Primero Primes Path for Production

TONY LESIAK, Macquarie Capital Markets (01/11/2011)
"Primero announced its year-end reserve and resource estimates, with total (reserves plus inferred) gold and silver ounces up 16% and 12%, respectively. The inferred gold and silver resource increased by 23% and 16%, respectively. The increase in resources is significant given the mine's 90% resource conversion track record over the past 30 years. We have updated our model to reflect the YE reserve estimate. We continue to assume that approximately 3.5 Moz. of gold and 280 Moz. of silver will ultimately be mined at San Dimas over the next 30 years. "

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