Toronto, Ontario -- Kinross Gold Corporation (TSE-K; NYSE-KGC) announced today that results for the three months and year ended December 31, 1999 are as follows:

Full Year

An increase in gold equivalent production by 16% in 1999 and lower total cash costs per ounce of gold, helped improve cash flow provided from operations by 15% compared with 1998, despite a $15 per ounce drop in spot gold prices. Cash flow provided from operations was $63.0 million or $0.21 per share for the year ended December 31, 1999, compared to $54.6 or $0.23 per share for the year ended December 31, 1998. Since the most recent three-year average spot gold price is only $301 per ounce, Kinross has decided to use a long-term gold price assumption of $300 per ounce when assessing ore reserves and asset carrying values. We consider this appropriate due to the continued depressed gold prices and the expectation that the industry will trend to lower prices in valuing assets since hedge books under new U.S. GAAP will be required to be marked-to-market and therefore will not be used in assessing asset carrying values. Consequently, Kinross has taken $189.5 million of non- cash write-downs of mineral properties and long-term investments, resulting in a $238.2 million, or $0.82 per share net loss for the year. This compares to a $245.4 million, or $1.08 per share net loss in 1998 using a gold price assumption of $325 per ounce.

Fourth Quarter

For the fourth quarter of 1999, cash flow provided from operations was $15.4 million or $0.05 per share, compared to $16.8 million or $0.07 per share for the three months ended December 31, 1998. However, as a result of non-cash write-downs as described above the Company recorded a $202.1 million, or $0.68 per share net loss for the quarter. This compares to a $235.5 million, or $1.00 per share net loss for the fourth quarter in 1998.

Cautionary Statement on Forward-Looking Information
This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Kinross Gold Corporation (“Kinross”), are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross’ expectations are disclosed under the heading “Risk Factors” and elsewhere in Kinross’ documents filed from time to time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.