Toronto, Ontario

All results are expressed in United States Dollars unless otherwise stated.

Kinross is pleased to provide the following detail regarding the Company's improved operating performance in 1998. Although the average spot price of gold was $294 per ounce compared to $331 in 1997, operating cash flow before non-cash working capital changes was $54,538,000, compared to $30,592,000 in 1997. This improvement was a result of record gold equivalent production of 874,447 ounces at average total cash costs of $214 per ounce.

For the fourth quarter of 1998, operating cash flow before non-cash working capital changes was $17,440,000 as compared to $8,621,000 in the fourth quarter of 1997 even though average spot gold prices for the quarter were $294 per ounce compared to $307 in 1997. Gold equivalent production for the quarter was a record 287,033 ounces at record low total cash costs of $208 per ounce.

"This record performance from operations in the fourth quarter is indicative of what we set out to accomplish in 1998" said Bob Buchan, Chairman and Chief Executive Officer. "Kinross operations recently began implementation of a Continuous Improvement Program which will foster further improvements in operating results in 1999 and beyond"

Cautionary Statement on Forward-Looking Information