Primero Mining Corp. Press Releases

Primero Announces Election of Directors

Wed, 08 May 2013 17:30:00 -0400

TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) announces that today, at its annual general and special meeting of shareholders (the "Meeting"), all directors nominated as listed in the management information circular dated April 8, 2013 were re-elected. The detailed results are as follows:

	Votes For		Withhold Votes
Director	#	%	#	%
Wade Nesmith	64,545,755	96.41	2,403,148	3.59
Joseph Conway	64,546,542	96.41	2,402,361	3.59
David Demers	64,547,805	96.41	2,401,098	3.59
Grant Edey	62,015,563	92.63	4,933,340	7.37
Rohan Hazelton	63,992,549	95.58	2,956,354	4.42
Timo Jauristo	58,393,183	87.22	8,555,719	12.78
Eduardo Luna	62,887,806	93.93	4,061,097	6.07
Robert Quartermain	66,308,580	99.04	640,323	0.96
Michael Riley	66,806,589	99.79	142,314	0.21

*As a ballot was not required, the number of votes disclosed reflects only the proxies received by management of the Company in advance of the Meeting.

The Company has also filed a report of voting results on all other resolutions voted on at the Meeting on www.sedar.com.

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer and owns 100% of the San Dimas gold-silver mine in Mexico. Primero is focused on delivering superior, sustainable value for all stakeholders with low-risk exposure to gold. The Company intends to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas. Primero's website is www.primeromining.com.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Advises Federal Court of Australia Approves Cerro Transaction

Wed, 08 May 2013 07:55:00 -0400

TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) is pleased to announce that the Federal Court of Australia has today made orders approving the acquisition of Cerro Resources NL ("Cerro") (TSX VENTURE:CJO)(ASX:CJO) by Primero. Approval includes the spinout of Cerro's non-Cerro del Gallo assets ("Spinout") of which Primero will own 19.99%.

The transaction is expected to close at the end of May as previously announced. Other important indicative dates and timing in relation to the closing of the Transaction are set out in detail in the Cerro News Release entitled "Cerro Resources NL Federal Court of Australia Approves Transaction With Primero Mining Corp", released on May 8, 2013 and available on Sedar (www.sedar.com).

About Primero

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements regarding the timing of court hearings associated with the Company's proposed transaction to acquire the Cerro del Gallo asset, including the approval, implementation and closing of the transaction; and the Company's intentions to become an intermediate gold producer.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Reports First Quarter 2013 Results; Record Quarterly Production and Expansion On-Track

Wed, 08 May 2013 07:00:00 -0400

TORONTO, ONTARIO--(Marketwired - May 8, 2013) -

(Please note that all dollar amounts in this news release are expressed in U.S. dollars. Refer to the first quarter 2013 management discussion and analysis (MD&A) and audited financial statements for more information.)

Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) today reported financial results for the first quarter ended March 31, 2013. The Company reported net earnings of $17.3 million ($0.18 per share) with adjusted net earnings⁽¹⁾ of $9.4 million ($0.10 per share). Operating cash flows⁽²⁾ were $19.3 million ($0.20 per share). The Company also reported a strong cash position of $141.2 million as of March 31, 2013.

"Primero continues to deliver strong operating and financial results," stated Mr. Joseph F. Conway , President and Chief Executive Officer. "During the first quarter we achieved our goal of reaching the mill's throughput capacity of 2,150 tonnes per day, translating into the highest gold and silver production we've reported since acquiring San Dimas. This record production drove our strong earnings and cash flow and positioned us to take advantage of the silver spot market in April, earlier than last year. We were also focused on ensuring the timely closing of the Cerro del Gallo acquisition, and pleased that the Cerro shareholders voted overwhelmingly in favour of the transaction on April 30^th, 2013. Primero shareholders will benefit with the diversification and increased production profile that the Cerro del Gallo project adds to Primero."

First Quarter Highlights:

Strong Earnings and Cash Flow: Adjusted net earnings of $9.4 million ($0.10 per share) and operating cash flow before working capital changes of $19.3 million ($0.20 per share);
Record Production Continues: The highest quarterly gold and silver production since acquiring San Dimas (24,190 ounces of gold and 1.37 million ounces of silver) was achieved;
Balance Sheet Strengthened: Cash position increased to $141.2 million at March 31, 2013, from $139.2 million at December 31, 2012, after repaying $7.8 million of debt during the quarter (total debt stands at $32.2 million);
Awarded ESR Distinction: Primero was again awarded the Socially Responsible Business ("ESR") distinction by Mexican Centre for Philanthropy;
Positioned to Achieve Higher Annual Silver Sales at Spot Prices: Silver contract annual threshold achieved earlier than 2012, silver sales at spot market prices expected to be higher in 2013 than 2012;
Cerro Acquisition on Track: Transaction expected to close at the end of May 2013, creating a diversified, high growth, competitive-cost precious metals producer in Mexico;
Increased Reserves and Resources: 31% Increase in Probable Gold Mineral Reserves and 35% Increase in Indicated Gold Mineral Resources at December 31, 2012.

Mill Throughput Capacity Achieved During Quarter

Primero produced 27,656 gold equivalent ounces⁽³⁾ during the first quarter of 2013 or 24,190 ounces of gold and 1.37 million ounces of silver, 7% more and 4% more, respectively, than the same period in 2012. The increase in gold production was primarily due to 3% higher throughput of 183,811 tonnes in 2013 up from 178,523 tonnes in 2012, and 4% higher grade when comparing the same periods. The increase in silver production was due to the higher throughput, while the grade remained consistent. Gold and silver grades during the first quarter of 2013 increased by 8%, and 6%, respectively over the fourth quarter 2012.

Total cash costs⁽⁴⁾ on a gold equivalent and by-product basis in the first quarter 2013 were $719 and $589 per ounce, respectively, compared with $674 and $532 per ounce, respectively, in the first quarter 2012. Higher operating costs (mainly due to higher labour costs as a result of the introduction of long-hole mining) were partially offset by a 7% increase in gold equivalent ounces produced.

Production Drives Improved Earnings and Cash Flow

Revenues in the first quarter of 2013 were $46.3 million as a result of selling 24,736 ounces of gold at an average realized price of $1,626 per ounce, and 1.48 million ounces of silver at an average realized price of $4.12 per ounce. Revenue was $44.0 million for the same period in 2012 from selling 23,004 ounces of gold at an average realized price of $1,678 per ounce and 1.33 million ounces of silver at an average realized price of $4.08 per ounce. All of the silver ounces in the first quarters of 2013 and 2012 were sold at a fixed price pursuant to the silver purchase agreement⁽⁵⁾.

Operating cash flow before working capital changes in the first quarter of 2013 were $19.3 million ($0.20 per share), compared to $20.9 million ($0.24 per share) in 2012.

The Company earned net income of $17.3 million ($0.18 per share) for the three months ended March 31, 2013 compared with net income of $30.1 million ($0.34 per share) for the three months ended March 31, 2012. Higher revenue was offset by higher operating expenses, higher general and administrative expenses (due primarily to increased share-based payment expenses), and a foreign exchange loss in the current period as compared to a foreign exchange gain in the prior period.

Adjusted net income, which primarily excludes the impact of foreign exchange rate changes on deferred tax balances, was $9.4 million ($0.10 per share) for the first quarter 2013, compared with $18.8 million ($0.21 per share) for the same period in 2012.

Cash Position Continues to Grow

The Company's cash position increased to $141.2 million at March 31, 2013 (after paying a $7.8 million excess free cash flow payment in relation to the promissory note held by a subsidiary of Goldcorp Inc.) from the December 31, 2012 balance of $139.2 million. The Company continues to invest in organic growth while building on its balance sheet strength.

Capital expenditures during the first quarter 2013 totaled $8.7 million. In 2013, capital expenditures are expected to total approximately $42 million excluding capitalized exploration expenses of $15 million.

With its cash balance and anticipated cash flows, Primero management believe it is fully funded to expand production at San Dimas and build the Cerro del Gallo project while remaining well positioned to take advantage of strategic growth opportunities.

Outlook for 2013

Primero maintains its production guidance of between 120,000 and 130,000 gold equivalent ounces, an increase of up to 17% over 2012, based on higher throughput at slightly higher grades. Cash costs for 2013 are expected to be in the range of $620 to $640 per gold equivalent ounce or between $280 and $300 per gold ounce on a by-product basis, similar to or below 2012 cash costs.

Primero's 2013 outlook is summarized in the following table:

		Outlook 2013
Attributable gold equivalent production⁽³⁾(gold equivalent ounces)		120,000-130,000
Gold production(ounces)		90,000-100,000
Silver production⁽⁵⁾(ounces)		6,000,000-6,500,000
Silver sales at spot prices⁽⁵⁾(ounces)		900,000-1,000,000
Total cash costs⁽⁴⁾(per gold equivalent ounce)		$620 - $640
Total cash costs⁽⁴⁾ - by-product(per gold ounce)		$280 - $300
Capital Expenditures($ millions)		$42
Exploration Expenditures($ millions)		$15

Material assumptions used to forecast total cash costs for 2013 include: an average gold price of $1,700 per ounce; an average silver price of $8.52 per ounce (calculated using the silver agreement contract price of $4.12 per ounce and assuming excess silver beyond contract requirements is sold at an average silver price of $30 per ounce); and foreign exchange rates of 1.00 Canadian dollars and 13 Mexican pesos to the US dollar. Based on current spot prices the 2013 outlook would not change meaningfully, except by-product cash-costs, which would increase as a result of lower by-product credits.

