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LIMA, Peru, Oct. 30 -- Compania de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company"), Peru's largest publicly traded precious metals mining company, announced today its results for the third quarter of 2006. All figures have been prepared in Peruvian GAAP and are stated in current Peruvian Nuevos Soles (S/.) as of September 30, 2006. For the convenience of the reader, figures are stated in U.S. dollars (US$) at a rate of S/.3.25 per US$1.00 for 3Q06 and S/.3.345 per US$1.00 for 3Q05.

Comments from the Chief Executive Officer:

Mr. Roque Benavides, Chief Executive Officer of Buenaventura stated: "We are pleased to continue delivering positive results to our shareholders."

"This quarter, Buenaventura's net income was US$82.4 million, or US$0.65 per ADS, which represents an increase of 66% when compared to 3Q05. Operating income was US$67.6 million, 241% higher than the figure recorded in 3Q05. Total EBITDA was US$189.2 million, which represented a 49% increase when compared to 3Q05. EBITDA from Buenaventura's direct operations was US$65.2 million, 172% higher than in 3Q05.

"These achievements were driven by important results from our direct operations and a higher contribution from our participation in Cerro Verde."

In 3Q06, net sales were US$122.1 million, a 95% increase when compared to the US$62.7 million reported in 3Q05 mainly due to higher volumes of gold and silver sold, as well as an increase in the realized prices of zinc, silver and lead.

Royalty income during 3Q06 totaled US$11.1 million, a 8% increase when compared to the US$10.4 million reported in 3Q05. This was due to higher sales at Yanacocha, best explained by the higher realized gold prices.

Accumulated net sales for the first nine-months of 2006 was US$372.7 million, an 88% increase compared to the same period of 2005 (US$197.8 million). Accumulated royalty income was US$39.7 million, a 35% increase when compared to US$29.4 million in 2005.

Production and Operating Costs

Buenaventura's equity production1 during 3Q06 was 99,681 ounces of gold, 8% higher than the 92,065 ounces reported in 3Q05; and 3,888,349 ounces of silver, a 14% increase when compared to the 3,410,860 ounces reported in 3Q05.

Equity production (1) for the accumulated nine-month period was 304,250 ounces of gold and 11,060,240 ounces of silver. This represented an increase of 13% in gold production (268,831 ounces in 2005) and a 11% increase in silver production compared to 2005 (10,004,054 ounces).

At Orcopampa (100%), total gold production in 3Q06 was 62,540 ounces, a 4% increase when compared to the 60,133 ounces reported in 3Q05 due to a higher grade and recovery rate (see appendix 2). Accumulated gold production was 188,268 ounces, an 8% increase when compared to 2005 (174,233 ounces).

Cash operating cost during 3Q06 was US$153/oz, 14% higher when compared to 3Q05. This was mainly explained by higher consumption of support materials and

contractor expenses for ventilation work, as well as higher royalties paid to the government.

Total royalties paid to the government at Orcopampa in 3Q06 were US$0.22 million.

At Uchucchacua (100%), total silver production during 3Q06 was 2,628,593 ounces, in-line with 3Q05. Accumulated silver production was 7,233,823 ounces, a 6% decrease when compared to 2005 (7,700,196 ounces).

Cash operating cost in 3Q06 increased 75% from $2.54/oz in 3Q05 to US$4.45/oz. This was best explained by:

1. Higher supply consumption, mainly reagents for the new cyanidation plant and support materials.
2. Higher contractor expenses for preparation in the Huantajalla area (Raise Borer and Raise Climber).
3. Higher commercial treatment charge escalators and deductions explained by higher zinc and silver prices, partially offset by higher lead and zinc by-product credits.

Total royalties paid to the government at Uchucchacua in 3Q06 were US$0.23 million.

At Antapite (100%), total production in 3Q06 was 26,141 ounces of gold, in-line with 3Q05 production. Accumulated gold production was 78,925 ounces, a 1% increase when compared to 78,145 ounces in 2005.

Gold cash operating cost in 3Q06 was US$253/oz, a 17% increase when compared to US$216/oz in 3Q05. This increase was due to higher prices for mine contractor labor, as well as services and maintenance for mine operations.

Total royalties paid to the government at Antapite in 3Q06 were US$0.16 million.

At Colquijirca (34.29%), total zinc production was 15,128 MT in 3Q06, a 4% increase when compared to 14,540 MT in 3Q05. Total silver production during 3Q06 was 2,599,118 ounces, a 142% increase when compared to the 1,073,779 ounces in 3Q05 due to a significant increase in the ore grade (Appendix 2).

