TORONTO, ONTARIO–(Marketwired
– May 8, 2014) – Primero Mining Corp. (“Primero”
or the “Company”) (TSX:P)(NYSE:PPP) today reported operational
and financial results for the first quarter ended March 31, 2014.
During the first quarter the Company completed the acquisition of Brigus
Gold Corp. (“Brigus”), reported strong production of 39,758
gold equivalent ounces¹ compared to 27,656 gold equivalent ounces in
the same period of 2013 and an adjusted net loss² of $2.9
million ($0.02 per share).

“Primero continues to
focus on delivering on our operating commitments,” stated Mr. Joseph
F. Conway , President and Chief Executive Officer. “During the
first quarter we completed the expansion of the San
Dimas mill which has subsequently operated in excess of its new
nameplate capacity of 2,500 tonnes per day. We also completed the acquisition
of Brigus Gold, adding to our portfolio the producing Black Fox mine and nearby
promising exploration properties. We immediately began investing at Black Fox
in order to return production to mid-2013 levels and we remain confident in the
upside potential of this asset. During the quarter we also announced a
significant increase in reserves and resources at San
Dimas, an impressive return on our investment in exploration at the
property. Goldcorp also successfully sold their remaining stake in
Primero, allowing entry for a number of supportive long-term shareholders and
significantly improving our trading liquidity.”

First Quarter
Highlights:

• Brigus
  Acquisition Completed: Creating a diversified Americas
  based mid-tier gold producer with production of between 225,000 to 245,000
  gold equivalent ounces in 2014, compared to 143,114 gold equivalent ounces
  in 2013;
• Production
  Growth: Production increased to
  39,758 gold equivalent ounces (32,278 ounces of gold and 1.5 million
  ounces of silver), compared to 27,656 gold equivalent ounces in the same
  period of 2013;
• Earnings
  and Cash Flow: Adjusted net loss²
  of $2.9 million ($0.02 per share) which
  includes higher stock-based compensation due to a 71% appreciation in the
  Company’s share price in Q1 2014 and operating cash flow before working
  capital changes³ of $6.5 million ($0.05
  per share);
• Strong
  Balance Sheet: Cash position of $86.4
  million at March 31, 2014 with total debt including
  finance leases of $112.7 million;
• San
  Dimas Phase 1 Expansion Completed: Expansion
  of the San Dimas
  mill to 2,500 tonnes per day (“TPD”) was completed;
• Increased
  Spot Silver Sales: Silver contract annual
  threshold achieved earlier than 2013, resulting in higher expected silver
  sales at spot market prices of between 1.0 and 1.5 million ounces in 2014,
  compared to 1.0 million ounces in 2013;
• Increased
  Reserves and Resources: San Dimas Gold Mineral Reserves
  increased by 32% and Gold Mineral Resources increased by 28% as of December
  31, 2013;
• Goldcorp
  Secondary Sale Completed: Goldcorp
  Inc. (“Goldcorp”) sold their remaining 31.2 million shares
  in Primero, resulting in significantly increased trading liquidity.

San Dimas
Mine and Mill Operating at Expanded Rate; Investment Initiated at
Black Fox

San Dimas produced 35,662 gold equivalent
ounces³ (28,182 ounces of gold and 1.51 million ounces of silver)
during the first quarter of 2014, 29% more than the same period in 2013. The
increase in production was due to 8% higher throughput, 198,570 tonnes up from
183,811 tonnes in 2013, a 13% higher gold grade and 7% higher silver grade when
comparing the same periods.

San Dimas total cash costs⁴ on a
gold equivalent and by-product basis declined in the first quarter 2014 to $632
and $455 per ounce, respectively, down 12% and 23% from $719
and $589 per ounce, respectively, in the first quarter 2013.
Higher operating costs were offset by a 29% increase in gold equivalent ounces
produced. All-in sustaining costs⁵ at San
Dimas were $893 per ounce in the first quarter 2014,
compared with $914 per ounce in the same period of 2013, as
increased sustaining capital expenditures were offset by a 20% increase in gold
ounces produced in the first quarter of 2014 compared with the first quarter of
2013.

