Black fox site visit june 19

Black Fox Site Visit
June 19th, 2014

TSX:P I NYSE:PPP I 2
This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the
Company and reflect management’s expectations or beliefs regarding such future events and anticipated performance. In certain cases,
forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”,
”estimates”, ”forecasts”, ”intends”, ”anticipates” or “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 of these words or
comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or
implied by the forward-looking statements. Such factors include various risks related to the Company’s operations, including, without
limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes in national
and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining
necessary exploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A
complete list of risk factors are described in the Company’s annual information form and will be detailed from time to time in the
Company’s continuous disclosure, all of which are, or will be available, for review on SEDAR at www.sedar.com.
This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers
that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101”), the United States Securities and Exchange Commission does not recognize them. Readers
are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted in to reserves. In
addition, “inferred resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary
Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that
described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company
neither intends nor assumes any obligation to update these forward-looking statements or information to reflect changes in assumptions
or circumstances other than required by applicable law. There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those currently anticipated. Accordingly, readers should not
place undue reliance on forward-looking statements.
Unless otherwise indicated, all dollar values herein are in US$.
Cautionary Statement

Safety
Underground, Surface and Mill Operations
Required PPE:
o Hard hat
o Safety vest
o Steel-toe boots/shoes
o Gloves
o Hearing protection
o Stay with the group at all times
o Report any unsafe conditions
o Buckle up safety belt
o Use PPE where/when required
o Follow instructions of your guide
in an emergency

Agenda Items
Black Fox Mine
(AT DECEMBER 31, 2013, MINERAL RESOURCES
INCLUDE MINERAL RESERVES)
Au Reserves (Moz) 0.66
Au M&I Resources (Moz) 0.82
Inferred Resources (Moz) 0.04
o Meet & Greet with Senior Staff
o Underground & Open Pit tour
o Lunch and Exploration Presentation
o Mill Tour
Grey Fox
(AT JULY 2, 2013)
Au Indicated Resources (Moz) 0.51
Au Inferred Resources (Moz) 0.23

Marc Bilodeau, V.P. Operations
Mike Mayhew, Mine Manager
Jim Montague, Mill Manager
Steve Gray, Chief Production Geologist
Even Stavre, Chief Mine Exploration Geologist
John Dixon, Exploration Manager – Northern Ontario
Kaz Urbanski, Underground Superintendent
Graham Reid, Health & Safety Supervisor
Steve Poliquin, Surface General Field Manager
Bill Hosken, Mine Planner
John Viermaa, Maintenance Superintendent
Roxana Johnston, Mine Financial Controller
Black Fox Senior Management Team
368
56
Employees Contractors
2014 Black Fox Head Count
424

Focused on Corporate Responsibility
Focused on Responsible Mining
HEALTH AND SAFETY
o We understand that our most important
assets are our people and their safety is our
number one priority
o Black Fox has an impressive 368 days with
no lost time accidents
ENVIRONMENT
o We utilize sustainable green technologies
where possible
COMMUNITY
o We treat our local communities as our
partners
o We focus on understanding our local
communities goals and providing local
opportunities

Impact Benefits Agreement (IBA) in place since June 2011
The Black Fox mine has a long relationship with Wahgoshig and the current IBA
provides them with the opportunity to optimize its direct and indirect business
participation in the project by promoting and encouraging the use of Wahgoshig
Businesses to supply goods and services for the project.
Both parties agree to work together to maximize the opportunities for Wahgoshig
Businesses in the project and to promote and assist in the development of business
skills.
BLACK FOX
Working together with Wahgoshig First Nations
Lunch today was provided by Wahgoshig First Nations

Location Timmins, Ontario
Ownership 100% (8% gold stream at $504/oz1)
Metals Gold
Mining Open pit & underground
Capacity 2,200 TPD
Mine Life Open Pit: ~3 years, U/G: ~7 years
Mineral Resources and Mineral Reserves
(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
CLASSIFICATION
TONNAGE
( TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
( OUNCES)
Mineral Reserves
Proven & Probable 4,469,000 4.6 660,800
Mineral Resources (includes Mineral Reserves)
Measured & Indicated 4,942,149 5.2 822,542
Inferred 270,998 5.1 44,172
BLACK FOX
Another Opportunity to Unlock Value
Black Fox Gold Pour
Black Fox Mill
Note: Refer to Slide 26 for details.