Reserves and Resources Increase

On March 26, 2013 the Company announced 2012 year-end Mineral Reserves and Mineral Resources for its San Dimas mine. The Company reported that Probable Gold Mineral Reserves increased 31% over year-end 2011, to 660,400 ounces, or 19% on a per share basis and that Indicated Gold Resources increased 35% over year- end 2011 to 779,600 ounces (inclusive of Mineral Reserves).


Classification		Tonnage (million tonnes)	Gold Grade (g/t)	Silver Grade (g/t)	Contained Gold (000 ounces)	Contained Silver (000 ounces)
Mineral Reserves
	Probable	4.579	4.5	267	660	39,377
Mineral Resources
	Indicated	3.748	6.5	389	780	46,877
	Inferred	6.144	3.9	327	762	64,637

Notes to Mineral Reserve Statement:

1. Cutoff grade of 2.4 grams per tonne ("g/t") gold equivalent ("AuEq") based on total operating cost of US$104.73/t. Metal prices assumed are gold US$1,400 per troy ounce and silver US$25 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 by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National Instrument 43-101 ("NI 43-101").

Notes to Mineral Resource Statement:

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

2. A 2.0g/t Au Eq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,625 per troy ounce and a silver price of US$25 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.

As at December 31, 2012, the Company added 246,623 ounces of gold to the Probable Mineral Reserves, before depleting 91,697 ounces during the year. This equates to replacing the 12 month gold depletion by 269%.

There is significant exploration potential at San Dimas beyond the stated Mineral Resources and Mineral Reserves. The scale of the identified targets was not thoroughly reviewed at December 31, 2012, but is expected to remain in the order of 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver, as estimated at December 31, 2011. This potential mineralization has been estimated by Primero from geological and grade modeling. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource.

Expansion to 2,500 TPD On-Track for Q1 2014

The Company's expansion of the San Dimas mill from 2,150 tonnes per day ("TPD") to 2,500 TPD is expected to be completed by the end of Q4 2013. Mine development to feed the mill at the expected capacity remains on track to be complete in Q1 2014.

The Company has successfully increased mill throughput to an average 2,042 TPD in the first quarter of 2013, with the mill operating at 2,169 TPD in March, slightly above its current nameplate capacity of 2,150 TPD.

Construction of the mill circuit expansion began in October 2012, and is progressing on plan. Key components of the expansion are on-site, including the third ball mill and an additional tailings pump. The Company spent $0.9 million on the mill circuit expansion during the first quarter of 2013.

Cerro Del Gallo Acquisition Approved by Cerro Shareholders

On April 30, 2013 Cerro Resources NL ("Cerro") shareholders voted to approve the acquisition of Cerro by the Company, resulting in 69.2% ownership of the Cerro del Gallo project. The scheme of arrangement is expected to close at the end of May 2013.

The addition of the Cerro del Gallo project is expected to increase the Company's near-term production by approximately 95,000 gold equivalent ounces per year^{(6), (7)}. It will also double Primero's reserves and triple its measured and indicated resources⁽⁷⁾. The first production from Cerro del Gallo is expected to occur in mid-2015⁽⁶⁾. The Company estimates that its production will nearly double to over 250,000 gold equivalent ounces in 2016^(6),(7).

Assuming the acquisition closes at the end of May 2013 as expected, Primero estimates 2013 capital expenditures of between $50 and $60 million on the Cerro del Gallo project.

Social Responsibility Award

In April 2013, the Company was proud to again be granted the Empresa Socialmente Responsable ("ESR") award by the Mexican Center for Philanthropy (CEMEFI) and the Alliance for Corporate Social Responsibility (AliaRSE). The ESR award is given to companies operating in Mexico that are committed to sustainable economic, social and environmental operations in all areas of corporate life, including business ethics, involvement with the community and preservation of the environment.

Conference Call and Webcast Details

The Company's senior management will host a conference call today, Wednesday, May 8, 2013 at 11:00 a.m. EDT to discuss the first quarter operating and financial results.

Participants may join the call by dialing North America toll free 1-855-410-0553 or 1-646-583-7389 for calls outside Canada and the U.S., and entering the participant passcode 956408#.

A live and archived webcast of the conference call will also be available at www.primeromining.com under the News and Events section or by clicking here:

http://event.onlineseminarsolutions.com/r.htm?e=604844&s=1&k=AC3908F148CB41889439DAA2D3382B32

A recorded playback of the Q1 2013 results call will be available until June 8, 2013 by dialing 1-855-410-0556 or 646-583-7395 and entering the call back passcode 337298#.

This release should be read in conjunction with Primero's first quarter 2013 financial statements and MD&A report on the Company's website, www.primeromining.com, in the "Financial Reports" section under "Investors", or on the SEDAR website at www.sedar.com, or on the Edgar website www.sec.gov.

⁽¹⁾ Adjusted net income and adjusted net income (loss) per share are non-GAAP measures. Neither of these non-GAAP performance measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the first quarter 2013 MD&A for a reconciliation of adjusted net income (loss) to reported net income (loss).

⁽²⁾ "Operating cash flow" is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. See the first quarter 2013 MD&A for a reconciliation of operating cash flows to GAAP.

⁽³⁾ "Gold equivalent ounces" include silver ounces produced, and converted to a gold equivalent based on a ratio of the average commodity prices realized for each period. The ratio for the first quarter 2013 was based on realized prices of $1,626 per ounce of gold and $4.12 per ounce of silver. The ratio used for the 2013 guidance projection was based on estimated average prices of $1,700 per ounce of gold and $8.52 per ounce of silver.

⁽⁴⁾ Total cash costs per gold equivalent ounce and total cash costs on a by-product basis are non-GAAP measures. Total cash costs per gold equivalent ounce is defined as cost of production (including refining costs) divided by the total number of gold equivalent ounces produced. Total cash costs on a by-product basis are calculated by deducting the by-product silver credits from operating costs. The Company reports total cash costs on a production basis. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. See the first quarter 2013 MD&A for a reconciliation of total cash costs to reported operating expenses (the nearest GAAP measure).

⁽⁵⁾ According to the silver purchase agreement between the Company and Silver Wheaton Corp., until August 6, 2014 Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.12 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first 6.0 million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered.

⁽⁶⁾ Assuming the successful closing of the Cerro Del Gallo acquisition as announced by the Company on December 12, 2012 in the news release "Primero to Acquire Cerro Del Gallo", available on the Company's website www.primeromining.com or Sedar www.sedar.com and that it begins production in mid-2015 in addition to the successful expansion of San Dimas to over 160,000 gold equivalent ounces per annum.

⁽⁷⁾ Assuming Goldcorp Inc.'s 30.8% position in Cerro Del Gallo is diluted to a net profit interest and that resources include reserves. Primero has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") 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.

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer and owns 100% of the San Dimas gold-silver mine in Mexico. Primero is focused on delivering superior, sustainable value for all stakeholders with low-risk exposure to gold. The Company has intentions to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Primero's website is www.primeromining.com.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's ability to deliver strong operating and financial results, the level of gold equivalent production at San Dimas; the realization of silver sales at spot prices; the amount of gold equivalent ounces production in 2013, the cash costs for 2013; the capital expenditures in 2013; the pending acquisition of the Cerro del Gallo asset and the amount and timing of anticipated production from that asset; the probability of encountering high grade mineralization in, and the exploration potential of, the Company's exploration targets; the ability to generate significant free cash flow while repaying debt and also internally funding future growth; the expansion initiatives of the San Dimas mine and mill; and the Company's intentions to become an intermediate gold producer.

The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release including in the footnotes; that there are no significant disruptions affecting operations; that development and expansion at San Dimas proceeds on a basis consistent with current expectations and the Company does not change its development and exploration plans; that the exchange rate between the Canadian dollar, Mexican peso and the United States dollar remain consistent with current levels or as set out in this news release; that prices for gold and silver remain consistent with the Company's expectations; that production meets expectations; that the Company will sell some of its silver production at spot prices in 2013; that the Company identifies higher grade veins in sufficient quantities of minable ore in the Central Block and in Sinaloa Graben; that all required approvals are obtained and there are no significant disruptions in the closing of the transaction with Cerro; that there are no material variations in the current tax and regulatory environment; that the Company will receive required permits and access to surface rights; that the Company can access financing, appropriate equipment and sufficient labour; that the political environment within Mexico will continue to support the development of environmentally safe mining projects.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the Company may not be able to achieve planned production levels; or generate significant free cash flow, the Company may not be able to expand production at San Dimas, or close the acquisition of the Cerro del Gallo asset or develop it to realize anticipated production levels, Goldcorp's interest in the Cerro del Gallo project may not be diluted to a net profit interest, the Company may be required to change its development and exploration plans with a negative impact on production; the Company may not discover mineralization in minable quantities; the exchange rate between the Canadian dollar, the Mexican peso and the United States dollar may change with an adverse impact on the Company's financial results; the expansion initiatives may not be completed or provide the benefits as anticipated; the Company may not be able to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com.

