Toronto and Vancouver, Canada --Kinross Gold Corporation (TSE-K; Amex-KGC)andPlacer Dome Inc. (TSE-PDG; NYSE-PDG),through its wholly owned subsidiary, PlacerDome (CLA) Limited, are pleased to announce the finalization of the Porcupine Joint Ventureannounced on April 11, 2002. Effective July 1, 2002 our respective mining operations in the Porcupinecamp in Timmins, Ontario began operating as the Porcupine Joint Venture.

Placer owns a 51% interest and is operator, while Kinross has a 49% interest in the joint venture,which now incorporates the Dome mine and mill, the Hoyle Pond, Pamour and Nighthawk Lake minesas well as the Bell Creek mill.

According to Placer Dome President and CEO Jay Taylor: "It is a testament to the depth of expertise ofour two companies that we can make such a smooth operating transition at a time when each partneris involved in other transactions. We look forward to moving immediately to capture the significantsynergies we see available to the joint venture."

Bob Buchan, Chairman and CEO of Kinross, stated: "The formation of this joint venture represents thebeginning of an important new chapter in the 92 year history of the Porcupine gold camp, the largesthistoric gold producing district in North America. It establishes a new foundation with a vision ofsignificant gold production for many years to come."

 

 

 

Cautionary Statement on Forward-Looking Information
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United StatesSecurities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, includingwithout limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectivesof Kinross Gold Corporation ("Kinross"), are forward-looking statements that involve various risks and uncertainties. There can beno assurance that such statements will prove to be accurate and actual results and future events could differ materially fromthose 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 theToronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities. Some of the statements contained in this news release are forward-looking statements, such as estimates and statements thatdescribe Placer Dome's future plans, objectives or goals, including words to the effect that Placer Dome or management expectsa stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very naturethey involve inherent risks and uncertainties. Actual results relating to among other things, reserves, resources, results ofexploration, capital costs and mine production costs could differ materially from those currently anticipated in such statements byreason of factors such as the productivity of Placer Dome's mining properties, changes in general economic conditions andconditions in the financial markets, changes in demand and prices for the minerals Placer Dome produces, litigation, legislative,environmental and other judicial, regulatory, political and competitive developments in domestic and foreign areas in whichPlacer Dome operates, technological and operational difficulties encountered in connection with Placer Dome's mining activities,and labour relations matters and costs. "Placer Dome" is used in this news release to collectively mean Placer Dome Inc., itssubsidiary companies and its proportionate share of joint ventures. "Placer Dome Group" or "Group" means collectively PlacerDome Inc., its subsidiary companies, its proportionate share of joint ventures and also companies for which it equity accounts."Placer Dome Group's share" or the "Group's share" is defined to exclude minority shareholders' interest. The "Corporation"refers to Placer Dome Inc.