The San
Dimas mine operated in excess of 2,400 TPD during the first quarter
of 2014 and a stock-pile of approximately 45,000 tonnes exists outside of the San
Dimas mill. The San
Dimas mill expansion to 2,500 TPD was completed during the first
quarter, with an additional leach tank and a thickener to be commissioned in
the second quarter. The mill has subsequently operated in excess of this
nameplate capacity for short periods. The San
Dimas mine and mill are on track to operate at the expanded capacity
of 2,500 TPD during the second quarter of 2014 and recoveries are expected to
improve again with the completion of the additional leach tank and thickener.

During the first quarter of
2014 the Company owned the Black Fox mine for 26 days. In this short time
period, Black Fox produced 4,096 ounces of gold. Total gold production from the
Black Fox mine in Q1 2014 was 13,298 ounces, 49% lower than Q1 2013 due to 19%
lower tonnes milled and 38% lower mill head grade. The lower tonnage and grade
were mainly as a result of insufficient investment in underground development
and exploration by the mine’s former owners after Q2 2013 and this led to a
lack of available stopes for mining. In Q1 2014 23% of the total tonnes milled
were mined from the higher grade underground mine, 72% from the medium grade
from the open-pit mine and the remaining 5% from the lower grade from the
open-pit mine, compared with 37%, 63% and 0%, respectively, in Q1 2013. Since
acquiring the Black Fox mine, the Company plans a significant increase in the
investment in underground development and exploration, which management
believes will allow the mine to return to higher production levels within a six
month period.

Black Fox total cash costs
per gold ounce increased 115% from $656 in Q1 2013 to $1,409
in Q1 2014. This increase is primarily due to the significantly lower gold
production in Q1 2014 as well as higher open-pit mining costs (partially due to
a higher operating strip ratio in the quarter), and higher electric
power/propane/diesel costs. All-in sustaining costs⁵ at Black Fox
were $1,825 per gold ounce in Q1 2014 ($1,480 per
ounce for the period owned by the Company), compared with $1,056
per gold ounce in Q1 2013 for the reasons described above for the increase in
cash costs, partly offset by lower sustaining capital expenditures in Q1 2014
than Q1 2013.

The Company incurred total
cash costs per gold equivalent ounce of $686 in Q1 2014,
compared with $719 in Q1 2013. On a by-product basis, total cash
costs per gold ounce were $543 in Q1 2014, compared with $589
in Q1 2013. All-in sustaining costs⁵ per gold ounce increased to $1,381
in Q1 2014 from $1,236 in Q1 2013.

Q1 2014 Earnings
and Cash Flow Impacted by Acquisition Expenses

Revenues in the first
quarter of 2014 were $48.3 million as a result of selling 30,583
ounces of gold at an average realized price of $1,295 per ounce,
and 1.34 million ounces of silver at an average realized price of $6.44
per ounce. Revenue was $46.3 million for the same period in 2013
from 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. Gold produced at Black Fox is subject to a gold purchase agreement⁷
and as a result 315 ounces were sold to Sandstorm Gold Ltd.
(“Sandstorm”) at a fixed price of $504 per ounce.
Silver produced at San
Dimas is subject to a silver purchase agreement⁶ and as a
result 1.15 million ounces of silver were sold at a fixed price of $4.16
per ounce in the first quarter of 2014 and all of the silver ounces in the
first quarter of 2013 were sold at a fixed price of $4.12 per
ounce.

Operating cash flow before
working capital changes in the first quarter of 2014 was $6.5 million
($0.05 per share), compared to $19.3 million ($0.20
per share) in 2013. The decrease was mainly due to $3.3 million
lower cash earnings from mine operations, $6.7 million of
transaction costs related to the Brigus acquisition and $2.0 million
higher PSU payouts.

The Company reported a net
loss of $9.1 million ($0.07 per share) for the
three months ended March 31, 2014 compared with net income of $17.3
million ($0.18 per share) for the three months ended March
31, 2013. The loss was primarily as a result of a $3.5 million
loss from operations at the newly acquired Black Fox mine, $6.7 million
of transaction costs related to the Brigus acquisition and the recognition of $8.0
million of share-based payment expense due to the 71% increase in the
Company’s share price.

