Toronto, Ontario

Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) and NEWMONT MINING CORPORATION (NYSE: NEM) are pleased to announce a transaction whereby Kinross will acquire Newmont's 65% interest in the True North Venture in Alaska for US$28 million in cash. Upon completion of the transaction, Kinross intends to immediately initiate permitting of the 100% owned True North Project as a higher grade satellite deposit to feed the mill at the Fort Knox Mine, located approximately 10 miles to the south. The Fort Knox operation, located 25 miles northeast of Fairbanks, Alaska, is one of Kinross' core operating assets and is expected to produce about 370,000 ounces of gold in 1999 at a total cash cost of approximately $190 per ounce.

Since 1995, Newmont has delineated a resource of approximately 1.3 million ounces of gold on the True North properties. Since the grade of this resource is approximately three times the average reserve grade at Fort Knox, the development of the True North Project as partial feed for the Fort Knox Mill is expected to increase annual output of Fort Knox by approximately 100,000 ounces per year. Robert (Bob) Buchan, Chairman and Chief Executive Officer of Kinross stated: "Development of the True North project and the recently acquired Ryan Lode is expected to increase gold production at Fort Knox to approximately 500,000 ounces per year at a total cash cost in the range of US$180-US$185 per ounce by 2001. This transaction with Newmont further solidifies Kinross' position as the fifth largest North American gold producer with total cash costs less than US$200 per ounce."

Ronald C. Cambre, Chairman, President and Chief Executive Officer of Newmont stated: "This is a win/ win situation. Given the current low gold price environment, transactions such as this provide the most efficient use of resources and existing processing capacity."

Kinross Gold Corporation is a major gold producer expecting to produce more than one million ounces of gold in 1999 from mines located in the U.S.A., Canada, Russia, Chile and Zimbabwe.

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.

Cautionary Statement on Forward-Looking Information