CHUCAPACA

As of Sep/11, the project was in Feasibility and Environmental Studies, which were expected to be concluded at the end of 2012. Shareholders contribution amounted toUS$79,886,000 (US$33,309,000 as of December 31, 2010).

Buenaventura (49%), jointly with Gold Fields (51%), announced that, after having issued the first resource estimation for the Canahuire deposit on the Chucapaca Project (83.7 Mt @ 1.9 g/t Au, 0.1% Cu and 8.2 g/t Ag) it has been evidenced that this deposit has not been completely explored in all its dimensions and to complete its limits, the company will continue drilling.

At Chucapaca, thanks to the joint efforts of Buenaventura who discovered the project and Gold Fields Peru (GFP) who as of June 2009 is project manager, 23,890 meters of diamond drills were completed, mainly in the Canahuire prospect. Mineralized breccias and mantles are continuous over 1.0 g/t gold in sulfides and extend for over 1,000 meters (east to west), and 100 to 350 meters (north-south). The part with copper content is amenable to flotation followed by CIL (carbon-in-leach) cyanidation, while the part without copper content is amenable to CIL cyanidation alone. To date, there are also 44 high grade intersects with more than 3.5 g/t Au, and averages of 11.1 meters @ 6.5 g/t Au for the western orebodies and 16.8 meters @ 4.0 g/t Au for the eastern orebodies. The ore deposit remains open especially in the western part. The aim of the group is to have completed a prefeasibility study or mine scoping study by the end of the second semester of 2010.