Toronto, Ontario

Toronto, Ontario - Kinross Gold Corporation (TSE-K; NYSE-KGC) ("Kinross") is pleased to report that the previously announced agreement with Restoration Minerals Company, Inc. ("Restoration") to increase Kinross's interest to 100% in the Goldbanks Project in Nevada was closed on April 18, 1997. On that date Kinross paid Restoration US$7,000,000 (subject to adjustment to be determined on the delivery date of the Kinross shares) and will deliver 3,000,000 Kinross common shares to Restoration when the shares have been qualified under the rules of Ontario for distribution in the Province of Ontario, Canada but not later than June 30,1997. Kinross has 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.

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. Proven and probable mineable reserves in the Main Zone and the KW Zone on December 31, 1996 contained 1,525,000 ounces of gold with possible reserves and a drill indicated resource of an additional 3,039,000 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

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