On December 16 2013

Assumes San Dimas operates at least at 2,500 tpd from Q1 2014; 100% ownership of Cerro Del Gallo and that it begins production at the end of 2015, with full year production estimated at 95,000AuEq. oz from 2016 and Primero management estimates for Black Fox production, based on 2,200 tpd - 2,300 tpd operation.

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