ounces at spot
 Remainder sold at ~$4 per ounce under silver purchase agreement
 Threshold increases to 6.0 million ounces in 2015
Reducing tax impact
 Advance tax ruling (“APA”) filed in Mexico, seeking taxes be based on realized revenue
• APA ruling expected by end of 2012
• Q4 2011 Financial Statements will reflect benefit of paying tax on realized revenue, retroactive
to August 6, 2010
• Cash will be retained to satisfy contingent tax liability
 Silver call options used to limit tax impact, designed as insurance to cover 30% of
expected sales under purchase agreement (to cover tax liability in event of negative APA ruling)
 Increase San Dimas production and diversify asset base
TSX:P | NYSE:PPP 10

11. Focused on
San Dimas Growth
TSX:P | NYSE:PPP

12. San Dimas: Long-Life Mining District
Over 120 known veins; 22,500 hectare land package
ARANA
HANGING
TAYOLTITA WALL
BLOCK
CENTRAL
BLOCK TAYOLTITA MINE
SINALOA Mined 1975 - 2002
2012
GRABEN
Target
BLOCK
WEST
BLOCK CENTRAL MINE
Mined 2002 - Present
2012
Target
SAN ANTONIO MINE
Mined 1987 - 2002
TSX:P | NYSE:PPP 12

13. High Rate of Resource to Reserve Conversion
Increased Exploration Linked to Reserve Increases
San Dimas Gold Reserve Replacement (2003-2010)
1,000,000
900,000
800,000
700,000
600,000
Ounces
500,000
400,000
300,000
200,000
100,000
0
Initial 2003 2004 2005 2006 2007 2008 2009 2010 End
Reserve Additions Production
TSX:P | NYSE:PPP 13

14. Historical Reserve & Resource Estimation
3 San Dimas Reserves & Resources
Millions
(Gold Ounces)
 Over a century of reserve replacement Total Resources (Au oz)
2P Reserves (Au oz)
2
 Reserves and resources increased markedly with
exploration investment 1
 Inferred Resource primarily calculated based on
0
probability of mineralization in ‘Favourable Zone’ 2002 2003 2004 2005 2006 2007 2008 2009 2010
San Dimas Grade Reconciliation
80%
 Recent lack of reconciliation to geological model (Actual mined grade versus predicted grade)
60%
40%
20%
0%
-20%
Gold Grade
-40% Silver Grade
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
TSX:P | NYSE:PPP 14

15. Reserve & Resource Update
Focused on Improving Predictability
Primero Taking New Approach:
 Changing to kriging geostatistical method from polygonal method
 Reducing vein extrapolation distance
 Reducing area of influence around drill-holes
 Reviewing the probability of mineralization in ‘Favourable Zone’ approach for
Inferred Resource estimation
 Introducing the terminology of ‘Mineral Potential’
 Reviewing QA/QC protocol
Expected results:
 Improved grade reconciliation  Reclassification of ounce categories
 More effective mine planning  Introduction of Measured and Indicated
 More efficient expansion plan Resource categories
 Improved exploration success  Reduced resource and reserve estimate
TSX:P | NYSE:PPP 15

16. District Wide Exploration Potential
West Block
2012 EXPLORATION
Sinaloa Graben Central Block Tayoltita Block Arana
San Antonio
Mined 1987-2002 2012 EXPLORATION Mined 2002-Current Mined 1975-2002 Hanging Wall
SW NE
3,000 m.
6.81 4.7 3,000 m.
g/t average grade
g/t average grade
2,000 m. 3+1 1.5 2,000 m.
m average width
m average width
1,000 m. 1,000 m.
Source: San Dimas Geology Office
0 1 2
Mineralization – Ore Bodies Extension of the Favorable Horizon Faults
Favorable Horizon Potential Intrusive K I L O M E T E R S
1. Average Sinaloa Graben grade reported in 2010 Reserve and Resource Statement
2. Indicative of exploration results to date
TSX:P | NYSE:PPP 16

17. 2012 Exploration Program
Target Vein Extensions from Existing/Historical Mines
Development drifting key to expansion Increased delineation drilling
 22,000 metres drifting and raise boring  36,000 metres delineation drilling
 Tunnels approaching Sinaloa Graben Exploration drilling remains aggressive
from the east and from the south  30,000 metres diamond drilling
DELINEATION
D
TSX:P | NYSE:PPP 17

18. 2012: Targeting Additional Discoveries
2011 Results Highlight Sinaloa Graben Potential
CENTRAL
BLOCK
SINALOA
Length Width Silver Gold 2012
GRABEN Target
Drift (m) (g/t)
BLOCK
1. Aranza 7-129W 79 2.2 543 5.2
2
WEST CENTRAL BLOCK
Mined 2002 - Present
Elia 8-285W 221 2.8 1,491 15.9 BLOCK
Elia 8-359W 69 2.2 668 8.1 6
2012 5
2. Rob 21-822E 167 3.0 686 13.8 4 Target
Drill Hole
SAN ANTONIO
3. TGS-S-22 8.6 958 6.8 Mined 1987 - 2002
TGS-S-15 7.5 403 8.1
3
4. PIL 7-01 2.9 508 16.0
1
5. SOL-9-02 1.8 549 10.7
6. MAR-9-17 2.4 514 8.9
LEGEND
LEGEND
TSX:P | NYSE:PPP 18

