Toronto, Ontario -- Kinross Gold Corporation (TSE-K; NYSE-KGC) and its subsidiary, Kinam Gold Inc. (NYSE-KGC PrB), announced today that two separate agreements have been reached with two holders of the Kinam $3.75 Series B Convertible Preferred Shares to exchange a total of 145,400 preferred shares (plus rights to accrued but unpaid dividends) for 2,686,492 common shares of Kinross. Based on the closing price of Kinross common shares on the New York Stock Exchange (NYSE) on June 18, 2001 of $0.99 per share, these transactions have a combined value of $2.7 million. As at May 31, 2001 the 145,400 preferred shares were carried at $7.5 million on Kinross' consolidated balance sheet. Kinross will use the $4.8 million difference in value associated with these transactions 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. These latest two transactions are subject to regulatory approvals and Kinross obtaining a receipt from the Ontario Securities Commission for a prospectus qualifying the distribution of the 2,686,492 common shares. Upon the closings of these two transactions and the transaction announced on June 12, 2001 Kinross will own 51.4% of the 1,840,000 Kinam $3.75 Series B Convertible Preferred Shares outstanding.

Bob Buchan, Chairman and CEO of Kinross stated that "although these two additional transactions further improve Kinross' balance sheet, Kinross has no intention of acquiring more of the preferred shares at this time."

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