SUMMARIZED FINANCIAL & OPERATING RESULTS

(in thousands of United States dollars, except per share and per ounce amounts - unaudited)

SUMMARIZED FINANCIAL DATA



		Three months ended
		31-Mar-13		31-Mar-12
Operating Data
Tonnes of ore milled			183,811		178,523
Produced
	Gold equivalent (ounces)		27,656		25,793
	Gold (ounces)		24,190		22,588
	Silver (million ounces)		1.37		1.32
Sold
	Gold equivalent (ounces)		28,474		26,229
	Gold (ounces)		24,736		23,004
	Silver (million ounces)		1.48		1.33
Average realized prices
	Gold ($/ounce)	$	1,626	$	1,678
	Silver ($/ounce)₍₁₎	$	4.12	$	4.08
Total cash costs (per gold ounce)
	Gold equivalant basis	$	719	$	674
	By-product basis	$	589	$	532


Financial Data			(Restated	)
(in thousands of US dollars except per share amounts)
Revenues		46,321	44,004
Earnings from mine operations		15,706	18,662
Net income		17,325	30,143
Basic income per share		0.18	0.34
Diluted income per share		0.18	0.31
Operating cash flows before working capital changes		19,309	20,944
Assets
	Mining interests	497,300	486,606
	Total assets	692,015	636,210
Liabilities
	Long-term liabilities	48,745	52,196
	Total liabilities	101,675	117,343
Equity		590,340	518,867
Weighted average shares outstanding (basic)(000's)		97,251,956	88,259,831
Weighted average shares outstanding (diluted)(000's)		98,034,449	96,705,098

SUMMARIZED OPERATING DATA


								Three months ended
		31-Mar-13			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12

Operating Data
Tonnes of ore milled			183,811			190,073			177,926			174,742			178,523
Average millhead grade (grams/tonne)
	Gold		4.20			3.90			3.40			4.25			4.05
	Silver		242			228			210			256			242
Average recovery rate (%)
	Gold		98	%		97	%		97	%		97	%		97	%
	Silver		96	%		95	%		95	%		95	%		95	%
Produced
	Gold equivalent (ounces)		27,656			26,310			25,582			33,598			25,793
	Gold (ounces)		24,190			23,143			18,892			23,277			22,588
	Silver (million ounces)		1.37			1.32			1.14			1.36			1.32
Sold
	Gold equivalent (ounces)		28,474			25,416			23,251			35,442			26,229
	Gold (ounces)		24,736			22,404			17,100			24,876			23,004
	Silver at fixed price (million ounces) (1)		1.48			1.25			0.80			0.92			1.33
	Silver at spot (million ounces) (1)		-			-			0.25			0.47			-
Average realized price (per ounce)
	Gold	$	1,626		$	1,715		$	1,646		$	1,610		$	1,678
	Silver (1)	$	4.12		$	4.12		$	9.66		$	12.24		$	4.08
Total cash operating costs ($000s)		$	19,873		$	17,818		$	17,872		$	17,645		$	17,381
Total cash costs (per gold ounce) (2)
	Gold equivalent basis	$	719		$	677		$	699		$	525		$	674
	By-product basis	$	589		$	535		$	363		$	44		$	532

(1) Due to a silver purchase agreement originally entered into in 2004, all silver produced prior to August 6, 2010 was sold to Silver Wheaton at a fixed price. As a result of restructuring the silver purchase agreement on August 6, 2010, Primero will be able to sell some silver production at spot prices, subject to minimum threshold amounts being met⁽⁵⁾
(2) Total cash costs per gold ounce on a gold equivalent and by-product basis are non-GAAP financial measures. Refer to "Non-GAAP measure - Total cash costs per gold ounce calculation" in the Company's first quarter 2013 MD&A for a reconciliation to operating expenses.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

THREE MONTHS ENDED MARCH 31, 2013 and 2012
(In thousands of United States dollars, except for share and per share amounts) (Unaudited)
		Three months ended March 31,
		2013		2012
				(Restated)
		$		$


Revenue		46,321		44,004

Operating expenses		(22,463	)	(18,893	)
Depreciation and depletion		(8,152	)	(6,449	)
Total cost of sales		(30,615	)	(25,342	)

Earnings from mine operations		15,706		18,662
General and administrative expenses		(7,796	)	(3,515	)

Earnings from operations		7,910		15,147
Other expense		(327	)	(89	)
Foreign exchange (loss) gain		(1,360	)	1,484
Finance income		111		137
Finance expense		(509	)	(1,147	)
Loss on derivative contracts		-		(20	)

Earnings before income taxes		5,825		15,512

Income tax recovery		11,500		14,631

Net income for the period		17,325		30,143

Other comprehensive income
	Exchange differences on translation of foreign operations	346		244
Total comprehensive income for the period		17,671		30,387

Basic income per share		0.18		0.34
Diluted income per share		0.18		0.31

Weighted average number of
common shares outstanding
	Basic	97,251,956		88,259,831
	Diluted	98,034,449		96,705,098

PRIMERO MINING CORP.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
(In thousands of United States dollars) (Unaudited)
		March 31,		December 31,
		2013		2012

		$		$

Assets
Current assets
	Cash	141,246		139,244
	Trade and other receivables	6,377		3,792
	Taxes receivable	6,010		5,914
	Prepaid expenses	8,244		4,607
	Inventories	9,383		11,044
Total current assets		171,260		164,601

Non-current assets
	Mining interests	497,300		496,132
	Deferred tax asset	23,455		9,773
Total assets		692,015		670,506

Liabilities
Current liabilities
	Trade and other payables	44,437		36,520
	Taxes payable	1,386		2,209
	Current portion of decommissioning liability	2,107		2,182
	Current portion of long-term debt	5,000		12,786
Total current liabilities		52,930		53,697

Non-current liabilities
	Taxes payable	7,532		6,055
	Decommissioning liability	6,262		6,101
	Long-term debt	27,214		27,214
	Other long-term liabilities	7,737		5,701
Total liabilities		101,675		98,768

Equity
Share capital		458,353		456,734
Warrant reserve		34,237		34,237
Share-based payment reserve		14,432		15,120
Foreign currency translation reserve		(718	)	(1,064	)
Retained earnings		84,036		66,711
Total equity		590,340		571,738
Total liabilities and equity		692,015		670,506

PRIMERO MINING CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2013 and 2012
(In thousands Of United States dollars) (Unaudited)
			2013		2012
			$		$


Operating activities
	Earnings before income taxes		5,825		15,512
	Adjustments for:
		Depreciation and depletion	8,152		6,449
		Payments relating to decommissioning liability	(53	)	-
		Share-based payments - stock option plan	56		663
		Share-based payments - Phantom Share Unit Plan	4,902		(107	)
		Payments made under the Phantom Share Unit Plan	(650	)	(229	)
		Loss on derivative asset	-		20
		Assets written off	65		79
		Unrealized foreign exchange loss (gain)	927		(1,744	)
		Taxes paid	(313	)	(709	)
Other adjustments
Finance income (disclosed in investing activities)			(111	)	(137	)
Finance expense			509		1,147
Cash provided by operating activities before working capital changes			19,309		20,944

	Changes in non-cash working capital		(1,601	)	1,442
Cash provided by operating activities			17,708		22,386


Investing activities
	Expenditures on exploration and evaluation assets		(6,443	)	(3,274	)
	Expenditures on mining interests		(2,301	)	(4,587	)
	Interest received		111		137
Cash used in investing activities			(8,633	)	(7,724	)


Financing activities
	Repayment of debt		(7,786	)	(5,000	)
	Proceeds on exercise of options		875		-
	Interest paid		-		(4,406	)
Cash used in financing activities			(6,911	)	(9,406	)


Effect of foreign exchange rate changes on cash			(162	)	251


Increase in cash			2,002		5,507
Cash, beginning of period			139,244		80,761
Cash, end of period			141,246		86,268

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Advises Cerro Securityholders Approve Acquisition by Primero

Tue, 30 Apr 2013 07:00:00 -0400

TORONTO, ONTARIO--(Marketwired - April 30, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) is pleased to announce that eligible Cerro Resources NL ("Cerro") (ASX:CJO)(TSX VENTURE:CJO) Shareholders and Optionholders ("Securityholders") voted to approve the previously announced acquisition of Cerro by Primero. Approval includes the spinout of Cerro's non-Cerro del Gallo assets ("Spinout") of which Primero will own 19.99%.

The Second Court Hearing to approve the Transaction is scheduled for May 8, 2013 at the Federal Court of Australia in Brisbane. Other important indicative dates and timing in relation to the closing of the Transaction are set out in detail in the Cerro News Release entitled "Cerro Resources NL Cerro Securityholders Approve Transaction With Primero", released on April 30, 2013 and available on Sedar (www.sedar.com).

Primero shareholders are not required to vote on the Transaction. The Company expects the Transaction to close in the second half of May 2013.

About Primero

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements regarding the timing of court hearings, and other significant events associated with the Company's proposed transaction to acquire the Cerro del Gallo asset, including the approval, implementation and closing of the transaction; and the Company's intentions to become an intermediate gold producer.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

Primero's website is www.primeromining.com

Primero Meets Annual Silver Threshold; to Begin Selling 50% of Silver at Spot

Mon, 22 Apr 2013 07:00:00 -0400

TORONTO, ONTARIO--(Marketwired - April 22, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P) (NYSE:PPP) announced today that it has successfully produced the annual threshold of 3.5 million ounces of silver and will begin selling 50% of the silver produced at San Dimas at spot prices for its own account until August 5, 2013. The Company estimates that it will sell between 900,000 and 1,000,000 ounces of silver at spot realized prices by August 5, 2013.

