October 9, 2008
Buenaventura and Global Geoscience Agree to Explore Mancha Pampa Project
LIMA, Peru, Oct. 9 /PRNewswire/ -- Compania de Minas Buenaventura S.A.A. ("Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company announced today an agreement with Global Geoscience ("Global") to explore the Peruvian Mancha Pampa copper-gold porphyry project.
Buenaventura and Global have entered into an agreement where Buenaventura can earn a 61% ownership interest in the project by investing US$3 million in exploration over a five-year period.
Additionally, Buenaventura has the option of increasing this stake by an additional 19% via the completion of a feasibility study, and if Global elects not to participate in this expenditure.
The Mancha Pampa project (100% owned by Global) is located 150km southeast of Lima in the Yauyos District of central Peru.
Compania de Minas Buenaventura S.A.A. is Peru's largest publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly-owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates six mines in Peru (Orcopampa, Uchucchacua, Antapite, Julcani, Recuperada and Caraveli) and also has controlling interests in two mining companies (CEDIMIN SAC and El Brocal S.A.A) as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an important precious metal producer, and 18.50% in Sociedad Minera Cerro Verde, an important Peruvian copper producer.
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding future mining or permitting activities. Where Buenaventura expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include those concerning the Company's, Yanacocha's and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical, legal and social developments. For a more detailed discussion of such risks and other factors, see the company's Annual Report on Form 20-F, which is on file with the Securities and Exchange Commission, as well as the company's other SEC filings. Buenaventura does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Contacts in Lima: Roque Benavides / Carlos Galvez Compania de Minas Buenaventura S.A.A. Tel: (511) 419-2538 / 419-2540 Investor Relations: Daniel Dominguez Telf: (511) 419-2536 Email: [email protected] Contacts in New York: Maria Barona / Peter Majeski i-advize Corporate Communications, Inc. Tel: (212) 406-3690 Email: [email protected] Visit our website: http://www.buenaventura.com/
Compania de Minas Buenaventura S.A.A.
CONTACT: Contacts in Lima: Roque Benavides or Carlos Galvez+011-511-419-2538, +011-511-419-2540, or Investor Relations: Daniel Dominguez,+011-511-419-2536, [email protected], all of Compania de MinasBuenaventura S.A.A.; Contacts in New York: Maria Barona or Peter Majeski,i-advize Corporate Communications, Inc., +1-212-406-3690,[email protected], all for Buenaventura
Web site: http://www.buenaventura.com/