The ‘New’ Americas Gold Play January 2011

TSX:P

TSX:P Cautionary Statement

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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$.

TSX:P Investment Highlights

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San Dimas Gold-Silver Mine

DURANGO MEXICO

TSX:P

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2010 2011E 2012E 2013E

Corporate Strategy Disciplined Growth

GROWTH

2011-2012: Optimization & Expansion

2011-2012: Potential Latin American acquisitions

Leading mid-tier gold producer by 2013

LOW CASH COST

Below industry average cash costs

LOW RISK

Maintain balance sheet strength

Un-hedged gold

Americas pro-mining jurisdictions only

Commitment to leading CSR programs

TARGETED GROWTH OBJECTIVE

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SAN DIMAS OPTIMIZATION

LATIN AMERICAN ACQUISITIONS

LEADING MID-TIER GOLD PRODUCER

SAN DIMAS (GOLD EQUIVALENT OUNCES)

EXPLORATION

OPTIMIZATION

ACQUISITIONS

Gold Eq. ounces (000)

TSX:P

San Dimas Solid Platform with expansion & exploration potential

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San Dimas Gold-Silver Mine

DURANGO MEXICO

Mazatlan Durango

2011E PRODUCTION

110,000-120,000 gold equivalent ounces

90,000-100,000 ounces

4.5-5.0 million ounces

$550-$570 per gold equivalent ounce

2010 PRODUCTION

GOLD EQ 100,500 gold equivalent ounces

GOLD 85,400 ounces

SILVER 4.5 million ounces

CASH COST $581 per gold equivalent ounce

Ventanas Exploration Property

DURANGO MEXICO

SAN DIMAS Durango, Mexico

OWNERSHIP 100%

METALS Gold & Silver

MINING Underground, cut and fill

QUICK FACTS

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

RESERVES & RESOUCES (as at December 31, 2009)

TSX:P

Operating Results Ownership Transition Complete

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Q4 2010 Q4 2009 2010 2009 2011E

Gold equivalent production (gold equivalent ounces)

24,700 35,500 100,500 133,900 110,000-120,000

Gold production (ounces)

21,200 30,800 85,400 113,000 90,000-100,000

Silver production (million ounces)

1.21 1.27 4.53 5.09 4.5-5.0

Gold grade (grams per tonne)

4.01 5.89 4.46 5.36 4.8

Silver grade (grams per tonne)

236 251 244 249 250

Cash cost1

– gold equivalent ($ per gold equivalent ounce)

$643 $411 $581 $407 $550-$570

Cash cost1 – by-product

($ per gold ounce) $524 $307 $471 $301 $350-$370

1. Cash cost is a non-GAAP measure. 2. Cash costs (by-product) per gold ounce reported for San Dimas by Goldcorp Inc. for year and three months ending Dec 31, 2009 were $287 and $272 respectively and are not comparable to Primero cash cost numbers due to certain inter-company transactions that are reversed for Goldcorp Inc.’s consolidated reporting.

TSX:P

Strong Financial Position Solid Platform for Growth

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(US$ million) September 30, 2010

Cash $55 million

Promissory note (5yr, 6%, $5M annual payment plus balloon in year 5) $50 million

Convertible note (1yr rolling, 3%, convertible at $6) $60 million

Long term debt $110 million

Common shares outstanding 88 million

Common shares, fully diluted 117 million

Share Performance Volume (M) Relative Change

-30%

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August September October November December January

Volume Primero TSX Gold Index

Improved Silver Agreement Increased Revenue, Reduced Costs

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 8

Increases Revenue1 Decreases Cash Costs1

Term Production

Old Agreement 25 years

(19 remaining) 100% of silver production at $4

Revised Agreement Life of Mine First 4 years: First 3.5 million ounces plus 50% of excess sold at $4 plus Goldcorp supplements Silver Wheaton with additional 1.5 million ounces 50% of production above 3.5 million sold by Primero at spot Year 5 and beyond: First 6.0 million ounces plus 50% of excess sold at $4

50% of production above 6.0 million ounces sold by Primero at spot

Improved Silver Agreement Quarterly Volatility, Tax Impact Remain

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QUARTERLY VOLATILITY

Agreement structure causes quarterly earnings volatility

Silver threshold based on anniversary of August 6, not calendar year

TAX IMPACT

Primero pays tax on silver at spot price:

10% increase in Gold price increases operating cash flow by ~8%;

10% increase in Silver price decreases operating cash flow by ~3-4%;

10% increase in Gold and Silver price increases operating cash flow by ~6%;

SILVER:GOLD RATIO

High correlation between gold & silver 96% over 10 years, 60% over 30 years

30 year historical silver:gold ratio 55:1 Consensus: 60:1 in 2011E, 55:1 in 2014E

Conclusion: Remote prospect of silver:gold ratio dramatically impacting fundamental valuation

VOLATILE QUARTERLY SILVER PRICE RECEIVED1

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

Improved Silver Agreement Opportunities for Further Improvement

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Increase San Dimas production

Investigate all appropriate tax planning alternatives

Acquisition of additional operations:

Reduce tax impact

Smooth quarterly earnings

TSX:P

Operations

TSX:P

Central Block Discovery

Acquisition of San Dimas by Wheaton River

12 1. Gold equivalent ounces calculated on silver price received ie spot price from 1998-2004 and silver stream agreement price of ~$4/oz from 2005-2010

Sinaloa Graben Discovery

Subsequent Acquisition of San Dimas by Primero

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1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Gold Equivalent Production

Historical Production1 Impact of High Grade

Gold Equivalent Production

(000 gold equivalent ounces)

Gold Grade

(g/t)

