Toronto, Ontario - Kinross Gold Corporation (TSX-K; Amex-KGC) ("Kinross" or the "Company") announced today the results for the three and nine months ended September 30, 2002 and the details with respect to the restatement of certain disclosures in the U.S. Generally Accepted Accounting Principles ("GAAP") reconciliation note to its consolidated financial statements for the year ended December 31, 2001.

 All results are expressed in United States dollars unless otherwise stated.

In the third quarter of 2002, the Company benefited from increased production from the Timmins operations (Porcupine Joint Venture) and the Fort Knox mine as both produced more gold equivalent ounces than in 2001.  Cash flow provided from operating activities increased by 39% in the third quarter of 2002 when compared to 2001.  The increase in cash flow provided from operating activities was due to higher production from the Fort Knox mine and the Porcupine Joint Venture, net of lower production at the Refugio mine.  In addition, the receipt of the final settlement of the Refugio construction arbitration claim improved cash flow for the third quarter.

In preparing the U.S. GAAP reconciliation information for the years ended December 31, 2001, 2000 and 1999, the Company incorrectly relied on an accommodation provided for under Form 20-F under the Securities Act of 1933. Pursuant to this accommodation, the Company did not reconcile its investment in Omolon Gold Mining Company ("Omolon"), which is accounted for under the proportionate consolidation method pursuant to Canadian GAAP, to the equity method under U.S. GAAP.

The restatement follows the review by the SEC of the preliminary proxy statement of Echo Bay Mines Ltd. ("Echo Bay"), in connection with the proposed business combination among Echo Bay, TVX Gold Inc. and the Company.  The Company has concluded that the criteria outlined in the accommodation do not apply to the Company's investment in Omolon and its previous reliance on the accommodation was incorrect.  Therefore, since the Company's investment in Omolon has been accounted for under the equity method for U.S. GAAP purposes, the U.S. GAAP reconciliation information now sets out the effect of using the equity method versus proportionate consolidation.

Third Quarter Consolidated Results

Gold equivalent production of 227,946 ounces at total cash costs of $205 per ounce, combined with changes in working capital resulted in cash flow provided from operating activities of $17.5 million or $0.05 per share during the third quarter of 2002.  This compares to gold equivalent production of 233,485 ounces at total cash costs of $190 per ounce that resulted in cash flow provided from operating activities of $12.6 million or $0.04 per share during the third quarter of 2001.  The Company recorded a net loss of $5.8 million or $0.02 per share for the third quarter of 2002, compared to a net loss of $7.8 million or $0.03 per share in 2001.

Nine Month Consolidated Results

Gold equivalent production of 657,396 ounces at total cash costs of $203 per ounce, combined with changes in working capital resulted in cash flow provided from operating activities of $48.5 million or $0.14 per share during the first nine months of 2002.  This compares to gold equivalent production of 706,559 ounces at total cash costs of $191 per ounce that resulted in cash flow provided from operating activities of $58.7 million or $0.19 per share during the first nine months of 2001, which included $21.1 million of proceeds from the restructuring of gold forward sales contracts.  The Company recorded a net loss of $18.0 million or $0.07 per share for the first nine months of 2002, compared to a net loss of $18.8 million or $0.08 per share in 2001.

The 2001 third quarter and nine month 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