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Gold: 1,283.61 +0.07 +0.01% Volume: Pricing Delayed 20 Minutes April 23, 2014

Operations
Classification Property Tonnes (Million) Au g/t Ag g/t Au koz Ag koz Cu % Cu klbs
P&P San Dimas 4,893 5.5 315 870 49,479    
P&P Black Fox 4,469 4.6   661      
P&P Cerro 32,219 0.7 15 712 15,335 0.08 56,443
Total P&P   41,581 1.68 54 2,243 64,814 0.08 56,443
Classification Property Tonnes (Million) Au g/t Ag g/t Au koz Ag koz Cu % Cu klbs
Measured & Indicated San Dimas 4,282 7.2 419 997 57,713    
Measured & Indicated Black Fox 4,942
5.2
 
823
     
Measured & Indicated Grey Fox 4,300 3.7   507      
Measured & Indicated Cerro 47,878 0.6 13 923 20,546 0.10 103,398
Total M&I   61,402 1.65 47 3,250 78,259 0.10 103,398
Inferred San Dimas 7,333 4.2 310 998 72,647    
Inferred Black Fox 271 3.9   44      
Inferred Grey Fox 1,500 4.7   229      
Total Inferred   9,104 4.27 310 1,271 72,647    

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 the Black Fox Mineral Resource and Mineral Reserve Statement:

  1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in estimated reserves remains subject to metallurgical recovery losses.
  2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream agreement from the Black Fox Technical Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the underground reserves and resources are reported at a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2013, net of mining depletion from the January, 2011 independent Technical Report.
  3. Paul Daigle, P.Geo of Tetra Tech is the Qualified Person who updated the Black Fox Mine Mineral Resource estimates in the Black Fox Technical Report and Dan Sweeney, P.Eng., of Tetra Tech is the Qualified Person who reviewed the Black Fox Mineral Reserves estimates in the Black Fox Technical Report.

Notes to the Grey Fox Mineral Resource and Mineral Reserve Statement

  1. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
  2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
  3. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction.
  4. CIM definitions and guidelines were followed for Mineral Resources.
  5. A gold price of US$1,400/oz and an exchange rate of US$1.00=C$1.01 was utilized in the gold cut-off grade calculations of 2.84 g/t for potential underground and 0.72 g/t for potential open-pit Mineral Resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus’ Black Fox mine.
  6. The Indicated category is defined by combining various statistical criteria, such as a minimum of three drill holes within the search area, a maximum distance of 15m to the closest composite, and a maximum average distance of 25m to composites. Finally, a clipping boundary was interpreted to either upgrade or downgrade some of the resource based on confidence and geological continuity.
DESIGNED BLENDER