Toronto, Ontario

KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced today results for the three and nine months ended September 30, 1997 as follows:

The Company reports a net loss for the three months ended September 30, 1997 of $3,290,000. After accounting for the convertible debenture equity component increase, the Company reports a third quarter loss of $0.04 per share on revenues of $44,105,000. This compares with a net income for the three months ended September 30, 1996 of $5,150,000 or $0.05 per share on revenues of $53,312,000. Operating cash flow before changes in non-cash working capital for the third quarter was $7,305,000 as compared to $17,449,000 in the third quarter of 1996.

Net loss for the nine months ended September 30, 1997 was $28,911,000. After accounting for the convertible debenture equity component increase, the Company reports a loss of $0.26 per share on revenues of $134,752,000. This compares with a net income for the nine months ended September 30, 1996 of $10,021,000, or $0.09 per share on revenues of $152,125,000. Results for the nine months include an after-tax write-down of $24,000,000 ($35,719,000 pre-tax) or $0.20 per share as a result of the uncertainty about the viability of mining Macassa at depth due to a series of rock bursts in April. Operating cash flow before changes in non-cash working capital for the nine months was $21,971,000 as compared to $42,381,000 for the same period in 1996. In the first nine months of 1997, earnings and operating cash flow before changes in non-cash working capital were negatively effected by significantly lower realized gold prices and lower production at the Macassa Mine.

Revenue from the sale of 104,359 ounces of gold and 1,145,000 ounces of silver in the third quarter was $41,519,000, 21% lower than the $52,356,000 revenue reported in the third quarter of 1996 from the sale of 115,788 ounces of gold and 1,392,000 ounces of silver. Average realized prices for the third quarter were $341 (1996 - $388) per ounce for gold and $5.20 (1996 - $5.37) per ounce for silver which compares to average spot prices of $324 for gold and $4.53 for silver. Average realized prices for the first nine months of 1997 were $355 (1996 - $392) per ounce for gold and $5.44 (1996 - $5.50) per ounce for silver which compares to average spot prices of $339 for gold and $4.77 for silver.

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