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Gold: 1,237.48 +2.48 +0.2% Volume: Pricing Delayed 20 Minutes September 17, 2014

Operations
Classification Property Tonnes (Million) Au g/t Ag g/t Au koz Ag koz Cu % Cu klbs
Proven San Dimas 0.924 5.6 345 166 10,256  
Probable San Dimas 3.970 5.5 307 704 39,223  
Total Proven & Probable San Dimas 4,893 5.5 315 870 49,479  
Proven Black Fox 0.716 1.1 25  
Probable Black Fox 3.133 5.1 513  
Total Proven & Probable Black Fox 3.849 4.3 538  
Proven Cerro 28.200 0.7 15.1 640 13,700 0.08% 50,200
Probable Cerro 4,000 0.5 13.2 70 1,700 0.07% 6,200
Total Proven & Probable Cerro 32.219 0.7 15 712 15,335 0.08% 56,443
Total Proven & Probable   40.961 1.6 54 2,120 64,814 0.08% 56,443
Mineral Resources
Classification Property Tonnes (Million) Au g/t Ag g/t Au koz Ag koz Cu % Cu klbs
Measured San Dimas 0.768 7.4 457 182 11,284  
Indicated San Dimas 3.514 7.2 411 814 46,429  
Total Measured & Indicated San Dimas 4.282 7.2 419 997 57,713  
Measured (stockpile) Black Fox 0.716 1.1 25  
Indicated Black Fox 3.277 6.0 628  
Total Measured & Indicated Black Fox 3.993 5.1 653  
Measured Grey Fox  
Indicated Grey Fox 5.276 3.3 558  
Total Measured & Indicated Grey Fox 5.276 3.3 558  
Measured Cerro 39.900 0.6 13.8 780 13,800 0.10% 88,800
Indicated Cerro 8.000 0.6 11.0 140 2,830 0.08% 14,600
Total Measured & Indicated Cerro 47.878 0.6 13.3 923 20,546 0.01% 103,398
Indicated Ventanas 0.155 2.5 258 12 1,286  
Total Measured & Indicated   61.584 1.6 47 3,142 79,545 0% 103,398
Inferred San Dimas 7,333 4.2 310 998 72,647  
Inferred Black Fox 0.6904 7.6 168  
Inferred Grey Fox 1.552 4.4 219  
Inferred Ventanas 0.229 2.3 412 17 3,039  
Total Inferred   9.804 4.4 241 1,402 75,686    
  1. The average Ag grade is calculated without the addition of of the Black Fox Complex
  2. San Dimas and Black Fox Complex Resources are calculated inclusive of Reserves while Cerro de Gallo Resources are calculated exclusive of Reserves

Notes to the San Dimas Mineral Reserve Statement::

  1. 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.
  2. Processing recovery factors for gold and silver of 97% and 94% assumed.
  3. Exchange rate assumed is 13 pesos/US$1.00.
  4. The Mineral Reserve estimates were prepared 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 the San Dimas Mineral Resource Statement:

  1. Mineral Resources are total and include those resources converted to Mineral Reserves.
  2. 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.
  3. A constant bulk density of 2.7 tonnes/m3 has been used.
  4. The Mineral Resource estimates were prepared by Mr. Rodney Webster MAusIMM, MAIG and Mr. J. Morton Shannon P.Geo., both of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of NI 43-101.

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.

Notes to Black Fox Mineral Reserve estimate:

  1. Mineral Reserves stated as at December 31, 2013.
  2. Open pit cut-off grade of 1.0 g/t Au and underground cut-off grade of 3.4 g/t.
  3. Gold price assumed is US$1,250 per troy ounce.
  4. Processing gold recovery factor 94% assumed.
  5. The Mineral Resource and Mineral Reserve estimates for the Black Fox Complex have been prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101. Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, of Primero and QP for the purposes of NI 43-101 has approved the Mineral Resource and Mineral Reserve estimates for the Black Fox Complex.

Notes to Black Fox Mineral Resource estimate:

  1. Mineral Reserves stated as at December 31, 2013.
  2. Open pit cut-off grade of 0.9 g/t Au and underground cut-off grade of 3.0 g/t.
  3. Gold price assumed is US$1,300 per troy ounce and exchange rate of US$1.00=C$1.10 was used in the gold cut-off grade calculations.
  4. The Mineral Resource and Mineral Reserve estimates for the Black Fox Complex have been prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101. Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, of Primero and QP for the purposes of NI 43-101 has approved the Mineral Resource and Mineral Reserve estimates for the Black Fox Complex.

Notes to Grey Fox Mineral Resource estimate:

  1. Mineral Reserves stated as at December 31, 2013.
  2. Open pit cut-off grade of 0.9 g/t Au and underground cut-off grade of 3.0 g/t
  3. Gold price assumed is US$1,300 per troy ounce and exchange rate of US$1.00=C$1.10 was used in the gold cut-off grade calculations.
  4. The Mineral Resource and Mineral Reserve estimates for the Black Fox Complex have been prepared under the supervision of Mr. Harold Brisson PhD, Eng., Resource Manager of Primero and a QP for the purposes of NI 43-101. Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, of Primero and QP for the purposes of NI 43-101 has approved the Mineral Resource and Mineral Reserve estimates for the Black Fox Complex.
DESIGNED BLENDER