Toronto, Ontario

Toronto, Ontario (July 29, 1998) ¾ Kinross Gold Corporation (TSE-K; NYSE-KGC) announces that the Board of Directors of Amax Gold Inc., a subsidiary, has approved a quarterly dividend of US $0.9375 per share on the US$3.75 Series B Convertible Preferred Stock payable on August 15, 1998, to shareholders of record as of August 5, 1998. The ex-dividend date for the preferred stock dividend distribution is August 3, 1998. The Amax Gold. US$3.75 Series B Convertible Preferred Stock is listed on the New York Stock Exchange under the trading symbol "AUPrB".

Effective June 1, 1998, Amax Gold completed a business combination with Kinross Gold Corporation pursuant to which Amax Gold became a subsidiary of Kinross Gold USA, Inc., a wholly owned subsidiary of Kinross. The common shares of Kinross are listed on The Toronto Stock Exchange and the New York Stock Exchange.

Cautionary Statement on Forward-Looking Information