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BUENAVENTURA AND GLOBAL JV - October 9, 2008
Dec 29, 2008 08:23AM
BUENAVENTURA AND GLOBAL GEOSCIENCE AGREE TO EXPLORE MANCHA PAMPA PROJECT
Lima Peru, October 9, 2008 - Compañía de Minas Buenaventura S.A.A. (“Buenaventura”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly traded precious metals mining company announced today an agreement with Global Geoscience (“Global”) (ASX: GSC) to explore the Peruvian Mancha Pampa copper-gold porphyry project.
Buenaventura and Global have entered into an agreement where Buenaventura can earn a 61% ownership interest in the project by investing US$3 million in exploration over a five-year period.
Additionally, Buenaventura has the option of increasing this stake by an additional 19% via the completion of a feasibility study, and if Global elects not to participate in this expenditure.
The Mancha Pampa project (100% owned by Global) is located 150km southeast of Lima in the Yauyos District of central Peru.