The Company assumed the silver purchase agreement when it acquired the San Dimas mine in 2010 and the agreement was renegotiated in order for Primero to participate in the silver produced above the annual threshold amount. "We expect the increased silver revenue derived from our increasing production to improve our profitability and leverage to precious metals. This, combined with the positive tax ruling that was obtained in October, 2012, which confirmed that Primero should pay taxes based on realized prices of silver sales, has significantly increased expected free cash flow," stated Joseph Conway , President and C.E.O.

About Primero

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements that the Company will begin selling 50% of the silver produced at San Dimas as spot prices; the Company's estimates of the number of ounces of silver that will be sold at spot prices by August 5, 2013; that the sale of silver at spot prices combined with the positive tax ruling will increase free cash flow; and the Company's intentions to become an intermediate gold producer.

The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: that production meets expectations and is consistent with estimations; that prices for gold and silver remain consistent with the Company's expectations; that the exchange rate between the Canadian dollar, Mexican peso and the United States dollar remain consistent with current levels or as set out in this news release; that there are no material variations in the current tax and regulatory environment or the tax positions taken by the Company; and that the political environment within Mexico will continue to support the development of environmentally safe mining projects.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Advises Date for Cerro Transaction Second Court Hearing Rescheduled

Thu, 11 Apr 2013 07:00:00 -0400

TORONTO, ONTARIO--(Marketwired - April 11, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) today advised that the date for the second court hearing for approval of the Cerro Resources' NL ("Cerro") (ASX:CJO)(TSX VENTURE:CJO) Scheme of Arrangement ("proposed transaction") has been rescheduled from May 3, 2013 to May 8, 2013 due to court availability.

The Cerro shareholder meetings scheduled for Tuesday, April 30, 2013 (Australian) to approve the proposed transaction remain unchanged. The proposed transaction is now expected to close on Thursday, May 23, 2013.

Other important indicative dates and timing in relation to the approval and implementation of the proposed transaction are set out in detail in the Cerro News Release entitled "Schemes of Arrangement: Date For Second Court Hearing Changed", released on April 11, 2013 and available on Sedar (www.sedar.com).

About Primero

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements regarding the timing of court hearings, shareholder meetings and other significant events associated with the Company's proposed transaction to acquire the Cerro del Gallo asset, including the approval, implementation and closing of the transaction; and the Company's intentions to become an intermediate gold producer.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero to Release First Quarter 2013 Results and Hold Annual General and Special Meeting of Shareholders on May 8, 2013

Mon, 08 Apr 2013 07:00:00 -0400

TORONTO, ONTARIO--(Marketwired - April 8, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) announced today that it plans to release its first quarter 2013 financial results and host its Annual General and Special Meeting of Shareholders ("AGM") on Wednesday, May 8, 2013. Primero has filed its 2012 management's discussion and analysis of financial condition and results of operations ("MD&A") and 2012 audited financial statements on SEDAR (www.sedar.com) and Edgar (www.sec.gov). Shareholders may request, free of charge, a hard copy of the audited financial statements to info@primeromining.com.

AGM Details

The AGM will begin on Wednesday, May 8, 2013 at 9:00 am EDT and will be held at the offices of McMillan LLP located at Brookfield Place, Suite 4400, 181 Bay Street, Toronto, ON. For those unable to attend in person please see below for alternative methods of participation.

To listen to the AGM please dial North America toll free 1-855-410-0553 or 1-646-583-7389 for calls outside Canada and the U.S., and enter the participant passcode: 272952#.

A live and archived webcast of the conference call will also be available at www.primeromining.com under the News and Events section or by clicking here:

http://event.onlineseminarsolutions.com/r.htm?e=604864&s=1&k=53D27CA9D250CD4F25AC8A1657570765.

A recorded playback of the AGM conference call will be available until June 8, 2013 by dialing 1-855-410-0556 or 646-583-7395 and entering the call back passcode 337299#.

Q1 2013 Results Conference Call Details

Primero is scheduled to release first quarter 2013 financial results before the market opens on Wednesday, May 8, 2013. A conference call will be held on Wednesday, May 8, 2013 at 11:00 a.m. EDT to discuss the first quarter operating and financial results. Participants may join the call by dialing North America toll free 1-855-410-0553 or 1-646-583-7389 for calls outside Canada and the U.S., and entering the participant passcode 956408#.

A live and archived webcast of the conference call will also be available at www.primeromining.com under the News and Events section or by clicking here:

http://event.onlineseminarsolutions.com/r.htm?e=604844&s=1&k=AC3908F148CB41889439DAA2D3382B32.

A recorded playback of the Q1 2013 results call will be available until June 8, 2013 by dialing 1-855-410-0556 or 646-583-7395 and entering the call back passcode 337298#.

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer and owns 100% of the San Dimas gold-silver mine in Mexico. Primero is focused on delivering superior, sustainable value for all stakeholders with low-risk exposure to gold. The Company has intentions to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Primero's website is www.primeromining.com.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Reports 31% Increase in 2012 Year-End Gold Mineral Reserves and 35% Increase in 2012 Year-End Indicated Gold Mineral Resources

Tue, 26 Mar 2013 07:00:00 -0400

TORONTO, ONTARIO--(Marketwire - March 26, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) today announced year-end Mineral Reserves and Mineral Resources for its San Dimas mine. The Company reported that Probable Gold Mineral Reserves increased 31% over year-end 2011, to 660,400 ounces, or 19% on a per share basis and that Indicated Gold Resources increased 35% over year- end 2011 to 779,600 ounces (inclusive of Mineral Reserves).

"Our exploration team was very successful at discovering new ounces in 2012," stated Mr. Joseph F. Conway , President and Chief Executive Officer, "adding value per share for shareholders and demonstrating the high quality of the San Dimas asset. We increased the contained gold and silver ounces in Mineral Reserves and Mineral Resources, replacing the 12 month gold depletion by a significant 269%. The discovery of two new high- grade veins in our exploration area, the Sinaloa Graben, supports our belief that this new block represents the future of the San Dimas mine. These discoveries also contributed to our decision to expand the mine to 2,500 tonnes per day. With this expansion on-track to be completed in the first quarter of 2014 our focus is now on adding sufficient ounces in 2013 to justify a potential further expansion to 3,000 tonnes per day. Our exploration team is focused on identifying new ounces in close proximity to existing infrastructure, and specifically exploring for the extensions of the prolific Roberta and Robertita vein systems into the Sinaloa Graben. The discovery of an additional mineable high-grade vein would likely be enough to support a decision to expand the mine to 3,000 tonnes per day, resulting in San Dimas being capable of producing approximately 190,000 gold equivalent ounces per year."

The following is Primero's accounting of the Company's Mineral Reserve changes since year-end 2011:


	Gold		Silver
	(ounces)		(000 ounces)
Probable Mineral Reserves as at December 31, 2011	505,492		31,801
Mining depletion during 2012	(91,697	)	(5,502	)
Probable Mineral Reserve ounce increase during 2012*	246,623		13,078
Probable Mineral Reserves as at December 31, 2012	660,418		39,377

* Includes an impact due to metal price and cut-off grade changes. Reserve metal prices changed from $1,250 per ounce of gold and $20 per ounce of silver in 2011 to $1,400 per ounce of gold and $25 per ounce of silver in 2012; cut-off grade changed from 2.5 g/t in 2011 to 2.4 g/t in 2012.

As at December 31, 2012, the Company reported adding 246,623 ounces of gold to the Probable Mineral Reserves, before depleting 91,697 ounces during the year. This equates to replacing the 12 month gold depletion by 269%.

Mineral Reserves and Mineral Resources

The Company retained AMC Mining Consultants (Canada) Ltd. ("AMC") for its year-end 2011, mid-year 2012 and year-end 2012 Mineral Reserve and Mineral Resource updates. The Company's Mineral Reserves and associated Mineral Resources were estimated using a block modelling approach with ordinary kriging interpolation. The remaining veins outside of Mineral Reserves were estimated using a polygonal method. The Mineral Reserves and associated Mineral Resources were constrained in 18 individual geological models (15 individual geological models in 2011) based on wireframes of the various veins. These wireframes were modelled along the vein contacts, and were defined by gold and silver grades, structural geology, quartz veining and mineral alteration. Block dimensions were based on grade estimation blocks of 10 metres by 10 metres by vein width. Grade capping was applied for some veins based on the results of log probability plots of the accumulated gold and silver grades. To convert Mineral Resources to Mineral Reserves, mining dilution was added and mining recovery factors were applied on an individual vein basis and respecting mining methodology. For the block-modelled veins, Indicated Mineral Resources were generally estimated using a distance of approximately 15 metres from data and Inferred Mineral Resources were estimated 30 metres from data. The distance from sample data was extended to between 20 m and 30 m for areas of the Indicated Mineral Resource where drilling was completed in 2012 and sampled at the SGS laboratory.

The Company has implemented revised quality control procedures during 2012 and continues to utilize an external laboratory for all drill samples until equipment at the site laboratory can be replaced.

Table 1: San Dimas Mine Mineral Reserves and Mineral Resources as at December 31, 2012.

Classification		Tonnage (million tonnes)	Gold Grade (g/t)	Silver Grade (g/t)	Contained Gold (000 ounces)	Contained Silver (000 ounces)
Mineral Reserves
	Probable	4.579	4.5	267	660	39,377
Mineral Resources
	Indicated	3.748	6.5	389	780	46,877
	Inferred	6.144	3.9	327	762	64,637

Notes to Mineral Reserve Statement:
1.	Cutoff grade of 2.4 grams per tonne ("g/t") gold equivalent ("AuEq") based on total operating cost of US$104.73/t. Metal prices assumed are gold US$1,400 per troy ounce and silver US$25 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 by Mr. Herbert A. Smith P.Eng. of AMC Mining Consultants (Canada) Ltd. and a QP for the purposes of National Instrument 43-101 ("NI 43-101").

