SAN DIMAS ANALYSTS TOUROctober 2010

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2

Cautionary Statement

This presentation may contain “forward-looking” statements within the meaning of Canadian securities legislation and the United States Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements relate to future events or the anticipated performance of the Company and reflectmanagement’s expectations or beliefs regarding such future events and anticipated performance. In certain cases, forward-looking statements can beidentified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, ”estimates”, ”forecasts”, ”intends”, ”anticipates” or“believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, ”could”, “would”, ”might”, or “will betaken”, “occur” or “be achieved”, or the negative of these words or comparable terminology. By their very nature forward-looking statements involveknown and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from anyanticipated performance expressed or implied by the forward-looking statements. Such factors include various risks related to the Company’s operations,including, without limitation, fluctuations in spot and forward markets for gold, silver and other metals, fluctuations in currency markets, changes innational and local governments in Mexico and the speculative nature of mineral exploration and development, risks associated with obtaining necessaryexploitation and environmental licenses and permits, and the presence of laws that may impose restrictions on mining. A complete list of risk factors aredescribed in the Company’s preliminary prospectus and will be detailed from time to time in the Company’s interim and annual financial statements andmanagement’s discussion and analysis of those statements, all of which are, or will be available, for review on SEDAR at www.sedar.com.

This presentation uses the terms “measured resources”, “indicated resources” and “inferred resources”. The Company advises readers that although theseterms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”)),the United States Securities and Exchange Commission does not recognize them. Readers are cautioned not to assume that any part or all of the mineraldeposits in these categories will ever be converted in to reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence,and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except fora Preliminary Assessment as defined under NI43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economicallyor legally mineable.

Although the Company has attempted to identify important factors that could cause actual performance to differ materially from that described in forward-looking statements, there may be other factors that cause its performance not to be as anticipated. The Company neither intends nor assumes anyobligation to update these forward-looking statements or information to reflect changes in assumptions or circumstances other than required by applicablelaw. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially fromthose currently anticipated. Accordingly, readers should not place undue reliance on forward-looking statements.

Unless otherwise indicated, all dollar values herein are in US$.

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3

Agenda

TSX:PSafety Induction

Underground and Surface Operations.

Required PPE:

Hard Hat

Safety Vest.

Steel-toe boots/shoes

Gloves

Hearing protection

4

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Safety Induction

For some activities special equipment must be used

Be aware of signage in specific areas

5

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Safety Induction

Surface / Underground driving

Be an approved driver

Obey speed Limit

Buckle up your safety belt

Backward parking all times

Lights on all time

Emergency lights on while parked

Surface / Underground Driving

Be an approved driver

Obey speed Limit

Buckle up your safety belt

Backward parking all times

Lights always on

Emergency lights on while parked

6

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Safety Induction

Right of Way for vehicles:

1. Ambulances on duty

2. Trucks transporting hazardous materials

3. Haulage trucks (loaded)

4. Haulage trucks (empty)

5. Heavy Equipment

6. Utility vehicles

7

TSX:PSafety Induction

In Underground Operation:

1. Sign in with the Security Guard

2. Do not exit from vehicles in motion

3. Do not stay in atmospheres +50ppm CO

4. Indentify heavy equipment, make contactwith operator

5. Verify good tunnel back conditions (scaling)

8

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9

Agenda

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10

San Dimas Location

San DimasGold-Silver Mine

DURANGO, MEXICO

Mazatlán

Durango

VentanasExploration Property

DURANGO, MEXICO

Mexico City

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11

San Dimas History

1890 San Luis Mining Company began operations in México

1961 Minas de San Luis is formed with 51 % Mexican capital

1978 A group of Mexican investors acquires full ownership

1987 San Antonio mine started operating

1991 Exploitation began in Santa Rita Mine

2002 Wheaton River acquired Luismin, Central Block High Grade Discovery

2005 Wheaton merged with Goldcorp

2006 Goldcorp merged with Glamis

2008 Mala Noche Resources Formed

2009 Sinaloa Graben High Grade Discovery

2010 Primero (formerly Mala Noche) acquired San Dimas

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12

Introduction

More than 100 known veins in the district

Thickness of veins varies from 0.10m up to 15m, avg. 1.50m wide

Some veins can be followed for more than 1,500 m

Total underground development of more than 500 km

Historical Production (1978-2008)

Tonnes (millions) Gold (g/t ) Silver (g/t) Gold (moz) Silver (moz)

13.3 7.0 511 2.9 219

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13

Historical Production (1990-present)

New High Grade Impact?

