Toronto, Ontario

Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced today that results for the three months and six months ended June 30, 1999 are as follows: April 20, 1999 Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced today that results for the three months ended March 31, 1999 are as follows:

Finanacial Tables

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

Kinross provides the following detail regarding the Company's performance during the first quarter 1999. Although the average spot price of gold was $287 per ounce compared to $294 in 1998, cash flow from operations before working capital changes for the quarter was $17.3 million, or six cents per share, compared to $6.0 million or five cents per share in 1998. Gold equivalent production for the quarter was 255,135 ounces at record low total cash costs of $198 per ounce.

Net Loss

Net loss for the three months ended March 31, 1999 was $10.0 million, or four cents per share on revenues of $78.7 million. This compares to the net income for the first quarter of 1998 of $2.2 million, or one cent per share on revenues of $42.6 million. The average realized price in the first quarter of 1999 was $295 per ounce of gold as compared to average spot prices of $287, while the average realized price in the first quarter of 1998 was $317 per ounce as compared to average spot prices of $294.

Revenues

Gold and Silver Sales The Company's primary source of revenue is from the sale of its gold and silver production. The Company produced 255,135 ounces of gold equivalent in the first quarter of 1999, which compares to 123,423 ounces the previous year. Revenue from the sale of 253,770 ounces of gold and 74,000 ounces of silver was $75.2 million, 94% higher than the $38.8 million of revenue reported in the first quarter of 1998 from the sale of 106,467 ounces of gold and 798,000 ounces of silver.

Operating Performance

The 106% increase in gold equivalent production resulted in higher production costs of $51.4 million in the first quarter of 1999, as compared to $29.4 million during the same quarter in 1998. On a per ounce basis, total cash costs per ounce of gold equivalent continued to be lowered and were $198 for the quarter. This compares to $232 per equivalent ounce of gold for the same quarter of 1998 and $208 during the fourth quarter of 1998.

Total cash operating costs per ounce of gold equivalent improved in the first quarter of 1999 as a result of the low cost mines added to the portfolio upon completion of the merger with Amax Gold Inc. and improved operating performance at the Blanket and Macassa mines.

Performance at Hoyle Pond was adversely affected by the following factors during the quarter: The aftermath of a fatality occurring in the fourth quarter of 1998; a very disruptive union organizing attempt that was defeated, and technical and productivity issues underground. Production bottlenecks have been overcome with the development program achieving scheduled performance. Normal production will resume during the second quarter and is expected to be sustained for the balance of the year. Taking the above factors into account, Hoyle Pond's 1999 production is forecast at 146,000 ounces of gold at a total cash cost of $180 per ounce.

Production at Fort Knox was adversely affected early in the quarter by extremely cold weather. Late in the quarter mill throughput was lower than anticipated due to unusually hard ore and lower than planned grades in the latter half of March. Since early April, operations have returned to normal and the operation is expected to recover the first quarter shortfall during the balance of the year.

Kubaka's performance is significantly better than planned due to higher than expected mill feed grade, greater mill throughput and lower operating costs. This trend is expected to continue for the remainder of the year and result in an upward revision in expected gold production to 235,000 ounces (Kinross 53%) at a total cash cost of just under $150 per ounce.

Outlook

As at March 31, 1999, the Company has $160.6 million of cash and operating working capital of $33.1  million for total working capital of $193.7 million. This combined with low cost production, and a manageable debt repayment schedule, provides the Company with a solid platform for future growth when opportunities present themselves.

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