Notes to Mineral Resource Statement:
1.	Mineral Resources are total and include those resources converted to Mineral Reserves.
2.	A 2.0g/t Au Eq cutoff grade is applied and the AuEq is calculated at a gold price of US$1,625 per troy ounce and a silver price of US$25 per troy ounce.
3.	A constant bulk density of 2.7 tonnes/m³has 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.

As a simple sensitivity exercise, prices of US$1,600 per ounce for gold and US$29 per ounce for silver were applied to the final Mineral Reserve estimate, giving numbers of the order of 4.7 million tonnes at 4.4 g/t gold and 261 g/t silver, representing approximately 664,000 ounces of gold and 39.7 million ounces of silver.

There is significant exploration potential at San Dimas beyond the stated Mineral Resources and Mineral Reserves. The scale of the identified targets was not thoroughly reviewed at December 31, 2012, but is expected to remain in the order of 6-10 million tonnes at grade ranges of 3-5 grams per tonne of gold and 200-400 grams per tonne of silver, as estimated at December 31, 2011. This potential mineralization has been estimated by Primero from geological and grade modelling. It should be noted that these targets are conceptual in nature. There has been insufficient exploration to define an associated Mineral Resource and it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource.

Mine Exploration Success Leads Way for District Exploration Program

The Company has planned a $15.4 million exploration program for 2013 that aims to again increase reserves and resources and define higher-grade underground mineralization. Following the successful 2012 exploration program Primero has initiated a district exploration program in 2013. The exploration work will be divided between Mine Exploration (delineation and exploration drilling and drifting from underground in the San Dimas mine) and District Exploration (field activities and exploration drilling from surface on the San Dimas property as well as the Ventanas property).

The Mine Exploration program includes approximately 54,000 metres of diamond drilling and 3,900 metres of exploration drifting. The Mine Exploration program will focus mainly on reserve and resource development and the exploration for the extension of the known underground veins. The majority of the delineation drilling is planned for the Roberta/Robertita and Marina 1/Marina 2 vein systems in the Central Block and the Victoria/Alexa and Elia/Aranza vein systems in the Sinaloa Graben.

The San Dimas property covers an area of 24,825 hectares. More than 120 veins have been recognized, explored and some of them exploited starting in 1928. However, the historic records show the outcrop of more than 260 veins. To date, half of the San Dimas property is completely unexplored, either because of the barren geological capping or lack of basic geological reconnaissance. Therefore, the potential to discover new economic veins regionally is considered excellent. The planned District Exploration program includes approximately 19,000 metres of drilling and will focus mainly on new discoveries as well as on the surface features of the known underground veins.

The east-west tunnel that joins the north-south Sinaloa Graben tunnel, connecting the historical main mining block, the Central Block, with the new mining area, the Sinaloa Graben, is expected to be completed in the first half of 2013, and is expected to significantly improve access routes at the mine. The Company is also driving a second east-west haulage tunnel approximately 250 metres below the first, that is expected to be completed within 18 months and is designed to facilitate the increased haulage associated with the mine expansion to 2,500 TPD.

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer and owns 100% of the San Dimas gold-silver mine in Mexico. Primero is focused on delivering superior, sustainable value for all stakeholders with low-risk exposure to gold. The Company has intentions to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Primero's website is www.primeromining.com.

TECHNICAL INFORMATION AND QUALIFIED PERSON/QUALITY CONTROL NOTES

The Mineral Reserve and Mineral Resource estimates for the San Dimas mine have been prepared by Mr. Rodney Webster MAusIMM, MAIG, Mr. Herbert A. Smith P.Eng and Mr. J. Morton Shannon P.Geo , all of AMC and all Qualified Persons ("QP") for the purposes of National Instrument 43-101 ("NI 43-101"). Mr. Webster, Mr. Smith and Mr. Shannon are independent of the Company. All of the above QPs have reviewed and approved the contents of this news release with respect to the Mineral Reserves and Mineral Resources estimates section.

The scientific and technical information regarding exploration results contained herein is based on information prepared by or under the supervision of Mr. Gabriel Voicu P.Geo ., Vice President, Geology and Exploration, Primero, who is a QP for the purposes of NI 43-101. Mr. Voicu has reviewed and approved the contents of this news release with respect to the scientific and technical information regarding exploration results.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF INDICATED AND INFERRED RESOURCES AND RESERVE ESTIMATES

This news release has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this news release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and reserve and resource estimates disclosed in this news release may not be comparable to similar information disclosed by U.S. companies.

The mineral reserve estimates in this news release have been prepared in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of "probable reserves" used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this news release may not qualify as "reserves" under SEC standards.

In addition, this news release uses the terms "indicated resources" and "inferred resources" to comply with the reporting standards in Canada. The Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Further, "inferred resources" have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the "inferred resources" exist. In accordance with Canadian securities laws, estimates of "inferred resources" cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of "indicated resources" or "inferred resources" will ever be upgraded to a higher category or are economically or legally mineable. In addition, disclosure of "contained ounces" is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures.

NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included in this news release. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of Primero Mining Corp. and its consolidated subsidiaries (collectively, "Primero" or the "Company"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward- looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "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 connotation thereof. Forward-looking statements include, but are not limited to, statements regarding the Company's estimation of mineral reserves and resources and the realization of mineral reserve estimates (including all assumptions), the ability to identify new resources and convert resources and exploration potential into reserves and resources, the ability to add Alexa and Victoria veins to reserves, the timing, nature and success of exploration activities, the expected completion of the east-west tunnels and the results thereof, the expected completion of the mill expansion, the expectation that discovery of an additional high grade vein would lead to an additional mill expansion decision and the potential results of such decision, the future potential to discover new economic veins at San Dimas and intentions to becoming an intermediate gold producer. The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that the Company does not change its development and exploration plans; that prices for gold and silver remain consistent with the Company's expectations; that the Company identifies new veins and extensions of existing veins, that the ratio of gold to silver price is maintained in accordance with the Company's expectations, that Company's current estimates of mineral reserves, mineral resources, mineral grades and mineral recovery are accurate; and that mill and mine development progress as planned.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the ability to achieve planned production levels; the ability to fund exploration and development expenditures and for the expenditures to discover mineralization in minable quantities ; possible variations in ore reserves, grade or recovery rates, mine development and operating risks; and the ability to build a portfolio of precious metals assets in the Americas that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to or loss of equipment, whether as a result of natural occurrences including flooding, political changes, title issues, intervention by local landowners, loss of permits, or environmental concerns or otherwise; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, delays in completion of the mill expansion, exploration and development plans; mining risks, including unexpected formations and cave-ins, which delay operations or prevent extraction of material; risks associated with foreign operations; governmental and environmental regulation; landowner dissatisfaction and disputes; damage to equipment; and labour disruptions. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Confirms Registration of the Cerro Transaction Scheme Booklet

Fri, 22 Mar 2013 08:16:00 -0400

TORONTO, ONTARIO--(Marketwire - March 22, 2013) - Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) today confirmed that the Australian Securities and Investments Commission ("ASIC") has registered the Scheme Booklet ("Booklet") for the proposed transaction with Cerro Resources NL ("Cerro") (ASX:CJO)(TSX VENTURE:CJO).

In the absence of a Superior Proposal (as that term is defined in the Booklet), the Cerro Board recommendation is unanimously in favour of the transaction and the resolutions to be put forward (as outlined in the Booklet).

Cerro will hold meetings on Tuesday, April 30, 2013 (Australian) to approve the proposed transaction.

A copy of the Booklet, including the Independent Expert's Report, is available on Sedar (www.sedar.com). Release of the Booklet follows orders made by the Federal Court of Australia.

Other important indicative dates and indicative timing in relation to the approval and implementation of the transaction are set out in detail in the Cerro News Release entitled "Cerro Resources Announces Scheme Booklet and Meetings", released on March 22, 2013 and available on Sedar (www.sedar.com).

About Primero

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's proposed transaction with Cerro; the timing of the pending acquisition of the Cerro del Gallo asset; and the Company's intentions to become an intermediate gold producer.

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Primero Reports Fourth Quarter and Full Year 2012 Results; Generates Record Revenues and Operating Cash Flow and Significant Free Cash Flow

Thu, 21 Feb 2013 07:00:00 -0500

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2013) -

(Please note that all dollar amounts in this news release are expressed in U.S. dollars. Refer to the 2012 year-end management discussion and analysis (MD&A) and audited financial statements for more information.)

Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) today reported financial results for the fourth quarter and year ended December 31, 2012. The Company reported record revenues of $182.9 million in 2012 and strong net earnings of $49.6 million ($0.54 per share). The Company had a cash position of $139.2 million as of December 31, 2012 and generated record operating cash flows⁽¹⁾ of $88.8 million ($0.97 per share).

