Brigus Gold Reports 9% Higher Third Quarter Production over Previous Quarter and Operating Income of $7.1 Million

Brigus Gold Corp. ('Brigus Gold? or the 'Company?) (TSX: BRD)  (NYSE
Amex: BRD) sold 19,265 ounces of gold at total cash costs of $440 per
ounce, and generated operating income of $7.1 million for the third
quarter of 2010 ('Q3 2010?). This is the Company′s best quarter of
overall operating performance since the start up of gold production at
the Black Fox Mine in May 2009. (All dollar amounts in this news release
are in U.S. dollars unless otherwise noted.)

Q3 2010 highlights include:

• 
  Gold production from the Black Fox Mill was 21,526 ounces, a 9%
  increase over the second quarter of 2010 ('Q2 2010?) and a 19%
  increase over the third quarter a year ago ('Q3 2009?).
  
• 
  Total cash costs per ounce of gold sold were $440, compared to $448 in
  Q2 2010 and were 24% lower than total cash costs of $575 in Q3 2009.
  
• 
  Operating income was $7.1 million, a 56% improvement from the $4.6
  million recorded in Q2 2010 and more than double the $3.2 million
  reported in Q3 2009.
  
• 
  Net cash flow from operations, before changes in working capital, was
  $4.3 million, compared with $8.6 million in Q2 2010 and almost double
  from Q3 2009.
  
• 
  At the Black Fox underground mine, 945 metres ('m?) of lateral
  development in waste rock was completed with advancement being
  achieved in several areas, including (i) the new ramp from the 235 m
  level to the surface, (ii) the East Ramp down from the 235 m level and
  (iii) access to the East Ore Zone.
  

Recent highlights following completion of Q3 2010 include:

• 
  The closing of a Cdn$57.5 million equity financing.
  
• 
  The agreed sale of a 12% Black Fox Mine gold stream resulting in an
  upfront deposit of $56.3 million.
  
• 
  One hundred percent of the forward gold sales contracts after December
  31, 2010, have been eliminated.
  
• 
  The repayment of $34.8 million on the project debt facility.
  

On October 19, 2010, the Company closed a Cdn$57.5 million financing of
34.5 million units at Cdn$1.50 per unit (each unit consisting of one
common share and a quarter of one common share purchase warrant with
each whole warrant entitling the holder to acquire one common share of
the Company at Cdn$2.19 on or before November 19, 2014) and 3.4 million
flow-through shares at Cdn$1.70 per share.

On November 9, 2010, the Company entered into an agreement to sell to
Sandstorm Resources Ltd. ('Sandstorm?) 12% of the gold production from
the Black Fox Mine, beginning January 2011, and 10% of future production
from the Black Fox Extension, covering a portion of the adjoining Pike
River property, for an upfront deposit of $56.3 million in addition to
ongoing payments to the Company of $500 per ounce upon delivery of the
ounces.

During October and November 2010, Brigus Gold reduced its forward gold
sales contract obligations ('hedge?) by 147,602 ounces with cash
payments totaling $80.6 million. As of November 9, 2010, the only
remaining forward gold sales contracts outstanding are 1,518 ounces
scheduled to be settled in December 2010.

Thus, beginning in 2011, the Company will be an unhedged gold producer
with no gold derivative positions, and will be subject only to the gold
stream sales commitment to Sandstorm.

Also during October and November 2010, the Company repaid a total of
$34.7 million to reduce the project debt facility to $7.1 million. The
remaining project debt facility is required to be paid in six equal
quarterly payments of $1.18 million, commencing on June 30, 2011.

Commenting on the results, Wade K. Dawe, Chairman, Chief Executive
Officer and President of Brigus Gold, said, 'During the third quarter,
the Black Fox Mine and Mill showed its potential for efficient
production. We have optimized the 2011 mine plan for a further ramp up
in the underground mining rate from the previous target of 800 tonnes
per day, scheduled in the second quarter of 2011, to 1,100 tpd by the
end of 2011. As a result, we are focusing our efforts in the fourth
quarter of 2010 on underground development in order to achieve our 2011
production target of between 102,000 and 112,000 ounces of gold.?

During Q3 2010, total cash costs were $440 per ounce of gold, 2% lower
than Q2 2010 and 23% lower than Q3 2009 as a result of lower milling and
mining costs reflecting operating efficiencies in higher tonnes mined
and processed. Total production costs in Q3 2010, which include
depreciation and accretion for accrued site closure costs, were $592 per
ounce, compared to $676 in Q2 2010.

