Toronto, Ontario: Kinross Gold Corporation (TSE-K; K.DB) announced today that The Toronto Stock Exchange has accepted for filing a Notice of Intention to Make a Normal Course Issuer Bid for the common shares and 5.5% convertible unsecured subordinated debentures of the Corporation. Pursuant to the bid which commences on August 10, 1998, during the next 12 months the Corporation may purchase up to 14,641,360 common shares, being 5% of the 292,827,214 currently issued and outstanding common shares, and up to $9,791,200 principal amount of debentures, being 5% of the $195,824,000 currently issued and outstanding principal amount of debentures. All purchases will be made through the facilities of the Exchange and in accordance with the Exchange's rules and by-laws. The common shares and the debentures purchased pursuant to the bid will be cancelled. The Corporation believes that it may be advantageous to engage in repurchases of common shares and debentures, from time to time, when they are trading at prices which reflect a significant discount from the underlying value of the securities. The Corporation repurchased an aggregate of 126,300 common shares and $4,176,000 principal amount of debentures during the last 12 months.

Cautionary Statement on Forward-Looking Information