Toronto, Ontario - Kinross Gold Corporation (TSE-K; NYSE-KGC) ("Kinross") is pleased to announce today that agreement has been reached with Restoration Minerals Company, Inc. ("Restoration") to increase Kinross's interest to 100% in the Goldbanks Project in Nevada. In June 1995, Kinross acquired its initial 50% operating interest in the Goldbanks Project from Restoration for a total  consideration of US$11,420,000. Under the terms of the acquisition of this initial 50% interest, Kinross was responsible for arranging financing for the development of the proposed heap leach gold operation and during the repayment period would have been entitled to 75% of the operating cash flow from the project. As a result of the transaction announced today, Kinross will become the 100% owner of the Goldbanks property subject to a 3.5% Precious Metal NSR (Net Smelter Return) Royalty and a 2% Base Metal NSR Royalty, both of which become effective only after production of 1,321,214 ounces of refined gold. In addition, at the election of Restoration, Kinross will issue from treasury either 4,000,000 common shares of Kinross or 3,000,000 common shares of Kinross plus US$7,000,000 in cash. The transaction contemplated shall close as soon after April 1, 1997 as is practicable and is subject to execution of a definitive agreement and certain regulatory approvals.

The Goldbanks property is located 56 kilometres south of Winnemucca, Nevada and hosts low grade gold reserves and resources capable of supporting a large conventional heap leach operation. During 1995 and 1996, extensive exploration and development drilling by Kinross has confirmed mineable reserves (proven, probable and possible) in the Main Zone and the KW Zone containing 1,626,000
ounces of gold and an additional drill indicated resource of 2,938,000 ounces of gold. In April of 1996, the permitting process for the contemplated heap leach operation was initiated with the submission of the Plan of Operations to the Bureau of Land Management. Final permits are expected to be issued to allow for the construction of the heap leach operation in early 1998 with first meaningful gold
production in early 1999. Kinross currently contemplates a phased approach to the development of the Goldbanks Project with initial gold and gold equivalent production approaching 150,000 ounces per year increasing subsequently to about 200,000 ounces. Cash operating costs are  expected to be less than $260 per gold-equivalent ounce.

This document includes certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Kinross Gold Corporation ("Kinross"), are forward-looking statements that involve various risks and  uncertainties.There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross's expectations are disclosed under the heading "Risk Factors" and elsewhere in Kinross's documents filed from time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

Cautionary Statement on Forward-Looking Information