The adjusted net loss,
which primarily excludes transaction costs and the impact of foreign exchange
rate changes on deferred tax balances, was $2.9 million ($0.02
per share) for the first quarter 2014, compared with adjusted net earnings of $9.4
million ($0.10 per share) for the same period in 2013.
The first quarter adjusted net loss includes a stock-based compensation expense
of $8.1 million ($0.06 per share). The decrease
in adjusted net income in Q1 2014 is mainly due to the loss from operations at
the Black Fox mine as well as the significant share-based payment expense in
the period.

Balance Sheet
Remains Strong

The Company’s cash position
was $86.4 million at March 31, 2014 down from the
December 31, 2013 balance of $110.7 million. The
cash balance decreased in Q1 2014 mainly as a result of $20.7 million
of cash used for Brigus transaction costs and severance payments as well as Cdn$10
million to capitalize the spin-off exploration company Fortune Bay
Corp., of which the Company owns 9.9%.

Capital expenditures during
the first quarter 2014 totaled $20.3 million, 132% higher than
the $8.7 million spent in the same period in 2013. The spending
increase was partly as a result of spending on the Black Fox and Cerro del
Gallo properties, neither of which was owned in the same period of 2013, and
partly due to increased expenditure at the San
Dimas mine as part of the expansion to 2,500 TPD. In 2014, capital
expenditures are expected to total approximately $80.0 million
excluding capitalized exploration expenses of $35.0 million.

On March 14, 2014,
the Company made a change of control offer for Brigus’ outstanding senior secured
term notes ($20.9 million at March 31, 2014) at
105% of the principal amount in accordance with their senior secured facility
agreement dated October 29, 2012. The note holders accepted the
offer and the notes, plus accrued interest, were repaid on April 3, 2014.
On April 4, 2014, the Company also made a change of control
offer for Brigus’ outstanding $50 million 6.5% convertible
senior unsecured debentures in accordance with their trust indenture dated March
23, 2011. The Company’s offer to purchase the debentures remains open
until May 12, 2014 and as at the date of this news release no
holders had tendered their debentures.

The Company expects to
close a $75 million line of credit this month that will enhance
the Company’s financial flexibility. With its cash balance, anticipated cash
flows and the availability of a line of credit, management believes the Company
is well positioned to execute on its strategy.

Outlook for 2014

Primero maintains its
production guidance of between 225,000 and 245,000 gold equivalent ounces, an
increase of up to 70% over 2013. Cash costs for 2014 are expected to be in the
range of $650 to $700 per gold equivalent ounce.

Primero’s 2014 production
outlook is summarized in the following table:

Material assumptions used
to forecast total cash costs for 2014 include: an average gold price of $1,200
per ounce; an average silver price of $7.96 per ounce
(calculated using the silver purchase agreement contract price⁵ of $4.16
per ounce and assuming excess silver beyond contract requirements is sold at an
average silver price of $21 per ounce); and foreign exchange
rates of 1.07 Canadian dollars and 13 Mexican pesos to the US
dollar.

San Dimas Reserves
and Resources Increase

On March 5, 2014
the Company announced 2013 year-end Mineral Reserves and Mineral Resources for
its San Dimas
mine. The Company reported that Proven and Probable Gold Mineral Reserves
increased 32% over year-end 2012, to 870,000 ounces, at a 23% higher grade.
Measured and Indicated Gold Mineral Resources increased 28% over year-end 2012
to 997,000 ounces (inclusive of Mineral Reserves), with additional Inferred
Gold Mineral Resources of 998,000 ounces.

The 2013 Black Fox Mineral
Reserves and Mineral Resources as published in the Company’s Annual Information
Form have not been updated with any drilling information from 2011, 2012 or
2013. They are the Mineral Reserves and Mineral Resources estimated for Black
Fox at October 31, 2010, updated to reflect depletion from
production from October 31, 2010 to December 31, 2013.

The Company expects to
release updated 2013 year-end Mineral Reserves and Mineral Resources for Black
Fox including recent drill data by July 2014.

San Dimas Phase II
Expansion to 3,000 TPD Decision Mid-2014

After completing its 2013
Mineral Reserve and Mineral Resource estimation earlier this year the Company
is updating its internal five year mine plan in order to assess a potential
further expansion of San
Dimas to 3,000 TPD. The Company expects to be in a position to make
a potential construction decision in Q3 2014.