BLACK FOX
Prospective, Mining Friendly Jurisdiction
Destor-Porcupine Fault has produced around 200Moz gold

BLACK FOX
Large ~2,000 Hectare Property
40 land parcels and 22 patented mining leases
BLACK FOX MINE

BLACK FOX
Property Layout
Established Infrastructure

MINE
RESERVE/
RESOURCE
DEPTH (m)
SHAFT/
RAMP DEPTH
(m)
RESERVE
GRADE (g/t
Au)
RESOURCE
GRADE (g/t
Au)
Holloway Mine 900 864 4.5 4.3
Doyon 1,040 1,040 n.a. 4.4
Holt Mine 1,200 1,075 4.7 4.3
Timmins West 1,200 1,200 5.2 5.5
Hoyle Pond 1,290 2,200 17.1 12.9
McIntyre 1,300 1,300 8.9 8.9
Lapa 1,600 1,400 5.9 5.2
Dome 1,665 1,665 4.4 4.3
Kirkland Lake 1,750 1,750 14.0 15.0
Hollinger 1,800 1,800 9.1 9.1
Westwood 2,650 2,650 9.9 11.1
LaRonde 3,200 2,860 5.0 4.6
Average 1,633 1,651 8.1 7.5
Black Fox 510 390 4.6 5.3
BLACK FOX
Open for Expansion at Depth
Black Fox Open-Pit
Note: Based on public data

BLACK FOX
Open for Expansion Laterally & at Depth
1. See News Release dated October 31, 2013
2. See News Release dated October 16, 2013

BLACK FOX
Short Term Focus
Increase underground throughput
o Total 2014 budget of $48 million for 10 months
 45,350 metres of exploration drilling planned in 2014
 Only 32,950 metres of exploration drilling completed at the
Black Fox Mine from 2010 to 2013
o Increase underground throughput:
 Increase delineation and definition drilling
 Increase short term development drifting by 150%
 Increase active long-hole stopes to 3 (from 1 currently)
 Add new underground equipment to improve productivity
o Open exploration drift at 520 level
 Provides improved drilling access to 2013 high-grade
intercepts
o Increase open-pit grade:
 Pre-stripping of third phase is now complete and grades
expected to increase as benches get deeper
-
500
1,000
1,500
2,000
2,500
Q1 2014 Q4 2014E
Black Fox Throughput Target
(TPD)
Open Pit
Open Pit
U/G
U/G

BLACK FOX
2014 Planned Mining Areas

BLACK FOX
2014 Exploration Program

BLACK FOX
2014 Planned Development
2014 short-term capitalized
drifting of 2,200m

CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
Location 4 km from Black Fox - Timmins, ON
Ownership 100% (No gold stream)
Metals Gold
Mining Open pit potential & Underground
Exploration 6 rigs on site
Permitting Currently underway
(July 3, 2013)
CLASSIFICATION
TONNES
(M)
CAPPED Au
(g/t)
CONTAINED
Au (oz)
Indicated Resources 4.3 3.7 507,400
Total Inferred Resources 1.5 4.7 228,600
GREY FOX
Promising Exploration Project
Grey Fox Aerial
Grey Fox CoreNote: Refer to Slide 27 for details.

o Since acquiring the Black Fox Complex Primero has drilled 34 holes or 9,469 metres
o Raised Cdn$9 million in a flow-through financing for Grey Fox and Pike River drilling
GREY FOX
High Grade Gold Drilling Results
Note: Refer to News Release dated May 8, 2014 “Primero Reports High Grade Gold Drilling Results
at Grey Fox”
Hole Zone
From
(m)
To
(m)
Core
Width
(m)
Gold
Grade
g/t
Metal Factor
grams X core
width
GF14-831 147 Zone 127.7 163.0 35.3 5.6 199.4
GF14-834 147 Zone 149.0 180.0 31.0 3.6 110.4
GF14-838 147 Zone 142.0 173.0 31.0 6.2 190.6
GF14-826
Grey Fox
South
35.0 51.0 16.0 3.1 49.8
GF14-835
Grey Fox
South
69.0 79.0 10.0 7.0 70.1