TSX:P History of Reserve Growth1

13 1. Gold equivalent ounces calculated on silver price received ie spot price from 1998-2004 and silver stream agreement price of ~$4/oz from 2005-2010

Silver Wheaton Silver Purchase Agreement

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Proven & Probable Reserves (thousands of ounces)

Gold Equivalent Gold

TSX:P Established Infrastructure

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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

Potentially expanding to 14MW

TSX:P

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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 2,500 TPD BY 2013

Mill: 2,100 tpd, Leach: 2,500 tpd

POTENTIAL EXPANSION BEYOND 2,500 tpd

2011 review

Optimization & Expansion

TSX:P

Growth

TSX:P Significant Exploration Upside

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Over 100 known veins in district

225 km2 land package

New high-grade zone called Sinaloa Graben discovered in 2009

Aggressive 2011 exploration budget:

$12 million

54,000 metres diamond drilling – 30% more than 2010 levels

3,800 metres exploration drifting – 11 times 2010 levels

TSX:P Sinaloa Graben Key to Growth

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Sinaloa Graben million ounce resource potential

Only 27,000 ounces included in Reserves at Dec. 31, 2009

Higher Grade:

Average reserve grades of 4.8 g/t Au, 339 g/t Ag

Sinaloa Graben results show ~6.0 – 10.0 g/t

Wider:

Current average mining width ~1.5m

Sinaloa Graben results show ~3.0 – 8.0m

2011 Target:

Drift through Roberta, Robertita (main production veins in adjacent Central Block)

Significantly increase Sinaloa Graben reserves and resources

VERDOSA

CORONADO

CANDELARIA

CULEBRA

BLENDITA

PATRICIA

5 HERMANOS

EL SOL

TAYOLTITA TOWN

Piaxtla River

Santa Rita mine

SAN FRANCISO

Tayoltita Mine

N

Mill

San Antonio mine

(Source: San Dimas Geological Office)

West Block

S. ANTONIO MINE

Vein

Fault

Town

Mill

Tunnel done

0 1 2 km

Tunnel Budget 2011

Arana Hanging Wall

Ag-Au High Grade Trend

LEGEND

Proposed Tunnel

DDH Ag g/t Au g/t m RO-16-02 132 3.27 1.43 RO-20-05 514 4.23 1.27

DDH Ag g/t Au g/t m MAR-9-17 514 8.86 2.45

DDH Ag g/t Au g/t m SOL-9-02 549 10.67 1.81

DDH Ag g/t Au g/t m A-25-217(1) 778 7.9 0.80 HW-4G-01B 302 8.7 0.60

Dev Ag g/t Au g/t m RAMP7-129W 1,115 10.30 2.75

DDH Ag g/t Au g/t m TGS-S-22 958 6.81 8.56 TGS-S-15 403 8.08 7.52

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DDH Ag g/t Au g/t m PIL 7-01 508 16.0 2.90

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San Dimas Higher Grade Sinaloa Graben

The Value Proposition

TSX:P Unlocking Value

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BMO 2011E Production & Cash Cost (000 AuEqoz & $/AuEqoz)1

Market Capitalization ($B)

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. Cash cost based on total cash cost per gold equivalent ounce

2. Consensus data source Thomson One. Note: As of Jan 10, 2011

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2010 to 2012 CFPS Growth (Consensus %)2

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TSX:P 2011 Objectives

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APPENDICES

TSX:P Transaction Overview

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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

TSX:P Strong Management & Board

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Wade Nesmith | Executive Chairman

Founder of Mala Noche

Founding and current director of Silver Wheaton, Chairman of Geovic Mining and Selwyn Resources

Joseph F. Conway | President & C.E.O.

Former CEO, President and Director of IAMGOLD from 2003 to 2010

Eduardo Luna | 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 A. Quartermain Former President, Silver Standard

Director of Vista Gold Corp. and Canplats Resources

Grant Edey Director of Breakwater Resources and former director of Queenstake Resources, Santa Cruz Gold

Former CFO, IAMGOLD

Timo Jauristo EVP, Corporate Development, Goldcorp

Rohan Hazelton VP, Finance, Goldcorp

David Demers Founder, CEO and Director Westport Innovations

Director of Cummins Westport and Juniper Engines

Michael Riley Chartered accountant with more than 26 years of accounting experience

Audit committee chair B.C. Lottery Corporation and Seacliff Construction

TSX:P District Wide Upside – Long Section

Favorable Horizon

Mineralization – Ore Bodies Extension of the Favorable Horizon Potential

SW NE

0 1 2

K I L O M E T E R S

San Antonio West Block

Central Block Castellana and

Robertas

Tayoltita Block Arana Hanging Wall 3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Sinaloa Graben Block

Source: San Dimas Geology Office

2011 Priority

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Sinaloa Graben Tunnel: Julieta - Sinaloa Norte vein (San Salvador system)

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San Luis Tunnel

Drifting Plan

Drilling Plan 2010

Drifting Plan 2010

Drifting Done

Sinaloa Graben Higher Grade and Wider Widths

SW NE

1,000 m

Sinaloa Mine (San Antonio Area)

Sinaloa Graben San Salvador ( Central Block )

San Luis Tunnel Elev

Santa Anita Tunnel

0 500 1000

M E T E R S

7-660 L Ag g/t Au g/t m 189 3.13 1.24

DDH TGS S-15 Sinaloa Norte intercept

Ag g/t Au g/t m 403 8.08 7.52

Proven Ore

Probable Ore

Probable Ore by Drilling

Explanation

DDH TGS-S-22 Sinaloa Norte Intercept Ag g/t Au g/t m 958 6.81 8.56m

0 m

500 m

0 m

500 m

1,000 m

DDH TGS 7-17 Julieta intercept

Ag g/t Au g/t m 481 3.73 2.22

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