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

Au

gra

de

(g/

t)

Pro

du

ctio

n (

oz)

Production (oz) Au grade (g/t)

Central Block DiscoveryAdditional high-grade discoveries

(Roberta, Robertita & Santa Lucía veins)

Acquisition of Luismin by Wheaton River

Sinaloa Graben Discovery

Subsequent Acquisition of San Dimas

by Primero

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San Dimas2010 Guidance

Goldcorp Inc. Primero

Reported Jun 30, 2010

Unaudited Jul 1, 2010 to

Aug 5, 2010

Estimated Aug 6, 2010 to Dec 31, 2010

Estimated Full Year 2010

Gold produced (ounces)

45,800 7,700 37,000-42,000 90,000-95,000

Silver produced(1)

(ounces)2,315,500 429,900 1,755,000-1,955,000 4,500,000-4,700,000

Total cash costs(2)

(per gold equivalent ounce)$529(3) $655 $450 - $480 $500 - $530

Total cash costs(2) - by-product(per gold ounce)

$411 $555 $330 - $360 $390 - $420

Capital expenditures (US$ millions)

10 4 12 26

1) Refer to slide 7 for silver purchase agreement details

2) Cash costs are a non-GAAP performance measure

3) Calculated from Goldcorp Inc.’s Second Quarter 2010 Report

Material assumptions used to forecast total cash costs(1) for 2010 include: $1,200 per ounce for gold; by-product silver price of $4.04 per ounce; an oil price of $95 per barrel and foreign exchange rates of 1.03

Canadian dollars and 12.63 Mexican pesos to the US dollar.

14

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15

Agenda

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People

San Dimas Headcount : 1,080

16

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People

17

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Human Resources

Selection

Recruitment

Training

Types of personnel handled:

Unionized Employees

Salaried Employees

Contractors’ workers

Main duties

18

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National Union Negotiation

Collective bargaining

Wages

Clauses review

Bonus review

Special bonus negotiation

Contractors’ personnel agreement rev.

Medical benefits agreement review

Collective bargaining

Human Resources

19

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2 Maintenance programmers

5 Process plant supervisors

2 Maintenance supervisors

2 Mine supervisors

3 Surveyors

2 Planning supervisors

1 Assayer

1 Mine assistant superintendent

Technical school graduates

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People

1 Mine superintendent assistant

1 Plant assistant superintendent

1 Chief Metallurgist

1 Geologist

1 School Principal

1 Math teacher

1 HR Superintendent

Currently, the company is sponsoring 15 scholarships for employees

Primero sponsored graduates

21

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22

Agenda

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World Class Safety Policies

23

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Central Committee

Chaired by the General Manager

Permanent members, all the

superintendents of operations and services

Objective: to have a governing body that ensures

the continuous improvement and feasibility of the

safety management system

Who else has a commitment in Safety?

24

TSX:PWho else has a commitment in Safety?

The procedures and work instructions for each

one of the operative areas of the district are

defined in this system.

The OP must detect unsafe acts and conditions

and work on them until correction.

Although it is a Subcommittee that only works when

an accident happens, this contributes to find out the

root causes and to avoid the repetition of these.

The supervisor has the responsibility to make Safety

25

Subcommittees

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Who else has a commitment in Safety?

2. DELTA

Development on the personal values; focus in safety values

Behavior training

1. Safety Leadership Training.

26

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Awards

•1st Place National Contest , First Aid ( Bleeding, Fractures)

•1st Place National Contest Biopack- Biomarin

2010, 2009

•2nd Place National Contest Biopack- Biomarin2008, 2007,2006

In 10 years the “Silver Hardhat”

of the Mexican Chamber of Mines

was won 6 times

Goldcorp Most Improved Safety Performance Award 2007

27

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0 200 400 600 800 1,000 1,200 1,400 1,600

Local 22

Local 21

Salaried

Contractors

La Roca

Local 8

DSD

Days

Days without LTI

28

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Lost Time Injuries13

6

9 9

32

0

5

10

15

2005 2006 2007 2008 2009 2010

All incidents

5965 61

53

31

18

0

20

40

60

80

2005 2006 2007 2008 2009 2010

8.5310.04

7.08

4.97

3.232.14 1.62

0

2

4

6

8

10

12

2004 2005 2006 2007 2008 2009 2010

All Frequency Index

LTI Index

0.68

0.87

0.39

0.53 0.55

0.21 0.18

0

0.2

0.4

0.6

0.8

1

2004 2005 2006 2007 2008 2009 2010

Safety Improvements

29

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30

Agenda

TSX:PCommunity Relations

1) Tayoltita 1) New Truchas

2) San Dimas 2) Huahuapan

3) Rincón de Calabazas 3) San Antonio de las Truchas

4) Guamúchil y Anexos 4) Co-ownersSan Antonio Forestry Assoc.