For the nine-month 2006 period, total zinc production was 46,795 MT, a 14% increase when compared to the same period of 2005 (41,003 MT). In the case of silver, total production increased 155%, from 2,829,531 ounces in 2005 to 7,224,584 ounces in 2006.

Zinc cash operating costs decreased 27% from US$777 per MT in 3Q05 to US$571 per MT in 3Q06. This was due to a significant silver and lead by- product credit contribution despite higher commercial treatment expenses as a result of higher prices.

Total royalties paid to the government at Colquijirca in 3Q06 were US$1.06 million.

Operating Expenses

General and administrative expenses for 3Q06 were US$8.4 million, a 17% decrease compared to the US$10.1 million reported in 3Q05. This decrease was mainly due to a lower Long-Term Compensation Program provision. Accumulated general and administrative expenses for the nine-month period were US$25.8 million, a 16% increase when compared to the US$22.2 million reported in the same period of 2005.

Exploration Costs in Non-Operational Mining Sites

Exploration costs in non-operating areas during 3Q06 were US$8.6 million, a 28% increase compared to US$6.7 million during 3Q05. The main efforts were focused at the Marcapunta, La Zanja and Los Pircos projects. Accumulated exploration costs in non-operating areas during the first nine-months of 2006 were US$24.5 million a 30% increase when compared to comparable period (US$18.9 million).

Operating Income

Operating income in 3Q06 was US$67.6 million, a 241% increase compared to US$19.8 million in 3Q05. This result was mainly due to the 83% increase in operating revenues, which largely offset the 37% increase in the total cost of operations.

For the nine-month period 2006, operating income was US$212.1 million a 192% increase when compared to the US$72.6 million reported in the same period of 2005.

Share in Affiliated Companies

Buenaventura's income from non-consolidated affiliates was US$64.8 million during 3Q06, an increase of 17% when compared to the US$55.5 million reported in 3Q05. This increase is explained by the higher contribution from Cerro Verde (US$22.6 million). Yanacocha's contribution for this quarter was US$41.6 million. For the nine-month period of 2006, income from non-consolidated affiliates was US$273.3 million, an increase of 83% compared to the US$149.4 million reported in 2005.

At Yanacocha (43.65%), 3Q06 gold production was 605,139 ounces of gold, a decrease of 21% when compared to 3Q05 (763,615 ounces). Gold production for the first nine-month period of 2006 was 2,156,168 ounces, a decrease of 5% when compared to the 2,268,717 ounces reported in the first nine months of 2005. It is important to mention that the Company continues to project full- year production of 2.6 million ounces.

Gold cash cost at Yanacocha during 3Q06 was US$217/oz, which represented a 47% increase compared to a gold cash cost of US$148/oz in 3Q05. This is explained by an increase in consumable prices, as well as higher workers participation and royalties to third parties.

Net income at Yanacocha during 3Q06 was US$96.9 million, a 15% decrease when compared to the 3Q05 figure (US$114.4 million). For the nine-month period 2006, net income was US$467.4 million, an increase of 46% compared to the US$320.7 million reported in 2005.

In 3Q06, EBITDA was US$200.5 million, a decrease of 4% compared to 3Q05 (US$209.0 million). This decrease was due to the lower volume of gold sold despite the higher realized gold prices which increased from US$439/oz in 3Q05 to US$619/oz in 3Q06. Accumulated EBITDA in the first nine months of 2006 was US$816.6 million, an increase of 36% when compared to the US$599.2 million reported in the same period of 2005.

Yanacocha distributed US$300 million in shareholders dividends during 3Q06.

CAPEX for 3Q06 was US$55.6 million, a 6% decrease when compared to US$59.1 in 3Q05.

At Cerro Verde (18.50%), 3Q06 copper production was 24,501 MT a 2% increase when compared to 3Q05 (24,131 MT). For the nine-month period 2006 copper production totaled 70,840.

Net sales at Cerro Verde increased 102% from US$92.9 million in 3Q05 to US$187.4 million in 3Q06. Accumulated net sales for 2006 were US$486.6 million, which represented an increase of 103% compared to 3Q05 (US$240.0 million) MT due mainly to higher realized copper prices.

In 3Q06, net income reached US$125.1 million, a 155% increase compared to 3Q05 (US$49.1 million). For the nine-month period of 2006 net income was US$342.7 million, a 186% increase compared to 2005 (US$119.8 million).

CAPEX for 3Q06 totaled US$112.6 million, of which US$108.0 million was allocated towards the construction of the Primary Sulfide Project.

