Toronto, Canada - Kinross Gold Corporation (TSE - K; NYSE - KGC) announced today that it plans to take a nonrecurring charge against 1998 fourth quarter results. All amounts are expressed in United States dollars unless otherwise stated. After a careful review of the carrying values of certain assets in the continuing low gold price environment, the Company will record a non-cash charge of approximately $216.1 million. This write- down will have no impact on current or future cash flow from operations. The write-down consists of $104.6 million of excess costs resulting from the merger with Amax Gold Inc., $46.9 million on the historical carrying value of the Refugio mine, $40.5 million on the historical carrying value of the Fort Knox mine and the balance on other non-core assets. The Company is using a gold price of $325 per ounce to determine its reserves as a result of continuing low gold prices. Included in the $216.1 million is an accrual for estimated closure costs at the DeLamar mine of $9 million.

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