Toronto, Ontario

Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced today that results for the three and six months ended June 30, 1998 are as follows: All results are expressed in United States Dollars unless otherwise stated. Results for the second quarter and the six months ended include one months operating results from the mines acquired pursuant to the merger with AMAX Gold Inc., which became effective June 1, 1998.

Net Income (Loss)

Net income for the six months ended June 30, 1998 was $907,000 or a loss of 2 cents per share after accounting for the convertible debenture equity component increase and the AMAX preferred dividends, on revenues of $106,668,000. This compares with a loss of $25,621,000 or 22 cents per share after accounting for the convertible debenture equity component increase, on revenues of $90,647,000 in the first half of 1997. The 1997 results includes an after tax writedown of $24,000,000 as a result of a series of rockbursts that occurred in April of last year at the Macassa operations. Operating cash flow before changes in non-cash working capital was $19,613,000 or 13 cents per share for the first six months of 1998 compared to $14,666,000 or 12 cents per share during the same period of 1997. Net loss for the three months ended June 30, 1998 was $1,280,000 or 2 cents per share after accounting for the convertible debenture equity component increase and the AMAX preferred dividends, on revenues of $64,099,000. This compares with a loss of $23,546,000 or 20 cents per share after accounting for the convertible debenture equity component increase, on revenues of $47,315,000 in the second quarter of 1997. Operating cash flow before changes in non-cash working capital was $13,602,000 or 7 cents per share for the second quarter of 1998 compared to $9,462,000 or 8 cents per share during the same period of 1997.

Revenue

Revenue from the sale of 169,646 ounces of gold and 754,000 ounces of silver during the second quarter of 1998 was $59,304,000, 32% higher than the $44,825,000 revenue reported in the second quarter of 1997 from the sale of 103,158 ounces of gold and 1,460,000 ounces of silver. Average realized prices for the second quarter of 1998 were $306 (1997 - $356) for gold and $5.41 (1997 - $5.56) for silver which compares to average spot prices of $300 (1997 - $344) for gold and $5.71 (1997 - $4.76) for silver. The average realized price in the first six months of 1998 were $310 (1997 - $362) for gold and $5.86 (1997 - $5.54) for silver which compares to average spot prices of $297 (1997 - $347) for gold and $5.98 (1997 - $4.89) for silver. Increased production and lower average cash operating costs helped compensate for the lower spot gold prices.

Operations

Operating costs were $71,236,000 during the first six months of 1998, as compared to $67,906,000 in 1997. On a per ounce basis, cash operating costs decreased by 22% to $219 per equivalent ounce of gold as compared to $280 in the first half of 1997. The operating results for the first six months of 1998 were positively impacted by a lower Canadian dollar, improved production at the Hoyle Pond mine and a successful pillar recovery program and improvements in underground mining at the Macassa mine. In addition, the completion of the merger with AMAX added further low cost production to the portfolio of mines. Production at the Refugio mine was significantly below planned at higher than expected cash operating costs as a result of mechanical failures with the overland conveyor system. Management is currently completing a detailed review of all mines and is identifying areas that will improve operating performance and profitability. The Company has reviewed the supplies inventory requirements at Kubaka for the upcoming winter road season and has substantially reduced the working capital requirements for 1999 as a result of this review.

Outlook

The Company has a strong balance sheet with $134.9 million of cash ($180.9 million following the conversion of the AMAX hedges in early July), $212.1 million of working capital, a common shareholders' equity of $941.4 million and a debt to total capitalization ratio under Canadian GAAP of 0.17:1, at June 30, 1998. Management will continue to focus on preserving the strength of the balance sheet, while harmonizing the newly acquired operations into the Kinross organization.

Cautionary Statement on Forward-Looking Information