Name and Location
Chucapaca gold project, Moquegua, Peru.

Client
Buenaventura bought the Chucapaca project from Gold Fields in August 2014 for an agreed price of $81-million, to be paid by Buenaventura concurrently with the execution of the agreement, and a 1.5% net smelter royalty on future sales of gold, copper and silver produced in the current Chucapaca concession.

Project Description
In May 2010, a major gold/copper/silver deposit, known as Canahuire, was discovered at the 12 700 ha Chucapaca project area (CPA), in the Altiplano area of southern Peru. The project proposes to develop an underground gold mine at the CPA.

Mineral resources at Chucapaca have increased to 7.6-million ounces of gold equivalent from a prior estimate of 5.6-million ounces of gold equivalent.

Net Present Value/Internal Rate of Return
Not stated.

Value
Not stated.

Duration
Not stated.

Latest Developments
Buenaventura has scaled back plans for its Chucapaca gold project since taking full control of the deposit from Gold Fields earlier this year.

Buenaventura will now invest $700-million in the project instead of an earlier estimate of $2-billion, and expects output of between 200 000 oz/y and 300 000 oz/y of gold, down from an earlier projection of about 500 000 oz/y, CEO Roque Benavides has said in an interview.

Key Contracts and Suppliers
Amec (independent interim scoping study).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Amec (UK) communications manager Jane Gospel, tel +44 2 7539 1082 or
email jane.gospel@amec.com; or (US and Canada) communications manager Lauren Gallagher, tel +1 602 757 3211 or email lauren.gallagher@amec.com.
Compañía de Minas Buenaventura CEO Roque Benavides, tel +51 1 419 2538 or fax +51 1 419 2540; or investor relations, Daniel Dominguez, tel +51 1 419 2536 or email ddominguez@buenaventura.com.pe.