Toronto, Ontario

KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) is pleased to announce that the European Bank for Reconstruction and Development (EBRD) and the Overseas Private Investment Corporation (OPIC) have confirmed that Project Completion has occurred with respect to the EBRD/OPIC project financing for the Kubaka gold mine of Omolon Gold Mining Company (Omolon). EBRD and OPIC provided US$130 million of debt financing during 1995 to 1997 for the construction of the Kubaka gold mine located in the Magadan Oblast of Far Eastern Russia. Since commercial production began on June 1, 1997, Kubaka has produced about 1.2 million gold equivalent ounces and has repaid US$50 million of this debt. Although gold prices weakened significantly during this period, excellent operating performance has been achieved due to the dedicated team at Omolon and the robust nature of the Kubaka orebody. As a result of Omolon reaching Project Completion, the remaining portion of these project loans to Omolon (US$80 million) has become non-recourse to Kinross.

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