Toronto, Ontario -- (TSX-K; Amex-KGC): Kinross Gold Corporation (the "Company") announced today that it has entered into an underwriting agreement with a syndicate of underwriters co-led by Griffiths McBurney & Partners and CIBC World Markets Inc. and including RBC Capital Markets Inc., Scotia Capital Inc. and Canaccord Capital Corporation, under which the underwriters have agreed to buy and sell to the public 50,000,000 Units at a price of Cdn $3.05 per Unit for total gross proceeds of Cdn$ 152.5 million. Each Unit will consist of one Common Share of the Company from treasury and one half of a Common Share Purchase Warrant. One whole Common Share Purchase Warrant can be exercised on or before the date that is five years after the closing, for one Common Share from treasury at an exercise price of Cdn $5.00.

The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected on or about December 5, 2002.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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