Enters into agreement for the Valeriano

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15 November 2010 

Hochschild enters into option agreement for the Valeriano property in Chile

Hochschild Mining ("Hochschild" or "the Company") is pleased to announce that it has entered into an option agreement with Sociedad Contractual Minera Valleno for the Valeriano property which is located 27 kilometres north of Barrick Gold Corporation's Pascua Lama project. The Pascua Lama project has reserves of 17.8 million ounces of gold and 671 million ounces of silver[1].

The Valeriano project covers an area of 3,750 hectares in close proximity to the Argentinian border and hosts both high-sulphidation as well as porphyry style disseminated gold mineralisation. The property has been explored by a number of mining companies in the past including Phelps Dodge (1989 - 1991) and Barrick (1995 - 1997), both of which completed drill campaigns totalling 12,575 metres. No significant exploration has been undertaken at the property since 1997. A number of highly mineralised intercepts have been reported from this drilling including:

·; 100 metres at 1.37 g/t Au in typical shallow high sulphidation style mineralisation starting at 19 metres depth

·; 41 metres at 0.61 g/t Au, 12 g/t Ag and 0.30% Cu, porphyry type mineralisation starting at 70 metres depth

Under the terms of the option agreement, Hochschild has the right to earn 100% into the project by undertaking exploration work and committing to make certain payments over a three year period. Upon signing, Hochschild made a payment of $500,000 to Sociedad Contractual Minera Valleno and has committed to spending $1 million during 2011 which includes 2,500 metres of drilling. An additional $3 million work commitment is required in the subsequent two years. At the end of 2013, a final payment of $5 million is required to complete the option agreement.

Exploration work is due to start immediately with a review of the existing data set and re-interpretation of geophysical data. Field work to be completed in 2010 will include sampling and mapping surface exposures and acquisition of deep IP and resistivity surveys. Hochschild will commence a drilling programme in early 2011 to test the deep porphyry-style target as well as the near surface high-sulphidation system.

Raymond Jannas, VP of Exploration commented:

"We are pleased to announce the option agreement for the Valeriano property which is in line with our strategy of identifying early stage projects in key mineral districts which have significant upside potential and a clear path to control. Our highly experienced team of geologists will now prepare for an intensive drilling campaign at the project, which we believe has the potential to be a 'company maker' type property."

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Enquiries:

Hochschild Mining plc

Jane Flynn +44 (0)20 7907 2933

Investor Relations Manager

Finsbury

Faeth Birch +44 (0)20 7251 3801

Public Relations

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About Hochschild Mining plc:

Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.