The Q3 2010 gold sales were 19,265 ounces, including 5,252 ounces of
gold (27%) sold into the spot market. The remainder of 14,013 ounces was
delivered against the forward sales contracts at an average realized
gold price of $876 per ounce. In Q2 2010, of gold sales of 18,430
ounces, 3,872 ounces (21%) were sold into the spot market and 14,558
ounces were delivered against forward sales contracts at an average
realized gold price of $876 per ounce. During the third quarter of 2009,
all gold sales of 19,848 ounces were delivered against the hedge book at
an average realized gold price of $876 per ounce.

Financial Overview

For Q3 2010, the Company reported operating income of $7.1 million, a
56% improvement over Q2 2010 and more than double from Q3 2009. The
Company also reported a reduced net loss of $12.2 million, compared to
$19.7 million net loss in Q2 2010 and to $16.9 million net loss in Q3
2009. The loss in Q3 2010 was due to the impact of non-cash losses on
derivative and financial instruments, higher general and administrative
costs and exploration expenditures compared to the quarter a year ago.

The difference between the average spot price per ounce of gold and the
forward gold sales contract price is recorded as a realized loss on
derivative instruments, which amounted to a realized loss of $4.8
million in Q3 2010.

In addition, during the three months ended September 30, 2010, Brigus
Gold recorded a loss of $7.7 million for the change in fair value of
certain warrants to purchase common shares of Brigus Gold denominated in
a foreign currency (the Canadian dollar). These warrants are treated as
derivative instruments rather than equity instruments for accounting
purposes. For the three months ended September 30, 2010, the Company
also recorded unrealized losses on derivative instruments of $5.0
million as a result of the change in fair value of the outstanding gold
forward sales contracts.

General and administrative expenses for Q3 2010 were $3.1 million
compared to $1.1 million in Q3 2009 due to (i) employee severance costs,
(ii) increased costs related to the merger with Linear Gold Corp.
('Linear?), and (iii) increased consulting and legal fees in connection
with the Project Facility, including the requirement from the lending
Banks to incorporate the assets of Linear within the lending bank′s
security package.

Operational Highlights

During the third quarter 2010, the Black Fox Mill reached its highest
quarter of gold production of 21,526 ounces since commencing gold
production in May 2009. The 19% increase in gold production over Q2 2010
was largely a result of an 18% improvement in the grade of gold ore.
Total gold production in Q3 2009 was augmented by 2,760 ounces produced
by toll milling by a third party.

The 9% increase in gold produced at the mill in Q3 2010 compared to Q3
2009 was due to an increase in mill throughput slightly offset by a 2%
lower recovery.

The mill throughput of 1,971 tonnes per day in the third quarter 2010
was lower than the Company′s target of 2,000 tonnes per day as the mill
underwent a scheduled shutdown in July 2010 to replace the primary mill
motor and liners along with other modifications and repairs. The
shutdown was extended from its scheduled time by two days as problems
were encountered with the bearing and coupler on a new mill motor. Since
the shutdown, the mill has run well and in September 2010 achieved an
average throughput of 2,100 tonnes per day.

As described in the Company′s September 27, 2010 news release, lower
recoveries in Q3 2010 compared to Q3 2009 were a direct result of high
carbon attrition due to an inferior batch of carbon. The negative effect
of this poor batch of carbon took several weeks to identify and overcome
by displacement with new carbon.

Capital Expenditures and Underground Development Update

Capital expenditures for the nine months ended September 30, 2010 were
$19.3 million and included $9.5 million for the development of the
underground, $2.0 million on the new mine maintenance workshop and other
service infrastructures and $7.8 million on open pit and underground
mining equipment. Capital expenditures for Q3 2010 were $11.7 million.

In addition to the 945 meters ('m?) of lateral underground development
completed at Black Fox, the bore hole for a 235-m ventilation and
services raise for the underground mine was completed and is being
equipped.

First commercial ores from underground are expected to be shipped to the
mill in January 2011. The Company plans to mine underground ores using
its own equipment and employees although some initial mining of ores
will be done by the contractor during development.

During Q3 2010, a record 2.9 million tonnes of material was mined from
Phases 1 and 2 of the open pit. There were 1,273,000 tonnes of waste and
256,000 tonnes of ore removed from Phase 1 open pit, resulting in a
waste to ore strip ratio of 5.0:1 compared to 6.8:1 in Q3 2009. The
balance of the tonnes mined in Q3 2010 was 1,358,000 tonnes from the
removal of overburden from Phase 2 of the open pit. The overburden
removal will continue into the first quarter 2011 when ore production
from Phase 2 is scheduled to commence. The costs of the overburden
removal are charged to mine operating costs in the period in which they
are incurred (US GAAP) even though no ores will be produced until 2011.

