Buenaventura Announces Fourth Quarter 2011 Results

Compañia de Minas Buenaventura S.A.A. ('Buenaventura? or 'the
Company?) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru′s largest,
publicly-traded precious metals mining company, announced today results
for the fourth quarter 2011. All figures have been prepared in
accordance with Peruvian GAAP and are stated in U.S. dollars (US$).

Comments from the Chief Executive Officer:

Mr. Roque Benavides, Buenaventura′s Chief Executive Officer, stated:

'Net income in the fourth quarter reached US$230.9 million, which was
similar to the figure reported in 4Q10 (US$228.1 million). EBITDA from
Buenaventura′s Direct Operations was US$198.3 million, 15% lower than
the figure reported in 4Q10 (US$232.8 million), while EBITDA including
Yanacocha and Cerro Verde decreased 9%, from US$457.0 million in 4Q10 to
US$415.6 million in 4Q11.

The lower gold, zinc and copper volume sold were offset by the increase
in silver volume sold, as well as higher precious metal prices.?

(*) As of December 31, 2011, Buenaventura had 254,442,328 shares
outstanding.

? Within this release, Buenaventura presents financial measures
in accordance with Peruvian GAAP, as well as on a non-GAAP basis. EBITDA
(Buenaventura Direct Operations) and EBITDA (including Yanacocha and
Cerro Verde) included in this release are non-GAAP financial measures.
Please see the consolidated financial information below for information
reconciling non-GAAP financial measures with Peruvian GAAP financial
measures.

Operating Revenue

During 4Q11, net sales were US$385.0 million, similar to the US$382.3
million reported in 4Q10. This was explained by an increase in silver
volume sold, as well as higher gold and silver realized prices, which
offset lower gold volume sold.

Royalty income increased 20% from US$14.4 million reported in 4Q10 to
US$17.4 million in 4Q11 due to higher revenues at Yanacocha.

(*) Buenaventura′s Direct Operations

(*) Buenaventura Direct Operations

Accumulated net sales in 2011 were US$1,493.9 million, a 43% increase
compared to the same period in 2010 (US$1,047.9 million), while royalty
income was US$62.7 million, a 12% increase when compared to the US$55.9
million reported in 2010.

Production and Operating Costs

Buenaventura′s equity production¹ in 4Q11 was 124,504 ounces
of gold, 6% lower than the 132,437 ounces reported in 4Q10 mainly due a
decrease in Orcopampa and Poracota production. Silver production in 4Q11
was 4.0 million ounces, a 16% increase when compared to the figure
reported in 4Q10 (3.5 million oz) due to higher production from
Uchucchacua and El Brocal.

Equity production¹ in 2011 was 475,770 ounces of gold and
15.3 million ounces of silver. This represented a 4% increase in gold
production (458,765 ounces in 2010), and a 14% increase in silver
production compared to 2010 (13.5 million ounces).

Orcopampa′s(100% owned by Buenaventura) production from
the Chipmo mine in 4Q11 was 65,788 ounces, 17% lower than the 79,408
ounces reported in 4Q10 due to lower ore grade and a decrease in the
recovery rate (See Appendix 2). The old tailings treatment produced
5,508 gold ounces (compared to 5,857 ounces in 4Q10). As a consequence,
total gold production in 4Q11 was 71,296 ounces, 16% lower than the
85,265 ounces reported in 4Q10. Accumulated total gold production in
2011 was 285,201 ounces, an 11% decrease when compared to 2010 (319,694
ounces).

Cash operating cost in 4Q11 was US$472/oz, 30% higher when compared to
4Q10 (US$363/oz). This was mainly explained by:

Gold cash cost in 2011 was US$454/oz, 28% higher than 2010 (US$356/oz).

At Poracota, gold production in 4Q11 was 11,089 ounces, a 24% decrease
when compared to 4Q10 (14,676 ounces) due to lower ore grade and a
decrease in the recovery rate (See Appendix 2). Accumulated gold
production in 2011 was 49,201 ounces, 18% lower than the figure reported
in 2010 (59,803 ounces). Cash operating cost was US$1,218/oz, 24% higher
than the figure reported in 4Q10 (US$983/oz), mainly explained by the
24% decrease in gold ounces produced.

Gold cash cost in 2011 was US$1,048/oz, 14% higher than 2010 (US$923/oz).

At Uchucchacua(100% owned by Buenaventura), total silver
production in 4Q11 was 2.8 million ounces, a 16% increase when compared
to 2.4 million ounces in 4Q10 due to higher tonnage treated and higher
silver grade (See Appendix). Zinc production in 4Q11 was 2,047 MT, 26%
higher than the figure reported in 4Q10 (1,620 MT), while lead
production increased 6% (2,051 MT in 4Q11 vs. 1,930 MT in 4Q10). In
2011, silver production was 10,090,936 million ounces, zinc production
was 6,668 MT and lead production was 7,546 MT vs. 9.3 million ounces,
6,988 MT and 7,881 MT, respectively, in 2010.

Cash operating cost in 4Q11 was US$16.35/oz, a 14% increase compared to
US$14.28/oz in 4Q10. This increase was primarily due to higher
contractor expenses explained by a 25% increase in diamond drilling, as
well as 17% increase in contractor prices.

