1. The ‘New’ Americas Gold Play
TSX:P
December 2010

2. Cautionary Statement TSX:P
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 preliminary prospectus and will be detailed from time to time in the Company’s interim and annual financial statements and
management’s discussion and analysis of those statements, 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 (“NI43-101”)),
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$.
2

3. Investment Highlights TSX:P
San Dimas
Gold-Silver Mine
DURANGO MEXICO
3

4. Transaction Overview
TSX:P
1. $510 million structured as:
 $216 million in cash
 $184 million in shares of Primero (~36% ownership)
 $50 million 5-year 6% note ($5 million annually plus final balloon payment at the end of year 5)
 $60 million 1-year 3% note convertible at C$6.00 per share 4

5. Strong Management & Board TSX:P
Wade Nesmith | Executive Chairman Robert A. Quartermain
Founder of Mala Noche Former President, Silver Standard
Director of Vista Gold Corp. and Canplats Resources
Founding and current director of Silver
Wheaton, Chairman of Geovic Mining and Grant Edey
Selwyn Resources Director of Breakwater Resources and former
director of Queenstake Resources, Santa Cruz Gold
Former CFO, IAMGOLD
Joseph F. Conway | President & C.E.O.
Former CEO, President and Director of Timo Jauristo
IAMGOLD from 2003 to 2010 EVP, Corporate Development, Goldcorp
Rohan Hazelton
Eduardo Luna | President, Mexico VP, Finance, Goldcorp
Former Chairman and CEO of Silver Wheaton, David Demers
Executive VP of Goldcorp and Luismin S.A. de Founder, CEO and Director Westport Innovations
C.V. (San Dimas) and President of Mexican Director of Cummins Westport and Juniper Engines
Mining Chamber and the Silver Institute
Michael Riley
Chartered accountant with more than 26 years of
accounting experience
Audit committee chair B.C. Lottery Corporation and
Seacliff Construction
5

6. Strategy of Growth
Acquisition Track Record TSX:P
GROWTH TARGETED GROWTH OBJECTIVE1
LEADING MID-TIER
2010-2011: Optimization & resource expansion GOLD PRODUCER
400
2011-2012: Potential Latin American acquisitions
Leading mid-tier gold producer by 2013 LATIN AMERICAN
ACQUISITIONS
300
LOW CASH COST
SAN DIMAS
Below industry average cash costs OPTIMIZATION
ACQUISITIONS
200
LOW RISK EXPLORATION
OPTIMIZATION
Maintain balance sheet strength
Un-hedged gold 100 SAN DIMAS
(GOLD EQUIVALENT OUNCES)
Americas pro-mining jurisdictions only
Commitment to leading CSR programs
0
2010 2011 2012 2013
1. San Dimas production based on five year average, source NI 43-101 technical report 6

7. Capital Structure TSX:P
Exchange TSX:P Share Performance Since Acquisition
Volume (M) Relative Change
P-T Vol P-T Close TSX GOLD INDEX
SHARE STRUCTURE 1.8 25%
Shares outstanding 88 million 1.6
20%
Fully Diluted 117 million
1.4
15%
OWNERSHIP 1.2
Management and insiders 3% 1 10%
Goldcorp 36%
0.8
Institutional & float 61% 5%
0.6
0%
BALANCE SHEET 0.4
Cash ~$55 million -5%
0.2
Debt $50 million1
Convertible note $60 million2 0 -10%
August September October November
(1) 5 year, 6% note repaid $5M/yr with balloon payment at end of year 5
(2) 1 year, rolling, 3% note convertible at CDN$6 7

