P: Exploration Potential Remains Robust

DAN ROLLINS, UBS Securities (10/27/2010)
"Primero Mining held a tour of its recently acquired San Dimas mine earlier this week which was well attended by the analyst community. Although the tour provided some additional insight, we found the tour confirmed and highlighted the inherent optionality in San Dimas (exploration and production potential).

Exploration potential remains robust: A large portion of the tour was focused on the exploration potential of San Dimas which we believe to be highly prospective. With ongoing exploration success within the Central Block zone (primary production zone) and continuing exploration success within Sinaloa Graben and Arana Hanging Wall, we continue to believe the potential for resource additions is likely over the next few years."

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