- Primero acquired the San Dimas gold-silver mine in Mexico which has produced over 30 million ounces of silver and 1.6 million ounces of gold historically. - The mine has an estimated 5 year average production of 157,000 gold equivalent ounces at a cash cost of $337 per ounce and significant exploration potential. - Primero has implemented optimization initiatives at San Dimas including a new dry tailings system, improved power infrastructure, and increased mining rates to improve production and reduce costs.

1. The ‘New’ Americas Gold Play
November 2010 TSX:P

2. TSX:P
Cautionary Statement
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 preliminary prospectus and will be detailed from time to time in the Company’s interim and annual financial statements and
management’s discussion and analysis of those statements, all of which are, or will be available, for review on SEDAR at www.sedar.com.
This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although these
terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)),
the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence,
and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.
Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for
a Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically
or legally mineable.
Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-
looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes any
obligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicable
law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from
those currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements.
Unless otherwise indicated, all dollar values herein are in US$.

3. TSX:P
Investment Highlights
3
San Dimas
Gold-Silver Mine
DURANGO MEXICO

4. TSX:P
2010 Objectives
1
2
3
4
5
6
7
8
9
Q4
Q4
Q1
4

5. TSX:P
Strategy of Growth
Acquisition Track Record
GROWTH
2010-2011: Optimization & resource expansion
2011-2012: Potential Latin American acquisitions
Leading mid-tier gold producer by 2013
LOW CASH COST
Below industry average cash costs
LOW RISK
Maintain balance sheet strength
Un-hedged gold
Americas pro-mining jurisdictions only
RESPONSIBILITY
Sustainable growth
Commitment to leading CSR programs
TARGETED GROWTH OBJECTIVE1
51. San Dimas production based on five year average, source NI 43-101 technical report
0
100
200
300
400
2010 2011 2012 2013
SAN DIMAS
OPTIMIZATION
LATIN AMERICAN
ACQUISITIONS
LEADING MID-TIER
GOLD PRODUCER
SAN DIMAS
(GOLD EQUIVALENT OUNCES)
EXPLORATION
OPTIMIZATION
ACQUISITIONS

6. TSX:P
Capital Structure
6
Exchange TSX:P
SHARE STRUCTURE
Shares outstanding
Fully Diluted
88 million
117 million
OWNERSHIP
Management and insiders
Goldcorp
Institutional & float
3%
36%
61%
BALANCE SHEET
Cash
Debt
Convertible note
~$55 million
$50 million1
$60 million2
(1) 5 year, 6% note repaid $5M/yr with balloon payment at end of year 5
(2) 1 year, rolling, 3% note convertible at CDN$6
Share Performance Since Acquisition
Volume (M) Relative Change
-10%
-5%
0%
5%
10%
15%
20%
25%
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
August September October November
P-T Vol P-T Close TSX GOLD INDEX

7. TSX:P
Financial Strength
Sufficient Capital to Fund Growth
7
After Tax Cumulative Cash Balance1,3 ($M)
1. Years are anniversary of Aug 6, 2010, Includes Silver Wheaton contract impact, resulting in an effective tax rate of approximately 55%
2. Includes interest expense on the Goldcorp promissory and convertables notes
3. Free cash flow includes interest expense on the Goldcorp secured promissory and convertible notes and principal repayment on the Goldcorp secured promissory note (principal on convertible note is paid through excess cash
from financing and exercise of warrants)
Cash flow engine to fund growth
~$70 million operating cash flow/yr
After Tax Operating Cash Flow1,2 ($M)
~$55 million cash
Robust operating margins
$900Au/
$15.00Ag
$900Au/
$15.00Ag
$900Au/
$15.00Ag
$900Au/
$15.00Ag
$900Au/
$15.00Ag
$1,220Au/
$17.50Ag
$1,220Au/
$17.50Ag
$1,220Au/
$17.50Ag
$1,220Au/
$17.50Ag
$1,220Au/
$17.50Ag
$-
$50
$100
$150
$200
$250
$300
$350
YEAR1 YEAR2 YEAR3 YEAR4 YEAR5
Free Cash Flow Opening Cash
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
YEAR1 YEAR2 YEAR3 YEAR4 YEAR5
$900 Au / $15.00 Ag $1,220 Au / $17.50 Ag

