Buenaventura Announces First Quarter 2012 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 first quarter 2012. All figures have been prepared in accordance
with IFRS 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 first quarter reached US$207.5, 8% lower than the
figure reported in 1Q11 (US$224.8 million). EBITDA from Buenaventura′s
Direct Operations was US$171.1 million, 17% lower than the figure
reported in 1Q11 (US$207.0 million), while EBITDA including Yanacocha
and Cerro Verde increased 2%, from US$396.6 million in 1Q11 to US$403.1
million in 1Q12.

The Company reported higher operating costs and expenses in 1Q12, while
sales remained flat, which led to lower than expected results.

(*) As of March 31, 2012, 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 1Q12, net sales were US$359.0 million, similar to the US$363.5
million reported in 1Q11. Lower base metal prices, as well as a decrease
in silver, copper and zinc volume sold offset higher precious metal
prices. It is important to mention that due to logistic constraints at
the Callao Port and warehouses, lead-silver concentrate inventories
tripled when comparing 1Q12 with 1Q11, representing a US$31 million
increase at market value.

Royalty income increased 47%, from US$12.3 million reported in 1Q11 to
US$18.1 million in 1Q12 due to higher revenues at Yanacocha.

(*) Buenaventura′s Direct Operations

(*) Buenaventura Direct Operations

Production and Operating Costs

Buenaventura′s equity production¹ in 1Q12 was 117,852 ounces
of gold, in-line with the figures reported in 1Q11. Silver production in
1Q12 was 4.0 million ounces, a 14% increase when compared to the figure
reported in 1Q11 (3.5 million oz) mainly due to higher production from
Uchucchacua.

Orcopampa′s(100% owned by Buenaventura) production from
the Chipmo mine in 1Q12 was 62,358 ounces, 15% lower than the 73,570
ounces reported in 1Q11 due to a lower tonnage treated and ore grade
declines (See Appendix 2). The old tailings treatment produced 6,907
gold ounces (compared to 4,043 ounces in 1Q11). As a consequence, total
gold production in 1Q12 was 69,265 ounces, 11% lower than the 77,614
ounces reported in 1Q11.

Cash operating cost in 1Q12 was US$463/oz, 24% higher when compared to
1Q11 (US$373/oz). This was mainly explained by:

At Poracota, gold production in 1Q12 was 11,320 ounces, a 6% decrease
when compared to 1Q11 (12,101 ounces) due to lower ore grade and a
decrease in the recovery rate (See Appendix 2). Cash operating cost was
US$1,257/oz, 28% higher than the figure reported in 1Q11 (US$982/oz),
mainly explained by:

At Uchucchacua(100% owned by Buenaventura), total silver
production in 1Q12 was 2.7 million ounces, a 10% increase when compared
to 2.5 million ounces in 1Q11 due to higher tonnage treated, and an
increase in the silver grade & recovery rate (See Appendix). Zinc
production in 1Q12 was 2,439 MT, 28% higher than the figure reported in
1Q11 (1,902MT). In addition, lead production increased 11% (2,193 MT in
1Q12 vs. 1,974 MT in 1Q11).

__________________

¹ Production includes 100% of
Buenaventura′s operating units, 100% of CEDIMIN, 53.06% of La Zanja and
53.78% of El Brocal.

Cash operating cost in 1Q12 was US$17.91/oz, a 20% increase compared to
US$14.98/oz in 1Q11. This increase was primarily due to a:

At Julcani (100% owned by Buenaventura), total production in 1Q12
was 631,628 ounces of silver, an increase of 4% compared to 1Q11
(606,288 ounces), mainly due to a 3% increase in tonnage treated.

Silver cash operating cost in 1Q12 was US$12.77/oz, 15% higher than 1Q11
(US$11.10/oz), mainly explained by a 13% increase in contractors costs
due to higher prices and drifting work increases.

At La Zanja (53.06% owned by Buenaventura) total production in
1Q12 was 26,329 ounces of gold, a 5% increase when compared to 1Q11
(25,151 ounces). Cash operating cost in 1Q12 was US$496/oz, 43% higher
than 1Q11 (US$346 /oz) due to higher labor and contractor expenses,
partially offset by higher silver by-product contribution.

At Tantahuatay (40% owned by Buenaventura) Total production in
1Q12 was 27,606 ounces of gold (11,042 ounces attributable to
Buenaventura). Cash operating cost in 1Q12 was US$497/oz.

During 1Q12, El Brocal(53.76% owned by Buenaventura)
produced 7,607 MT of zinc and 2,279 MT of lead. Silver production
decreased 2% from 443,942 ounces in 1Q12 to 453,674 ounces in 1Q11. Zinc
cash cost in 1Q12 was US$1,346/MT.

Copper production in 1Q12 was 5,614 MT, 25% lower than 1Q11 (7,473 MT).
Copper cash cost was US$4,984/MT, 55% higher when compared to the
US$3,220/MT reported in 1Q11 due to higher contractor expenses at
Marcapunta.

General and Administrative Expenses

General and administrative expenses in 1Q12 were US$29.8 million, 76%
higher than the figure reported in 1Q11 (US$17.0 million) due to a
higher long-term compensation provision (US$7.3 million in 1Q12 vs. zero
in 1Q11) and a US$3.8 million increase in worker ?s profit sharing.

Exploration Costs in Non-Operational Mining Sites

Exploration costs at non-operational mining sites, which include care
and maintenance, in 1Q12 were US$19.4 million, an 83% increase compared
to the US$10.6 million reported in 1Q11. Buenaventura′s main exploration
efforts were focused at the Tambomayo (US$3.0 million), San Gregorio
(US$2.4 million), Breapampa (US$2.0 million), Mallay (US$2.0 million)
and Trapiche (US$1.5 million) projects.

