Brigus Gold Reports Strong Q1 Financial Results

Brigus Gold Corp. ('Brigus? or the 'Company?)(NYSE Amex: BRD; TSX: BRD)
announces results for the first quarter of 2012 ('Q1-12?).

This press release should be read in conjunction with the Company′s
condensed consolidated interim financial statements for the quarter
ended March 31, 2012 and the December 31, 2011 consolidated financial
statements and associated Management′s Discussion and Analysis ('MD&A?),
which are available from the Company's website ( and on SEDAR ( All dollar amounts are expressed in US dollars unless otherwise
specified. All financial results are presented in accordance with
International Financial Reporting Standards ('IFRS?).

Key milestones include producing 16,922 ounces of gold - hitting the top
end of our production guidance and achieving average grades of 5.28
grams per tonne (gpt) from the underground mine, up 95% from Q4-11.

First Quarter 2012 Financial Highlights

• 
  Gold sales improved by 60% to 16,033 ounces compared to 10,003 in
  Q1-11.
  
• 
  Operating margin increased 191% to $753 per ounce in Q1-12 from $259
  per ounce in the prior year.
  
• 
  Cash flow from operations, before working capital adjustments, was
  $9.9 million during Q1-12, compared to $0.7 million in Q1-11.
  
• 
  Cash costs decreased to $858 per ounce, a 22% reduction from Q1-11 and
  11% lower than Q1-12 guidance of $962.
  
• 
  Capital expenditures at Black Fox totaled $17.8 million, consisting of
  $8.1 million for underground development, $4.3 million for property,
  plant and equipment, $2.3 million related to capital stripping and
  $3.1 million related to exploration expenditures.
  
• 
  Raised $15.0 million from the issuance of common shares.
  
• 
  Raised $15.0 million from the sale leaseback of certain Black Fox Mill
  assets.
  
• 
  Subsequent to the quarter, Brigus divested of the Calais Notes for
  proceeds of $6.0 million to be received in the second and third
  quarters.
  

First Quarter 2012 Operational Highlights

• 
  Gold production increased by 93% to 16,922 compared to 8,773 in Q1-11.
  
• 
  Underground production steadily improved during the quarter with
  average grade increased by 95% to 5.28 gpt compared to 2.71 gpt in
  Q4-11.
  
• 
  The open pit mined 220,580 ore tonnes at an average grade of 2.29 gpt,
  a 60% increase over the ore tonnes mined in Q4-11.
  
• 
  The Black Fox Mill processed 180,965 tonnes of ore, at a grade of 3.04
  gpt and a recovery of 95.7%.
  
• 
  Continued positive drilling results from Grey Fox including 5.95 gpt
  over 56.7 m and 26.83 gpt over 15.50 m during the quarter.
  

'We are pleased with Brigus′ progress so far this year,? said Wade Dawe,
President and CEO of Brigus. 'Gold production continues to increase and
costs are lower than expected. Current production levels put us on track
to meet our guidance for Q2 and we are confident the mine will reach a
steady state production level of approximately 25,000 ounces per quarter
by year-end?.

OUTLOOK

Operations at the Black Fox Mine continue to ramp up and will deliver
increased gold production quarter over quarter in 2012. The Company is
guiding between 77,000 and 85,000 ounces for 2012.

High-grade tonnage from the underground continues to steadily increase
and is expected to reach 800 tpd in the third quarter by adding 6-8
mining stopes to the 27 stopes that are now in place. The additional
stopes will provide greater flexibility and enable Brigus to actively
mine 10-12 stopes at all times.

Cash costs are expected to be $775 - $825 per ounce for the year,
declining to approximately $700 per ounce by the end of 2012.

The mill optimization program commenced in July 2011 and is expected to
be completed and in service during the second half of 2012. The
optimization is expected to increase mill processing capacity by 5-10%
through optimization of existing equipment, equipment additions and
reduction of production losses.

Planning is underway to develop the Grey Fox Mine located on the
southeast portion of the Black Fox Complex. The initial resource
estimate from this area, announced in December 2011, added more than 50
percent to the gold resource at the Black Fox Complex. Brigus plans to
expand the resource and convert Inferred ounces to Indicated ounces
through systematic in?fill drilling. An updated resource estimate will
be released later in the year. Simultaneously, the Company recently
commenced a preliminary economic assessment ('PEA?) and expects to
release results during the third quarter.

The Black Fox underground ore body is open for expansion with grades
that trend higher at depth. The Company is driving an exploration drift
from the deepest portion of the east ramp. Exploration drilling will
commence in June with the objectives to increase reserve ounces and
extend the mine life.

To date, the Company has explored approximately 25 percent of the Black
Fox Complex. Significant upside potential remains on the property, which
covers an area of approximately 18 square kilometres within the Timmins
Mining District of Ontario.

FIRST QUARTER WEBCAST AND CONFERENCE CALL

A webcast and conference call will be held today, Tuesday, May 15 at 12
noon Atlantic time (11:00 a.m. Eastern time).

To attend by webcast please visit

To attend by phone, dial toll free 1-877-407-8133 (international
201-689-8040) at least 10 minutes prior to the start of the call. No
pass code is required.

About Brigus Gold

Brigus 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 and Mill in the Timmins Gold District of Ontario, Canada. The Black
Fox Complex encompasses the Black Fox Mine and adjoining properties in
the Township of Black River-Matheson, Ontario, Canada. Brigus is also
advancing the Goldfields Project located near Uranium City,
Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In
Mexico, Brigus has granted Cangold Limited the option to acquire a 75%
interest in the Company′s Ixhuatan Project located in the state of
Chiapas. In the Dominican Republic, Brigus has signed an agreement to
sell its remaining interests in three mineral exploration projects.

Cautionary Note to U.S. Investors Concerning Estimates of Mineral
Resources

This news release uses the term mineral 'resources?. The Company advises
U.S. investors that while these terms are defined in and required by
Canadian regulations, these terms are not defined terms under the U.S.
Securities and Exchange Commission ('SEC?) Industry Guide 7 and are
generally not permitted to be used in reports and registration
statements filed with the SEC. The SEC generally only permits issuers to
report mineralization that does not constitute SEC Industry Guide 7
compliant 'reserves? as in-place tonnage and grade without reference to
unit measures. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves.

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 the ability of the Company to achieve its
production, total cash costs, steady state annual production and mining
rate estimates; estimated average gold grades for the open pit and
underground operations; increase in gold production; increase in
profitability; exploration drill results and resource additions, are
forward-looking statements and estimates that involve various risks and
uncertainties. This forward-looking statements include, 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′ most
recent Annual Information Form and Management Discussion and Analysis
filed under the Company′s name at and annual report on Form 40F filed with the United States Securities
and Exchange Commission at as well as elsewhere in Brigus′ 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.