Toronto, Ontario -- Kinross Gold Corporation (TSE-K; NYSE-KGC) is pleased to announce that all necessary regulatory and shareholder approvals have been received by Pentland Firth Ventures Ltd. to enable the parties to close the previously announced transaction whereby Kinross will cancel all debt owed to it by Pentland in return for: i) 8,547,000 common shares of Pentland issued at a deemed price of Cdn$0.10 per share and ii) the sale to Kinross of certain mineral and exploration rights owned by Pentland. Concurrently with the closing of this transaction Pentland will also issue 31,500,000 common shares to acquire all of the outstanding shares of Tesoro Energy Ltd.

After giving effect to all of these transactions, Kinross, together with its directors, officers and related parties will own 10,609,276 common shares of Pentland representing 16.4% of the outstanding shares of Pentland. The transactions are expected to close on or about July 25, 2001. Kinross is acquiring the common shares for investment purposes.

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
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.