8. Improved Cash Flow
Amended Silver Agreement
Old Agreement
To 25 Years All silver sold at ~$4 for 25 years (19 years remaining)
Amended Agreement
First 4 years
First 3.5 million oz Ag plus 50% of excess sold to SLW at ~$4
50% of Ag production above 3.5 million oz sold at spot
Year 5 to LOM
First 6 million oz Ag plus 50% of excess sold to SLW at ~$4
50% of Ag production above 6 million oz sold at spot
5 YEAR AVERAGE ANNUAL:
Amended
Agreement1
Goldcorp
2009
Production1
Gold (oz)
Gold Eq (Au Eq oz)
Spot Silver Exposure2 (oz)
107,000
157,000
1,800,000
113,000
113,000
0
Cash Cost1
Co-product (per Au Eq oz)
By-product (per oz)
$337
$60
$392
$287
1. Average annual production and cash cost for next 5 years, gold equivalent based on $900/oz gold and $15/oz silver
2. Attributable to Primero under amended silver purchase agreement and based on NI 43-101 report
Source: NI 43-101 technical report and Goldcorp public reports
0
20
40
60
80
100
120
140
160
180
2010E 2011E 2012E 2013E 2014E
Gold Eq Additional Gold Eq Gold
8
Amendment Increased Gold Equivalent Ounces1

9. TSX:P
Operations

10. TSX:P
San Dimas
Solid Platform with expansion & exploration potential
101. Average annual production and cash cost for next 5 years, gold equivalent based on $900/oz gold and $15/oz silver. Source: NI 43-101 technical report
2. Estimate, calculated using Goldcorp reported figures.
5 YEAR AVERAGE PRODUCTION1
157,000 gold equivalent ounces
107,000 ounces
7.1 million ounces
$337 per gold equivalent ounce
San Dimas
Gold-Silver Mine
DURANGO MEXICO
Mazatlan Durango
2010E PRODUCTION
99,000-103,000 gold equivalent ounces
84,000-87,000 ounces
4.4-4.55 million ounces
$550-$570 per gold equivalent ounce
2009 PRODUCTION
GOLD EQ 133,900 ounces
GOLD 113,000 ounces
SILVER 5.1 million ounces
CASH COST $392 per gold equivalent ounce2
Ventanas
Exploration Property
DURANGO MEXICO
SAN DIMAS Durango, Mexico
OWNERSHIP 100%
METALS Gold & Silver
MINING Underground, cut and fill
QUICK FACTS
Proven & Probable Reserves
Tonnes (millions) Grade (g/t) Silver (g/t) Gold (Moz) Silver (Moz)
5.6 4.8 339 0.9 60.9
Inferred Resources (exclusive of reserves)
Tonnes (millions) Grade (g/t) Silver (g/t) Gold (Moz) Silver (Moz)
15.2 3.3 317 1.6 154.6
RESERVES & RESOUCES (as at December 31, 2009)

11. TSX:P
Established Infrastructure
Recent Investments
11
ESTABLISHED INFRASTRUCTURE
Mill capacity 2,100 tpd - expansion potential
Dry tailings filter plant, capacity 2,100 tpd
RECENT INVESTMENTS
New dry tailings pumping system
Tunnels connecting Central Block and Sinaloa
Graben:
 Improved access
Hydro Plant:
 Reduced cost from $0.11 to $0.015 per kWh
 Approx. $5 million annual savings

12. TSX:P
Infrastructure Optimization
Building for the Future
12
TAILINGS FILTER 3
Eliminates wet tailings
Allows process plant flexibility
WASTE ROCK IMPOUNDMENT
3 million m3 Capacity
Proper disposal for waste rock
San Luis bridge: safer, all seasons access
NEW SUB STATION
Additional 7 MW of capacity
Supports future growth

13. TSX:P
Optimization & Expansion
13
INCREASE MINE DEVELOPMENT
Improved operational throughput
Exploration flexibility
OPERATE MILL AT DESIGN CAPACITY
Current:1,600-1,800 tpd, Design: 2,100 tpd
EXPAND MILL TO MATCH LEACHING CAPACITY
Mill: 2,100 tpd, Leach: 2,500 tpd

14. TSX:P
Growth

15. TSX:P
Historical Production (1990-present)
New High Grade Impact?
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Augrade(g/t)
Production(oz)
Production (oz) Au grade (g/t)
Central Block Discovery
Additional high-grade discoveries
(Roberta, Robertita & Santa Lucia veins)
Acquisition of Luismin by Wheaton River
Sinaloa Graben Discovery
Subsequent Acquisition of San Dimas
by Primero

16. TSX:P
Proven 90% Resource Conversion
Opportunity for Long Term Strategic Planning
161. NI 43-101 technical report
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 End
Reserves(ounce)
San Dimas Reserve Replacement based on Au ounces (2003-2009)1
Reserve Additions Production

