Welcome!

News Feed Item

Primero Reports High Grade Gold Drilling Results at Grey Fox

TORONTO, ONTARIO -- (Marketwired) -- 05/08/14 -- Primero Mining Corp. ("Primero" or the "Company") (TSX: P)(NYSE: PPP) is pleased to announce results of recent drilling at its Grey Fox property in the Township of Black River-Matheson near Timmins, Ontario. Exploration drilling on the Grey Fox property recommenced in March 2014 to further expand and infill the 147, Grey Fox South and Contact Zone known resource. Three drill rigs will continue resource expansion drilling for the remainder of the year at Grey Fox.


Table 1: Q1 2014 Grey Fox Drilling Highlights(i)

-------------------------------------------------------------------------
                                                                    Metal
                                                 Core    Gold      Factor
             Mineralized         From      To   Width   Grade     grams X
Hole Number  Zone                 (m)     (m)     (m)     g/t  core width
-------------------------------------------------------------------------
GF14-831     147 Zone           127.7   163.0    35.3     5.6       199.4
GF14-834     147 Zone           149.0   180.0    31.0     3.6       110.4
GF14-838     147 Zone           142.0   173.0    31.0     6.2       190.6
GF14-826     Grey Fox South      35.0    51.0    16.0     3.1        49.8
GF14-835     Grey Fox South      69.0    79.0    10.0     7.0        70.1
-------------------------------------------------------------------------
(i) All assays are capped at 100 g/t gold, average gold grades over core
length widths.

The Grey Fox property, located 4 kilometres south-east of the Black Fox mine, has produced promising exploration results and already contains 500,000 ounces at 3.7 grams per tonne ("g/t") of Indicated Gold Mineral Resources. Primero raised Cdn$9 million in March 2014 in a flow-through financing in order to invest in an aggressive exploration program at the Grey Fox and surrounding properties. The 147, Contact and Grey Fox South Zone all occur within close proximity of each other and provide Primero with near term production growth opportunities because of their proximity to the Black Fox mine infrastructure. Details of the most recent Grey Fox drill holes are listed in Appendix 1, the drill-hole location map is included in Appendix 2.

Surface drilling was conducted by Norex Drilling and was supervised by the Primero exploration team. All sample analyses reported herein were performed by Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, drilling is generally intersecting interpreted mineralized zones at high angle. Primero's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy.

Primero's 2014 exploration program includes 76,400 metres of drilling at the Grey Fox, Pike River and Stock Mill properties as well as 55,700 metres at Black Fox. A total of 9,649 metres of drilling have been completed at Grey Fox since drilling commenced on March 15, 2014. The Grey Fox exploration program includes exploration, delineation and some condemnation drilling. The Company aims to increase the total defined Mineral Resources and convert Inferred Mineral Resources to the Measured and Indicated categories at Grey Fox.

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.


