Toronto, Ontario

Kinross Gold Corporation (TSE-K; NYSE-KGC) is pleased to announce that the merger of Kinross with Amax Gold Inc. approved last week by shareholders closed on June 1, 1998. With the completion of merger, the proceeds from the previously announced subscription rights offering have been released from escrow and the 38.1 million subscription rights have been converted into 38.1 million Kinross common shares. In addition, Kinross has issued 126.9 million Kinross common shares to Amax Gold shareholders, including the shares issued to Cyprus Amax Minerals Company as consideration for the payment of cash and the transfer of indebtedness in the aggregate amount of US $135 million. Kinross has 292 million shares outstanding after giving effect to the issuance of these shares.

As a result of this merger Kinross has become the fifth largest gold producer in North America with annualized production of approximately 1.2 million ounces and a current market capitalization of approximately US$1.3 billion (C$1.9 billion).

Robert M. Buchan, Chairman and Chief Executive Officer of Kinross said "the Fort Knox, Hoyle Pond and Kubaka mines of Kinross are world class assets collectively producing over 1,000,000 ounces of gold annually with over 750,000 of these ounces atrributable to Kinross at a total cash operating cost of about US$175 per ounce. These core assets together with the other operating assets, the strong balance sheet and most importantly the dedicated employees and shareholders, are the key elements of the elevated platform from which we will continue to pursue our aggressive growth strategy."

Cautionary Statement on Forward-Looking Information