17. TSX:P
Significant Exploration Upside
Already Replaced 2010 Production
17
Estimated Proven &
Probable Reserves1 Tonnes
Grade (g/t)
Gold Silver
Gold
(ounces)
Silver
(million ounces)
Exploration Drilling 219,302 5.1 348 36,000 2.5
Exploration Drifting 199,948 7.2 439 47,000 2.8
Total New Reserves 419,250 6.1 391 83,000 5.3
More than 100 known veins in district
Drilling in late 2009 identified new high-grade veins in the Sinaloa Graben
Sinaloa Graben million ounce resource potential (only 27koz at Dec. 31, 2009)
2010 exploration budget of $13.5 million, 38,000 metres
Additional 83,000 ounces of gold & 5.3m ounces of silver already announced
Intercepts well above reserve grade
1. See Press Release issued on Sept. 20, 2010

18. TSX:P
Exploration Success Throughout
New Reserves and Higher Grade
Central Block
EL ABRA
VERDOSA
CORONADO
S. ANTONIO
CANDELARIA
CULEBRA
BLENDITA
PATRICIA
5 HERMANOS
EL SOL
TAYOLTITA
Piaxtla River
GUADALUPE
EL CRISTO
TUNNEL
ROSARIO SINALOA
GRABEN TUNNEL
Santa Rita
mine
SAN FRANCISCO
Tayoltita
Block
LA VERDOSA
RAMP
N
Mill
Tayoltita
mine
Central
Block mine
San Antonio
mine
(Source: San Dimas Geological Office)
San Vicente
Area
West Block
Pilar
mine
Vein
Fault
Town
Mill
Tunnel done
0 1 2 km
Tunnel Budget 2010
Arana
Hanging Wall
Ag-Au High
Grade Trend
LEGEND
Proposed Tunnel
DDH Ag g/t Au g/t m
MAR-9-17 514 8.86 2.45
DDH Ag g/t Au g/t m
A-25-217(1) 778 7.9 0.80
HW-4G-01B 302 8.7 0.60
DDH Ag g/t Au g/t m
RO-16-02 132 3.27 1.43
RO-20-05 514 4.23 1.27
DDH Ag g/t Au g/t m
SOL-9-02 549 10.67 1.81
DDH Ag g/t Au g/t m
RAMP7-129W 1,115 10.30 2.75
DDH Ag g/t Au g/t m
TGS-S-22 958 6.81 8.56
TGS-S-15 403 8.08 7.52
18

19. TSX:P
One Prolific Vein
Many More to Explore
19
Robertita-Nancy Vein
Drilling
35,887m (as at Sep 2010)
Historic Production
Tons k Au (koz) Ag (Moz)
487 177 11.0
Resources
Tons k Au (koz) Ag (Moz)
364 114 6.0
Reserves
Tons k Au (koz) Ag (Moz)
868 243 12.5
Diamond
Drill Holes
Mined Ore
Robertita-Nancy Vein Exploration

20. The Value Proposition

21. TSX:P
Unlocking Value
21
2011E Gold Eq Production (000 oz)1 2011E Cash Cost ($/Au Eq oz)1,2 Market Capitalization ($B)1
1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150,
2014: $1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00.
2. Cash cost based on total cash cost per gold equivalent ounce
Note: As of Nov 15, 2010
$0.5
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
NewGold
Alamos
GoldenStar
LakeShore
Aurizon
Gammon
Northgate*
Kirkland*
B2Gold*
Minefinders
Jaguar*
Primero
MarketCapitalization(US$B)
142
0
50
100
150
200
250
300
350
400
450
500
NewGold
GoldenStar
Gammon
Northgate*
Jaguar*
Alamos
Aurizon
LakeShore
Primero
Minefinders
B2Gold*
Kirkland*
2011GoldEqProduction(000oz)
$429
$0
$100
$200
$300
$400
$500
$600
$700
$800
GoldenStar
Kirkland*
Jaguar*
Northgate*
Minefinders
B2Gold*
NewGold
LakeShore
Gammon
Primero
Aurizon
Alamos
US$/AuEqoz

22. TSX:P
P/NAV Multiples
P/NAV Multiples (0%, spot prices)1
22
1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150, 2014:
$1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00.
Note: As of Nov 15, 2010
0.88x
Jr. Average: 0.89x
Inter. Average: 1.17x
-
0.2x
0.4x
0.6x
0.8x
1.0x
1.2x
1.4x
1.6x
1.8x
2.0x
Minefinders
LakeShore
B2Gold*
Gammon
NewGold
Primero
Northgate*
Kirkland*
Jaguar*
Aurizon
Alamos
GoldenStar
Yamana
IAMGOLD
Randgold
Eldorado
Agnico
Kinross
Goldcorp
Barrick
Junior Intermediate Senior

23. TSX:P
Cash Flow Multiples
Cash Flow Multiples (2011)1
23
1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150, 2014:
$1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00.
Note: As of Nov 15, 2010
9.8x
Jr. Average: 11.2x
Inter. Average: 15.8x
-
5x
10x
15x
20x
25x
Gammon
GoldenStar
Jaguar*
Aurizon
Northgate*
Minefinders
Primero
LakeShore
B2Gold*
NewGold
Alamos
Kirkland*
Yamana
IAMGOLD
Agnico-Eagle
RandgoldResources
EldoradoGold
BarrickGold
KinrossGold
Goldcorp
Junior Intermediate Senior

