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Gold: 1,173.05 -7.04 -0.6% Volume: Pricing Delayed 20 Minutes June 30, 2015

Operations
Mineral Reserves
Classification Property Tonnes (millions) Au g/t Ag g/t Au koz Ag koz Cu % Cu klbs
Proven San Dimas 1.230 7.0 411 279 16,282  
Probable San Dimas 3.230 5.2 329 539 34,228  
Proven & Probable San Dimas 4.470 5.7 352 818 50,510  
Proven Black Fox 0.904 1.1 31  
Probable Black Fox 2.118 5.3 361  
Proven & Probable Black Fox 3.022 4.0 393  
Proven Cerro 28.200 0.7 15 643 13,655 0.08% 50,247
Probable Cerro 4.000 0.5 13 69 1,679 0.07% 6,179
Proven & Probable Cerro 32.200 0.7 15 712 15,335 0.08% 56,443
Total Proven & Probable  


1,923 65,845
56,443
Mineral Resources
Classification Property Tonnes (Million) Au g/t Ag g/t Au koz Ag koz Cu % Cu klbs
Measured San Dimas 1.207 8.3 489 324 18,963  
Measured (Stockpile) San Dimas 0.005 3.1 184 0.5 32  
Indicated San Dimas 3.342 6.0 388 645 41,709  
Measured & Indicated San Dimas 4.554 6.6 415 970 60,704  
Measured (Stockpile) Black Fox 0.904 1.1 31  
Indicated (Open Pit) Black Fox 0.864 2.2 61  
Indicated (Underground) Black Fox 1.810 8.9 516  
Measured & Indicated Black Fox 3.578 5.3 608  
Indicated (Open Pit) Grey Fox 2.966 3.6 345  
Indicated (Underground) Grey Fox 1.715 5.9 323  
Sub-total Indicated Grey Fox 4.681 4.4 668  
Measured Cerro 39.863 0.6 14 781 17,714 0.10% 88,790
Indicated Cerro 8.015 0.6 11 142 2,832 0.08% 14,608
Measured & Indicated Cerro 47.878 0.6 13 923 20,546 0.10% 103,398
Indicated Ventanas 0.155 2.5 258 12 1,286  
Total Measured & Indicated  


3,181 82,536 103,398
Inferred San Dimas 6.514 3.8 293 786 61,310  
Inferred Black Fox 0.255 8.3 68  
Inferred Grey Fox 1.289 4.2 174  
Inferred Ventanas 0.229 2.3 412 17 3,039  
Total Inferred  


1,045 64,349    
  1. San Dimas and Black Fox Complex Resources are calculated inclusive of Reserves while Cerro de Gallo Resources are calculated exclusive of Reserves.
  2. Figures may not add due to rounding.

Notes to the San Dimas Mineral Reserve Statement::

  1. Assumed gold price of US$1,200 per troy ounce and silver price of US$18 per troy ounce.

  2. San Dimas cut-off grade of 2.94 g/t AuEq based on total operating cost of US$110.06/t.  Metal supply contract obligations have been referenced in determining overall vein reserve estimate viability.

  3. Assumed processing recovery factors at San Dimas for gold of 97% and silver of 94%.

  4. Exchange rate assumed is 13 pesos/US$1.00.

  5. The San Dimas Mineral Reserve estimate was prepared under the supervision of Mr. Clifford Lafleur, P.Eng., Director of Technical Services, Primero and a QP for the purposes of National Instrument 43-101 (“NI 43-101”).

Notes to the San Dimas Mineral Resource Statement:

  1. Mineral Resources are total and include those resources converted to Mineral Reserves

  2. Assumed gold price of US$1,200 per troy ounce and silver price of US$18 per troy ounce.

  3. San Dimas cut-off grade of 2.0 g/t AuEq was applied.

  4. At San Dimas a constant bulk density of 2.6 tonnes/m3 has been used.

  5. The Mineral Resource estimates for San Dimas was prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101.

Notes to Black Fox Mineral Reserve estimate:

  1. Assumed gold price of US$1,200 per troy ounce.

  2. Black Fox open-pit cut-off grade of 0.9 g/t and underground cut-off grade of 3.7 g/t.

  3. Assumed processing recovery factors at Black Fox for gold of 94%.

  4. Exchange rate assumed is CDN$1.10/US$1.00.

  5. The Black Fox Mineral Reserve estimate was prepared under the supervision of Mr. Clifford Lafleur, P.Eng., Director of Technical Services, Primero and Mr. Karl Dessureault, P.Eng., Chief Mine Engineer Black Fox, Primero, and both a QP for the purposes of NI 43-101.

Notes to Black Fox Mineral Resource estimate:

  1. Mineral Resources are total and include those resources converted to Mineral Reserves.

  2. Assumed gold price of US$1,200 per troy ounce.

  3. Black Fox open-pit cut-off grade of 0.9 g/t gold and underground cut-off grade of 3.4 g/t were applied.

  4. The Mineral Resource estimates for Black Fox was prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101.

Notes to Grey Fox Mineral Resource estimate:

  1. Assumed gold price of US$1,200 per troy ounce.

  2. Grey Fox open-pit cut-off grade of 0.9 g/t gold and underground cut-off grade of 3.0 g/t were applied.

  3. The Mineral Resource estimate for Grey Fox was prepared by Mr. Rodney Webster MAusIMM, MAIG of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of NI 43-101.

Notes to the Cerro del Gallo Mineral Reserve and Mineral Resource Statement:

  1. As reported in the technical report entitled "Technical Report, First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico" (the "Technical Report") with an effective date of May 11, 2012.  Qualified Persons included:
    • Mr. Timothy Carew, P.Geo of Reserva International LLC. (Reserva). Mr. Carew is responsible for the supervision of the preparation of this report and completed an inspection of the property on 15th of December 2009. At that time he reviewed the surface areas of the Cerro del Gallo project, drilling results, sampling and shipping procedures, geological and geotechnical logging techniques, surveying records and documentation procedures with the field geological personnel. Mr. Carew is responsible for the overall review of the geological modelling and for the estimation of resources used for the feasibility study.
    • Mr Thomas Dyer P.E. of Mine Development Associates (MDA). Mr Dyer is responsible for the reserves, mine production, and mine capital and operating cost estimates. Mr Dyer visited the property in June 2010.
  2. Refer to the technical report entitled "Technical Report, First Stage Heap Leach Feasibility Study, Cerro del Gallo Gold Silver Project, Guanajuato, Mexico" (the "Technical Report") with an effective date of May 11, 2012. Mr. Gabriel Voicu, Vice President, Geology and Exploration, who is a "qualified person" for the purposes of NI 43-101, has reviewed the Technical Report on behalf of Primero. To the best of Primero's knowledge, information and belief, there is no new material scientific or technical information that would make the Technical Report inaccurate or misleading.
  3. Proven and probable reserves are reported using gold equivalent cut-off grades of 0.24 and 0.29 for weathered and partially oxidized material respectively. Cut-off grades were applied to gold equivalent grades which include both gold:silver price and recovery ratios.

Notes to the Ventanas Mineral Resource Statement:

  1. As reported in the technical report entitled "Technical Report On The Ventanas Epithermal Silver-Gold Property Durango State Mexico For Mala Noche Resources Corp." (the "Technical Report") with an effective date of January 27, 2009.  The Qualified Person for the report was Ian Trinder, Associate Geologist with Howe (Canada) and qualified person for the purposes of NI 43-101.

 

DESIGNED BLENDER