Known Deposits
• Grey Fox 147, Contact and GFS Zones
• Drilling : 61,000m = $8.0M CDN
o Expansion 37,000m
o Delineation 22,000m
o 2,000m Planned Condemnation Drilling Under Proposed Waste Water Pond
• Black Fox Mill (Stock Mine)
• Drilling : 7,700m = $1.0M CDN
o 13 Holes test down plunge of known mined out ore-shoots
o 5 Grassroots Exploration Drill Holes to test E3 IP and Mag Geophysical Target
Grassroots New Deposit Discovery Drilling
• Pike River Property (Between Grey Fox and Black Fox Mine)
• 22 Drill Holes : 7,700m $1.0M CDN
• Grand Total $10.0M CDN
GREY FOX
2014 Flow-Through Regional Exploration Program

CERRO DEL GALLO INCREASES PRIMERO’SPRODUCTION BY 60%12
GREY FOX
Contact, 147 and Grey Fox South Zone
GFZ147
GFS
CZ
Grey Fox Gold Deposits
Red: Indicated Resource
Green: Inferred Resource
Black Fox
Mine
Pike River
Grassroots
Exploration
Mine Site Exploration
Grey Fox
Resource Expansion
and Definition

BLACK FOX
Black Fox Mill
Capacity of 2,200 TPD

Notes:
1. The average gold grade for Proven and Probable Reserves is adjusted for dilution while Measured and Indicated Resources is not. Contained metal in estimated reserves remains subject to
metallurgical recovery losses.
2. Black Fox reserves and resources are based on US$1,150/oz Au for 88% of production and US$500/oz Au for gold sold through the gold stream agreement from the NI 43-101 Technical
Report prepared by Tetra Tech dated January 2011. The Black Fox open pit reserves and resources are reported at a 0.88 gpt cutoff and the underground reserves and resources are reported
at a 2.54 gpt cutoff. Estimated Black Fox reserves and resources are shown as at December 31, 2012, net of mining depletion from the October 31, 2010 independent Technical Report.
3. A gold price of US$1,250/oz and an exchange rate of US$1.00=C$1.00 was utilized in the gold cut-off grade calculations of 2.63 gpt for potential underground at the Contact Zone and 0.65
gpt for potential open-pit 147 Zone mineral resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus' Black Fox
mine. Process recovery was assumed at 95%.
4. Disclosure of "contained ounces" is permitted under Canadian Regulations; however, the SEC permits resources to be reported only as in place tonnage and grade.
5. Paul Daigle, P.Geo of Tetra Tech is the Qualified Person who updated the Black Fox Mine Mineral Resource estimates in the Black Fox Technical Report and Dan Sweeney, P.Eng., of Tetra
Tech is the Qualified Person who reviewed the Black Fox Mineral Reserves estimates in the Black Fox Technical Report.
BLACK FOX
(DECEMBER 31, 2013, MINERAL RESOURCES INCLUDE MINERAL RESERVES)
CLASSIFICATION
TONNAGE
( TONNES)
GOLD GRADE
(G/T)
CONT. GOLD
( OUNCES)
Proven & Probable Reserves
Open Pit 1,457,000 3.9 182,000
Underground 2,305,000 6.1 452,900
Stockpile 707,449 1.1 25,900
Total 4,469,000 4.6 660,800
Measured & Indicated Resources, Including Reserves
Open Pit 1,838,500 4.3 252,383
Underground 2,396,200 7.1 544,259
Stockpile 707,449 1.1 25,900
Total 4,942,149 5.2 822,542
Inferred Resources
Open Pit 105,180 4.0 13,672
Underground 165,808 5.7 30,500
Total 270,988 5.1 44,172

