HALIFAX, Nova Scotia--(BUSINESS WIRE)-- Brigus Gold Corp. ("Brigus" or the "Company") (NYSE Amex: BRD) (TSX: BRD) announces results for its third quarter ended September 30, 2011.

THIRD QUARTER FINANCIAL AND OPERATIONAL HIGHLIGHTS

(All dollar amounts are expressed in US dollars unless otherwise specified. All financial results are presented in accordance with IFRS.)

• Net Income of $12.4 million or $0.06 per share.
• Income from operations of $2.9 million in the quarter.
• Operating cash flow of $7.4 million in the quarter excluding working capital adjustments.
• Sold 17,119 ounces of gold at an average realized price of $1,643 per ounce.
• Produced 16,838 ounces of gold in the third quarter of 2011 compared to 15,688 ounces in Q2 2011 and 8,772 ounces in the first quarter of the year. This is a 7% increase over Q2 production and a 92% increase over first quarter production.
• Cash cost per ounce of gold sold was $807 for the quarter.
• Processed 189,674 tonnes at an average grade of 2.9 grams per tonne (gpt) and an average recovery of 95.2%. 75% of the ore processed was mined from the open pit. The remainder consisted primarily of underground development ore with a small amount from underground mining stopes towards the end of the quarter and low-grade stockpiles early in the quarter.
• Mill throughput averaged 2,062 tpd during the third quarter. As the underground mine continues to ramp up and delivers higher-grade ore to the mill, processing of lower-grade open pit ore will be reduced.
• Commenced Phase 1 of the Black Fox Mill expansion, which will be completed and in service during the second quarter of 2012, and is expected to increase processing capacity by 5-10% (up to 2,200 tpd) along with other efficiencies that will increase recovery.
• Continued to intersect significant gold mineralization from ongoing drilling at the 147 and Contact Zones. An initial 43-101 compliant resource for these Zones will be released by year-end.
• Released a pre-feasibility study for the Goldfields Project that indicated a net present value ("NPV") of $144.3 million at a 5% discount rate with an internal rate of return ("IRR") of 19.6% assuming a gold price of $1,250 per ounce.

"Brigus has delivered quarter over quarter production growth through 2011 and expects to continue to increase production in the fourth quarter. Following the merger in June 2010, Brigus has overcome many challenges and has made significant improvements, all of which have made the company fundamentally stronger," said Wade Dawe, President and CEO of Brigus Gold. "Our management team will continue to implement improvements at Black Fox that will result in ongoing production increases to achieve steady state production levels in excess of 25,000 ounces of gold per quarter."

(1)Total cash cost per ounce gold sold is a non-GAAP measure and is not necessarily comparable to similar titled measures of other companies due to potential inconsistencies in the method of calculation.

OUTLOOK

Brigus now expects to produce between 17,000 and 18,000 ounces of gold at its Black Fox operation in the fourth quarter of 2011. The company has made significant progress at Black Fox and is focused on continued production growth quarter over quarter. Gold production is expected to be between 90,000 and 104,000 ounces in 2012 as we continue to ramp up to steady state of more than 25,000 ounces a quarter.

As of this date, underground production is a combination of ore from nine existing mining stopes and lower-grade development ore. Two or more additional stopes are expected to be available by year-end. At the end of October production from the underground mine averaged 500 to 600 tpd from active mining stopes and 200 to 300 tpd from low-grade development ore. Mining crews are now focused on optimizing mining techniques and underground modeling to increase underground grades and throughput on a continual basis.

Following the quarter end, Brigus hired an experienced new General Mine Manager who will begin his new position in early December. As well, Brigus has recently recruited four Mine Geologists and a Production Coordinator who will join the Black Fox team. These new hires will enable Brigus to execute its mining plan and optimize grades and throughput at the underground mine.

Exploration drilling at the Black Fox Complex is progressing as planned and an initial NI 43-101 compliant resource estimate on the 147 Zone and the Contact Zone will be completed by the end of the year. Adding this resource to our Black Fox operation will be an important part of our longer-term objective to double our reserves and increase production to 200,000 ounces annually.

A production decision on the Goldfields project will be made in 2012 once Black Fox is at its steady state production rate of a minimum 25,000 ounces per quarter.

THIRD QUARTER WEBCAST AND CONFERENCE CALL

A webcast and conference call will be held today, Monday, November 14, 2011, at 12:00 p.m. Atlantic time (11:00 a.m. Eastern time).

To attend by webcast http://www.investorcalendar.com/IC/CEPage.asp?ID=166336

To attend by phone, dial toll free 1-877-407-8031 (international 201-689-8031) 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 Gold has completed its transaction to sell a 75% interest in the Ixhuatan Project located in the state of Chiapas to Cangold. 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; to achieve ramping up the Black Fox underground mine to reach commercial production; estimated average gold grades for the open pit and underground operations; exploration and capital programs for 2011, including the estimated expenditures; expansion of the Black Fox Mill capacity; increase in gold production; increase in profitability; exploration drill results and resource additions; and the Company's ability to deliver gold pursuant to the gold stream agreement, 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 www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov 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.

Brigus Gold Corp.
Jennifer Nicholson, CA, 902-422-1421
Vice President, Investor Relations
ir@brigusgold.com
Katherine Burgess, 902-422-1421
Manager, Stakeholder Relations
ir@brigusgold.com

Source: Brigus Gold Corp.