24. TSX:P
Why Primero Mining?
24
Established Mexican operations
157,000 gold equivalent ounces (2010-2014 average)
Significant cash flow
Market preferred geography
Proven management & board
Acquisition & operations track record
Long life, low cost production
P&P reserves of 860,000 oz Au and 61 M oz Ag
Total resources of 2.5 M oz Au and 216 M oz Ag
Industry low cash cost profile
Ideal growth platform
Well positioned to quickly become a leading mid-tier gold producer
Attractive valuation – re-rating opportunity
Potential re-rating as Primero trades at a discount to peers on all significant value metrics
Source: Production, cash cost and resource numbers from NI 43-101 technical report

25. APPENDICES

26. TSX:P
Experienced Management
26
Wade Nesmith | Executive Chairman
Founder of Mala Noche and CEO since incorporation
Former President of Westport Innovations (Europe)
Founding and current director of Silver Wheaton, Chairman of each of
Geovic Mining and Selwyn Resources
Joseph F. Conway | President and C.E.O.
Former CEO, President and Director of IAMGOLD from 2003 to 2010
Grew IAMGOLD from a $50 million royalty company to a $6 billion
intermediate gold producer with a sector leading growth profile
Eduardo Luna | President, Mexico
Former Chairman and CEO of Silver Wheaton, Executive VP of Goldcorp and
Luismin S.A. de C.V. (San Dimas) and President of Mexican Mining Chamber
and the Silver Institute
Chairman of the Advisory Board of the Faculty of Mines at the University of
Guanajuato and of the Mineral Resources Council in Mexico

27. TSX:P
District Wide Upside – Long Section
Favorable Horizon
Mineralization – Ore Bodies Extension of the Favorable Horizon
Potential
SW NE
0 1 2
K I L O M E T E R S
San Antonio
West Block
Central Block
Castellana and
Robertas
Tayoltita Block Arana
Hanging Wall3,000 m.
2,000 m.
1,000 m.
3,000 m.
2,000 m.
1,000 m.
Sinaloa Graben
Block
Source: San Dimas Geology Office
2010
Priority
2010
Priority
27

28. Sinaloa Graben Tunnel: Julieta - Sinaloa Norte vein (San Salvador system)
28
San Luis Tunnel
Drifting Plan
Drilling Plan 2010
Drifting Plan 2010
Drifting Done
Sinaloa Graben
Higher Grade and Wider Widths
SW
NE
1,000 m
Sinaloa Mine
(San Antonio Area)
Sinaloa Graben San Salvador ( Central Block )
San Luis Tunnel Elev
Santa Anita Tunnel
0 500 1000
M E T E R S
7-660 L
Ag g/t Au g/t m
189 3.13 1.24
DDH TGS S-15
Sinaloa Norte intercept
Ag g/t Au g/t m
403 8.08 7.52
Proven Ore
Probable Ore
Probable Ore by Drilling
Explanation
DDH TGS-S-22
Sinaloa Norte Intercept
Ag g/t Au g/t m
958 6.81 8.56m
0 m
500 m
0 m
500 m
1,000 m
DDH TGS 7-17
Julieta intercept
Ag g/t Au g/t m
481 3.73 2.22

29. Tayoltita Mine - San Luis Vein
29
SW NE
500 m
1000 m
San Luis
Shaft
San Luis
Ore body
Tayoltita
Tunnel
0 250 500
M E T E R S
Kpa
Kpr
Piaxtla
Intrusive
Diorite
Intrusive
Level 25
Krs
Camichin
Rhyolite
(Source: San Dimas Geological Office
Arana
Hanging Wall
Arana Hanging Wall
High Grade, Narrower Widths
DDH A-25-217(1)
Arana Hanging Wall
Ag (g/t) Au (g/t) m
778 7.9 0.8
DDH HW-4G-01B
Arana Hanging Wall
Ag (g/t) Au (g/t) m
302 8.7 0.6
Historic Production
Tonnes (M) Gold (Moz) Silver (Moz)
1.8 0.680 37.6

30. PRIMERO MINING CORP.
Richmond Adelaide Centre
120 Adelaide Street West, Suite 1202
Toronto, ON M5H 1T1
T 416 814 3160 F 416 814 3170
TF 877 619 3160
Email: info@primeromining.com
INVESTOR RELATIONS
Tamara Brown
Vice President, Investor Relations
T 416 814 3168
tbrown@primeromining.com
The ‘New’ Americas Gold Play