CLASSIFICATION
CUT-OFF GRADE
(g/t Au)
POTENTIAL MATERIAL
TONNES
(MILLION
TONNES)
CAPPED Au (g/t)
CONTAINED GOLD
(000 OUNCES)
Indicated Resources
>2.84 Underground 1.3 6.2 255,000
>0.72 Open Pit 3.0 2.6 252,400
Total Indicated Resources 4.3 3.7 507,400
Inferred Resources
>2.84 Underground 1.0 5.6 184,800
>0.72 Open Pit 0.5 2.8 43,800
Total Inferred Resources 1.5 4.7 228,600
Notes:
1. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources
as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
3. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction.
4. CIM definitions and guidelines were followed for Mineral Resources.
5. A gold price of US$1,400/oz and an exchange rate of US$1.00=C$1.01 was utilized in the gold cut-off grade calculations of 2.84 g/t for potential underground and 0.72 g/t
for potential open-pit Mineral Resources. Underground and open-pit mining costs, process costs and G&A costs were estimated using experience gained from Brigus’ Black
Fox mine.
6. The Indicated category is defined by combining various statistical criteria, such as a minimum of three drill holes within the search area, a maximum distance of 15m to the
closest composite, and a maximum average distance of 25m to composites. Finally, a clipping boundary was interpreted to either upgrade or downgrade some of the resource
based on confidence and geological continuity.
7. The Independent and Qualified Persons for the Grey Foc Mineral Resource Estimate, as defined by NI 43-101, are Pierre-Luc Richard, MSc, PGeo and Carl Pelletier, BSc,
PGeo. of InnovExplo Inc.
GREY FOX
Mineral Resources
JULY 3, 2013

* Includes Cerro del Gallo. See final slide for footnotes.
Strong Outlook for 2014
Up to 70% increase in production over 2013
Black Fox San Dimas Outlook 2014
Gold equivalent production4
(gold equivalent ounces)
70,000-80,000 155,000-165,000 225,000-245,000
Gold production
(ounces)
70,000-80,000 115,000-125,000 185,000-205,000
Silver production5
(million ounces)
- 6.25-6.50 6.25-6.50
All-in Sustaining Costs6
($ per gold ounce)
$1,300-$1,400 $725-$825 $1,100-$1,200
Cash cost6
($ per gold equivalent ounce)
$850-$900 $575-$600 $650-$700
Capital Expenditures
($ millions)
$31.2 $38.3 $80.0*
Exploration
($ millions)
$16.8 $15.7 $35.0*

Black Fox Gold Stream Agreement
On November 9, 2010, the previous owner of the Black Fox
mine announced that it had entered into a gold stream
agreement with Sandstorm Resources Ltd. pursuant to which
Sandstorm agreed to purchase 12% of the gold production from
the Black Fox mine beginning in January 2011 and 10% of future
production from the Black Fox extension covering a portion of
the adjoining Pike River property. Sandstorm made an upfront
payment of $56.3 million and will also pay ongoing per ounce
payments of $500 subject to an inflationary adjustment
beginning in 2013, not to exceed 2% per annum.
On November 5, 2012, the previous owner of the Black Fox
mine elected to exercise the option and repurchased 4% of the
Goldstream for $24.4 million. This reduced Sandstorm's portion
of future production at Black Fox to 8% and the Black Fox
Extension to 6.3%.

Joseph F. Conway | C.E.O. 1
o Former CEO, President and Director of IAMGOLD
from 2003 to 2010
o Former President, CEO and Director of Repadre
Capital from 1995 to 2003
Renaud Adams | President & C.O.O.
o Former SVP, American Operations for IAMGOLD
o Former General Manager of Rosebel Gold Mine
2007 to 2010
o Former General Manager El Toqui Mine in Chile
and then the El Mochito Mine in Honduras
David Blaiklock | C.F.O.
o Former controller IntraWest
o Previously controller for a number of public and
private companies in real estate development
David Sandison | VP, Corporate Development
o Former VP, Corporate Development of
Clarity Capital ; Director, Corporate Development
Xstrata Zinc Canada ; Director Business Development,
Noranda/Falconbridge; Former EVP, Noranda Chile
Tamara Brown | VP, Investor Relations
o Former Director Investor Relations for IAMGOLD
o Former partner of a Toronto based, boutique
investment bank and professional engineer in
mining industry
H. Maura Lendon | VP, Chief General Counsel
and Corporate Secretary
o Former Senior Vice President, Chief Legal Officer
and Corporate Secretary of HudBay Minerals Inc.;
Chief Counsel Canada, Chief Privacy Officer -
Canada of AT&T
Executive Management
Louis Toner | VP, Project Development &
Construction
o Over 30 Years of Engineering and Construction
experience, formerly held Senior Project
Management roles with BBA Inc. and Lafarge
Canada Inc.
James Mallory | VP, Corporate Responsibility
o Over 35 Years of mining experience
o Former VP, Vice-President, Operations & Social
Responsibility at South American Silver
o 13 Years of experience in Latin America
Gabriel Voicu | VP, Geology and Exploration
o 25 Years of mining experience, formerly held
senior technical and exploration positions with
Cambior and IAMGOLD