Exploration Overview

Expenses for exploration and development, including drilling and
maintaining exploration properties, increased to $2.0 million in Q3 2010
from $0.6 million in Q3 2009 due to increased drilling conducted on the
Black Fox Complex at the Grey Fox and Pike River properties and
inclusion of the Goldfields property in the Company′s portfolio
following completion of the merger with Linear in late June 2010. During
Q3 2010, Brigus spent $1.4 million for exploration activities at the
Black Fox Complex in Canada, $0.4 million on the Goldfields property in
Canada and $0.2 million for holding and property costs at the Huizopa
property in Mexico.

During and subsequent to the third quarter, as of November 2, 2010,
Brigus Gold had completed one (804 m) surface drill hole at the Black
Fox Mine and 30 (12,482 m) drill holes elsewhere on the Black Fox
Complex. A total of 46 drill holes for 19,009 m have been completed in
2010 on the Black Fox Complex. On September 27, 2010, Brigus released
assay results for the first 14 drill holes, with assay results pending
for the rest of the completed holes. Drilling is continuing with three
drills testing gold targets at the Black Fox Complex.

Exploration Project Manager John A. Dixon, P. Geo, reviewed the
technical exploration information in this release as the Qualified
Person for the Company.

Outlook

During Q4 2010, Brigus will be focused on construction and development
to commission the underground portion of the Black Fox Mine expected in
early 2011. Mine development, including construction of the new vent
raise and relocation of the underground ramp and portal, is in progress.
Logistical issues related to construction and relocation of the new
portal to the pit floor have resulted in a delay of approximately one
month as previously reported. As a result of these issues, production
from the open pit will be reduced during the quarter.

During this period of reduced pit production, some ores will be drawn
from low grade ore stockpiles, resulting in projected Q4 2010 production
of between 16,000 and 19,000 ounces of gold. Total cash costs are
estimated at between $540 and $580 per ounce during the quarter,
including expensed costs for pre-stripping of the overburden of the
Phase 2 open pit. Full year 2010 cash costs are expected to be unchanged
within a range of between $500 and $550 per ounce.

2011 Outlook: The Company has increased its target for the
underground production rate, from 800 tonnes per day ('tpd?) of ore to
be achieved in the second quarter 2011 to 1,100 tpd by the end of 2011.
Going forward, the underground mining rate is expected to vary between
900 to 1,000 tpd. The optimized 2011 mine plan calls for approximately
two-thirds of total gold ounces produced to be from the underground mine
and the remainder from the open pit.

For the full year 2011, the Company expects to produce between 102,000
and 112,000 ounces of gold, including the first full year of production
from higher grade (6+ gpt) underground ore, at total cash costs between
$550 and $600 per ounce. Higher cash costs in 2011 over 2010 are due to
an increased strip ratio of waste to ore in the Phase 2 open pit
compared to the strip ratio of Phase 1, and higher initial underground
mining costs.

Goldfields Project Outlook: Pending a development decision
anticipated to be made by June 2011, the Company intends to develop the
Goldfields Project into a producing gold mine within the current
development schedule as early as 2013. An independent engineering
consulting firm is reviewing the development and operating parameters,
including updating of the capital costs and operating costs.

Capital Expenditure Outlook: Total capital expenditures in 2011
for the Company are estimated at $26 million. This estimate is higher
than previously forecast but will enable the Company to achieve its new
target of 1,100 tpd from underground ore production. This capital amount
excludes any potential development costs for the Goldfields Project.

The Qualified Person who reviewed the above technical information
related to operations of the Black Fox Mine and Mill is Chief Operating
Officer and Vice President Rick Allan.

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 Property located in the
state of Chiapas, and an 80 percent interest in the Huizopa Joint
Venture, an early stage, gold-silver exploration joint venture 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 the ability of the Company to develop the
Goldfields Project to become a producing mine, and the ability of the
Company to achieve targeted gold production at its Black Fox Mine,
including underground production, and cash costs, meet capital
construction schedules and costs, deliver gold pursuant to forward gold
sales contracts, continue to reduce the principal outstanding under its
loan facility and the continuation of a rising gold price 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.

BRIGUS GOLD CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In
thousands of U.S. dollars)

(Unaudited)

Commitments and Contingencies (See the Notes to these Financial
Statements as filed on www.sedar.com
and www.sec.gov under the Company′s
name.)

BRIGUS GOLD CORP.

CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS

(U.S. dollars and shares in
thousands, except per share amounts)

(Unaudited)