Toronto, Ontario

Toronto, Ontario - Kinross Gold Corporation (TSE-K; NYSE-KGC) announced that it had completed the previously announced sale of 38,118,112 Subscription Rights at a price of C$5.05 per subscription right for aggregate proceeds of $192,500,000 to a syndicate led by CIBC Wood Gundy Securities Inc. Each subscription right represents the right to receive one common share from treasury upon closing of the merger transaction between Kinross and Amax Gold Inc. The funds will be held on deposit with a trustee pending the closing of the merger transaction. The Subscription Rights trade on the Toronto Stock Exchange under the symbol K.R.

In the event the merger transaction is not completed by June 29, 1998, subscription right holders will have an option to receive the following: (i) 100% of the initial investment plus accrued interest in cash; or (ii) 50% of the initial investment in Kinross shares at the issue price of the subscription rights and 50% of the initial investment plus accrued interest in cash.

After completion of the merger, Kinross will be the fifth largest gold producer in North America with annual production of 1.2 million ounces and a market capitalization of approximately US$1 billion (Cd $1.5 billion).

Cautionary Statement on Forward-Looking Information