5) Guarisamey 5) La Manga

6) Las Huertas 6) San Francisco de los Lobos

7) Palmarito 7) Carboneras

8) Yamoriba 8) Puentecillas

9) San Bartolo

10) San José de Causas

11) San Pedro Villa Corona

Temporary occupancy agreements

Right of way agreements

Surface occupied 3,306 ha

Average cost: US$ 79 / ha

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Strategic AreasH

EA

LT

H

ED

UC

AT

ION

DE

VE

LO

PM

EN

T

SO

CIA

L

CO

MM

UN

ITY

LINKING AND COMMITMENT WITH THE

COMMUNITY AND ITS DEVELOPMENT

AC

TIO

NS

INFRASTRUCTURE

HEALTH

EDUCATION

HEALTH AND TRAINING

HEALTH WEEK

32

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Strategic AreasH

EA

LT

H

ED

UC

AT

ION

DE

VE

LO

PM

EN

T

SO

CIA

L

CO

MM

UN

ITY

LINKING AND COMMITMENT WITH THE

COMMUNITY AND ITS DEVELOPMENT

EDUCATIONAL

INFRASTRUCTURE

EDUCATION AND CULTURE

COMMUNITY TRAINING

Community Company Total Company %

Active students 96 36 132 27%

Graduates 111 25 136 18%

IDEA STATS : Primary and Secondary School

Community Company Total Company %

Active students 84 38 122 31 %

Graduates 26 42 68 62%

CONALEP: Technical Professional

AC

TIO

NS

33

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HE

ALT

H

ED

UC

AT

ION

DE

VE

LO

PM

EN

T

SO

CIA

L

CO

MM

UN

ITY

LINKING AND COMMITMENT WITH THE

COMMUNITY AND ITS DEVELOPMENT

SOCIAL

INFRASTRUCTURE

PRODUCTION PROJECTS

SUSTAINABLE ALTERNATIVE

SPECIAL SUPPORT AND

DONATIONS TO THE COMMUNITY

AC

TIO

NS

:

Government agency Project

Secretaria de Desarrollo SocialGreenhouse, daycaresewing shop, bakery

Secretaria de Medio Amb. y Recursos Nat. Green stoves

Secretaria de Educación Pública Safe school

Fondo Nacional de Apoyo a Empresas Sociales Support to improve facilities

Centro de Integración Juvenil Drug use prevention

Strategic Partnerships

Communities Families benefiting Population

10 700 3,255

Electrical Power Supply

Strategic Areas

34

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PRODUCTION PROJECTS

SUSTAINABLE ALTERNATIVE

Community Development

35

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Recognition

b) Award granted by

Mexican Center for Philanthropy (CEMEFI)

third consecutive year.

a) Communities recognize San Dimas Team support.

36

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37

Agenda

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Mine

Service Ramp

38

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Mine

Drilling

Blasting

Bolting

Hauling Mucking

39

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Plant’s Flowsheet

40

“EL PERIHUETE” MILL

Flowsheet – 2100 TPD

PREGNANT SOLUTION

34

BALL MILL 12’x14’ NO. 2

Industrial Water

Pregnant Solution

Precipitate

Zinc

Pulp

Tailings

Barren Solution

Return Solution

Dore

Slag

TAILINGS IMPOUNDMENT

1

RETURN

SOLUTION

COARSE ORE BIN CAP. 780 TON

CONVEYOR BELT Nº 1 36’’ W, 49.1’ L

JAW CRUSHER PETTIBONE 20”x

36”

CONVEYOR BELT Nº 2 24” W, 160.6’ L

INTERMEDIATE ORE BIN CAP. 375 TON

VIBRATING SCREEN TRAYLOR 8’X16’

CONVEYOR BELT Nº 3 36” W, 18.5’ L

CONVEYOR BELT Nº 4 36” W, 77.5’ L

CONVEYOR BELT Nº 5 36 ” W, 86.1’ L

SECONDARY CRUSHER HP-300

TERTIARY CRUSHER SYMON´S 7 Ft

CONVEYOR BELT Nº 6 24’’ W, 750.7’ L

FINE ORE BINS Nº 1 & Nº 2 CAP. 1,000 TON

Ea.