Board Committees:
1. Health, Safety and Environment
2. Human Resources
3. Governance and Nominating
4. Lead Director 5. Audit
Wade Nesmith | Chairman
o Founder of Primero
o Founding and current director
of Silver Wheaton
Joseph Conway | Director
see Executive Management
Grant Edey | Director 3,5
o President & CEO, Khan
Resources Inc.
o Former Director of
Breakwater Resources,
former director of
Queenstake Resources,
Santa Cruz Gold
o Former CFO, IAMGOLD
RohanHazelton| Director 1,5
o VP, Strategy, Goldcorp
o Formerly with Wheaton River
and Deloitte & Touche LLP
Eduardo Luna | Director 1
o Former EVP & President,
Mexico. Former Chairman
and CEO of Silver Wheaton,
Executive VP of Goldcorp
and Luismin S.A. de C.V.
(San Dimas) and President
of Mexican Mining Chamber
and the Silver Institute
Robert Quartermain | Director 2,3
o Founder and President & CEO,
Pretivm Resources
o Former President, Silver Standard
o Director of Vista Gold Corp.
and Canplats Resources
Michael Riley | Director 2,5
o Chartered accountant with more
than 26 years of accounting
experience
o Chair of Primero Audit Committee,
Chair of Audit Committee of B.C.
Lottery
Brad Marchant| Director 1
o Co-founder of Triton Mining
Corporation
o Founder of BioteQ
Environmental Technologies
Inc.
Board of Directors
David Demers | Director2,3,4,5
o Founder, CEO and Director
Westport Innovations
o Director of Cummins
Westport and
Juniper Engines

This presentation 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 presentation 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 presentation
may not be comparable to similar information disclosed by U.S. companies.
The mineral reserve estimates in this presentation have been calculated 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 presentation may not qualify as
“reserves” under SEC standards.
In addition, this presentation 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 presentation. 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.
Notes to Investors Regarding the Use
of Resources

1. Black Fox was subject to a gold purchase agreement which continues and was assumed by the Company upon its acquisition of the mine. According to
the gold purchase agreement, Sandstorm is entitled to 8% of production at the Black Fox mine and 6.3% at the Black Fox Extension.
2. Primero management estimates for Black Fox production, based on 2,300 – 2,300 tpd operation including underground throughput increasing to 1,000
tpd by end of Q4 2014.
3. Based on 365 days per year.
4. “Gold equivalent ounces” include revenue from silver converted to a gold equivalent based on estimated average realized commodity prices in 2014 of
$1,200 per ounce of gold and $7.96 per ounce of silver ounce (calculated using the silver purchase agreement contract price of $4.16 per ounce and
assuming excess silver beyond contract requirements is sold at an average silver price of $21 per ounce).
5. Silver production is subject to a silver purchase agreement. The silver purchase agreement dictates that 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 $4.16 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. Cash costs and All-in Sustaining Costs are non-GAAP measures. Refer to the Company’s first quarter 2014 MD&A for a reconciliation to operating
expenses. Note the calculation of all-in sustaining costs at San Dimas changed with the acquisition of a second producing asset and subsequently does
not include corporate G&A.
7. Assumes San Dimas operates at least at 2,500 tpd from Q1 2014; that Cerro Del Gallo begins production at the end of 2015, with full year production
estimated at 95,000AuEq. oz in 2016 and Primero management estimates for Black Fox production, based on 2,200-2,300 tpd operation including
underground throughput increasing to 1,000 TPD by end of Q4 2014.
Footnotes

Tamara Brown
Vice President, Investor Relations
T 416 814 3168
info@primeromining.com
Trading Symbols
Common Shares TSX:P, NYSE:PPP
Warrants TSX:P.WT
PRIMERO MINING CORP.
20 Queen Street West, Suite 2301
Toronto, ON M5H 3R3
T 416 814 3160 F 416 814 3170
TF 877 619 3160
www.primeromining.com

Black fox site visit june 19

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