Update on Chucapaca Project in Southern Peru

                 Update on Chucapaca Project in Southern Peru

PR Newswire

JOHANNESBURG and LIMA, Peru, November 14, 2012

JOHANNESBURG and LIMA, Peru, November 14, 2012 /PRNewswire/ --

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:

  oAnalysingdifferent options for mine development, including an underground
    or a combinedopen-pit underground operation, and alternative throughput
    levels;
  oRe-establishing exploration to add resource flexibility, once the required
    permits are granted;and,
  oOptimising 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.

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  cegalvez@buenaventura.com.pe

Daniel Dominguez
Tel  +51-1-419-2536
Email  ddominguez@buenaventura.com.pe

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).

About Buenaventura

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.

SOURCE Gold Fields Limited and Compania de Minas Buenaventura S.A.A.
 
Press spacebar to pause and continue. Press esc to stop.