Mr. Evan Young reports

PRIMERO CLOSES SALE OF BLACK FOX MINE AND COMPLEX

Primero Mining Corp. has closed the previously disclosed sale of the Black Fox mine and associated assets, located near Timmins, Ont., to McEwen Mining Inc. (All figures are in U.S. dollars.) Primero will receive total consideration of $32.5-million following a closing net working capital adjustment of $2.5-million. This includes $27.5-million in cash proceeds and the expected release of $5-million from restricted cash that was pledged toward environmental closure liabilities in the amount of $16.5-million, which will be assumed by McEwen. The proceeds net of closing costs from the sale of the Black Fox complex have been used to permanently reduce the outstanding balance on the company's revolving credit facility. When released, the restricted cash will also be applied to reduce the outstanding balance of the RCF, and following which Primero will have an additional $5-million of available credit for further drawdown, if required.

About Primero Mining Corp.

Primero Mining is a Canadian-based precious metals producer that owns 100 per cent of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico.