Kinross Gold Corporation ( TSE-K; NYSE-KGC) announces that during the month of January, Kinross repurchased spot deferred contracts, fixed forward sales contracts and put options
Toronto, Ontario
Toronto, Ontario - Kinross Gold Corporation ( TSE-K; NYSE-KGC) announces that during the month of January, Kinross repurchased spot deferred contracts, fixed forward sales contracts and put options representing 155,000 ounces of gold. These transactions generated approximately US$14.4 million of cash (in addition to the approximately US$22.5 million announced in December) which will be realized into income over the original delivery schedule of the various contracts. During December and January, Kinross also established some floor protection by purchasing put options for 80,400 ounces of gold at an average strike price of US$283 per ounce for delivery in 1998 at a cost of approximately US $750,000. As a result of the hedging transactions in December and January, Kinross' total gold hedge position currently consists of the recently purchased 1998 put options for 80,400 ounces at an average strike price of US$283 per ounce plus a total of 50,400 ounces of calls sold previously for the years 1998 to 2001 at strike prices ranging from US$383 to US$400 per ounce.
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