Net Income

This quarter, Buenaventura's net income was US$82.4 million, representing US$0.65 per ADS, a 66% increase when compared to the US$49.5 million reported (US$0.39 per ADS) in 3Q05. This was mainly due to higher operating revenues, as well as the important contribution from Cerro Verde, which offset the decrease in Yanacocha's net income.

Accumulated net income for 2006 was US$350.1 million (US$2.75 per ADS), an increase of 85% when compared to US$189.2 million (US$1.50 per ADS) in 2005.

Hedging Operations

The total hedge book mark-to-market value as of September 30, 2006 was a negative US$526.4 million (US$630.5 million as of June 2006).

During 3Q06, the Company executed 92,308 ounces of silver in derivative instruments completing all of its silver commitments.

Explorations Update

- Tantahuatay

After several years working on social issues in the area, the company has received Community support for the Tantahuatay project at Cajamarca, where approximately 100 local Chugur Community workers are collaborating on-site with road work, trenching, sampling and environmental rehabilitation.

Infill drilling with three rigs at the Cienaga prospect in Tantahuatay,
confirms lateral and depth continuity of the oxide-gold deposit. Results to
date include:

C- 52 :     89.0m     @ 1.54 g/t of gold with 83% cyanide extraction
C- 57 :    120.0m     @ 2.06 g/t of gold with 89% cyanide extraction

- El Milagro

A polymetallic discovery has been made at the El Milagro prospect, located in the Huancavelica and Ayacucho regions; which is easily accessible from the Pisco-Ayacucho road and with friendly relationships with local communities. A land position of 7,400 hectares is secured where high-level intrusives and a volcanic vent pierce through limestone producing four areas of zinc (Zn), lead (Pb) and silver (Ag) replacement deposits. Current diamond drilling with four rigs has given encouraging intercepts for the Genoveva ore shoot, such as:

EM-02: 9.0 m     @ 8.28 % Zn,   1.56 % Pb    and    0.86 oz/t Ag
EM-05: 8.6 m     @ 8.42 % Zn,   2.44 % Pb    and    4.54 oz/t Ag
EM-14: 9.0 m     @ 3.21 % Zn,   6.71 % Pb    and    12.93 oz/t Ag

Preliminary metallurgical tests show good results for selective flotation.

Project Development

- UCHUCCHACUA

* The deepening of the Carmen and Socorro mines and the construction of the Master Shaft from 4060m to 3900m is approximately 25% complete. The specialized contractor for this project was selected in August.
Completion is expected by 2Q08 with a total investment of US$10.3 million.

- ORCOPAMPA

* The auxiliary shaft to improve ventilation and ore transport in the Prometida area commenced during the second quarter and is currently 13% completed. The specialized contractor for the construction has been
selected and total drifting at the end of 3Q06 was 380m. Total expected investment is US$3.7 million.
* The expansion of the treatment plant to increase capacity from 1,200 MT to 1,800 MT commenced in May 2006, while the completion date has been extended to December 2006. This expansion considers the addition of new grinding and milling (SAG mill of 15x11). At the end of 3Q06 this project is 50% complete. The total expected investment is US$4.7 million.
* The expansion of tailing dam Number 4 commenced in July. Completion is expected by the end of 2006 with a total investment of US$5.9 million.

- MARCAPUNTA

* In August, exploration activities at the Marcapunta Oeste project were suspended due to flooding. Pumping and drainage are currently in progress. It is important to mention that the flooding will only affect the underground activities of the Marcapunta Oeste project. The surface drilling program at Marcapunta Oeste will not be affected, nor will the exploitation activities at Colquijirca's current operations, or the exploration activities at Marcapunta Norte

Board Resolutions

At the Board of Director's meeting, held October 30, 2006, the Board passed the following resolutions:

1. Approval of the financial statements ended September 30, 2006.

2. Declaration of a cash dividend of US$0.25 per share or ADS, equivalent to S/.0.805 at today's exchange rate of S/.3.22 per US$, to be paid in U.S. currency on November 30, 2006 to shareholders of record on November 17, 2006, who purchase shares until November 14, 2006.

3. To call an extraordinary Shareholders meeting to be held on December 4 to approve:

- The Voluntary Contribution for social responsibility expenses.
- The merger by absorption of Minas Poracota S.A.

Company Description

Compania 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 four mines in Peru and also has controlling interests in four mining companies as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation) which is one of the most important precious metal producers in the world and 18.50% in Sociedad Minera Cerro Verde S.A.A, an important Peruvian copper Company.

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's, Yanacocha and Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economical, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company and Yanacocha's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

1. Production includes 100% of operating units, 100% of Ishihuinca and Antapite, 100% of CEDIMIN and 34.29% of El Brocal.

To see a complete version of the company's earnings release, please visit http://www.buenaventura.com