"We are very proud of Primero's success in 2012 and the results achieved by our operating team," stated Joseph F. Conway , President and C.E.O. "We built significant value in Primero during the year, increasing reserves, resources and production while being one of the few producers to reduce cash costs. The Company also significantly increased free cash flow as the result of a positive tax ruling while also significantly reducing its debt. These achievements translated into a superior share price performance, with Primero shares appreciating 97% in 2012, as well as inclusion into the S&P/TSX Gold Index. We look forward to 2013 and continuing to focus on per share growth in production, reserves, earnings and cash flow. We expect to complete the acquisition of the Cerro Del Gallo development project in Mexico during the second quarter, which will further enhance our position in the region, and substantially increase our reserves, resources and near-term production. Primero is well positioned to deliver over 250,000 gold equivalent ounces at below average cash costs by 2016."

Fourth Quarter and Full Year 2012 Highlights:

Record Revenues and Operating Cash Flow: Annual 2012 revenues increased by 17% over 2011 and operating cash flows⁽¹⁾ increased by 14% over 2011;
Record Annual Production: Strong fourth quarter production contributed to record annual production of 111,132 gold equivalent ounces⁽²⁾, within the Company's increased guidance range⁽²⁾;
Excellent Cost Control: The Company lowered full year cash costs⁽³⁾ compared to 2011;
Strong Balance Sheet: Grew cash position to $139.2 million at December 31, 2012 while significantly reducing its debt;
Positive Exploration Results: Discovered two new high-grade veins in 2012 and increased mid-year gold reserves and resources;
Positive Tax Ruling: Substantially increasing the Company's cash flow;
Increased Silver Sales At Spot: Increased silver sales at spot prices in 2012 by 40% over 2011;
San Dimas Expansion Announced: Expansion expected to increase production by approximately 60% and reduces cash costs, with a potential further expansion possible;
Cerro Del Gallo Acquisition Announced: Expected to increase medium-term production to over 250,000 gold equivalent ounces per year and more than triples the Company's resource base⁽⁴⁾.

Growing Earnings and Cash Flow Per Share

Revenues in the fourth quarter of 2012 were $43.6 million compared to $35.6 million in the fourth quarter 2011 as a result of selling 20% more gold equivalent ounces at 1% and 2% higher gold and silver prices, respectively⁽⁵⁾. The Company sold 22,404 ounces of gold at an average realized price of $1,715 per ounce and 1.25 million ounces of silver at an average realized price of $4.12 per ounce in the fourth quarter 2012, in accordance with the silver purchase agreement⁽⁵⁾.

Operating cash flow before working capital changes increased in the fourth quarter of 2012 to $17.8 million ($0.19 per share), compared to $14.6 million ($0.17 per share) in the fourth quarter of 2011.

The Company earned net income of $1.2 million ($0.01 per share) in the fourth quarter of 2012, compared with net income of $31.2 million ($0.35 per share) in the fourth quarter of 2011, lower mainly due to the income tax recovery of $28.8 million in the fourth quarter of 2011 as a result of the timing of the Company's advance tax ruling application.

Adjusted net income⁽⁶⁾ for the fourth quarter was $4.5 million ($0.05 per share), compared to an adjusted net income of $4.7 million ($0.05 per share) in the fourth quarter of 2011. Adjusted net income for the fourth quarter of 2011 and 2012 primarily excludes the impact of foreign exchange on deferred income tax assets and liabilities. The 2011 adjusted net income also excludes the benefit of the APA ruling that relates to the period from August 6, 2010 to September 30, 2011 (in the fourth quarter 2011, after filing the APA application, the Company recorded the benefit of the APA retroactive to August 2010, the date of the purchase of the San Dimas mine). Non-cash share-based payment expenses of $6.0 million (2011 - $1.5 million), or $0.06 per share (2011 - $0.02 per share) has not been excluded in calculating adjusted net earnings.

Revenue increased to a record $182.9 million in 2012 compared to $156.5 million in 2011 as a result of selling 13% more gold ounces and 8% more silver ounces at 6% higher and 2% lower gold and silver prices respectively. Primero sold 87,384 ounces of gold at an average realized price of $1,662 per ounce, and 5.02 million ounces of silver at an average realized price of $7.52 per ounce. In total the Company sold 716,229 ounces of silver at spot prices in 2012, compared to 511,752 ounces in 2011.

Operating cash flow before working capital changes also increased to a record $88.8 million ($0.97 per share) in 2012, from $77.6 million ($0.88 per share) in 2011.

The Company earned net income of $49.6 million ($0.54 per share) in 2012 compared with $49.6 million ($0.56 per share) in 2011. Net income in 2012 was not higher than in 2011 mainly due the receipt in 2011 of a transaction related break fee and increased general and administration expenses in 2012 mainly related to stock-based compensation.

Adjusted net income for 2012 was $41.3 million ($0.45 per share) compared with adjusted net income of $28.3 million ($0.32 per share) in 2011. Adjusted net income for both years excludes the impact of foreign exchange on deferred income tax assets and liabilities. The 2011 adjusted net income also excludes the benefit of the APA filing pertaining to 2010 as well as the transaction break-fee. A non-cash share-based payment expense of $15.0 million (2011 - $8.1 million), or $0.16 per share (2011 - $0.09 per share), has not been excluded in calculating adjusted net income in 2012.

Record San Dimas Throughput Drives Production Increase

Primero produced 26,310 gold equivalent ounces during the fourth quarter of 2012. This resulted in record annual production (since Primero's acquisition of San Dimas) in 2012 of 111,132 gold equivalent ounces, 9% higher than 2011 and within the Company's increased guidance range⁽²⁾.

The Company produced 23,143 ounces of gold and 1.32 million ounces of silver in the fourth quarter 2012, 15% and 10% higher, respectively, than the fourth quarter 2011, due mainly to higher throughput. This resulted in the Company producing 87,900 ounces of gold and 5.13 million ounces of silver in full year 2012, 10% and 12% higher than 2011 respectively.

Production at San Dimas in 2012 was higher than 2011 primarily as a result of mining more ore at similar grades. San Dimas achieved record throughput in 2012, an increase of approximately 9% over 2011, averaging 1,976 tonnes per day ("TPD") (based on 365 day availability), mainly as a result of the Company's mining optimization program that was initiated mid-year. The optimization program has been successful at reducing process variation, increasing throughput and has also improved mining dilution.

The Company was also successful at controlling costs, slightly lowering 2012 costs per tonne compared to 2011. Fourth quarter 2012 cash costs were $677 per gold equivalent ounce, or $535 per gold ounce on a by-product basis. Total cash costs for the full year 2012 were $636 per gold equivalent ounce, or $366 per gold ounce on a by-product basis, compared to $640 per gold equivalent ounce, or $384 per gold ounce on a by-product basis in 2011.

Cash Position Continues to Build

The Company's cash position increased to $139.2 million at December 31, 2012 from the September 30, 2012 balance of $133.1 million. During 2012 the Company continued to illustrate its ability to generate significant free cash flow while repaying debt and also internally funding future growth by increasing its cash position considerably from the December 31, 2011 balance of $80.8 million.

Capital expenditures during the fourth quarter were $17.1 million resulting in full year 2012 capital expenditures of $39.7 million. In 2013, capital expenditures are expected to be approximately $42.0 million excluding capitalized exploration costs, which are estimated at $15.4 million. With its cash balance and anticipated cash flows, Primero management believe it is fully funded to expand production at San Dimas by over 60% and build the Cerro Del Gallo project while also remaining well positioned to take advantage of other strategic growth opportunities.

Tax Ruling Increases Free Cash Flow

On October 4, 2012 the Company announced that its Mexican subsidiary received a positive ruling from the Mexican tax authorities (Servicio de Administración Tributaria) on its advance pricing agreement ("APA") filing made in October 2011. The ruling confirms that the Company's Mexican subsidiary appropriately records revenue and taxes from sales under the silver purchase agreement⁽⁵⁾ at realized prices rather than spot prices effective from August 6, 2010. This ruling significantly improves the Company's free cash flow. Under Mexican tax law, an APA ruling is generally applicable for up to a five year period. For Primero this applies to the fiscal years 2010 to 2014. Assuming the Company continues to sell silver from its San Dimas mine on the same terms and there are no changes in the application of Mexican tax laws relative to the APA ruling, the Company expects to pay taxes on realized silver prices for the life of the San Dimas mine.

During 2012 the Company received $22.2 million as a full refund of previously overpaid taxes.

Robust Outlook for 2013

Primero expects to increase production in 2013 to between 120,000 and 130,000 gold equivalent ounces, up to 17% higher than 2012, based on higher throughput at slightly higher grades. Production is expected to ramp-up at the end of the first quarter when the current maximum milling capacity of 2,150 TPD is achieved.

Cash costs for 2013 are expected to be in the range of $620 to $640 per gold equivalent ounce or between $280 and $300 per gold ounce on a by-product basis, similar to or below 2012 cash costs.

Capital expenditures during 2013 are expected to be approximately $42 million excluding capitalized exploration costs. Underground development capital and sustaining capital remain at similar levels to 2012. Underground development in 2013 will again be focused in the main mining (Central Block and Sinaloa Graben) blocks. In 2013 the majority of the ore is anticipated to come from the Central Block with approximately 30% from the higher-grade Sinaloa Graben block.