BALL MILLS (2) 12’ X 14’ MARCY

PRIMARY THICKENNER Nº 1 48’X12’ (d x h)

PRIMARY THICHENNER Nº 2 (HI-CAP) 55’X10’ (d x h)

AGITATORS (7) 30’X24’ (d x h)

AGITATORS (1) 30´X20’ (d x h)

SUPERAGITATORS (6) 50’X30’ (d x h)

THICKENNER - INTERMEDIATE (2) 30’X10’ (d x h)

THICKENNER - INTERMEDIATE(1) (HI-CAP) 48’X10’ (d x h)

SHEET FILTERS AUTOJET (2)

FILTERS PRESS (4) 60” SQUARE

INDUCTION FURNACE (2) CAP. 700kg

GEHO PUMPS TZPM-180 (4)

DELKOR THICKENNER (1) 50 FT HI-PAC

DELKOR THICKENNER (1) 80 FT HI-PAC

BUFFER TANK (1) 30 x 24 (dxh)

PUTZMEISTER SAND PUMP HSP-25100

EQUIPMENT CHARACTERISTICS

VIBRATING FEEDER

MINE CARS

COARSE ORE BIN

JAW CRUSHER

INTERMEDIATE

ORE BIN

VIBRATING SCREEN

BELT No. 1

SECONDARY FEEDER

DUMP TRUCKS

BELT Nº 7CONE CRUSHER

HP-300BELT Nº 8

BELT Nº 9

CONE CRUSHER

SYMONS 7 FT

GEHO PUMPS

+ + + + +

+ + + + +

+ + + + +

CLARIFIE

RS

+ + + + +

+ + + + +

+ + + + +

BALL MILL 12’x14’ NO1

LIME

FINE ORE BIN No. 2

FINE ORE BIN NO 1

INDUSTRIAL WATER

1 2

3 4 5 6 7 8 9

BARREN Nº 1

SEMIRICH SOLUTION

PRIMARY

THICKENNER 1

RETURN SOLUTION

INTERMEDIATE NO 1

14

INTERMEDIATE Nº3

13

JALES

BARREN Nº 2

SUPERAGITATORS1211

SUPERAGITATORS

10

RECIRCULATOR9

INTERMEDIATE NO 2

THICKENNER DELKOR 1SUPERAGITATOR

1SUPERAGITATOR

2

HOLOFLITE

DRYER

HELICOIDAL

CONVEYOR

JAW CRUSHER

BULLION

PACKING

FLUX MIX

VAULT

FILTERS PRESS

SHEET FILTERS

AUTOJET NºS1 & 2

VACUUM PUMP

PCP PUMPS

DE-OXYGENTION TOWER

INDUCTION

FURNACES

ZINC

POWDER

PRIMARY

THICKENNER 2

AGITATORS

THICKENNER DELKOR 2

1 2

BUFFER TANK

PUTZMEISTER

PUMP

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District Process

Crushing AreaUnderground Mine

Tailings

Impoundment

Grinding Section

Dore

BarsPrecipitation

& SmeltingChemical

Treatment

41

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42

Au production

9 8

11

9 8

10

9

8

11

9

11 11

9

6

9

7

8

7

-

2

4

6

8

10

12

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 1-5

Aug 6-31

Sep Oct Nov Dec

Au koz

2009 2010

Estimated

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43

Ag production

483

357

483

431

384

449 404

363

464

376

482

416 439

289

478

347

420

342

-

100

200

300

400

500

600

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 1-5

Aug 6-31

Sep Oct Nov Dec

Au koz

2009 2010

Estimated

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Mine

Mine Cost breakdown (July 2010)

44

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45

60%

40%

Cost

Mexican Pesos

US Dollars

Cost in different currencies

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46

0%

20%

40%

60%

80%

100%

Cost

49%

51%

Variable

Fixed

Operating Cost

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47

Cost

Labor and related

Reactivos

Equipment Leasing

Mine Spare Parts

Explosives

Materials-General

Insurance

Diesel Fuel and gas

Steel Balls

Plant Spare parts

Freights

Drill Steel and bits

Electrical Material

Pumps and Compressor parts

Tires

Electrical Power

Other

49%

6%

5%

4%

4%

3%

3%

3%

2%

2%

2%

1%

1%

1%

1%

1%

10%

Operating Cost Detail

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48

CapEx Detail

1.3

13.57.3

3.9

2010 CapExmU$

Infrastructure

Exploration

Sustaining

Special Projects

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49

Agenda

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50

Main Projects

Project Total CostkU$

Completion date

Third tailings filter 2,300 Q1 2011

Mine Waste deposit 6,400 Q4 2012

Hydropower 2nd Stage 26,000 E Q4 2013

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Tailings filter no. 3

113 m2 Belt filter

Building for 3 tons conveyor crane

Conveyor belt no.2 re-location

New conveyor belt at 3rd filter discharge

New filtered solution pond

Aux. system to cover failure in belts

Filter 1 and 2 integrated in one building

Reagents area in upper level

Maintenance shop in lower level

Expansion area already considered

Project description

51

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Objective

To have a specific area to deposit the waste rock from themine that complies with international technical andenvironmental regulations and lasts for 20 years.