8. Financial Strength
Sufficient Capital to Fund Growth TSX:P
Cash flow engine to fund growth ~$55 million cash
~$70 million operating cash flow/yr Robust operating margins
After Tax Operating Cash Flow1,2 ($M) After Tax Cumulative Cash Balance1,3 ($M)
$90 $900 Au / $15.00 Ag $1,220 Au / $17.50 Ag $350 Free Cash Flow Opening Cash
$80
$300
$70
$250
$60
$50
$200
$40
$150
$30
$100
$20
$1,220 Au /
$1,220 Au /
$1,220 Au /
$1,220 Au /
$1,220 Au /
$17.50 Ag
$17.50 Ag
$17.50 Ag
$17.50 Ag
$17.50 Ag
$50
$15.00 Ag
$15.00 Ag
$15.00 Ag
$15.00 Ag
$15.00 Ag
$900 Au /
$900 Au /
$900 Au /
$900 Au /
$900 Au /
$10
$-
$-
YEAR1 YEAR2 YEAR3 YEAR4 YEAR5 YEAR1 YEAR2 YEAR3 YEAR4 YEAR5
1. Years are anniversary of Aug 6, 2010, Includes Silver Wheaton contract impact, resulting in an effective tax rate of approximately 55%
2. Includes interest expense on the Goldcorp promissory and convertables notes
3. Free cash flow includes interest expense on the Goldcorp secured promissory and convertible notes and principal repayment on the Goldcorp secured promissory note (principal on convertible note is paid through excess cash 8
from financing and exercise of warrants)

9. Improved Silver Stream
Increased Revenue, Reduced Costs
First 4 years First 3.5 million oz Ag produced plus 50% of additional sold to SLW at ~$4/oz
Remaining ounces sold by Primero at spot
Goldcorp supplements SLW with additional 1.5 million ounces Ag
Year 5 to LOM Initial silver hurdle rises to 6 million ounces
Independent Research Shows New Agreement Increases Silver Revenue and Decreases Cash Costs1
1. BMO Capital Markets Research. Gold Prices 2010: $1,188, 2011: $1,300, 2012:$1,250, 2013:$1,150, Silver Prices: 2010: $18.50, 2011:$ 21.00, 2012:$20.00, 2013:$17.00 9

10. Operations TSX:P

11. San Dimas
Solid Platform with expansion & exploration potential TSX:P
QUICK FACTS
Ventanas
SAN DIMAS Durango, Mexico Exploration Property
DURANGO MEXICO
OWNERSHIP 100%
METALS Gold & Silver San Dimas
MINING Underground, cut and fill Gold-Silver Mine
DURANGO MEXICO
RESERVES & RESOUCES (as at December 31, 2009)
Mazatlan Durango
Proven & Probable Reserves
Tonnes (millions) Grade (g/t) Silver (g/t) Gold (Moz) Silver (Moz)
5.6 4.8 339 0.9 60.9
Inferred Resources (exclusive of reserves)
Tonnes (millions) Grade (g/t) Silver (g/t) Gold (Moz) Silver (Moz)
15.2 3.3 317 1.6 154.6
2009 PRODUCTION 2010E PRODUCTION 5 YEAR AVERAGE PRODUCTION1
GOLD EQ 133,900 ounces 99,000-103,000 gold equivalent ounces 157,000 gold equivalent ounces
GOLD 113,000 ounces 84,000-87,000 ounces 107,000 ounces
SILVER 5.1 million ounces 4.4-4.55 million ounces 7.1 million ounces
CASH COST $392 per gold equivalent ounce2 $550-$570 per gold equivalent ounce $337 per gold equivalent ounce
1. Average annual production and cash cost for next 5 years, gold equivalent based on $900/oz gold and $15/oz silver. Source: NI 43-101 technical report 11
2. Estimate, calculated using Goldcorp reported figures.

12. Established Infrastructure TSX:P
RECENT INVESTMENTS:
MILL EXPANDED
2002: 1,400 tpd to 2,100 tpd
NEW DRY TAILINGS SYSTEM
2,700 tpd going to 3,000 tpd
HYDRO PLANT
7MW reduced cost from $0.11 per kWh to $0.015
Expanding to 14MW
12

13. Optimization & Expansion
TSX:P
INCREASE MINE DEVELOPMENT
Key to production growth
OPERATE MILL AT DESIGN CAPACITY
Current:1,600-1,800 tpd, Design: 2,100 tpd
EXPAND MILL TO MATCH LEACHING CAPACITY
Mill: 2,100 tpd, Leach: 2,500 tpd
POTENTIAL EXPANSION BEYOND 2,500 tpd
2011 review
13