Primero's 2013 outlook is summarized in the following table:

	Outlook 2013
Attributable gold equivalent production⁽¹⁾ (gold equivalent ounces)	120,000-130,000
Gold production (ounces)	90,000-100,000
Silver production⁽⁶⁾ (ounces)	6,000,000-6,500,000
Total cash costs⁽³⁾ (per gold equivalent ounce)	$620 - $640
Total cash costs⁽³⁾ - by-product (per gold ounce)	$280 - $300
Capital Expenditures ($ millions)	$42

Cerro Del Gallo Acquisition Diversifies Production Base and Enhances Growth

Primero's proposed acquisition of the Cerro Del Gallo asset, announced in early December 2012⁽⁴⁾, will create a diversified, high growth, competitive-cost precious metals producer in Mexico.⁽⁴⁾ The acquisition is consistent with the Company's strategy of growth in low risk regions of the Americas. Cerro Resources NL shareholders will own approximately 15% of the issued common shares of Primero on a pro-forma basis.

The proposed acquisition will double Primero's reserves and triple its measured and indicated resources⁽⁷⁾ and will diversify and improve its production profile. The Company's combined plan forecasts production to increase by 125% to over 250,000 gold equivalent ounces in 2016⁽⁴⁾. The first production from Cerro de Gallo is expected to occur in mid-2015⁽⁴⁾.

At flat metals prices of $1,700 per ounce of gold and $30 per ounce of silver, the forecast 2016 combined cash costs are expected to be approximately $650 per gold equivalent ounce, or below $450 per ounce on a by-product basis.

Assuming the transaction closes in May 2013 as expected, Primero estimates 2013 capital expenditures of between $50 and $60 million on the Cerro Del Gallo project.

San Dimas Expansion to 2,500 TPD On-Track

The Company's expansion of the San Dimas mine and mill from 2,150 TPD to 2,500 TPD is on track to be completed by the end of the first quarter of 2014.

Mine throughput has increased from an average 1,815 TPD in 2011 to an average 1,976 TPD in 2012, with the mine operating at over 2,066 TPD during the fourth quarter 2012. The Company expects the mine to be operating at the mill's current capacity of 2,150 TPD by the end of the first quarter 2013.

Construction of the mill circuit expansion began in October 2012, and is progressing on plan. Key components of the expansion are on-site, including a third ball mill and an additional tailings pump. The Company spent $2.6 million on the mill circuit expansion during 2012.

Exploration Update and Long-Hole Mining Testing Results Encouraging

Primero's successful $13.5 million 2012 exploration program resulted in the discovery of two new high-grade veins in the Sinaloa Graben and a 16% increase in gold contained in Mineral Reserves at mid-year 2012. The Company expects to release year-end 2012 Mineral Reserves and Mineral Resources in early March 2013.

The Company has a $15.4 million exploration program planned for 2013, including 74,000 metres of drilling. The Company plans to continue to explore for the extension into the Sinaloa Graben of the prolific, producing, high-grade veins from the adjacent Central Block.

Commitment to Corporate Responsibility and the Safety of its Workers

Primero is committed to the safety, health and well-being of its workers and their families. The Company is striving to achieve a zero-incident work environment with a strong safety culture.

Primero was proud to be recognized by the Mexican Center for Philanthropy (CEMEFI) and the Alliance for Corporate Social Responsibility (AliaRSE) with the Empresa Socialmente Responsable (Socially Responsible Business Distinction) distinction during 2012.

Conference Call and Webcast RESCHEDULED TO 10:00 AM (E.S.T.) Today, as Previously Announced

The Company's senior management will host a conference call today, Thursday, February 21, 2013, at 10:00 AM (E.S.T.) to discuss the fourth quarter and full year financial results, and provide an update on the Company's corporate strategy and future growth plans.

Participants may join the call by dialing North America toll free 1-855-410-0553 or 1-646-583-7389 for calls outside Canada and the U.S. and entering the participant passcode 685097#.

A live and archived webcast of the conference call will also be available at www.primeromining.com under the News and Events section or by clicking here:

http://event.onlineseminarsolutions.com/r.htm?e=579693&s=1&k=308ED2AF1067128B6E2CFD481FC39329.

A recorded playback of the call will be available until, Monday, May 20, 2013 by dialing North America toll free 1-855-410-0556 or 646-583-7395 for calls outside Canada and the U.S. and entering the call back passcode 336555#.

This release should be read in conjunction with Primero's audited year-end 2012 financial statements and MD&A report on the Company's website, www.primeromining.com, in the "Financial Reports" section under "Investors", or on the SEDAR website at www.sedar.com.

(1)	"Operating cash flow" is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. See the 2012 MD&A for a reconciliation of operating cash flows to GAAP.


(2)	"Gold equivalent ounces" include silver ounces produced, and converted to a gold equivalent based on a ratio of the average commodity prices realized for each period. The ratio for the fourth quarter 2012 was 416:1 based on the average realized prices of $1,715 per ounce of gold and $4.12 per ounce of silver. The ratio for full year 2012 was 221:1 based on the average realized prices of $1,662 per ounce of gold and $7.52 per ounce of silver. The ratio used for the 2013 guidance projection is 200:1 based on estimated average prices of $1,700 per ounce of gold and $8.52 per ounce of silver.


(3)	Total cash costs per gold equivalent ounce and total cash costs on a by-product basis are non-GAAP measures. Total cash costs per gold equivalent ounce is defined as cost of production (including refining costs) divided by the total number of gold equivalent ounces produced. Total cash costs on a by-product basis are calculated by deducting the by-product silver (and copper in the case of Cerro de Gallo) credits from operating costs. The Company reports total cash costs on a production basis. In the gold mining industry, these are common performance measures but do not have any standardized meaning, and are non-GAAP measures. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

(4)	Assuming the successful closing of the Cerro Del Gallo acquisition as announced by the Company on December 12, 2012 in the news release "Primero to Acquire Cerro Del Gallo", available on the Company's website http://www.primeromining.com/ or Sedar http://www.sedar.com/ and that it begins production in mid-2015 in addition to the successful expansion of San Dimas to over 160,000 gold equivalent ounces per annum.

(5)	According to the silver purchase agreement between the Company and Silver Wheaton Corp., until August 6, 2014 Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.12 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first 6.0 million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered.

(6)	Adjusted net earnings/income and adjusted net earnings/income per share are non-GAAP measures. Neither of these non-GAAP performance measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the 2012 MD&A for a reconciliation of adjusted net earnings/income to reported net income.

(7)	Assuming Goldcorp Inc. converts their 30.8% position in Cerro Del Gallo to a Net Profit Interest and that resources include reserves. Cerro Resources NL has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") 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. Primero plans to file a technical report on the Cerro Del Gallo project within 180 days of December 13, 2012 in accordance with the requirements of NI 43-101.

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer and owns 100% of the San Dimas gold-silver mine in Mexico. Primero is focused on delivering superior, sustainable value for all stakeholders with low-risk exposure to gold. The Company has intentions to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Primero's website is www.primeromining.com.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

Forward-looking statements in this news release include, but are not limited to, statements regarding the level of gold equivalent production at San Dimas; the realization of silver sales at spot prices; the amount of gold equivalent ounces production in 2013, the cash costs for 2013; the capital expenditures in 2013; the underground development in 2013; the amount of ore from the Company's operations in 2013; three-year plan forecasts; the pending acquisition of the Cerro del Gallo asset and the amount and timing of anticipated production from that asset; the probability of encountering high grade mineralization in, and the exploration potential of, the Company's exploration targets; the ability to generate significant free cash flow while repaying debt and also internally funding future growth; optimization and expansion initiatives; and the Company's intentions to become an intermediate gold producer.

The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that development and expansion at San Dimas proceeds on a basis consistent with current expectations and the Company does not change its development and exploration plans; that the exchange rate between the Canadian dollar, Mexican peso and the United States dollar remain consistent with current levels or as set out in this news release; that prices for gold and silver remain consistent with the Company's expectations; that production meets expectations; that the Company will sell some of its silver production at spot prices in 2013; that the Company identifies higher grade veins in sufficient quantities of minable ore in the Central Block and in Sinaloa Graben; that there are no material variations in the current tax and regulatory environment; that the Company will receive required permits and access to surface rights; that the Company can access financing, appropriate equipment and sufficient labour; that the political environment within Mexico will continue to support the development of environmentally safe mining projects.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the Company may not be able to achieve planned production levels; or generate significant free cash flow, the Company may not be able to expand production at San Dimas, or close the acquisition of the Cerro Del Gallo asset or develop it to realize anticipated production levels, the Company may be required to change its development and exploration plans with a negative impact on production; the Company may not discover mineralization in minable quantities; the exchange rate between the Canadian dollar, the Mexican peso and the United States dollar may change with an adverse impact on the Company's financial results; the optimization and expansion initiatives may not provide the benefits anticipated; the Company may not be able to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com.

