Toronto, Ontario (July 28, 1998) ¾ Kinross Gold Corporation (TSE-K; NYSE-KGC) announces that during the month of July, the Corporation repurchased spot deferred sales contracts for 208,200 ounces of gold, sold 103,750 gold put options and closed out a substantial trading position. These transactions generated approximately US$46 million of cash and eliminated all of the gold hedging contracts of KINAM Precious Metals Inc. (formerly Amax Precious Metals Inc.), a wholly owned subsidiary.

As a result of its merger with Amax Gold Inc., which became effective June 1, 1998, Kinross has become the fifth largest North American based gold producer.

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