14. Growth TSX:P

15. Historical Production1
New High Grade Impact…. TSX:P
250 9
Sinaloa Graben Discovery
Production (Au Eq) Grade Au Subsequent Acquisition of San Dimas by Primero
8
200
7
Central Block Discovery
Gold Equivalent Production (koz)
Acquisition of San Dimas by Wheaton River 6
150
Gold Grade (g/t)
5
4
100
3
2
50
1
0 0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
1. Gold equivalent ounces calculated on silver price received ie spot price from 1998-2004, silver stream agreement price of ~$4/oz from 2005-2009. 15

16. Significant Exploration Upside TSX:P
Over 100 known veins in district
225 km2 land package
New high-grade zone called Sinaloa Graben discovered in 2009
Sinaloa Graben million ounce resource potential (only 27koz at Dec. 31, 2009)
16

17. Reserve Growth
Already Replaced 2010 Production TSX:P
2010 exploration budget of $13.5 million, 38,000 metres
Additional 83,000 ounces of gold & 5.3 million ounces of silver
Intercepts well above reserve grade
Est. Additional Grade (g/t) Gold Silver
Tonnes
Reserves at Aug 31, 20101 Gold Silver (ounces) (million ounces)
Exploration Drilling 219,302 5.1 348 36,000 2.5
Exploration Drifting 199,948 7.2 439 47,000 2.8
Total New Reserves 419,250 6.1 391 83,000 5.3
1. See Press Release issued on Sept. 20, 2010 17

18. San Dimas
High Grade Sinaloa Graben TSX:P
DDH Ag g/t Au g/t m
RO-16-02 132
RO-20-05 514
3.27
4.23
1.43
1.27
SAN FRANCISCO N
Tayoltita
Central Block Block CULEBRA Arana
CANDELARIA
Hanging Wall
San Vicente Tayoltita
DDH Ag g/t Au g/t m
Area mine
A-25-217(1) 778 7.9 0.80
Central
HW-4G-01B 302 8.7 0.60
Block mine
BLENDITA
CORONADO PATRICIA
DDH Ag g/t Au g/t m
Santa Rita
MAR-9-17 514 8.86 2.45 Pilar
mine
mine
5 HERMANOS LEGEND
DDH Ag g/t Au g/t m S. ANTONIO
EL SOL
SOL-9-02 549 10.67 1.81 Mill
Ag-Au High
West Block GUADALUPE Grade Trend
TAYOLTITA Proposed Tunnel
San Antonio Tunnel Budget 2010
mine Tunnel done
EL CRISTO
TUNNEL
ROSARIO
Vein
SINALOA
GRABEN TUNNEL
DDH Ag g/t Au g/t m Fault
TGS-S-22 958 6.81 8.56
EL ABRA
Town
TGS-S-15 403 8.08 7.52 LA VERDOSA
RAMP
Mill
DDH Ag g/t Au g/t m
VERDOSA 0 1 2 km
RAMP7-129W 1,115 10.30 2.75
Piaxtla River
(Source: San Dimas Geological Office) 18

19. One Prolific Vein
Many More to Explore TSX:P
Robertita-Nancy Vein Robertita-Nancy Vein Exploration
Drilling
Mined Ore
35,887m (as at Sep 2010) Diamond
Drill Holes
Historic Production
Tons k Au (koz) Ag (Moz)
487 177 11.0
Reserves
Tons k Au (koz) Ag (Moz)
868 243 12.5
Resources
Tons k Au (koz) Ag (Moz)
364 114 6.0
19

