Toronto, Ontario

KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced that agreement has been reached with PricewaterhouseCoopers Inc., the interim receiver for Royal Oak Mines Inc., to extend the closing date to December 1, 1999 for Kinross' purchase of the Timmins assets of Royal Oak. Closing of this US$ 5 million transaction remains subject only to obtaining certain governmental approvals. Kinross has agreed that a portion of the 10% deposit previously provided by Kinross has become non-refundable if the transaction is not concluded by the revised closing date, for failure to obtain the foregoing approvals.

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