TSX: P 2.85 +0.06 +2.15% Volume: 210,582 February 22, 2012
NYSE: PPP 2.86 +0.06 +2.14% Volume: 133,265 February 22, 2012
Gold: 1,777.33 +17.37 +0.99% Volume: 0 Pricing Delayed 20 Minutes February 22, 2012

Operations
Operations

Latest News

February 7, 2012 Primero to Release Fourth Quarter 2011 Results on March 7, 2012
January 17, 2012 Primero Reports 2011 Operating Results; Provides 2012 Outlook; and Plans Resource Estimation Review to Improve Predictability
November 4, 2011 Primero Reports Third Quarter 2011 Results; Record Revenue, Earnings & Cash Flow
October 31, 2011 Primero Reports Fatality at Its San Dimas Mine
October 20, 2011 Primero Announces Early Repayment of 50% of Its Convertible Note
October 18, 2011 Primero Announces Commencement of Advance Tax Ruling Process in Mexico and Provides Update on Tax Strategies; Seeking Taxes Be Based on Realized Revenue
October 11, 2011 Primero Announces Appointment of Renaud Adams as COO
October 6, 2011 Primero to Release Third Quarter 2011 Results on November 4, 2011
September 14, 2011 Primero Added to S&P/TSX SmallCap Index
September 8, 2011 Primero Provides Revised Operating Outlook

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Reserves and Resources

Proven and Probable Reserves – San Dimas Metric  grade (grams per tonne) Total Contained ounces
(as at December 31, 2010) Tonnes silver gold  silver  gold 
Tayoltita 517,955 293 3.07 4,871,424 51,197
El Cristo 10,120 206 3.67 67,129 1,194
Tayoltita (Alto Arana) 20,140 286 2.27 185,051 1,467
Santa Rita 496,262 297 2.09 4,740,356 33,352
Block Central 2,617,961 369 6.01 31,019,910 505,834
San Vicente 39,932 218 4.60 279,935 5,902
Sinaloa Graben       50,784 484 5.43 789,492       8,865
Total Proven and Probable Reserves 3,753,153 348 5.04 41,953,296 607,812
           
Probable Reserves by Diamond Drilling          
Tayoltita 767,125 285 2.83 7,020,137 69,854
El Cristo 103,737 268 3.98 894,383 13,282
Tayoltita (Alto Arana) 32,934 207 3.95 218,691 4,179
Santa Rita 359,126 325 2.84 3,752,276 32,817
Block Central 703,461 295 5.35 6,665,473 120,954
San Vicente 3,304 208 2.50 22,093 266
Sinaloa Graben 158,213 459 7.26 2,335,956 36,928
Total Probable Reserves by Diamond Drilling 2,127,899 306 4.07 20,909,010 278,278
           
GRAND TOTAL Proven and Probable Reserves 5,881,052 332 4.69 62,862,306 886,090
Notes to Reserve Statement
  1. Reserves were estimated by Primero and audited by Watts, Griffis and McOuat Limited as of December 31, 2010. 
  2. Cut-off grade based on total operating cost for Tayoltita, Santa Rita and Block Central (US$99.84/t).
  3. All reserves are diluted, a mining recovery factor has not been applied, but WGM estimates that the mining recovery will be approximately 90%.
  4. The tonnage factor is 2.7 tonnes per cubic metre.
  5. Cut-off values are calculated at a silver price of US$15.00 per troy ounce and US$950 per troy ounce for gold.
  6. Rounding of figures may alter the sum of individual column.
  7. Exchange rate, pesos/US$ is 13.00 pesos/U$1.00.

Inferred Mineral Resources - San Dimas
(exclusive of Reserves)		 Metric grade (grams per tonne)  Total Contained  ounces
(as at December 31, 2010) Tonnes silver gold silver  gold 
San Dimas 16,852,000 330 3.67 178,795,000 1,988,000
Notes to Resource Statement       
  1. Resources were estimated by Primero and audited by Watts, Griffis and McOuat Limited as of December 31, 2010. 
  2. Cut-off values are calculated at a silver price of US$17.00 per troy ounce and US$1,100 per troy ounce for gold.
  3. Rounding of figures may alter the sum of individual column.
  4. Exchange rate, pesos/US$ is 13.00 pesos/U$1.00.

Click to open pdf of Reserves and Resources summary

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