May 26, 2014) –

Primero Mining Corp. (“Primero”
or the “Company”)
(TSX:P) (NYSE:PPP) announced today that it
closed a previously announced $75 million revolving credit
facility (the “Line of Credit”) with a syndicate of lenders. The Line
of Credit has a three year term, a floating interest rate that the Company
expects to be approximately 4% per annum for the first six months and is
secured by a charge over substantially all of the Company’s assets. Coincident
with and as a condition of closing the Line of Credit, the Company repaid the
outstanding $27 million promissory note held by Goldcorp
bearing interest of 6% and originally due December 31, 2015.

About 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.


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 “expects” or “expected” or variations of such words
and phrases such as “approximately” or statements that certain
actions, events or results or the negative connotation thereof. Certain forward
looking information is identifiable by its context and may be expressed in the
present tense including references to anticipated benefits of future events or
current matters that are continuing.

Forward-looking statements
in this news release include, but are not limited to, statements regarding the
Company’s credit facility’s expected interest rate per annum and the Company’s
intentions to become an intermediate gold producer.

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.


Contact Information: Tamara Brown VP, Investor Relations
(416) 814 3168
[email protected]