The majority of the San
Dimas mill components already have a capacity of 3,000 TPD,
including grinding and tailings management. Management expects that the only
components required for an expansion to 3,000 TPD are front-end crushing and
extra leach capacity.

Assuming a positive
construction decision by mid-2014 the San
Dimas mine could be operating at 3,000 TPD by the end of 2015,
increasing production levels at current grades to approximately 200,000 gold
equivalent ounces per year.

Black Fox
Represents another Opportunity to Create Value

After acquiring the Black
Fox Complex in March 2014 the Company immediately
began to invest in underground development, definition and delineation
drilling. In 2014 Primero will increase exploration and delineation drilling
and exploration drifting at Black Fox in order to open new mining faces and
expand underground production. Additional underground equipment will also be
acquired to increase productivity. The Company has a target of producing
approximately 1,000 TPD from the Black Fox underground by the end of 2014.

Primero is also focused on
investing in exploration at Black Fox in order to extend the known
mineralization both laterally and at depth. Comparable regional underground
mines extend to an average depth of 1.6 kilometres, while the Black Fox deposit
is currently only defined to a depth of 500 metres.

The Company’s 2014 $16.8
million exploration program at the Black Fox Complex
includes over 132,000 metres of diamond drilling. This is more drilling than
the total amount completed over the last few years at the mine, and the most
aggressive diamond drilling campaign to ever occur at the Black Fox
Complex.

Exploration drifting will
include opening the 500 level in the East Zone. This drift is designed so that
underground drilling can test for the extension of the mine at depth across the
strike length of the property, specifically surrounding the two high-grade
drill intercepts reported in late 2013⁸ including 40.7 grams per
tonne (“g/t”) over 26.7 metres and 18.1 g/t over 37.8 metres.

Primero is also assessing
the expansion opportunity of the Black Fox open-pit, currently in its third
push back. Drilling from surface is planned to test for potential east and west
extensions of the current pit. Drilling will be completed in 2014 to determine
if a fourth push back of the open-pit is possible or whether the near-surface
material will be mined from underground.

Primero raised Cdn$9
million in March 2014 in a flow-through financing, in
order to invest in an aggressive exploration program at the Grey Fox, Pike
River and Stock Mill properties. The Grey Fox exploration
program includes exploration, delineation and some condemnation drilling. The
Company aims to increase the total defined Mineral Resources and convert
Inferred Mineral Resources to the Measured and Indicated categories at Grey
Fox.

Cerro del Gallo
Project Update

The Company has progressed
the development of the Cerro del Gallo project in Q1, 2014, spending $1.4
million out of the total planned $12.9 million including
exploration.

Primero has advanced land
acquisition, process water drilling, permitting and engineering efforts
(including mine plan optimization, process optimization to improve recovery,
optimization of initial and sustaining capital investment and operating costs)
in order to advance the project to a construction decision by mid-2014.

The exploration program
covering the Cerro del Gallo deposit and regional epithermal mineralized veins
that commenced in 2013 continued in Q1 2014. Approximately $2.5 million
is budgeted for exploration drilling and surface mapping and sampling at Cerro
del Gallo in 2014.

Conference Call and
Webcast Details

The Company’s senior
management will host a conference call today, Thursday, May 8, 2014
at 9:00 a.m. ET to discuss the first quarter operating and
financial results.

Participants may join the
call by dialing North America
toll free 1 (866) 229-4144 or 1 (416) 216-4169 for calls outside Canada
and the U.S., and entering the participant passcode 8103 601#.

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=776622&s=1&k=5F6369F193482EB449D0C807038E3551

A recorded playback of the
Q1 2014 results call will be available until August 7, 2014 by
dialing 1 (888) 843- 7419 or 1 (630) 652-3042 and entering the call back
passcode 8103 601#.

This release should be read
in conjunction with Primero’s first quarter 2014 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⁾ “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 2014 was based on realized prices of $1,300
per ounce of gold and $6.44 per ounce of silver. The ratio used
for the 2014 guidance projection is 151:1 based on estimated average prices of $1,200
per ounce of gold and $7.96 per ounce of silver.