Operating Income

Operating income in 1Q12 was US$131.5 million, a 26% decrease compared
to the US$178.4 million reported in 1Q11. This decrease was mainly due
to the 15% increase in operating costs and an 81% increase in operating
expenses, while revenues remained flat.

Share in Associated Companies

During 1Q12, Buenaventura′s share in associated companies was US$136.0
million, 20% higher than the US$112.9 million reported in 1Q11.
Yanacocha′s contribution to these results increased 83%, from US$48.2
million in 1Q11 to US$88.2 million in 1Q12, while Cerro Verde′s
contribution decreased 37% from US$71.0 million in 1Q11 to US$44.9
million in 1Q12.

YANACOCHA

At Yanacocha (43.65% owned by Buenaventura), 1Q12 gold production was
366,428 ounces of gold, 27% higher than the figure reported in 1Q11
(288,214 ounces).

Costs applicable to sales (CAS) at Yanacocha in 1Q12 were US$481/oz, 20%
lower than the figure reported in 1Q11 (US$603/oz) due to lower
operating costs, partially offset by higher worker ?s participation.

Net income at Yanacocha in 1Q12 was US$202.0 million, a 82% increase
compared to the 1Q11 figure (US$110.7 million).

Capital expenditures at Yanacocha were US$227.4 million in 1Q12.

CERRO VERDE

At Cerro Verde (19.35% owned by Buenaventura), 1Q12 copper production
was 63,295 MT, a 20% decrease when compared to 1Q11 (79,463 MT).

During 1Q12, Cerro Verde reported net income of US$232.3 million, a 37%
decrease when compared to US$367.7 million in 1Q11. This was mainly due
to a 23% decrease in sales revenues (US$568.8 million in 1Q12 versus
US$740.9 million in 1Q11).

Capital expenditures at Cerro Verde in 1Q12 totaled US$82.2 million.

CANTERAS DEL HALLAZGO (Chucapaca project)

At Canteras del Hallazgo (49% owned by Buenaventura), there was a net
loss reported in 1Q12 totaling US$5.4 million due to the execution of
the project′s exploration program.

Net Income

Buenaventura′s 1Q12 net income was US$207.5 million (US$0.82 per share),
an 8% decrease compared to the US$224.8 million (US$0.88 per share)
reported in 1Q11. This was mainly due to a 26% decline in operating
income.

Project Development

LA ZANJA DEVELOPMENT PROGRAM

TANTAHUATAY DEVELOPMENT PROGRAM

• Cienaga Norte project includes the Leach Pad′s Stage II
  (additional 10.5 Ha), development of the Cienaga Norte Pit and an
  access road between the leach pad and the open pit. Total CAPEX totals
  US$30 million. Project construction will begin in 3Q12, after the
  approval of the environmental impact assessment.
  

MALLAY

• 
  Mallay mine construction was completed in 1Q12. The project has
  already received the mine operating license, which allows the mine to
  begin production. Total CAPEX was US$60 million.
  
• 
  During the first year of operation, silver production from Mallay is
  expected to be approximately 900k oz of silver.
  
• 
  Currently, Mallay holds Brownfield exploration 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 March 31, 2012,
  total expenditures were US$44.5 million. The project includes an acid
  leaching facility, a sulfuric acid production plant and a manganese
  sulfate crystallization plant.
  
• 
  The leaching processing facilities are expected to be completed at the
  end of 2Q12. The construction of the Sulfuric Acid and the Manganese
  Sulfate Plant is expected to be ready in 2Q12. Construction and
  start-up tests at both plants are scheduled at the end of 2012.
  

BREAPAMPA

• 
  As of March 31, 2012, Buenaventura′s total investment at the Breapampa
  Project was US$30.1 million, representing 62% of the entire budget
  (US$48.0 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 in 2012 is approximately 22,000 ounces.
  

HUANZA HYDROELECTRICAL PLANT

• 
  As of March, 2012, Buenaventura′s total disbursement at the Huanza
  Project was US$146.4 million (which included US$14.5 million in
  advanced payments), representing 92% of the entire budget. US$116
  million of the total amount invested was financed via a leasing
  agreement totaling US$119.0 million.
  
• 
  Construction progress at the Huanza Project included:
  

* * *

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

Note:

EBITDA (Buenaventura Direct Operations) consists of earnings before net
interest, taxes, depreciation and amortization, share in associated
companies, net, loss on currency exchange difference, other, net,
provision for workers′ profit sharing and provision for long-term
officers′ compensation.

EBITDA (including Yanacocha and Cerro Verde) consists of EBITDA
(Buenaventura Direct Operations), plus (1) Buenaventura′s equity share
of EBITDA (Yanacocha) and (2) Buenaventura′s equity share of EBITDA
(Cerro Verde). EBITDA (Yanacocha) and EBITDA (Cerro Verde) were
similarly calculated using financial information provided to
Buenaventura by Yanachocha and Cerro Verde, respectively.

Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA
(including Yanacocha and Cerro Verde) to provide further information
with respect to its operating performance and the operating performance
of its equity investees, Yanachoca and Cerro Verde. EBITDA (Buenaventura
Direct Operations) and EBITDA (including Yanacocha and Cerro Verde) are
not a measure of financial performance under Peruvian GAAP, and may not
be comparable to similarly titled measures of other companies. You
should not consider EBITDA (Buenaventura Direct Operations) and EBITDA
(including Yanacocha and Cerro Verde) as alternatives to operating
income or net income determined in accordance with Peruvian GAAP, as an
indicator of Buenaventura′s, Yanacocha′s or Cerro Verde′s operating
performance, or as an alternative to cash flows from operating
activities, determined in accordance with Peruvian GAAP, as an indicator
of cash flows or as a measure of liquidity.