Buenaventura Provides Update On Strike

February 16, 2010

LIMA, Peru, Feb. 16 /PRNewswire-FirstCall/ — Compania de Minas
Buenaventura S.A.A. (“the Company” or “Buenaventura”) (NYSE: BVN; Lima Stock
Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining
company, announced today that a strike has affected the Orcopampa, Uchucchacua
and Antapite mining units since Saturday, February 13, 2010.

The strike has been promoted by personnel from the Company and contractors
who are demanding a review of the workers’ profit sharing from years 2006 -
2008, in addition to increases in workers’ profit sharing for 2009.

It is important to mention the following:

1. Workers Profit Sharing under Peruvian law is legally defined as 8% of
pre-tax profits; Buenaventura has always made payments for Workers Profit
Sharing in accordance to the law.

2. The Peruvian Ministry of Labor has declared this strike illegal.

Company Description

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 several mines in Peru and also has
controlling interests in four mining companies 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 19.26% in Sociedad Minera Cerro Verde, an
important Peruvian copper producer.

To request a printed version of the Company’s 2009 annual report on 20-F
form, contact the persons indicated below.

Cautionary Statement

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
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 2009 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.

    Visit our website: http://www.buenaventura.com

    Contacts in Lima:
    Roque Benavides / Carlos Galvez
    Compania de Minas Buenaventura S.A.A.
    Tel: (511) 419-2538 / 419-2540
    Investor Relations: Daniel Dominguez
    Tel: (511) 419-2536
    Email: ddominguez@buenaventura.com.pe

    Contacts in New York:
    Maria Barona / Peter Majeski
    i-advize Corporate Communications, Inc.
    Tel: (212) 406-3690
    Email: buenaventura@i-advize.com

SOURCE Compania de Minas Buenaventura S.A.A.

Source: newswire

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