Brigus Gold Corp.
TSX : BRD

Brigus Gold Corp.

December 09, 2010 09:34 ET

Brigus Gold Corp. Increases Private Placement Financing of Flow-Through Shares to $5.6 Million

HALIFAX, NOVA SCOTIA--(Marketwire - Dec. 9, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Brigus Gold Corp. ("Brigus" or the "Company") (TSX:BRD) is pleased to announce that it has entered a revised agreement with Primary Capital Inc. to offer a total of Cdn$5,644,890 of common shares of the Company designated as flow-through shares for purposes of the Income Tax Act (Canada) (the "Flow-Through Shares") on a guaranteed agency basis at a price of Cdn$2.07 per Flow-Through Share (the "Offering"). The revised agreement reflects an increase from the $4.0 million offering previously announced by the Company on December 7, 2010.

The proceeds from the sale of the Flow-Through Shares will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2010. The funds will be used for Canadian exploration and development activities primarily at the Company's 100% owned Black Fox Complex and Stock Mine property, both located in the Timmins Mining District, Ontario.

The closing of the Offering is expected to occur on or about December 17, 2010 and is subject to the completion of formal documentation, receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE Amex Equities Exchange, and other customary conditions.

The Flow-Through Shares will be offered to residents of Canada pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Flow-Through Shares have not been registered under the Securities Act, and may not be offered or sold in the United States without registration or pursuant to an applicable exemption from the registration requirements of the Securities Act. The Flow-Through Shares will be subject to a four-month hold period in Canada.

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% interest in the Ixhuatan Project located in the state of Chiapas, and an 80% 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.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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