Toronto, Ontario

Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC) announced that it has completed the transaction to purchase the Timmins assets of Royal Oak Mines Inc. for US$5 million. As part of the due diligence process for this transaction Kinross reached agreement with appropriate regulatory authorities with regard to methodically addressing the environmental reclamation aspects of the historic producing areas being acquired. With the transaction completed Kinross will now focus its efforts on assembling an appropriate technical team to formulate a definitive plan for the orderly exploration and development of the company's premier land position in the heart of the Porcupine mining camp. Timmins is the largest historic gold producing district in North America with about 62 million ounces of production since 1910. Although the more than 50,000 acre property package now assembled by Kinross boasts historic production of approximately 46 million ounces, there remain many under-explored areas and excellent surface and underground exploration targets to be followed- up. In addition, Kinross' 48% owned affiliate Pentland Firth Ventures Ltd. controls a 20,000 acre exploration package contiguous with Kinross' Hoyle Pond property and centred on the "New Mine Trend" located to the north of the historic producing areas.

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