Gold Fields (NYSE:GFI), Buenaventura (NYSE:BVN) Gold Discovery

Gold Fields (NYSE:GFI) and Buenaventura (NYSE:BVN) announced they have discovered a major gold deposit at their Chucapaca project in Peru.

There is an estimated 5.6 million gold equivalent ounces found, in the joint venture where Gold Fields holds a 51 percent stake and Buenaventura 49 percent.

The estimated amount of the deposit could be much larger, as there's a lot more exploration needed to cover the project area.

Pre-feasibility studies could start as early as July 2010.

The Chucapaca project or Canahuire deposit also holds a large amount of copper and silver, according to the companies.