Toronto, Ontario, August 22, 2011 - Kinross Gold Corporation (TSX: K; NYSE: KGC) ("Kinross") announced today that it has closed its previously announced US$1 billion offering of debt securities, consisting of US$250 million principal amount of its 3.625% Senior Notes due 2016, US$500 million principal amount of its 5.125% Senior Notes due 2021 and US$250 million principal amount of its 6.875% Senior Notes due 2041 (collectively, the "notes"). The notes are unsecured, senior obligations of Kinross and are wholly and unconditionally guaranteed by certain of Kinross' wholly-owned subsidiaries that are also guarantors under Kinross' senior unsecured credit agreement.

The offering was made pursuant to Rule 144A under the Securities Act of 1933 (the "Act") and outside the United States pursuant to Regulation S under the Act. The notes have not been and will not be registered under the Act and the notes may not be offered or sold in the United States absent registration under the Act or the availability of an applicable exemption from registration requirements. Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial or territorial securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any security.