Toronto, Ontario -- Kinross Gold Corporation (TSE-K; Amex-KGC) announced today that it has entered into a support and lock-up agreement with Echo Bay Mines Ltd. (TSE-ECO; Amex-ECO) with respect to Kinross' holding of 15.8% of Echo Bay's capital securities outstanding. Kinross has agreed to exchange the Echo Bay capital securities owned by Kinross for approximately 57.1 million common shares of Echo Bay. Franco-Nevada Mining Corporation Limited (TSE-FN) has also announced that it has also entered into a support and lock-up agreement with Echo Bay Mines Ltd. on the same terms for approximately 72% of Echo Bay capital securities. The Echo Bay capital securities owned by Franco- Nevada and Kinross represent approximately 88% of the outstanding US$100 million of capital securities. Assuming all holders of Echo Bay capital securities elect to exchange, Kinross would own 11.4 % of the common shares of Echo Bay. Robert M. Buchan, Chairman and CEO of Kinross stated that "the capital securities of Echo Bay have been held by Kinross as a long-term investment for several years and as of June 30, 2001 were carried on the Kinross balance sheet at a book value of US $6.9 million. Upon the closing of the proposed transaction, Kinross will continue to carry the common shares of Echo Bay on its balance sheet as a long-term investment."

Kinross also announced today that Dundee Securities Corporation has agreed to act as Kinross' agent in connection with the offering of 2,000,000 flow-through common shares of Kinross at Cdn$1.75 per share for gross proceeds of Cdn$3,500,000. In consideration for its services as agent, Dundee will receive a cash commission equal to 5% of the gross proceeds raised in the offering. The transaction is subject to Kinross obtaining all necessary regulatory approvals and a receipt for a final short form prospectus qualifying the distribution of the 2,000,000 flow-through common shares. Kinross has agreed to ensure that the proceeds of the offering will be used to incur Canadian Exploration Expenses that will qualify as "flow-through mining expenditures" for the purposes of the Income Tax Act (Canada).

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.