⁽²⁾ Adjusted net income (loss) 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 2014 MD&A for a reconciliation of adjusted net income
(loss) to reported net income (loss).

⁽³⁾ “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 2014 MD&A
for a reconciliation of operating cash flows to GAAP.

⁽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 2014 MD&A for a reconciliation of total cash costs to
reported operating expenses (the nearest GAAP measure).

⁽⁵⁾ The Company, in conjunction with an
initiative undertaken within the gold mining industry, has adopted an all-in
sustaining cost non-GAAP performance measure that the Company believes more
fully defines the total cost associated with producing gold; however, this
performance measure has no standardized meaning. 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. The
Company reports this measure on a gold ounces produced basis. For the purposes
of calculating all-in sustaining costs at individual mine sites, the Company
does not include corporate general and administrative expenses. Corporate
general and administrative expenses are included in the computation of all-in
sustaining costs per consolidated gold ounce. Refer to the Company’s first
quarter 2014 financial statements and MD&A for a reconciliation of all-in
sustaining costs per gold ounce.

⁽⁶⁾ 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.

⁽⁷⁾ 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.

⁽⁸⁾ Refer to the Brigus Gold Corp.
news releases “Brigus Drills 40.71 gpt Gold Over 26.75 Metres at Black Fox
& Reports High Grade Drilling Results at Grey Fox” dated October
16, 2013 and “Brigus Drills 18.09 gpt Gold Over 37.80 Metres &
Announces Underground Exploration Program at Black Fox” dated October
31, 2013, filed on SEDAR at www.sedar.com.

About Primero

Primero
Mining Corp. is a Canadian-based precious metals producer that owns 100%
of the San Dimas
gold- silver mine and the Cerro del Gallo gold-silver-copper development –
project in Mexico
and 100% of the Black Fox mine and adjoining properties in the Township of
Black River Matheson near Timmins,
Ontario, Canada. Primero offers immediate exposure to un-hedged,
below average cash cost gold production with a substantial resource base in
politically stable jurisdictions. The Company is focused on becoming a leading
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

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”,
“if approved”, “forecasts”, “intends”,
“anticipates”, “believes”, “in order to” or
variations of such words and phrases or statements that certain actions, events
or results “are anticipated”, “may”, “could”,
“would”, “might” or “will require”, “will
allow”, “will enhance” or “will include” or similar
statements or the negative connotation thereof. Forward-looking information is
also identifiable in statements of currently occurring matters which will continue
in future, such as “is updating” or “is also assessing” or
other statements that may be stated in the present tense and are not historical
facts or words with future implication such as “opportunity”,
“promising”.

Forward-looking statements
in this news release include, but are not limited to, statements regarding the
level and timing of gold equivalent production at San
Dimas and Black Fox; the realization of silver sales at spot prices;
the amount of gold equivalent ounces produced in 2014, the cash costs and
all-in sustaining costs for 2014; the capital expenditures in 2014; the
Company’s intentions and expectations respecting the potential expansion of San
Dimas production to 3,000 TPD; the underground development in 2014;
the amount of ore from the Company’s operations in 2014; three-year plan
forecasts; the $75 million line of credit the Company is
arranging and its benefits; the plans for Cero del Gallo and the intentions to
make a construction decision in respect of the project; the probability of
encountering high grade mineralization in, and the exploration potential of,
the Company’s exploration targets and plans; 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
parties to the $75 million line of credit will complete and
execute definitive documentation to close such credit facility; the amount of
silver that the Company will sell at spot prices in 2014; that the Company
identifies higher grade veins in sufficient quantities of minable ore in the
Central Block and in Sinaloa Graben; that the Company will be in a position to
make decisions respecting the expansion of San
Dimas and the construction of Cerro del Gallo when anticipated and
that such decisions will be positive; 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; the Company may not be able to expand production at San
Dimas as anticipated or generate significant free cash flow; the
Company may not be successful in arranging the $75 million line
of credit; the Company may not be able to develop the Cerro del Gallo asset or
realize anticipated production levels; the Company may not be successful in
returning the Black Fox mine to higher production levels within a six month
period; 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.

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.

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)

Contact Information:
Primero Mining Corp.
Tamara Brown VP, Investor Relations
(416) 814 3168
[email protected]
www.primeromining.com