Primero Reports Fourth Quarter and Full-Year 2015 Results; Record Revenues Drive Increased Cash Flows

TORONTO, ON - Primero Mining Corp. reported its fifth Consecutive Year of Record Production: Fourth quarter production of 68,155 gold equivalent ounces resulted in annual 2015 production of 259,474 gold equivalent ounces, 15% higher than 2014 and within the Company's 2015 production guidance range of 250,000 to 270,000 ounces. Gold equivalent production in 2016 is expected to increase by up to 8% over 2015 to between 260,000 and 280,000 ounces.

San Dimas produced 50,370 gold equivalent ounces (41,371 ounces of gold and 2.32 million ounces of silver) during the fourth quarter at total cash costs of $535 per gold equivalent ounce and AISC of $753 per ounce. This resulted in full-year 2015 production of 189,769 gold equivalent ounces (151,355 ounces of gold and 8.30 million ounces of silver) from San Dimas at cash costs of $559 per gold equivalent ounce and AISC of $680 per ounce. Strong performance at San Dimas was due to a number of factors including higher throughput related to the ongoing expansion of the mill to 3,000 tonnes per day ("TPD"), increased gold and silver recoveries, increased long-hole mining production, and increased availability of the high-grade Jessica vein. Average throughput in 2015 increased by 10% to a record 2,721 TPD (based on 365 day availability).

Primero generated $71.4 million of revenue in Q4 2015, slightly higher than Q4 2014 as a result of a 10% increase in gold equivalent ounces sold tempered by a 9% lower realized gold price. In Q4 2015, the Company sold 57,770 ounces of gold at an average realized price of $1,081 per ounce and 2.10 million ounces of silver at an average realized price of $4.24 per ounce. Revenue in Q4 2014 totaled $71.2 million from selling 54,406 ounces of gold at an average realized price of $1,188 per ounce, and 1.56 million ounces of silver at an average realized price of $4.20 per ounce.