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The victims of the disaster at the Amayapampa mine on Friday were found buried under a landslide.
"Five adults were found inside the mine. The cause of death was suffocation due to crushing," Potosi Police Commander Fernando Benitez told journalists.
"We assume that part of the hill collapsed and crushed them."
The Amayapampa site is the largest gold mine in Potosi and is operated as an open-pit mine by the state-owned Bolivian Mining Corporation (Comibol).