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Kinross Gold Corporation and Bema Gold Corporation, each 50% owners of Compania Minera Maricunga

Toronto, Ontario -- Kinross Gold Corporation (TSE-K; Amex-KGC) and Bema Gold Corporation (TSX-BGO; Amex-BGO), each 50% owners of Compania Minera Maricunga ("CMM") are pleased to announce that CMM has received full payment of an award settlement for approximately US$ 24 million from Fluor Daniel Chile Ingenieria y Construccion S.A, Fluor Daniel Corporation, and Fluor Daniel Wright Ltd. ("Fluor"). In April of 1999 CMM initiated formal arbitration proceedings, against Fluor, to recover damages related to numerous design and construction failures at the Refugio Mine located in Northern Chile. In May of 2002, binding arbitration in Chile ruled in favour of CMM for these damages.


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