Toronto, Ontario -- Kinross Gold Corporation (TSE-K; Amex-KGC) announced today the results for the three months ended March 31, 2002 are as follows:

In the first quarter of 2002, the Company's three primary mines produced more gold equivalent ounces at slightly higher total cash costs per ounce than the first quarter of the previous year. Excluding the cash gain on the restructuring of gold forward sales contracts during the first quarter of 2001, cash flow provided from operating activities improved dramatically in the first quarter of 2002 when compared to the first quarter of 2001. During the quarter, the Company continued with its strategy to reduce the outstanding convertible preferred shares of Kinam ("Kinam Preferred Shares"), thus improving the perceived quality of our balance sheet. During the first quarter the Company's net free cash balance increased by $9.0 million. "We continue to remain focused on our total obligations and on reducing those wherever possible" Robert M Buchan, Chairman and Chief Executive Officer said, "During the first quarter we repaid $10.5 million of long-term debt and completed a cash tender offer acquiring Kinam Preferred Shares with a book value of $35.6 million for $10.4 million".

First Quarter Consolidated Results

Gold equivalent production of 225,302 ounces at total cash costs of $197 per ounce, combined with positive changes in working capital resulted in cash flow provided from operating activities of $19.9 million or $0.06 per share during the first quarter of 2002. This compares to gold equivalent production of 239,352 ounces at total cash costs of $191 per ounce that resulted in cash flow provided from operating activities of $32.7 million or $0.11 per share during the first quarter of 2001, which included $21.1 million or $0.07 per share of proceeds from the restructuring of gold forward sales contracts. The Company recorded a net loss of $7.9 million or $0.03 per share for the first quarter of 2002, compared to a net loss of $3.5 million or $0.02 per share for the first quarter of 2001. The 2001 first quarter results as well as the December 31, 2001 balance sheet have been restated to comply with the new Canadian GAAP treatment of unrealized foreign exchange gains (see Note 2 to the Consolidated Financial Statements for details of this restatement).

Cautionary Statement on Forward-Looking Information