Silver cash cost for 2011 was US$16.27/oz, 29% higher than in 2010
(US$12.65/oz).

At Antapite (100% owned by Buenaventura), total production in
4Q11 was 6,118 ounces of gold, a decrease of 37% compared to 4Q10 (9,777
ounces), mainly due to a decrease in ore grade (See Appendix 2).
Accumulated gold production was 28,588 ounces, a 20% decrease when
compared to 2010 (35,803 oz).

Gold cash operating cost in 4Q11 was US$1,472/oz, 77% higher than in
4Q10 (US$830/oz), mainly explained by the aforementioned decrease in
gold production. Gold cash cost in 2011 was US$1,158/oz, 46% higher than
in 2010 (US$794/oz).

La Zanja (53.06% owned by Buenaventura) total production in 4Q11
was 32,857 ounces of gold, a 3% decrease when compared to 4Q10 (34,046
ounces). Accumulated gold production in 2011 was 134,190 ounces (44,706
ounces in 2010). Cash operating cost in 4Q11 was US$463/oz, 27% higher
than 4Q10 (US$364/oz) due to higher contractor and labor expenses,
partially offset by higher silver by-product contribution. Gold cash
cost in 2011 was US$367/oz, 8% higher than in 2010 (US$339/oz).

Tantahuatay (40% owned by Buenaventura) Total production in 4Q11
was 29,895 ounces of gold (11,958 ounces attributable to Buenaventura).
In 2011, gold production was 46,164 ounces (18,466 attributable to
Buenaventura). Cash operating cost in 4Q11 was US$466/oz and US$465/oz
for the full year period.

During 4Q11, the entire plant capacity at El Brocal(53.78%
owned by Buenaventura) was devoted to treat copper ore.

Copper production in 4Q11 was 7,852 MT, 22% lower than 4Q10 (10,108 MT).
Copper cash cost in 4Q11 was US$4,135/MT, 46% higher when compared to
the US$2,836/MT reported in 4Q10 due to higher commercial deductions and
lower copper content in ore. Accumulated copper production in 2011 was
23,796 MT, 40% higher than 2010 (16,971 MT).

For 2011, total zinc production was 23,675 MT, a 33% decrease when
compared to the 35,340 MT reported in 2010. In the case of silver, total
production increased 16%, from 2,509,536 ounces in 2010 to 2,917,624
ounces in 2011. Lead production in 2011 was 9,504 MT, 18% lower than
2010 (11,583 MT).

Zinc cash cost in 2011 was a negative US$322 vs. US$994/MT in 2010. This
was due to a higher silver by-product contribution due to an increase in
silver production and prices.

General and Administrative Expenses

General and administrative expenses in 4Q11 were US$16.3 million, 43%
lower than the figure reported in 4Q10 (US$28.5 million) due to a
reduction in the long-term compensation provision (US$6.0 million). For
2011, general and administrative expenses were US$75.2 million versus
US$98.2 million in FY 2010 (23% decrease).

Exploration Costs in Non-Operational Mining Sites

Exploration costs at non-operational mining sites, which include care
and maintenance in 4Q11 were US$14.1 million, a 38% increase compared to
the US$10.2 million reported in 4Q10. Buenaventura′s main exploration
efforts were focused at the Trapiche (US$2.9 million), Marcapunta
(US$1.5 million), San Gregorio (US$1.8 million), Colquemayo (US$1.2
million) and Mallay (US$4.8 million) projects.

Exploration costs at non-operational mining sites in 2011 were US$49.6
million, 37% higher than 2010 (US$36.1 million).

Operating Income

Operating income in 4Q11 was US$170.7 million, an 18% decrease compared
to the US$208.5 million reported in 4Q10. This decrease was mainly due
to the 20% increase in cost of operations, while revenues increased 1%.

Accumulated 2011 operating income was US$705.2 million versus US$417.0
million in 2010 (increase of 69%).

Share in Associated Companies

During 4Q11, Buenaventura′s share in associated companies was US$125.6
million, 10% higher than the US$114.1 million reported in 4Q10.
Yanacocha′s contribution to these results increased 42%, from US$61.0
million in 4Q10 to US$86.9 million in 4Q11, while Cerro Verde′s
contribution decreased 46% from US$73.6 million in 4Q10 to US$40.0
million in 4Q11.

For 2011, Buenaventura′s share in associated companies was US$467.3
million, 8% higher than the US$431.0 million reported in 2010.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 4Q11 gold production was
334,833 ounces of gold, in-line with production in 4Q10. Accumulated
gold production in 2011 was 1.3 million ounces, 12% lower than 2010 (1.5
million).

Costs applicable to sales (CAS) at Yanacocha in 4Q11 were US$533/oz, 8%
lower than the figure reported in 4Q10 (US$577/oz) due lower operating
costs and higher silver by-product credits. CAS for 2011 was US$581/oz,
30% higher than 2010 (US$448/oz).

Net income at Yanacocha in 4Q11 was US$199.2 million, a 43% increase
compared to the 4Q10 figure (US$139.4 million). Accumulated net income
in 2011 was US$642.4 million, 9% higher than 2010 (US$589.9 million).