20. The Value Proposition

21. Unlocking Value TSX:P
2011E Gold Eq Production (000 oz)1 2011E Cash Cost ($/Au Eq oz)1,2 Market Capitalization ($B)1
500 $4.0
$800
450
$3.5
$700
2011 Gold Eq Production (000 oz)
400
Market Capitalization (US$B)
$600 $3.0
350 US$/Au Eq oz
$500 $2.5
$429
300
250 $400 $2.0
200
$300 $1.5
142
150
$200 $1.0
100
$0.5
$100 $0.5
50
0 $0 $0.0
Primero
Primero
Lake Shore
Golden Star
Aurizon
B2Gold*
Kirkland*
Kirkland*
B2Gold*
Lake Shore
Aurizon
New Gold
Alamos
Golden Star
New Gold
Alamos
Gammon
Northgate*
Northgate*
Jaguar*
Minefinders
Jaguar*
Minefinders
Gammon
Alamos
Aurizon
Jaguar*
Primero
New Gold
Gammon
Minefinders
Northgate*
B2Gold*
Lake Shore
Kirkland*
Golden Star
1. Estimates based on BMO Capital Markets research (except for names noted with “*” which are based on company reports and street estimates); BMO prices: Gold Price: 2011: $1,350, 2012: $1,300, 2013: $1,150,
2014: $1,000, LT: $1,000; Silver Price: 2011: $23.00, 2012: $21.00, 2013: $17.75, 2014: $15.50, LT: $15.00.
2. Cash cost based on total cash cost per gold equivalent ounce 21
Note: As of Nov 15, 2010

22. 2010 Objectives & Catalysts
TSX:P
1
2
3
4
5
6
7 Q4
8 Q4
9 Q1
22

23. APPENDICES

24. District Wide Upside – Long Section TSX:P
2010 2010
Priority Priority
SW NE
San Antonio Sinaloa Graben Central Block Tayoltita Block Arana
West Block Castellana and
3,000 m.
Block Robertas Hanging Wall 3,000 m.
2,000 m. 2,000 m.
1,000 m. 1,000 m.
Source: San Dimas Geology Office
Mineralization – Ore Bodies Extension of the Favorable Horizon 0 1 2
Favorable Horizon Potential K I L O M E T E R S
24

25. Sinaloa Graben
Higher Grade and Wider Widths
Sinaloa Graben Tunnel: Julieta - Sinaloa Norte vein (San Salvador system)
Sinaloa Mine Sinaloa Graben San Salvador ( Central Block )
(San Antonio Area)
7-660 L NE
SW Ag g/t Au g/t m
189 3.13 1.24
1,000 m 1,000 m
500 m 500 m
San Luis Tunnel Elev
San Luis Tunnel
Santa Anita Tunnel
0m 0m
DDH TGS-S-22 DDH TGS S-15 DDH TGS 7-17
Sinaloa Norte Intercept Sinaloa Norte intercept Julieta intercept
Ag g/t Au g/t m Ag g/t Au g/t m Ag g/t Au g/t m
958 6.81 8.56m 403 8.08 7.52 481 3.73 2.22
0 500 1000
Explanation Drilling Plan 2010
Proven Ore Drifting Plan M E T E R S
Probable Ore Drifting Plan 2010
Probable Ore by Drilling Drifting Done
25

26. Arana Hanging Wall
High Grade, Narrower Widths
Tayoltita Mine - San Luis Vein
San Luis
SW Shaft NE
Arana
Krs
Kpr
Hanging Wall
Kpa
Camichin
1000 m San Luis Rhyolite
Ore body
Diorite
Intrusive
500 m Level 25
Piaxtla
Intrusive
Tayoltita
Tunnel
(Source: San Dimas Geological Office 0 250 500
Historic Production M E T E R S
DDH A-25-217(1) DDH HW-4G-01B
Arana Hanging Wall Arana Hanging Wall
Tonnes (M) Gold (Moz) Silver (Moz) Ag (g/t) Au (g/t) m Ag (g/t) Au (g/t) m
778 7.9 0.8 302 8.7 0.6
1.8 0.680 37.6
26

27. PRIMERO MINING CORP.
Richmond Adelaide Centre
120 Adelaide Street West, Suite 1202
Toronto, ON M5H 1T1
T 416 814 3160 F 416 814 3170
TF 877 619 3160
Email: info@primeromining.com
INVESTOR RELATIONS
Tamara Brown
Vice President, Investor Relations
T 416 814 3168
tbrown@primeromining.com
The ‘New’ Americas Gold Play