Herradura Waste Rock Impoundment

52

2010 2011 2012

Engineering

Construction

Construction

kU$ 700 kU$ 3,420 kU$ 2,280

Total Investment: U$ 6,400

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Herradura Waste Rock Deposit

HerraduraWaste Rock

Tayoltita town

Mill

Cupias Tailings Dam

53

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Las Truchas Hydropower Plant

54

• Capacity 7.3mW

• Provides 76% of San Dimas demand

• Saves kU$400 per month

• Savings of mU$10.8 in 27 months

• Saves 23,500 tonnes of CO2

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55

• Truchas avg cost :U$0.015/kWh

• Grid avg cost: U$0.11/kWh

• Stage 2

• Second Power house

• Additional 7mW

• In 2011

• Preliminary studies

• Engineering

Las Truchas Hydropower Plant

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56

Agenda

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Reserves and Resources (as of Dec. 2009)

0

1

2

3

4

Proven and Probable

Inferred Total

0.862

1.612

2.474

Million Gold Ounces

0

100

200

300

400

Proven and

Probable

Inferred Total

61

154215

Million Silver Ounces

Metric Tons mReserves Dec 2009

Au grade (g/t) Ag grade (g/t) Au moz Ag moz

5.54.80 339 0.86 60.9

57

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Reserve Growth (2005 to 2010E)Gold Ounces

Au koz

Reserves Estimated Reserves

+ 3 % + 5 %

58

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Ag koz

+ 3 % + 5 %

Reserve Growth (2005 to 2010E)Silver Ounces

Reserves Estimated Reserves

59

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Geology Setting

35°

Upper volcanic group

Piaxtla intrusive

Arana diorite and

intrusive andesite

Lower volcanic group

Fault

Geologic boundary

Vein

Strike and dip

Mill

Town site

0 1 2 3 4 5 Km

34°35°

10°105°

56’

TAYOLTITACONTRA

ESTACA

76°

33°

35°

35°

25°

CARBONERAS

NORTH

(After Henshaw, 1953; Randalll,1970; Smith and Hall, 1974; Nemeth,1976;

Clarke, 1982; Enriquez,1995).

A’

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San Dimas Geological Evolution

61

PRE-FAULT SHAPE OF

CONTRAESTACA ANTICLINE

0,00 m

-1,000 m

-2,000 m

0,00 m

-1,000 m

-2,000 m

SW NE

0,00 m

-1,000 m

-2,000 m

-3,000 m

0,00 m

-1,000 m

-2,000 m

-3,000 m

5,00 m5,00 m

MEXICAN PLATEAU STAGE

Source: P. C. Henshaw 1953.

2,000 m2,000 m

1,000 m

0,00 m

1,000 m

0,00 m

VERTCAL CROSS SECTION SHOWING

MAJOR STAGES IN THE DEVELOPMENT OF

GEOLOGICSTRUCTURE IN THE SAN DIMAS

MINING DISTRICT

1,000 m

0.00 m

-1,000 m

1,000 m

0.00 m

-1,000 m

ORE HORIZON

PRE-CLIFFS STAGE, AN APPROXIMATION

OF CONDITIONS AT THE TIME OF ORE

DEPOSITATION, THE ORE ZONE IS LIMITED

BETWEEN 0 AND 500 METERS OVER THE

SEA LEVEL

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Regional longitudinal section A – A´

Favorable Horizon

Mineralization – Ore Bodies

Extension of the Favorable Horizon

Potential

SW NE

0 1 2

K I L O M E T E R S

San Antonio

Area

West Block

Central BlockCastellana and

Robertas

Tayoltita Block Arana

Hanging Wall3,000 m.

2,000 m.

1,000 m.

3,000 m.

2,000 m.

1,000 m.