Appendix 1: Q1 2014 Drill Results from Grey Fox Property 147 and GFS Zones

--------------------------------------------------------------------------
                                                     Metal
                                Core      Gold      Factor
              From     To      Width     Grade     grams X     Mineralized
Hole Number    (m)    (m)        (m)     (g/t)  core width            Zone
--------------------------------------------------------------------------
GF14-820      60.0   62.0        2.0       3.6         7.2        147 Zone
--------------------------------------------------------------------------
              84.8   90.7        5.9       1.9        11.0        147 Zone
--------------------------------------------------------------------------
GF14-821      54.0   59.0        5.0       2.2        11.1        147 Zone
--------------------------------------------------------------------------
             128.9  130.0        1.1       2.0         2.2        147 Zone
--------------------------------------------------------------------------
GF14-824      20.0   31.0       11.0       1.0        11.4        147 Zone
--------------------------------------------------------------------------
             144.0  146.0        2.0       2.6         5.1        147 Zone
--------------------------------------------------------------------------
GF14-825      37.0   38.0        1.0       1.2         1.8        147 Zone
--------------------------------------------------------------------------
              47.0   48.0        1.0       2.2         2.2        147 Zone
--------------------------------------------------------------------------
              62.0   63.0        1.0       1.2         1.2        147 Zone
--------------------------------------------------------------------------
              86.0   87.0        1.0       2.2         2.2        147 Zone
--------------------------------------------------------------------------
             127.0  138.3       11.3       1.7        18.9        147 Zone
--------------------------------------------------------------------------
             175.0  178.0        3.0       1.4         4.2        147 Zone
--------------------------------------------------------------------------
GF14-827          No Significant Results              0.00        147 Zone
--------------------------------------------------------------------------
GF14-828      48.0   51.6        3.6       4.6        16.7        147 Zone
--------------------------------------------------------------------------
              88.0   98.8       10.8       1.2        13.1        147 Zone
--------------------------------------------------------------------------
             105.8  106.8        1.0       3.2         3.2        147 Zone
--------------------------------------------------------------------------
GF14-831     111.0  113.0        2.0      10.7        21.5        147 Zone
--------------------------------------------------------------------------
             127.7  163.0       35.3       5.6       199.4        147 Zone
--------------------------------------------------------------------------
including    137.0  140.0        3.0      10.6        31.9        147 Zone
--------------------------------------------------------------------------
(i)and       156.0  157.0        1.0     100.0       100.0        147 Zone
--------------------------------------------------------------------------
GF14-834      61.1   62.0        0.9       4.7         4.2        147 Zone
--------------------------------------------------------------------------
             134.6  135.6        1.0       1.3         1.3        147 Zone
--------------------------------------------------------------------------
             149.0  180.0       31.0       3.6       110.4        147 Zone
--------------------------------------------------------------------------
including    155.0  155.7        0.7      21.8        15.2        147 Zone
--------------------------------------------------------------------------
and          172.0  174.0        2.0      16.4        32.8        147 Zone
--------------------------------------------------------------------------
GF14-838     142.0  173.0       31.0       6.2       190.6        147 Zone
--------------------------------------------------------------------------
including    143.0  144.0        1.0      15.4        15.4        147 Zone
--------------------------------------------------------------------------
and          165.0  170.0        5.0      12.1        60.4        147 Zone
--------------------------------------------------------------------------

--------------------------------------------------------------------------
GF14-822                No Significant Results              Grey Fox South
--------------------------------------------------------------------------
GF14-823       9.0   11.0        2.0       4.3         8.6  Grey Fox South
--------------------------------------------------------------------------
              18.6   19.4        0.8       7.6         6.1  Grey Fox South
--------------------------------------------------------------------------
GF14-826      35.0   51.0       16.0       3.1        49.8  Grey Fox South
--------------------------------------------------------------------------
including     41.0   42.0        1.0      11.1        11.1  Grey Fox South
--------------------------------------------------------------------------
and           48.0   50.0        2.0      11.3        22.6  Grey Fox South
--------------------------------------------------------------------------
              81.0   82.0        1.0       3.1         3.1  Grey Fox South
--------------------------------------------------------------------------
GF14-829      10.2   14.9        4.7       4.8        22.8  Grey Fox South
--------------------------------------------------------------------------
including     13.9   14.9        1.0      18.4        18.4  Grey Fox South
--------------------------------------------------------------------------
              25.9   37.9       12.0       2.0        23.5  Grey Fox South
--------------------------------------------------------------------------
including     27.6   28.4        0.8      11.9         8.9  Grey Fox South
--------------------------------------------------------------------------
GF14-833     116.0  119.8        3.8       1.8         7.0  Grey Fox South
--------------------------------------------------------------------------
GF14-835      48.0   53.0        5.0       2.1        10.5  Grey Fox South
--------------------------------------------------------------------------
              69.0   79.0       10.0       7.0        70.1  Grey Fox South
--------------------------------------------------------------------------
including     75.0   79.0        4.0      16.4        65.6  Grey Fox South
--------------------------------------------------------------------------
              89.0   90.0        1.0       1.3         1.3  Grey Fox South
--------------------------------------------------------------------------
(i) All assays are capped at 100 g/t gold, average gold grades over core
length widths.

