Brigus Gold Revises Project Debt Facility Agreement with Its Banks

Brigus Gold Corp. (“Brigus Gold” or the “Company”) (TSX: BRD)(NYSE Amex: BRD) announces that it has revised its Project Facility Agreement (“Project Debt”) with its original lenders, Macquarie Bank Limited (“Macquarie”) and RMB Australia Holdings Limited (“RMB”) and provides the following update of the current Project Debt. All dollar amounts in this news release refer to U.S. dollars, unless otherwise noted.

On October 20, 2010, using proceeds from the October 2010 equity financing of Cdn$51.75 million, Brigus Gold repaid $20.7 million of the Project Debt owed to Macquarie and RMB, resulting in a balance of $21.1 million, of which $14.1 million was owed to Macquarie and $7.0 million to RMB.

The Company has now consolidated its Project Debt with RMB as the one remaining lender. The Company has increased the debt owed to RMB from $7.0 million to $22.0 million, and repaid the full amount owed to Macquarie of $14.1 million. Thus, Macquarie is no longer a participant in the Project Debt.

The terms of the Project Facility Agreement remain unchanged, including the interest on the Project Debt at a rate of LIBOR plus 7% per annum, payable monthly. The principal of $22.0 million will be repaid in quarterly payments beginning June 30, 2011 at approximately $3.7 million per quarter with the final payment due on September 30, 2012. The Project Debt was originally entered into by the parties in early 2009 and provided a significant portion of the capital used to build the Black Fox Mine and Mill.

As previously announced in the Company’s November 16, 2010 news release, Brigus Gold generated $7.1 million in operating income for the third quarter of 2010. The Company also achieved its best quarter of overall operational results from its wholly owned and operated Black Fox Mine and Mill since commencement of production in May 2009. The mill produced 21,526 ounces of gold (19,265 ounces of gold sold) at total cash costs per ounce sold of $440 during the third quarter of 2010.

As an unhedged gold producer with no gold derivative positions beginning in 2011 and a rising production profile, Brigus Gold expects to achieve increased cash flow from operations going forward.

About Brigus Gold

Brigus Gold is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The company operates the wholly owned Black Fox Mine in the Timmins gold district of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and Mill, and adjoining Grey Fox-Pike River property, all in the Township of Black River-Matheson, Ontario, Canada. Brigus Gold is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus Gold holds a 100 percent interest in the Ixhuatan Project located in the state of Chiapas, and an 80 percent interest in the Huizopa Joint Venture, an early stage, gold-silver exploration project located in the State of Chihuahua. In the Dominican Republic, Brigus Gold has a joint venture covering three mineral exploration projects.

Non-GAAP Financial Measures

The term “total cash cost” is a non-GAAP financial measure and is used on a per ounce of gold basis. Total cash cost is equivalent to direct operating cost as found on the Consolidated Statements of Operations and includes by-product credits for payable silver production. We have included total cash cost information to provide investors with information about the cost structure of our mining operations. This information differs from measures of performance determined in accordance with GAAP in the United States and Canada and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. This measure is not necessarily indicative of operating profit or cash flow from operations as determined under GAAP and may not be comparable to similarly titled measures of other companies.

Cautionary and Forward-Looking Statements

Statements contained in this news release which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding estimated production and total cash costs in 2011, the underground operation at Black Fox, our future production profile and future cash flow from operations are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the outcome of legal proceedings, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.

Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus Gold’s most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission and elsewhere in Brigus Gold’s documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.

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