Sinaloa Graben

Block

Source: San Dimas Geology Office

62

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Exploration Success ThroughoutHigher Grade and New Reserves

Central Block

EL ABRA

VERDOSA

CORONADO

S. ANTONIO

CANDELARIA

CULEBRA

BLENDITA

PATRICIA

5 HERMANOS

EL SOL

TAYOLTITA

Piaxtla River

GUADALUPE

EL CRISTO TUNNEL

ROSARIO SINALOA GRABEN TUNNEL

Santa Ritamine

SAN FRANCISCO

TayoltitaBlock

LA VERDOSARAMP

N

Mill

Tayoltitamine

Central Block mine

San Antonio mine

(Source: San Dimas Geological Office)

San Vicente Area

West Block

Pilarmine

Vein

Fault

Town

Mill

Tunnel done

0 1 2 km

Tunnel Budget 2010

AranaHanging Wall

Ag-Au High Grade Trend

LEGEND

Proposed Tunnel

DDH Ag g/t Au g/t mRO-16-02 132 3.27 1.43RO-20-05 514 4.23 1.27

DDH Ag g/t Au g/t mMAR-9-17 514 8.86 2.45

DDH Ag g/t Au g/t mSOL-9-02 549 10.67 1.81

DDH Ag g/t Au g/t mA-25-217(1) 778 7.9 0.80HW-4G-01B 302 8.7 0.60

Dev Ag g/t Au g/t mRAMP7-129W 1,115 10.30 2.75

DDH Ag g/t Au g/t mTGS-S-22 958 6.81 8.56TGS-S-15 403 8.08 7.52

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2010 Exploration SuccessAlready Replaced 2010 Production

Estimated Proven and Probable Reserves

TonnesGrade (g/t)

Gold SilverGold

(ounces)Silver

(million ounces)

Exploration Drilling 219,302 5.1 348 36,000 2.5

Exploration Drifting 199,948 7.2 439 47,000 2.8

Total New Reserves 419,250 6.1 391 83,000 5.3

2010 exploration budget of $13.5 million

Total 2010 exploration drilling 38,000 metres

28,000 metres completed to date

Already nearly replaced estimated 2010 production:

additional 83,000 ounces of gold & 5.3 ounces of silver

Intercepts well above reserve grade

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65

Exploration

Diamond Drilling 38,000 m U$130/m kU$4,900

Drifting (X section 4x4 m) 2,200 m U$ 1,500/m kU$8,970

Cost per Equivalent Gold Ounce developed: U$ 47.00/oz

Equivalent Gold Ounces developed per meter drilled : 5 Ounces

Exploration

Program and Results 2010

TSX:P

66

One Prolific VeinMany More to Explore

Robertita-Nancy Vein

Drilling

35,887m (as at Sep 2010)

Historic Production

k tons Au (koz) Ag (moz)

487 177 11.0

Resources

k tons Au (koz) Ag (moz)

364 114 6.0

Reserves

k tons Au (koz) Ag (moz)

868 243 12.5

Diamond

Drill Holes

Mined Ore

Robertita-Nancy Vein Exploration

TSX:P

Sinaloa Graben Tunnel: Julieta - Sinaloa Norte vein (San Salvador system)

San Luis Tunnel

Drifting Plan

Drilling Plan 2010

Drifting Plan 2010

Drifting Done

Sinaloa GrabenHigher Grade and Wider Widths

SWNE

1,000 m

Sinaloa Mine (San Antonio Area)

Sinaloa Graben San Salvador ( Central Block )

San Luis Tunnel Elev

Santa Anita Tunnel

0 500 1000

M E T E R SProven Ore

Probable Ore

Probable Ore by Drilling

Explanation

0 m

500 m

0 m

500 m

1,000 m

DDH TGS-S-22Sinaloa Norte InterceptAg g/t Au g/t m958 6.81 8.56m

7-660 LAg g/t Au g/t m189 3.13 1.24

67

DDH TGS S-15Sinaloa Norte intercept

Ag g/t Au g/t m403 8.08 7.52

DDH TGS 7-17Julieta intercept

Ag g/t Au g/t m481 3.73 2.22

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TitleTSX:

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Central Block & Sinaloa Graben Potential

68

Area

Potential as ofDec 2009

Metric Tons Au grade (g/t)

Ag grade (g/t)

Auoz Agoz

Central Block 6,641,899 3.66 362 781,701 77,351,969

Sinaloa Graben 6,772,831 4.89 377 1,065,408 82,103,822

Total 13,414,730 4.28 370 1,847,109 159,455,791

San Dimas District

Potential as ofDec 2009

Metric Tons Au grade (g/t)

Ag grade (g/t)

