Toronto, Ontario (April 28, 1998)- Kinross Gold Corporation (TSE - K, NYSE - KGC) announces the acquisition of two groups of gold properties containing a drill-indicated resource of over 1.2 million ounces of gold in the prolific Eastern Goldfields mineral province of Western Australia for approximately US $5 million (A $7.4 million). These properties have been acquired by a wholly-owned subsidiary, Kinross Gold Australian Pty. Ltd., through the court appointed administrator of a recently bankrupt junior gold company, Australasian Gold Mines NL.

The largest (545 square kilometres) and most advanced of the two properties is within and adjoining the Norseman mining district. The Mt. Henry and Selene deposits have been partially delineated by almost 400 reverse circulation and diamond drill holes resulting in a near-surface resource of 28,943,000 tonnes grading 1.30 grams of gold per tonne recalculated by Kinross using a cut off grade of 0.77 grams per tonne. During the due diligence for this transaction, Kinross exploration staff recognized that there is good potential to increase the tonnage, and hence contained gold ounces, at both the Mt. Henry and Selene deposits through additional drilling along strike and down dip. The identified geologic resources are all located on granted Mining Leases that are not subjected to any aboriginal title issues.

The remaining properties at Broad's Dam, which cover an area of 28.5 kilometres, are located approximately 45 kilometres northwest of Kalgoorlie, the premier gold mining centre in Australia. These properties lie along a major structural "break" analogous to those hosting many of the major gold deposits of northern Ontario, Canada. The Mt. Pleasant mining operations of Centaur Mining & Exploration, with a reported combined ore reserve and geologic resource containing approximately 4 million ounces of gold, are in close proximity to the Broad's Dam properties.

Both property groups at Norseman and Broad's Dam have considerable scope for the discovery of significant new gold deposits that may be amenable to open pit mining methods and conventional processing techniques. Additionally, there is potential for the discovery of high grade vein type deposits which could allow Kinross to use its underground mining skills as currently applied at its mines in northern Ontario. This transaction provides Kinross with an initial, low cost entry into the Australian gold sector, with an acquisition cost of less than US $5 per resource ounce of gold, and provides a "strategic beach-head" for future activities.

On May 28, 1998 Kinross shareholders will vote on the proposed merger of Kinross with Amax Gold Inc. Assuming that the transaction is consumated, Kinross will become the fifth largest North American based gold producer with annualized production estimated at approximately 1.2 million ounces of gold.

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