Brigus Gold Reports 480,850 Indicated Ounces in New Grey Fox Resource

Brigus Gold Corp. ('Brigus? or the 'Company?) (NYSE MKT: BRD; TSX: BRD)
is pleased to announce a new National Instrument 43-101 ('NI 43-101?)
mineral resource estimate for the 147 and Contact zones on the Grey Fox
property of the Black Fox Complex, which covers approximately 18 square
kilometres within the Timmins Mining District. Highlights of the updated
resource estimate include:

Brigus announced an initial resource estimate from Grey Fox in December
2011. The focus of the Company′s exploration drilling program over the
last year has been to convert Inferred ounces to Indicated ounces
through systematic in?fill drilling. The new resource is based on a
total of 488 holes and approximately 65,000 metres of drilling.

'We have increased the Indicated gold resource at Grey Fox from 116,710
to 480,850 ounces. This is a material increase in the Company′s total
Indicated resource and adds substantial value to the Black Fox Complex,?
said Howard Bird, Brigus Gold′s Senior Vice President of Exploration.
'Both the 147 and Contact zones remain open at depth and the Contact
Zone remains open along strike to the north. We are excited about the
near term potential to further increase this resource with on-going
drilling.?

Approximately 84 percent of the new resource occurs within 200 m from
surface where most of the drilling has taken place and therefore has
open pit mining potential. Over the next year Brigus will focus on
extending and expanding both the 147 and Contact zones through
systematic drilling below the 200m level and along strike to build a
resource suitable for underground mining.

'Exploration drilling over the last year has converted a large portion
of our Inferred gold resource to Indicated,? said Wade Dawe, Brigus
Gold′s President and Chief Executive Officer. 'We are confident that the
Grey Fox property has the potential to host in excess of one million
ounces of gold.?

This new resource does not include results from Brigus′ newly discovered
Grey Fox South Zone. This multiple horizon gold zone is located
approximately 400 metres to the east and running sub-parallel to the 147
Zone. Drilling is on-going at Grey Fox South and has intersected the
gold mineralized trend over a 275 metre strike length. The zone remains
open in all directions. Two drilling rigs are focused on defining the
orientation and size of gold mineralized shoots and extending the
mineralization along strike.

All three zones occur within close proximity of each other and provide
Brigus with near term production growth opportunities because of their
proximity to the Black Fox Mine infrastructure.

Summary of New Mineral Resource Estimate ? 147 and
Contact Zones

The new mineral resource estimates are reported to reflect potential
open pit and underground resource values for both the 147 and Contact
Zones which include calculated cut-off grades of 0.65 g/t gold for
potential open pit mining and 2.63 g/t gold for potential underground
mining based on parameters from the Black Fox Mine. The reported
potential open pit resource was based on the resources above a plane
approximately 200 m below surface level and the potential underground
resource estimate was based on the remaining resources below the 200 m
level plane.

Notes:

1) The effective date of this resource estimate is 14
August, 2012.

2) The quantity and grade of reported Inferred
resources in this estimation are uncertain in nature and there has
been ?insufficient exploration to define these Inferred resources as an
Indicated or Measured mineral resource and it is uncertain if further
exploration will result in upgrading them to an Indicated or Measured
mineral resource category.

3) CIM definitions and guidelines were
followed for Mineral Resources.

4) The resource was estimated using
version Gemcom GEMS 6.4.1 . The database used for the estimate comprised
diamond drill core composites and assays. All samples were collected by
Company personnel. A top cut of 100 g/t was applied to assay grades
prior to compositing grades for interpolation into model blocks using
Ordinary Kriging and Inverse Distance Weighting Squared methods, and was
based on 1.5 m composites within a 3m long x 3m wide x 3m high block
model. Nearest neighbor interpolation was also used for grade estimation
and validation. The ordinary kriged grade model for the Contact and 147
Zones was felt to best represent the continuity and distribution of the
gold grade based on the current geological model.