Auoz Agoz

Total 27,176,630 3.79 357 3,310,548 311,778,657

TSX:P

Sinaloa GrabenGeological Potential as of Dec. 2009With probability of 30%

Metric Ag Au Ounces

Vein Tonnes (g/t) (g/t) oz Ag oz Au

San Isidro 425,250 350 3.50 4,785,310 47,853

San Daniel 567,000 350 3.50 6,380,413 63,804

Rosario-Sta. Lucía 850,500 362 2.91 9,898,756 79,573

Rosario-Sta. Lucía (Randall) 567,000 362 2.91 6,599,170 53,049

Rosario-San Ramón (Randall) 453,600 362 2.91 5,279,336 42,439

Franklin-Calzada 340,200 342 4.39 3,740,745 48,017

Franklin-Calzada (Randall) 340,200 342 4.39 3,740,745 48,017

Marshall-Sta. Gertrudis 340,200 300 3.50 3,281,355 38,282

Gpe-Sinaloa-Zacatera 340,200 342 4.39 3,740,745 48,017

Guadalupe Castellana 340,200 340 3.95 3,718,870 43,205

Guadalupe-Sinaloa-Celia 340,200 321 3.82 3,511,050 41,783

Gpe.-Santa Eulalia-Soledad 340,200 260 3.80 2,843,841 41,564

Santa Marcia-Pilar-Marinas 394,081 395 7.57 5,004,729 95,913

S.Ant.-SNiño-Roberta 567,000 513 10.22 9,351,863 186,308

S.Ant.-SNiño-Robertita 567,000 561 10.29 10,226,891 187,584

TOTAL 6,772,831 377 4.89 82,103,822 1,065,408

69

TSX:P

San Dimas District map

70

West Block

EL ABRA

VERDOSA

CORONADO

S. ANTONIO

CANDELARIA

CULEBRA

BLENDITA

PATRICIA

5 HERMANOS

EL SOL

TAYOLTITA

Piaxtla River

EL CRISTO TUNNEL

ROSARIO SINALOA GRABEN TUNNEL

Santa Ritamine

SAN FRANCISCO

TayoltitaBlock

LA VERDOSARAMP

N

Mill

San Antonio mine

(Source: San Dimas Geological Office

Vein

Fault

Town

Mill

Tunnel done

Explanation

0 1 2 km

Arana H Wall Project

D. Drilling ProcessSan Vicente

Area

GUADALUPE

Pilarmine

TSX:P

Sinaloa Graben Block Reserves & Potential

Category

Reserves as Aug 2010

Metric Tons Au grade (g/t)

Ag grade (g/t)

True Width (m)

Au oz Ag oz

DDH TGS S-22 57,777 6.81 958 8.56 9,840 1,034,319

DDH TGS S-15 50,768 8.08 403 7.52 13,192 657,201

DDH TGS S-07 15,087 4.17 191 2.24 2,022 92,661

DDH TGS 7-17 14,992 3.73 481 2.22 1,797 231,663

7-660 Level (2P) 4,714 3.13 189 1.24 474 28,596

Total 143,338 5.93 444 27,325 2,044,440

Category

Potential as of Dec 2009

Metric Tons Au grade (g/t)

Ag grade (g/t)

True Width (m)

Au oz Ag oz

Total 6,772,831 4.89 377 1,065,408 82,103,822

71

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TitleTSX:

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Sinaloa Graben projectDDH TGS S-22

72

DDH TGS S-22Sinaloa Norte Intercept

Ag g/t Au g/t m958 6.81 8.56

TSX:

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TitleTSX:

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Arana Hanging Wall Project

Systematic Diamond Drilling lines

73

DDH HW-4G-01-B

Done 697m

DDH HW-2B-01

Done 710m

DDH HW-2B-02

Done 646m

DDH Ag g/t Au g/t m

GUS S-10 780 14.9 0.50

GUS S-06 438 4.2 0.95

SRC-02 401 11.3 0.43

DDH Ag g/t Au g/t m

SRC-02 401 11.3 0.43

DDH Ag g/t Au g/t m

A-22-108 380 3.5 1.10

A-22-109 202 2.5 1.10

A-25-201 130 1.9 2.00

A-25-206 402 3.5 0.35

A-22-212 117 1.5 1.00

A-25-196 107 1.4 2.00

DDH Intercepts

Drilling process

Drilling proposed

E x p l a n a t i o n

DDH Ag g/t Au g/t m

HW-4G-01A 302 8.7 0.6

HW-4G-01A 81 1.5 1.0

N

TR

EV

IÑO

TU

NN

EL

CANDELARIA

CULEBRA

BLENDITA

5 HERMANOS

EL SOL

SAN FRANCISCO

0 1 2 km

Tayoltitamine

Mill

Santa Ritamine

DDH HW-3C-01

Process 366m

DDH HW-6F-01

Process 183m

CEDRAL

TSX:P

Arana Hanging Wall ProjectSystematic D. Drilling line 2-2´

DDH HW-2B-02

Process 643m

Drilling plan

DDH HW-2B-01

Done 710m

DDH HW-2B-02

Process 643m

74

TSX:P

M E T E R S

0 250 500 Source: San Dimas Geology Office

Andesite

24 L

17

L

12 Level

16 Level

18 Level

20 Level

NWSE

1500 m

1000 m

L R

500 m

13,0

00

E

TREVIÑO TUNNEL

Socavon

Rhyolite

Buelna

Andesite

Portal

Rhyolite

Productive

AndesiteCamichi

n

Rhyolite

Las Palmas

Formation

Intrusive

Andesite

Arana

Diorite

SAN EDUARDO TUNNEL25 LEVEL

Piaxtla

Intrusive

Arana Hanging Wall ProjectRegional cross section

Sta. Rita

Mine

Arana Hanging Wall

Project

Tayoltita Mine

Resources

380 koz Au 38 moz Ag

Historic Production 7.9 mt

2.0 moz Au & 136 moz Ag

1500 m

1000 m

Historic Production 1.2 mt

119 koz Au & 17 moz Ag

ARANA

DIORITE

ARANA

DIORITE

ARANA

DIORITE

75

TSX:P

Tayoltita Mine Candelaria Vein & NE vein system

WE

Historic Production 1.5 mt0.25 moz Au & 28.0 moz Ag

500 m

1000 m

LEVEL 4

LEVEL 6

LEVEL 10LEVEL 12

LEVEL 17

Aurora Area

(Low Angle Vns)

Favourable

horizon

San Luis Tunnel Elev

0 500

M E T E R S

Level 28

Piaxtla Intrusive

Socavon

Rhyolite

Productive

Andesite Camichin

Formation

(Source: San Dimas Geological Office)

Level 25

A-22-108

A-25-201

DDH Ag g/t Au g/t mA-22-108 380 3.5 1.10A-22-109 202 2.5 1.10A-25-201 130 1.9 2.00A-25-206 402 3.5 0.35

A-22-212 117 1.5 1.00

A-25-196 107 1.4 2.00

ARANA

DIORITE

Surface Drilling

650-750m

A-22-109

Arana Hanging Wall

320 g/t Ag_2.5 g/t Au @1.00m(18m Length)

A-22-212A-25-196

A-25-206

DDH A-25-217(1)Arana Hanging WallAg (g/t) Au (g/t) m778 7.9 0.8

DDH HW-4G-01BArana Hanging WallAg (g/t) Au (g/t) m302 8.7 0.6

76

TSX:P

San Dimas District potential areas

Central Block

EL ABRA

VERDOSA

CORONADO

S. ANTONIO

CANDELARIA

CULEBRA

BLENDITA

PATRICIA

5 HERMANOS

EL SOL

TAYOLTITA

Piaxtla River

GUADALUPE

EL CRISTO TUNNEL

ROSARIO SINALOA GRABEN TUNNEL

Santa Ritamine

SAN FRANCISCO

N

Mill

TayoltitamineCentral

Block mine

San Antonio mine

(Source: San Dimas Geological Office

Vein

Fault

Town

Mill

Tunnel done

Explanation

0 1 2 km

Arana H Wall Project D. Drilling Process

Roberta & Robertita– Nancy Vein System

Tunnel Budget 2010

Pilarmine

DDH TGS S-15Sinaloa Norte vn

Ag Au m403 8.08 7.52

DDH TGS-S-07Robertita Vn

Ag Au m191 4.17 2.24

DDH TGS-7-17Julieta Vein

Ag Au m481 3.73 2.22

A’

DDH TGS-S-22Sinaloa Norte vn

Ag Au m958 6.81 8.56m

Tinajas Area Resource

43 koz Au

6.6 moz Ag

Tahonitas Area Resource

43 koz Au

5.3 moz Ag

Sn Vicente Area

Res+Pot

360 koz Au

27 moz Ag

West Block Area

Res+Pot

0.7moz Au

67 moz Ag

Cristo AreaRec+Pot

400 koz Au

42 moz Ag

Arana HW Resource

380 koz Au

38 moz Ag

Sta RitaPotential

400 koz Au

46 moz Ag

Proposed Tunnel

77

78

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San Dimas Mine