Antapite Mine

During Q3/11, gold prod7uction decreased 32% compared to 3Q10, mainly due to a decrease in ore grade. Brownfield exploration efforts in the Pucarumi area began 4 months ago, and after 156 meters of drifting works, the Company can report interesting results (average 70cm with 10 gr/MT of gold).

As of Dec/10, On Antapite, Buenaventura recovered 35,803 oz Au and 36,870 Ag representing an increase of 15% on gold and a decrease of 26% on silver in contrast to 2009. Exploration on veins Pucarumi and Carolina at level 3,030, Soledad Olvidada on level 3,070 and Juana Solitaria Norte on level 3,360 will allow finding new reserves. On 2011, the company plans to explore Pucarumi vein at level 3030 which on 30 m of outcropping returned 67.83 g/t Au on 0.78 m width.

Antapite mining unit treated 142,760 DST of ore with 0.228 oz/ST Au and 0.46 oz/ST Ag which signifies a recovery of 31,004 oz Au and 50,099 oz Ag, a reduction of 28.4% in oz Au and 37.7% in oz Ag compared with FY 2008. This reduction is explained by the lesser tonnage of ore treated in 2009. Reserves as of December 31, 2009 reported 25,950 DST with 0.309 oz/ST Au and 0.44 oz/ST Ag, while mineral resources amounted to 23,752 DST with 0.368 oz/ST Au and 0.44 oz/ST Ag. These are mainly hosted in the Susan, Eliana, Soledad Olvidada, Juana Solitaria, Zorro Rojo and Reyna veins. Explorations in the Eliana and Juana Solitaria veins towards the west at level 3,340, and exploration of the Mary vein on both sides on level 3,240, will enable us to discover new ore shoots with which to increase reserves. Moreover, exploration of the veins in the Carmencita area will help us discover new reserves. The exploration work carried out to date in the Carmencita vein, which consisted in collecting samples from 7 trenches and outcrop channels over a length of 1.5 km, produced gold values ranging between 2.0 g/t and 6.0 g/t for widths of 0.50 to 2.40 meters. There was also a remarkable sample measuring 0.45 meters wide with 53.55 g/t gold. The Coreracc vein is also interesting due to its 1.2 km length, but gold grades are low. The highest value recorded in the preliminary explorations work is 354 ppb.