SUMMARIZED FINANCIAL AND OPERATING RESULTS AND FINANCIAL STATEMENTS FOLLOW

SUMMARIZED FINANCIAL & OPERATING RESULTS

(in thousands of United States dollars, except per share and per ounce amounts - unaudited)

SUMMARIZED FINANCIAL DATA

				Three months ended December 31,		Year ended December 31,
				2012		2012		2011			2010
			Operating Data
Tonnes of ore milled					190,073		721,264		662,612			257,230
Produced
	Gold equivalent (ounces)				26,310		111,132		102,224			37,378
	Gold (ounces)				23,143		87,900		79,564			31,943
	Silver (million ounces)				1.32		5.13		4.60			1.79
Sold
	Gold equivalent (ounces)				25,416		110,078		100,138			45,394
	Gold (ounces)				22,404		87,384		77,490			39,174
	Silver (million ounces)				1.25		5.02		4.63			2.04
Average realized prices
	Gold ($/ounce)			$	1,715	$	1,662	$	1,561		$	1,328
	Silver ($/ounce)			$	4.12	$	7.52	$	7.69		$	4.04
Total cash costs (per gold ounce)
	Gold equivalent basis			$	677	$	636	$	640		$	642
		By-product basis		$	535	$	366	$	384		$	525

			Financial Data						(Restated	)		(Restated	)
(in thousands of US dollars except per share amounts)
Revenues					43,597		182,939		156,542			60,278
Earnings from mine operations					17,471		79,389		65,090			14,145
Net income/(loss)					1,245		49,553		49,644			(28,711	)
Basic income/(loss) per share					0.01		0.54		0.56			(0.78	)
Diluted income/(loss) per share					0.01		0.54		0.54			(0.78	)
Operating cash flows before working capital changes					17,775		88,808		77,591			12,221
Assets
	Mining interests				496,132		496,132		486,424			484,360
	Total assets				670,506		670,506		609,259			659,480
Liabilities
	Long-term liabilities				45,071		45,071		52,299			114,329
	Total liabilities				98,768		98,768		121,419			226,687
Equity					571,738		571,738		487,840			432,793
Weighted average shares outstanding (basic) (000's)					91,469		91,469		88,049			37,031
Weighted average shares outstanding (diluted) (000's)					91,635		91,635		96,562			37,031

SUMMARIZED OPERATING DATA

		Year ended December 31						Three months ended
		2012			2011			31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12			31-Dec-11
Operating Data
Tonnes of ore milled			721,264			662,612			190,073			177,926			174,742			178,523			176,633
Average mill head grade (grams/tonne)
	Gold		3.90			3.86			3.90			3.40			4.25			4.05			3.70
	Silver		234			226			228			210			256			242			223
Average recovery rate (%)
	Gold		97	%		97	%		97	%		97	%		97	%		97	%		98	%
	Silver		95	%		94	%		95	%		95	%		95	%		95	%		95	%
Produced
	Gold equivalent (ounces)		111,132			102,224			26,310			25,582			33,598			25,793			23,115
	Gold (ounces)		87,900			79,564			23,143			18,892			23,277			22,588			20,191
	Silver (million ounces)		5.13			4.60			1.32			1.14			1.36			1.32			1.20
Sold
	Gold equivalent (ounces)		110,078			100,138			25,416			23,251			35,442			26,229			21,192
	Gold (ounces)		87,384			77,490			22,404			17,100			24,876			23,004			18,487
	Silver at fixed price (million ounces)		4.30			4.12			1.25			0.80			0.92			1.33			1.11
	Silver at spot (million ounces)		0.72			0.51			-			0.25			0.47			-			-
	Average realized price (per ounce)
	Gold	$	1,662		$	1,561		$	1,715		$	1,646		$	1,610		$	1,678		$	1,679
	Silver	$	7.52		$	7.69		$	4.12		$	9.66		$	12.24		$	4.08		$	4.08
Total cash operating costs ($000s)		$	70,716		$	65,410		$	17,818		$	17,872		$	17,645		$	17,381		$	16,622
	Total cash costs (per gold ounce)
	Gold equivalent basis	$	636		$	640		$	677		$	699		$	525		$	674		$	719
	By-product basis	$	366		$	384		$	535		$	363		$	44		$	532		$	580


(1)	Total cash costs per gold ounce on a gold equivalent and by-product basis are non-GAAP financial measures. Refer to "Non-GAAP measure - Total cash costs per gold ounce calculation" in the Company's year-end 2012 MD&A for a reconciliation to operating expenses.

PRIMERO MINING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

THREE MONTHS AND YEARS ENDED DECEMBER 31, 2012 AND 2011
(In thousands of United States dollars, except for share and per share amounts)
			Unaudited				Audited
			Three months ended December 31				Year ended December 31
			2012		2011		2012		2011
					(Restated)				(Restated)
			$		$		$		$

Revenue			43,597		35,645		182,939		156,542

Operating expenses			(19,328	)	(15,825	)	(75,495	)	(64,845	)
Depreciation and depletion			(6,798	)	(6,534	)	(28,055	)	(26,607	)
Total cost of sales			(26,126	)	(22,359	)	(103,550	)	(91,452	)

Earnings from mine operations			17,471		13,286		79,389		65,090
General and administrative expenses			(11,064	)	(5,066	)	(30,003	)	(18,872	)

Earnings from operations			6,407		8,220		49,386		46,218
Other (expense) income			(1,129	)	(1,129	)	(1,842	)	17,407
Foreign exchange (loss) gain			(1,250	)	(3,723	)	(948	)	912
Finance income			172		139		1,192		2,795
Finance expense			(769	)	(181	)	(2,887	)	(7,810	)
Loss on derivative contracts			(750	)	(899	)	(226	)	(1,284	)

Earnings before income taxes			2,681		2,427		44,675		58,238

Income tax recovery (expense)			(1,436	)	28,789		4,878		(8,594	)

Net income for the period			1,245		31,216		49,553		49,644

Other comprehensive income
	Exchange differences on translation of foreign operations		197		(106	)	386		(1,588	)
Total comprehensive income for the period			1,442		31,110		49,939		48,056

Basic income per share			0.01		0.35		0.54		0.56
Diluted income per share			0.01		0.32		0.54		0.54

Weighted average number of common shares outstanding
		Basic	93,406,583		88,253,347		91,469,356		88,049,171
		Diluted	94,784,589		96,719,907		91,635,428		96,562,288



PRIMERO MINING CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands of United States dollars)
		December 31,		December 31,
		2012		2011
				(Restated)
		$		$

Assets
Current assets
	Cash	139,244		80,761
	Trade and other receivables	3,792		5,526
	Taxes receivable	5,914		20,969
	Prepaid expenses	4,607		5,570
	Inventories	11,044		9,463
	Derivative asset	-		203
Total current assets		164,601		122,492

Non-current assets
	Mining interests	496,132		486,424
	Deferred tax asset	9,773		343
Total assets		670,506		609,259

Liabilities
Current liabilities
	Trade and other payables	36,520		24,907
	Taxes payable	2,209		4,213
	Current portion of decommissioning liability	2,182		-
	Current portion of long-term debt	12,786		40,000
Total current liabilities		53,697		69,120

Non-current liabilities
	Taxes payable	6,055		-
	Decommissioning liability	6,101		9,373
	Long-term debt	27,214		40,000
	Other long-term liabilities	5,701		2,926
Total liabilities		98,768		121,419

Equity
Share capital		456,734		423,250
Warrant reserve		34,237		34,237
Share-based payment reserve		15,120		14,645
Foreign currency translation reserve		(1,064	)	(1,450	)
Retained earnings		66,711		17,158
Total equity		571,738		487,840
Total liabilities and equity		670,506		609,259



PRIMERO MINING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS AND YEARS ENDED DECEMBER 31, 2012 AND 2011
(In thousands Of United States dollars)
			Unaudited				Audited
			Three months ended December 31				Year ended December 31
			2012		2011		2012		2011
					(Restated)				(Restated)

Operating activities
	Earnings before income taxes		2,681		2,427		44,675		58,238
	Adjustments for:
		Depreciation and depletion	6,798		6,534		28,055		26,607
		Changes to decommissioning liability	(161	)	(1,619	)	(161	)	(851	)
		Share-based payments	6,527		1,557		16,233		8,073
		Payments made under the phantom share unit plan	(499	)	-		(877	)	-
		Cash paid for unrealized derivative contracts (net of sales proceeds)	271		-		(23	)	(4,118	)
		Loss on derivative asset	750		874		226		1,284
		Assets written off	477		931		811		931
		Unrealized foreign exchange loss (gain)	803		3,742		175		(153	)
		Taxes paid	(469	)	(1,135	)	(2,001	)	(17,435	)
Other adjustments
Finance income (disclosed in investing activities)			(172	)	(139	)	(1,192	)	(2,795	)
Finance expense			769		1,430		2,887		7,810
			17,775		14,602		88,808		77,591

	Changes in non-cash working capital		10,734		(1,565	)	25,402		74,974
Cash provided by operating activities			28,509		13,037		114,210		152,565

Investing activities
	Acquisition of San Dimas		-		-		-		(3,928	)
	Expenditures on exploration and evaluation assets		(15,665	)	(3,856	)	(35,267	)	(8,171	)
	Expenditures on mining interests		(1,422	)	(4,974	)	(4,473	)	(18,994	)
	Interest received		172		139		1,192		2,795
Cash used in investing activities			(16,915	)	(8,691	)	(38,548	)	(28,298	)

Financing activities
	Repayment of VAT loan		-		-		-		(70,000	)
	Repayment of debt		(5,000	)	(30,000	)	(10,050	)	(30,000	)
	Proceeds on exercise of options and warrants		2,532		26		2,532		1,047
	Interest paid		(2,760	)	(1,103	)	(9,024	)	(2,154	)
Cash used in financing activities			(5,228	)	(31,077	)	(16,542	)	(101,107	)

Effect of foreign exchange rate changes on cash			(252	)	265		(637	)	(697	)

Increase in cash			6,114		(26,466	)	58,483		22,463
Cash, beginning of period			133,130		107,227		80,761		58,298
Cash, end of period			139,244		80,761		139,244		80,761

Contact Information:

Primero Mining Corp.

Tamara Brown

VP, Investor Relations

(416) 814 3168

tbrown@primeromining.com

www.primeromining.com

Contact: