Toronto, Ontario

Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announces that its shareholders have approved the issuance of Kinross common shares to holders of shares of Amax Gold Inc. (NYSE-AU); TSE-AXG) pursuant to the terms of the previously announced merger. The merger of Kinross and Amax will be effective on June 1, 1998. Pursuant to the terms of the previously issued subscription rights, Kinross will issue one common shares for each of the 38,118,812 issued and outstanding subscription rights. On June 1, 1998, the register for the transfer of subscriptions rights will be closed.

After completion of the Merger, Kinross Gold Corporation 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 $1 billion (C$l.5 billion).

Kinross is a producer of precious metals incorporated under the laws of the Province of Ontario and headquartered in Toronto, Canada with property interests in Canada, the United States, Russia and Zimbabwe.

This media release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The subscription receipts will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States except pursuant to available exemptions from registration.

Cautionary Statement on Forward-Looking Information