During 4Q11, EBITDA totaled US$362.0 million, a 50% increase compared to
4Q10 (US$241.7 million). This increase was mainly due to a 26% increase
in revenues (US$577.4 million in 4Q11 vs. US$459.9 million in 4Q10).
Accumulated EBITDA in 2011 was US$1,167.4 million, 14% higher than 2010
(US$1,023.1 million).

Capital expenditures at Yanacocha were US$452.1 million in 4Q11 and
US$1,113.9 for 2011.

CERRO VERDE

At Cerro Verde (19.35% owned by Buenaventura), 4Q11 copper production
was 65,958 MT, a 15% decrease when compared to 4Q10 (77,603 MT).
Accumulated total copper production in 2011 was 293,581 MT, 3% lower
than 302,711 in 2010.

During 4Q11, Cerro Verde reported net income of US$202.6 million, a 46%
decrease when compared to US$374.9 million in 4Q10. This was mainly due
to a 28% decrease in sales revenues (US$565.0 million in 4Q11 versus
US$783.3 million in 4Q10). Accumulated net income in 2011 was US$1,078.4
million, 2% higher than US$1,054.4 million in 2010.

Capital expenditures at Cerro Verde in 4Q11 totaled US$75.3 million and
US$195.2 in 2011.

Net Income

Buenaventura′s 4Q11 net income was US$230.9 million (US$0.91 per share),
a 1% increase compared to the US$228.1 million (US$0.90 per share)
reported in 4Q10. Accumulated net income in 2011 was US$861.4 million,
29% higher when compared to 2010 (US$670.4 million).

Project Development

LA ZANJA EXPANSION

• Pampa Verde Project will allow the development of a new open
  pit, expand the current leach pad and improve the road access to the
  operation. Construction began in 2Q11. As of December 31, 2011, total
  project expenditures were US$24 million (total investment is US$32.5
  million). Completion is expected by 3Q12.
  

Overall, the Pampa Verde Project (including work in San Pedro Sur) is
60% complete.

TANTAHUATAY EXPANSION

• Cienaga Norte project includes Stage II of the Leach Pad,
  development of the Cienaga Norte Pit and road access. Total CAPEX
  totals US$30 million. Project construction will begin in 2Q12, after
  the approval of the environmental impact assessment.
  

MALLAY

• 
  During the first year of operation, silver production from Mallay is
  expected to be approximately 900k oz of silver.
  
• 
  Currently, Mallay holds Brownfield explorations investments in the
  Chancas ? Chiptaj area.
  

RIO SECO MANGANESE SULFATE PLANT

• 
  Buenaventura continued with the construction of the manganese sulfate
  plant with a total budget of US$76.0 million. As of December 31, 2011
  total expenditures were US$33 million. The project includes a leaching
  facility, a sulfuric acid plant and a manganese sulfate plant.
  
• 
  The leaching processing facilities are expected to be completed at the
  end of 2Q12. The detailed engineering for the Sulfuric Acid and
  Manganese Sulfate Plant is expected to be ready in 2Q12. Erection and
  start-up tests at both plants are scheduled at the end of 2012.
  

BREAPAMPA

• 
  As of December 31, 2011, Buenaventura′s total investment at the
  Breapampa Project was US$23.4 million, representing 48% of the entire
  budget (US$48 million).
  
• 
  Construction progress includes:
  

• 
  This project should be completed by the end of 2Q12. Production will
  begin at the beginning of 3Q12.
  
• 
  Expected gold production is 2012 is approximately 25,000 ounces.
  

HUANZA HYDROELECTRICAL PLANT

• 
  As of December, 2011, Buenaventura′s total disbursement at the Huanza
  Project was US$131.8 million (which includes US$18.7 million in
  advanced payments), representing 90% of the entire budget. US$105
  million of the total amount invested was financed via a leasing
  agreement totaling US$119.0 million.
  
• 
  Construction progress at the Huanza Project includes:
  

Other Information

At the Board of Directors meeting held February 28, 2012, the Board of
Directors passed the following Resolutions:

To call for the Annual Shareholders Meeting to be held March 26, 2012 to:

? Approve the financial statements as of December 31, 2011

? Approve the 2011 Annual Report

? Approve a cash dividend of US$0.40 per share or ADS to be paid in U.S.
currency.

The Company has completed the IFRS financial statements⁽¹⁾
for the year end 2011 which is showed in Appendix 6.

For a complete version of this release, please visit www.buenaventura.com.pe.

* * *

Company Description

Compañía 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 (Orcopampa*,
Poracota*, Uchucchacua*, Antapite*, Julcani*, Recuperada*, El Brocal, La
Zanja, Coimolache and CEDIMIN*).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with
Newmont Mining Corporation), an important precious metal producer;
19.35% of Sociedad Minera Cerro Verde, an important Peruvian copper
producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca
project.

For a printed version of the Company′s 2010 Form 20-F, please contact
the persons indicated above, or download a PDF format file from the
Company′s web site.

(*) Operations wholly owned by Buenaventura

**Tables to follow**