19. Re-Evaluating Geological Model
Testing for Second ‘Boiling Zone’
Historical Geological Model Recognized One Boiling Zone
 300-600 metres of vertical extent
Geologic Concept of Second Boiling Zone
 Running parallel and 150-200 metres below first zone
 If proven, would significantly increase exploration potential
TSX:P | NYSE:PPP 19

20. Mill Expansion Opportunity
Mill Expansion Depends of Mine Development
Mill Crushing Capacity is 2,100 tpd
Third Ball Mill On-Site to expand to up to 3,000 tpd
 Engineering design commenced
 Targeting expansion decision by Q3 2012
Mill Leaching Capacity is already 2,500 tpd
Tailings Filter Expansion Completed
 Capacity 3,300 tpd Third Dry Tailings
Filter Completed
3,300 tpd
TOTAL CAPACITY
TSX:P | NYSE:PPP 20

21. Mine Expansion Opportunity
Expansion Subject to Exploration Results, Delineation Drilling and Detailed Engineering
ROBERTITA CROSS SECTION
Sinaloa Graben Central Block
2012 EXPLORATION Mined 2002-Current
2012
2012 TARGET
TARGET
2012
TARGET
Extending north into Sinaloa Extending west into Sinaloa Expansion would justify
Graben. Expected to approach Graben. Expected to reach Guamuchil Tunnel extension,
Robertita level by end of Q1 Limoncito Fault by end of Q1 creating two haulage levels
TSX:P | NYSE:PPP 21

22. The Primero Opportunity
Compelling Investment Argument
MEXICO
Sierra Madre Trend
Long-Life, High-Grade Asset
Proven Management & Board
Strong Capital Structure to Fund Growth
Significant Exploration Potential
Attractive Valuation
San Dimas
Gold-Silver Mine
Ventanas
Exploration Property
TSX:P | NYSE:PPP 22

23. Appendices
TSX:P | NYSE:PPP 23

24. Executive Management
Joseph F. Conway | President & C.E.O. 1 David Sandison | VP Corporate Development
 Former CEO, President and Director of IAMGOLD  Former VP, Corporate Development of
from 2003 to 2010 Clarity Capital
 Former President, CEO and Director of Repadre  Former Director, Corporate Development
Capital from 1995 to 2003 Xstrata Zinc Canada , Director Business Development,
Noranda/Falconbridge
 Former EVP, Noranda Chile
Renaud Adams | C.O.O. Joaquin Merino | VP Exploration
 Former SVP, American Operations for IAMGOLD  Former VP, Exploration of Apogee Minerals
 Former General Manager of Rosebel Gold Mine  Former exploration manager for Placer Dome
2007 to 2010 at Porgera Mine
 Former General Manager El Toqui Mine in Chile
and then the El Mochito Mine in Honduras
David Blaiklock | C.F.O. Tamara Brown | VP Investor Relations
 Former controller IntraWest  Former Director Investor Relations for IAMGOLD
 Previously controller for a number of public and  Former partner of a Toronto based, boutique
private companies in real estate development investment bank
 Former professional engineer in mining industry
Board Committees: 1.Health, Safety and Environment
TSX:P | NYSE:PPP 24

25. Board of Directors
Wade Nesmith | Chairman Rohan Hazelton | Director 1,5 Robert Quartermain | Director 2,3
 Founder of Mala Noche  VP, Finance, Goldcorp  Founder and President & CEO,
 Founding and current director  Formerly with Wheaton River Pretium Resources
of Silver Wheaton, Chairman of and Deloitte & Touche LLP  Former President, Silver Standard
Geovic Mining and Selwyn  Director of Vista Gold Corp.
Resources and Canplats Resources
David Demers | Director2,3,4 Timo Jauristo | Director 2 Michael Riley | Director 5
 Founder, CEO and Director  EVP, Corporate Development,  Chartered accountant with more
Westport Innovations Goldcorp than 26 years of accounting
 Director of Cummins Westport  Former CEO of Zincore Metals experience
and Juniper Engines Inc. and Southwestern  Audit committee chair B.C.
Resources Corp. Lottery Corporation and Seacliff
Construction
Grant Edey | Director 3,5 Eduardo Luna | Director 1 Joseph Conway | Director1
see Executive Management
 Former Director of Breakwater  Former EVP & President,
Resources, former director of Mexico. Former Chairman and
Queenstake Resources, Santa CEO of Silver Wheaton,
Board Committees:
Cruz Gold Executive VP of Goldcorp and 1.Health, Safety and Environment
 Former CFO, IAMGOLD Luismin S.A. de C.V. (San Dimas) 2. Human Resources and Compensation
and President of Mexican 3. Governance and Nominating
Mining Chamber and the Silver 4. Lead Director 5. Audit
Institute
TSX:P | NYSE:PPP 25

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