January 27, 2011 / 2:03 PM / 7 years ago

UPDATE 1-Primero 2010 reserves up, to spend more on exploration

* Proven and probable gold, silver reserves up 3 pct

* Inferred gold resources up 23 pct

Jan 27 (Reuters) - Canadian precious metals producer Primero Mining Corp (P.TO) said its proven and probable reserves of both gold and silver rose 3 percent in 2010 and it plans to double exploration spending this year.

The company, which owns the San Dimas mine in Mexico, said its proven and probable reserves of gold and silver rose to 886,000 ounces and 62.9 million ounces, respectively.

Inferred gold resources jumped 23 percent to 2 million ounces, while inferred silver resources increased 16 percent to 179 million ounces.

Shares of the Toronto-based company closed at C$4.13 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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