JOHANNESBURG AND LIMA, Peru, Nov. 14, 2012 /CNW/ - Gold Fields Limited (Gold
Fields) (JSE, NYSE, NASDAQ Dubai: GFI) and Compañia de Minas Buenaventura
S.A.A. (Buenaventura) (NYSE, BVN; Lima Stock Exchange: BUE.LM) today announced
an update on the Chucapaca exploration project in the southern Peruvian region
of Moquegua. The project is a joint venture by Gold Fields (51%) and
Buenaventura (49%) and operated by Gold Fields.
The partners have studied the viability of a large open-pit operation capable
of sustaininga 30,000tonnesper day throughput. A first draft of the
feasibility study has been completed and as a result ofrelatively
highcapital and operating coststhisoptionwould not have
deliveredacceptable project returns.
Consequently, further study work will have to be performed by the joint
venture focusing on value engineering the project to achieve the expected
returns.Future work will mainly include the following:
-- Analysing different options for mine development, including an
underground or a combined open-pit underground operation, and
alternative throughput levels;
-- Re-establishing exploration to add resource flexibility, once
the required permits are granted; and,
-- Optimising capital and project operating costs.
The partners reiterate their commitment to unlocking the potential of the
Chucapaca project,which will need the support of all stakeholders,
particularly theneighbouringcommunities. Gold Fields has built a close
relationship with them and expects to continue working together through this
phase of the project.
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold with
attributable annualised production of 3.6 million gold equivalent ounces from
eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields
also has an extensive and diverse global growth pipeline with four major
projects in resource development and feasibility, with construction decisions
expected in the next 18 to 24 months. Gold Fields has total attributable
gold equivalent Mineral Reserves of 76.7 million ounces and Mineral Resources
of 225.4 million ounces. Gold Fields is listed on the JSE Limited (primary
listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext
in Brussels (NYX) and the Swiss Exchange (SWX).
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; 19.58% of Sociedad
Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras
del Hallazgo S.A, owner the Chucapaca project.
Enquiries: Gold Fields
Investor Relations Willie Jacobsz Tel +27-11-562-9775 Mobile
+27(0)82-971-9238 Email Willie.Jacobsz@goldfields.co.za
Media Sven Lunsche Tel +27-11-562-9763 Mobile
+27(0)83-260-9279 Email Sven.Lunsche@goldfields.co.za
Diego Ortega Mobile +51(0)9963-70508 Email Diego.Ortega@gfexpl.com
Enquiries: Buenaventura Carlos Galvez Tel +51-1-419-2540 Email
Daniel Dominguez Tel +51-1-419-2536 Email
SOURCE: Gold Fields Limited
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CO: Compania de Minas Buenaventura S.A.A.
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-0- Nov/14/2012 15:17 GMT
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