5) Bulk densities
were assigned to the five of the six interpreted lithological domains
based on 1,162 density measurements. The average of the bulk density
measurements, 2.88 t/m³, was used for all other lithologies.

6)
No recoveries were applied to the estimated grades.

7) A gold price
of US$1,250/oz and an exchange rate of US$1.00=C$1.00 was utilized in
the gold cut-off grade calculations of 2.63 g/t for potential
underground and 0.65 g/t for potential open-pit Mineral Resources.
Underground and open-pit mining costs, process costs and G&A costs were
estimated using experience gained from Brigus′ Black Fox mine. Process
recovery was assumed at 95%.

The 147 Zone mineral resource estimate is based on 266 core holes. The
core area of the zone is approximately 275 m in a north-south direction
dipping at approximately 80 degrees to the east. The gold mineralization
primarily occurs within multiple quartz carbonate brecciated zones
within bleached units of variolitic mafic volcanics and other parallel
hanging wall and foot wall gold mineralized zones. The 147 Zone remains
open at depth. Most recently, targeted drilling has intersected the 147
Zone at a vertical depth of approximately 435 m below surface.

The Contact Zone resource is based on 222 core holes. The gold mineral
resource estimate lies within approximately 450 m of strike length and
mineralization remains open along strike to the north and down dip. The
Contact Zone consists of a steeply dipping mineralized fault contact
between the north-south trending metasediments and mafic volcanic rocks,
and includes parallel foot wall and hanging wall gold mineralized zones.

All potential future mining on the 147 and Contact zones in the Grey Fox
area will be supported by the nearby Black Fox mine infrastructure. This
area falls within the ongoing environmental monitoring program
associated with the Black Fox mine operation. Initial hydrogeological
test work and Acid Base Accounting (ABA) testing of various rock types
is complete. Good progress is being made with Baseline Terrestrial
Studies, Closure Plan, Mine Water Ponds, and Preliminary Review for Air
Emissions and Metallurgical test work. A preliminary economic assessment
('PEA?) for Grey Fox will be released in Q4, and will incorporate the
new resource.

Qualified Persons and Technical Report

The new mineral resource estimate announced in this release was prepared
by Mr. Paul Daigle, P.Geo., an employee of Tetra Tech (Tetra Tech), and
an Independent Qualified Person ('QP'), as defined by Section 1.5 of NI
43-101. Mr. Paul Daigle and Senior Exploration Project Manager Mr. John
A. Dixon, P. Geo., have reviewed and approved the technical exploration
information in this release. Mr. Dixon is the Qualified Person for the
Company.

Tetra Tech is preparing a NI 43-101 Technical Report to support
disclosure of the new mineral resource estimate. This report will be
filed by Brigus in its entirety on SEDAR ( www.sedar.com
) within 45 days of the date of this news release, and the report will
also be available on Brigus′ website at www.brigusgold.com

All sample analyses were performed by Polymet Labs of Cobalt, Ontario,
SGS Laboratories of Sudbury, Ontario and Swastika Laboratories of
Swastika, Ontario using standard fire assay procedures. Brigus Gold′s
quality control checks include insertion of blanks, standards and
duplicates to ensure laboratory accuracy.

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 and Forward-Looking Statements

Statements 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 Company's ability to successfully expand the Black Fox
Complex gold resource, add to Black Fox resources, advance new
discoveries to production, convert resource estimates into near-term
production, release of an updated mineral resource estimate in 2012 and
the Black Fox underground mine exploration drilling program and continue
to obtain positive down dip continuity of significant gold
mineralization 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 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
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.

Jennifer Nicholson, CA

Executive Vice
President

(902) 442-7186

Email: jnicholson@brigusgold.com

or

Katherine
Burgess

Manager, Stakeholder Relations

(902) 442-7184

Email:
kburgess@brigusgold.com