Mexico
Press Release

Primero Closes C$51.75 Million Bought Deal Offering

Bnamericas Published: Friday, June 24, 2016

Primero Mining Corp. ("Primero" or the "Company")(TSX:P)(PPP) is pleased to announce that it has closed its previously announced bought deal financing with a syndicate of underwriters led by BMO Capital Markets and including Scotiabank, TD Securities Inc., RBC Capital Markets and Paradigm Capital Inc. (collectively, the "Underwriters"), pursuant to which the Company issued 22,022,500 units (the "Units") of the Company at a price of C$2.35 per Unit for aggregate gross proceeds of C$51,752,875 (the "Offering"). The Offering included the Underwriters' initial agreement to purchase 19,150,000 Units and the exercise in full of the Underwriters' over-allotment option for an additional 2,872,500 Units.

Each Unit consists of one common share of Primero and one-half of one common share purchase warrant (each whole common share purchase warrant is a "Warrant") of Primero. Each whole Warrant entitles the holder to acquire one common share of the Corporation at a price of C$3.35 per Common Share until June 25, 2018.

The Warrants will commence trading on the TSX on June 24, 2016 under the symbol "P.WT.C".

Primero intends to use the net proceeds from the Offering for exploration and development at the Company's San Dimas and Black Fox mines as well as for working capital and general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. Persons. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River‐Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.

Primero's website is www.primeromining.com.

Contact:
For further information, please contact:

Evan Young

Manager, Investor Relations

Tel: (416) 814-2694

eyoung@primeromining.com

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