Toronto, Ontario -- Kinross Gold Corporation (TSE-K; NYSE-KGC) announced today the results for the three months and year ended December 31, 2000 are as follows:

Fourth Quarter

Increased gold equivalent production of 254,626 ounces at a total cash cost of $181 per ounce during the fourth quarter of 2000 resulted in higher cash flow provided from operations, when compared to the fourth quarter of 1999. Cash flow provided from operations for the fourth quarter was $17.7 million or $0.06 per share, compared to $15.4 million or $0.05 per share for the three months ended December 31, 1999. However, $85.2 million of non-cash writedowns of property, plant and equipment and long-term investments, necessitated by continuing low gold prices, resulted in a net loss for the fourth quarter of 2000 of $93.2 million or $0.32 per share. This compared to $204.6 million or $0.69 per share net loss for the three months ended December 31, 1999 when non-cash writedowns of property, plant and equipment and long-term investments were $189.5 million. Excluding these non-cash writedowns and the Company's share of the Dayton Mining Corporation writedown of the Andacollo mine of $6.6 million, which is included in the share in loss of associated companies, and the increase in interest and other income due to the change in the accounting for written call options of $4.1 million, the net loss for the fourth quarter of 2000 would have been $5.5 million or $0.02 per share.

Full Year

Lower gold equivalent production in 2000 resulted in lower cash flow provided from operations, when compared to 1999. Cash flow provided from operations for the year was $50.1 million or $0.17 per share, compared to $63.0 million or $0.21 per share in 1999. After taking into account the writedowns described above, the full year net loss was $126.1 million or $0.45 per share. This compares to a $240.7 million, or $0.83 per share loss in 1999. Excluding these non-cash writedowns and the Company's share of the Dayton Mining Corporation writedown of the Andacollo mine of $6.6 million, which is included in the share in loss of associated companies, the net loss for the year would have been $34.3 million or $0.14 per share.

Cautionary Statement on Forward-Looking Information