Toronto, Ontario -- Kinross Gold Corporation (TSE-K; Amex-KGC) announced today the results for the three months and year ended December 31, 2001 are as follows:

In 2001, Kinross produced more gold equivalent ounces at lower total cash costs per ounce than the previous year. The improved cash flow from operations allowed the Company to reduce long-term debt by $46.5 million while the Company's cash balance increased by $3.2 million to $81 million. Robert M. (Bob) Buchan, Chairman and Chief Executive Officer, stated "We are quite rightly proud of our operational and financial accomplishmets in 2001, particularly considering the weak gold price environment during most of the year. Kinross enters 2002 as a much stronger company poised to participate significantly in an improving gold price environment".

Full Year

The Company's share of attributable production was 944,803 gold equivalent ounces in 2001, a nominal increase when compared to 2000 production of 943,798 ounces. Average total cash costs per gold equivalent ounce decreased by 4%, to $193 in 2001, compared to $202 in 2000. Cash flow provided from operating activities for 2001 was $74.5 million or $0.24 per share. This compares to cash flow provided by operating activities of $47.8 million or $0.16 per share in 2000. Cash flow provided from operating activities increased in 2001 due to lower production costs, lower exploration spending, and an increase in the proceeds on restructuring of the gold forward sales contracts when compared to 2000. In 2001, $16.1 million of non-cash write-downs of property plant and equipment of which the largest component was an $11.8 million write-down of the Blanket mine due to the continued political uncertainty in Zimbabwe, resulted in a $36.9 million, or $0.14 per share net loss for the year. This compares to a $126.1 million, or $0.45 per share loss in 2000 when write-down totaled $85.2 million.

Fourth Quarter

Gold equivalent production of 238,244 ounces at total cash costs of $200 per ounce, combined with lower reclamation spending and positive changes in working capital resulted in cash flow provided from operating activities of $15.8 million or $0.05 per share during the fourth quarter of 2001. This compares to gold equivalent production of 254,626 ounces at total cash costs of $181 per ounce that resulted in cash flow provided from operating activities of $12.4 million or $0.04 per share during the fourth quarter of 2000. The Company recorded a net loss of $17.3 million or $0.06 per share for the fourth quarter of 2001, compared to a net loss of $93.2 million or $0.32 per share for the fourth quarter of 2000. Included in the fourth quarter of 2001 net loss was a write-down of property, plant and equipment of $16.1 million or $0.05 per share compared to a fourth quarter 2000 write-downs of $85.2 million.

Cautionary Statement on Forward-Looking Information