Toronto, Ontario -- Kinross Gold Corporation (TSE-K; NYSE-KGC) and its subsidiary, Kinam Gold Inc. (NYSE-KGC PrB), announced today that an agreement has been reached with the largest holder of the Kinam $3.75 Series B Convertible Preferred Shares to exchange its 800,000 preferred shares (plus rights to accrued but unpaid dividends) for 21.5 million common shares of Kinross. Based on the closing price of Kinross common shares on the New York Stock Exchange (NYSE) on June 12, 2001 of $0.96 per share, this transaction has a value of $20.6 million. As at May 31, 2001 the 800,000 preferred shares were carried at $41.4 million on Kinross' consolidated balance sheet. Kinross will use the $20.8 million difference in value associated with this transaction to reduce the carrying value of certain property, plant and equipment on its consolidated balance sheet, resulting in lower future depreciation, depletion and amortization expenses. This transaction is subject to regulatory approvals and Kinross obtaining a receipt from the Ontario Securities Commission for a prospectus qualifying the distribution of the 21.5 million common shares. Upon the closing of this transaction, expected by June 26, 2001, Kinross will own 43.5% of the 1,840,000 Kinam $3.75 Series B Convertible Preferred Shares outstanding.

Bob Buchan, Chairman and CEO of Kinross stated that "this transaction is another example of Kinross improving our balance sheet even as gold prices continue to languish near 22-year lows." Earlier in 2001 Kinross made a voluntary prepayment of $22 million on the Fort Knox Industrial Revenue Bonds of its 100% owned subsidiary, Fairbanks Gold Mining Inc. Bob Buchan also stated that "Kinross remains focussed on enhancing shareholder value through appropriate transactions that further strengthen our balance sheet."

Cautionary Statement on Forward-Looking Information
This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Kinross Gold Corporation (“Kinross”), are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross’ expectations are disclosed under the heading “Risk Factors” and elsewhere in Kinross’ documents filed from time to time with the Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.