Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced today that results for the three months ended March 31, 1997 are as follows

Net Income

Net loss for the three months ended March 31, 1997 was $2,075,000, or two cents per share on revenues of $43,332,000. This compares with the a net income for the three months ended March 31, 1996 of $1,132,000, or one cent per share on revenues of $45,153,000. Operating cash flow before changes in non-cash working capital was $5,204,000 as compared to $9,632,000 in the first quarter of 1996.

Revenue

Revenue from the sale of 92,392 ounces of gold and 1,229,000 ounces of silver was $40,827,000 which compares to $44,523,000 revenue reported in the first quarter of 1996 from the sale of 94,984 ounces of gold and 1,142,000 ounces of silver. Average realized prices for the first quarter of 1997 were $369 for gold and $5.52 for silver which compares to average spot prices of $351 for gold and $5.02 for silver. The average realized price in the first quarter of 1996 was $400 for gold and $5.73 for silver which compares to average spot prices of $400 for gold and $5.55 for silver. Earnings and operating cash flow in the first quarter of 1997 were negatively effected by the lower realized gold price when compared to the first quarter of 1996 and the lower gold production at the Macassa mine

Cautionary Statement on Forward-Looking Information