Brigus Gold Completes an Updated Black Fox Mine Technical Report and Provides an Update on Black Fox Mine Operations

Brigus Gold Corp. ('Brigus? or the 'Company?) (TSX: BRD) (NYSE Amex:
BRD) announces the results from a recently completed independent
Technical Report (the 'Report?) on its Black Fox Mine in the Timmins
Gold District, Ontario, Canada. The Report was based on the mine
operations and reserves as of October 31, 2010 and included a Net
Present Value of $359.4 million for the Black Fox Mine using a 5%
discount rate. The Company also provides an update on underground
development at the Black Fox Mine including production results from the
fourth quarter ('Q4?) of 2010, which have been impacted by development
progress. All currency is reported in U.S. dollars.

The Report, which is anticipated to be filed by the end of this week
under the Company′s name at www.sedar.com
and posted to the Company′s website at www.brigusgold.com,
was prepared in compliance with Canadian National Instrument 43-101 ('NI
43-101?) by Wardrop Engineering Inc., A Tetra Tech Company, Toronto,
Ontario, with assistance from Brigus staff. Highlights from the Report
include:

• 
  Mine life of 8.6 years based on existing reserves of 906,375 ounces of
  gold within 6.5 million tonnes at an average gold grade of 4.4 grams
  per tonne ('gpt?).
  
• 
  Processing rate of 730,000 tonnes per annum (2,000 tonnes per day
  ('tpd?)) and a recovery rate of 94%.
  
• 
  Average cash operating costs of $502 per ounce ($66.94 per tonne
  milled) with a break even gold price of $602 per ounce.
  
• 
  Capital costs, including sustaining capital, of $74.8 million.
  
• 
  The Net Present Value ('NPV?) of Black Fox, at a 5% discount rate, is
  $359.4 million with pre-tax undiscounted cash flow of the project of
  $439.0 million from revenues of $0.9 billion based on a gold price of
  $1,200 per ounce for 88% of the ounces produced and $500 per ounce for
  the remaining 12% of production ounces (in accordance with the gold
  stream agreement with Sandstorm Resources ('gold stream agreement?)).
  
• 
  Average annual production of 104,000 ounces of gold over the next five
  years of production.
  

Potential upside exists beyond the results of the Report which excludes
management′s anticipated extensions to the Black Fox ore body that
remain open at depth and along strike. Further upside potential is
demonstrated by ongoing drilling success at the Contact Zone gold
deposit and the Gibson Zone, each located within the Black Fox Complex,
within three kilometres to the southeast of the mine.

Commenting on the Report, Chief Operating Officer Richard Allan said,
'The completion of Brigus′ merger in June 2010 and the commencement of
underground mine development in July 2010 has represented a new
beginning for the Black Fox Mine and Mill. This Report marks a baseline
for continuing gold production from Black Fox and confirms that the
project is financially robust based on existing reserves. The Report
reinforces our confidence that Black Fox will continue to be a low cost
gold producer. Opportunities have been identified (as noted below) that
are expected to provide significant operating upside to the mine. During
the first quarter of 2011, we plan to complete the main underground
infrastructure development at Black Fox and, in the process, transition
to steady state production levels contemplated in the Report.?

1. 
   Gold price assumptions for 88% of Black Fox gold production with the
   remaining 12% of production at $500 per ounce in accordance with the
   gold stream agreement. Base case is highlighted in bold type.
   

1. 
   Base case assumes a gold price of $1,200 per ounce for 88% of the
   ounces produced and $500 per ounce for the remaining 12% of production
   ounces in accordance with the gold stream agreement.
   

Estimated Mineral Resources

As of October 31, 2010, Indicated Resources at Black Fox, including
reserves, were estimated at 1,031,400 ounces of gold within 5.7 million
tonnes of ore at an average gold grade of 5.7 gpt and additional
Inferred Resources were estimated at 77,500 ounces of gold within 0.8
million tonnes of ore at 3.1 gpt.

Positive drill results from several ore-grade holes distant from the
existing mine reserves, which were included in previous resource
estimates, were excluded from the current resource estimate as they were
considered by Brigus and Wardrop to be too far from the main deposit and
too far apart to be included within the Inferred Resource category.
Follow up and infill drilling around these drill holes provides the
Company with high-priority exploration targets and a further opportunity
for future resource additions. Prior to the Brigus merger, drilling to
expand Black Fox resources and reserves was limited from 2008 to early
2010 due to capital constraints.

The gold mineral resource statement in the Report was reported at a 0.88
gpt cut-off grade for the open pit and at a 2.54 gpt cut-off grade for
the underground.

The resource estimate as of October 31, 2010 shows Indicated Resources,
including Probable Reserves, and Inferred Resources as follows:

(See footnotes for Resources and Reserves on the next page, after the
Reserves table.)

Estimated Mineral Reserves

Black Fox′s estimated gold mineral reserves total 0.9 million ounces of
gold within 6.4 million tonnes at an average gold grade of 4.4 gpt,
according to the Report. The economic analysis in the Report was based
on the following gold mineral reserve estimate as of October 31, 2010:

Footnotes to Tables 3 and 4:

1. 
   Indicated Resources include Probable Reserves.
   
2. 
   Metal prices used for initial cut-off calculation are $1,150 per oz
   for 88% of the gold sold and $500 per oz for gold sold through the
   gold stream agreement.
   
3. 
   The estimated underground reserves include 10% unplanned dilution at 0
   gpt grade from the backfill and 15% planned dilution at 1 gpt from the
   walls for a total of 25% dilution. The estimated open pit reserves
   include 30% dilution at 0 gpt and a 95% mining recovery factor for
   both. The higher average gold grades for the open pit and underground
   in the Indicated Resources compared to the Probable Reserves are the
   result of no dilution being applied to Indicated Resources.
   