Appendix 2: Q1 2014 Grey Fox Property 147 and GFS Zone Drill Hole Locations: http://media3.marketwire.com/docs/Primero58.jpg

TECHNICAL INFORMATION AND QUALIFIED PERSON/QUALITY CONTROL NOTES

The scientific and technical information regarding exploration results contained herein is based on information prepared by or under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, Primero, who is a QP for the purposes of NI 43-101. Mr. Voicu has reviewed and approved the contents of this news release with respect to the scientific and technical information regarding exploration results.

CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND RESERVE ESTIMATES

This news release has been prepared in accordance with the requirements of Canadian provincial securities laws which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral reserve and resource estimates included in this news release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification systems. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and reserve and resource estimates disclosed in this news release may not be comparable to similar information disclosed by U.S. companies.

The mineral reserve estimates in this news release have been prepared in accordance with NI 43-101, as required by Canadian securities regulatory authorities. For United States reporting purposes, SEC Industry Guide 7 under the United States Securities Exchange Act of 1934, as amended, as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. As a result, the definition of "proven and probable reserves" used in NI 43-101 differs from the definition in the SEC Industry Guide 7. Under SEC standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this news release may not qualify as "reserves" under SEC standards.

In addition, this news release uses the terms "measured and indicated resources" and "inferred resources" to comply with the reporting standards in Canada. The Company advises United States investors that while those terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves. Further, "inferred resources" have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the "inferred resources" exist. In accordance with Canadian securities laws, estimates of "inferred resources" cannot form the basis of feasibility or other economic studies. It cannot be assumed that all or any part of "measured and indicated resources" or "inferred resources" will ever be upgraded to a higher category or are economically or legally mineable. In addition, disclosure of "contained ounces" is permitted disclosure under Canadian securities laws; however, the SEC only permits issuers to report mineralization as in place tonnage and grade without reference to unit measures.

NI 43-101 also permits the inclusion of disclosure regarding the potential quantity and grade, expressed as ranges, of a target for further exploration provided that the disclosure (i) states with equal prominence that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resources, and (ii) states the basis on which the disclosed potential quantity and grade has been determined. Disclosure regarding exploration potential has been included in this news release. United States investors are cautioned that disclosure of such exploration potential is conceptual in nature by definition and there is no assurance that exploration will result in any category of NI 43-101 mineral resources being identified.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of Primero Mining Corp. and its consolidated subsidiaries (collectively, "Primero" or the "Company"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "in order to", "aims to" "estimates",, "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", or the negative connotation thereof. Forward-looking statements include, but are not limited to, statements regarding the Company's 2014 exploration program and drilling plans, estimation of mineral reserves and resources and the realization of mineral reserve estimates (including all assumptions), the ability to identify new resources and convert resources and exploration potential into reserves and resources, the timing, nature and success of exploration activities including that certain results are "promising", the future potential to discover new mineralization at Grey Fox, Grey Fox 147 or Contact Zone, and intentions to becoming an intermediate gold producer. The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that the Company does not change its development and exploration plans; that prices for gold and silver remain consistent with the Company's expectations; that the Company identifies new mineralization and extension of existing mineralization, that Company's current estimates of mineral reserves, mineral resources, mineral grades and mineral recovery are accurate, the discovery of additional ounces close to infrastructure.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the ability to achieve planned production levels; the ability to fund exploration and development expenditures and for the expenditures to discover mineralization in minable quantities ; possible variations in ore reserves, grade or recovery rates, mine development and operating risks; and the ability to build a portfolio of precious metals assets in the Americas that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to or loss of equipment, whether as a result of natural occurrences including flooding, political changes, title issues, intervention by local landowners, loss of permits, or environmental concerns or otherwise; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, delays in completion of the mill expansion, exploration and development plans; mining risks, including unexpected formations and cave-ins, which delay operations or prevent extraction of material; risks associated with foreign operations; governmental and environmental regulation; landowner dissatisfaction and disputes; damage to equipment;

and labour disruptions. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
The unique combination of Amazon Web Services and Cloud Raxak, a Gartner Cool Vendor in IT Automation, provides a seamless and cost-effective way of securely moving on-premise IT workloads to Amazon Web Services. Any enterprise can now leverage the cloud, manage risk, and maintain continuous security compliance. Forrester's analysis shows that enterprises need automated security to lower security risk and decrease IT operational costs. Through the seamless integration into Amazon Web Services, ...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.