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Primero Mining Corp. (P) NI 43-101 Metal Value Report

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• San Dimas

In 2010 Primero purchased the San Dimas mine to transform itself from a small exploration company into a precious metals producer.

Note: Silver production from the San Dimas mine is partly hedged at approximately $4.04 per ounce. See San Dimas below for details.

The Primero Mining Corp. website is at www.malanocheresources.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-05-11.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

• Note 1: Conversion rate used: 1 Cnd$ = 0.964053 US$

• Note 2: Fully diluted share counts based on the Annual Information Form, March 29, 2011.

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• San Dimas

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

The above metal value totals derive from the following projects.

• PP%: percentage of metal value from Proven + Probable reserves

• MI%: percentage of metal value from Measured + Indicated resources

• I%: percentage of metal value from Inferred resources

• Note: percentages may no add to 100% due to rounding errors

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• San Dimas

San Dimas

The three mines that comprise the San Dimas District (Tayoltita, Santa Rita and San Antonio) are located some 125 km northeast from Mazatlan, Sinaloa or approximately 150 km west of the city of Durango, Durango.

Prior to the completion of the Acquisition, a subsidiary of Goldcorp. had an agreement to sell an amount of refined silver equal to the payable silver produced from the San Dimas Mines to a subsidiary of Silver Wheaton (ie., Silver Wheaton Caymans). This agreement was amended and restated as part of the Acquisition. Primero continues to carryout the same various operations throughout the mine previously done by Luismin, and virtually all of the former Luismin's management and workers are now Primero's employees. [Source: March 2011 Technical Report]

For more on the silver hedge see the December 2010 MD&A filing which states the following:

The two silver purchase agreements were amended when the Company acquired the San Dimas Mine. Currently, for each of the first four years after the acquisition date, the first 3.5 million ounces per annum of silver produced by the San Dimas Mine, plus 50% of the excess silver above this amount, must be sold to Silver Wheaton Caymans at the lesser of $4.04 per ounce (adjusted by 1% per year) and market prices. After four years, for the life of the mine, the first 6 million ounces per annum of silver produced by the San Dimas Mine, plus 50% of the excess silver above this amount, must be sold to Silver Wheaton Caymans at the lesser of $4.20 per ounce (adjusted by 1% per year) and market prices. All silver not sold to Silver Wheaton Caymans is available to be sold by the Company at market prices.

Latest NI43-101 Report: cutAndPasteExactTitleOfTheReportHere
2011-03-11 (111 pages).

Project Location: Durango, Mexico in the Sierra Madre Occidental mining region. View project on a Google Map.

Average Ore Value (all estimate types): US$409.48

Proven + Probable

Estimate notes: See p. 64 of 111 of the March 2011 technical report.
Cutoff grade based on total operating cost for Tayoltita, Santa Rita and Block Central (US$99.84/t).

Inferred

Estimate notes: See Proven + Probable note.
cutOffNotes