4. 
   The estimated mineral resources are not mineral reserves and do not
   have demonstrated economic viability.
   
5. 
   Numbers may not sum as they have been rounded in all categories to
   reflect the precision of the estimates.
   
6. 
   The mineral resources were estimated using the ordinary kriging method.
   
7. 
   The mineral reserves were estimated from the life of mine plan, which
   defined sustaining capital requirements and mine operating costs, to
   demonstrate that these reserves can be economically extracted and
   processed. Mining losses and dilution were determined based on
   sub-surface geotechnical conditions, the mining method employed and
   equipment capabilities for each area of the mine.
   
8. 
   Contained metal in estimated reserves remains subject to metallurgical
   recovery losses.
   
9. 
   The resource and reserve estimates reflect the deposit at Black Fox as
   of October 31, 2010.
   

Cash Operating Costs

The Report cites cash operating costs of $502 per ounce of gold over the
known life of mine. Using constant dollar terms, the cash operating
costs are summarized as follows:

A summary of the economic results for the base case are as follows:

Upside Opportunities

The Report identifies the following upside operating opportunities:

• 
  Potential expansion and further optimization of the mill to enhance
  the gold recovery rate by expanding or optimizing the grinding and
  leaching circuit.
  
• 
  The deposit exhibits good potential for additional resources at depth
  and along strike.
  
• 
  Cut and fill stopes have been conservatively designed and in wider
  areas will support higher productivity and lower unit costs.
  
• 
  Evaluation of long hole stoping methods for steeply dipping ore blocks
  to enhance underground mining productivity and lower mining costs.
  
• 
  Toll processing of lower grade, open pit ore stockpiles.
  

The Company believes that there is significant upside opportunity for
additions to reserves and resources from its ongoing exploration
drilling program within the 42 square kilometre Black Fox Complex
including potential extensions to the Black Fox ore body. Continuing
exploration success at the Contact and Gibson Zones and planned 2011
exploration at the former Stock gold mine, located at the Black Fox
Mill, represent additional exploration potential.

Black Fox Operations Update

Following the mid-2010 merger of Linear Gold Corp. and Apollo Gold
Corporation to form Brigus, the Company has optimized mining operations
in the open pit while simultaneously initiating underground mine
development. The Black Fox Mine commenced production as an open pit mine
in May 2009.

The Black Fox Mine operated as the former Glimmer underground mine, from
1997-2001, before suspending operations as a result of depressed gold
prices. The current underground development includes the total
replacement of all previous underground infrastructure, including the
service and ventilation raise as well as the haulage ramp to surface.

To date, ongoing development of the new underground infrastructure has
been slower than anticipated. Delays are attributable to certain legacy
issues preceding the Brigus merger, an extremely competitive labour
market that has contributed to various staffing challenges and
operational issues arising from contractor scheduling and equipment
availability. Completion of the new vent raise and portal are now
targeted for completion by mid-February 2011.

Recently, Brigus has accelerated its efforts to hire permanent Company
mining and development personnel with underground staffing levels
increasing and coinciding with the commencement of the new year.

Construction and relocation of the vent raise and portal continue to
result in logistical issues that have significantly restricted ore
production from the open pit. During this transitional period the Black
Fox Mill continues to operate at 2,000 tpd by drawing down low-grade
stockpiles (<2.0 gpt) held in inventory. During Q4 2010, the Company
produced approximately 13,700 ounces of gold from approximately 184,000
tonnes of ore.

The Company is committed to the completion of the underground
development and near-term commencement of commercial production levels
from the underground mine. The new vent raise and portal is nearing
completion and when complete will result in the attainment of commercial
production during the first quarter of 2011 and quarterly production
increases over the balance of the year. The 2011 mine plan is being
adjusted to reflect the updated schedule and revised guidance will be
provided following completion of the portal and vent raise.

Goldfields Update

The Company has retained March Consulting Associates Inc. and Wardrop to
update the capital and operating costs and the resource model,
respectively, for the Company′s 100% owned Goldfields Project, located
near Uranium City, Saskatchewan, Canada. The Goldfields Project is
comprised of the Box and Athona gold deposits hosting in excess of one
million ounces of gold of Proven and Probable Reserves contained within
14.9 million tonnes at 1.4 gpt for Box and 10.5 million tonnes at 1.0
gpt for Athona. These reports are expected to support a development
decision in Q2 2011.

Qualified Persons

The Qualified Persons who reviewed the technical information of this
news release were Richard Allan, P. Eng., Vice President and Chief
Operating Officer for Brigus and Tim Maunula, P. Geo. for Wardrop in
regards to the references to the Report.

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 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 is also advancing the Goldfields Project located
near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona
gold deposits. In Mexico, Brigus holds a 100% interest in the Ixhuatan
Project located in the state of Chiapas, and a 3% NSR interest in the
Huizopa Project, 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.

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.

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. The Company
has 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

This news release includes 'Forward-Looking Statements? within the
meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements regarding the ability of the Company to
be a low-cost gold producer; to successfully transition to steady state
production levels; to extend the Black Fox ore body; to have continued
exploration success at the Contact and Gibson zones and initial
exploration success at the former Stock Mine/Black Fox Mill property; to
successfully complete underground infrastructure, including completion
of a new vent raise and portal; to remedy certain legacy operational
issues; to be able to hire sufficient skilled workers; life of mine
production and costs; NPV and cash flow based on life of mine plan;
upside potential to extend the mine life or increase production or
resources and reserves; the amount of exploration drilling and the
timing associated therewith; are forward-looking statements and
estimates that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements. 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 and its predecessor companies′ 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, 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.

Wendy Yang, Vice President of Investor Relations

720-886-9656
Ext. 217

ir@brigusgold.com

www.brigusgold.com