Toronto, Canada - Kinross Gold Corporation (TSX-K;
Amex-KGC; NYSE- KGC effective February 3, 2003) ("Kinross") is
pleased to announce the approval of the Combination by the
shareholders of Echo Bay Mines Ltd. (TSX-ECO; Amex-ECO) ("Echo
Bay") and TVX Gold Inc. (TSX-TVX; NYSE-TVX) ("TVX") and the receipt
of final approval of the Plan of Arrangement by the Superior Court
of Justice, Ontario. As a result of the completion today of the
Combination of Kinross, Echo Bay and TVX and the acquisition of the
49.9% interest in the TVX Newmont Americas joint venture from
Newmont Mining Corporation (NYSE-NEM; TSX-NMC; ASX-NEM)
("Newmont"), Kinross has become the seventh largest primary gold
producer in the world. Kinross is the only senior North American
based gold producer with both a strict non-hedging policy and less
than 5% of reserves hedged. Kinross has the most leverage to
changes of gold price of all North American based primary gold
producers. Kinross operates and maintains joint venture interests
in 12 gold mines located on four continents. Although global in
reach, approximately 65% of Kinross gold production is from North
America, the highest percentage of any senior North American based
gold producer. Kinross' annualized gold production is expected to
approach 2 million ounces per year at total cash cost of less than
US$200 per ounce.
Shareholders of both Echo Bay and TVX will become common
shareholders of Kinross based on the exchange ratios of 0.1733 and
2.1667, respectively. On Monday, February 3, 2003 Kinross will
begin trading on both the Toronto Stock Exchange ("TSX") and the
New York Stock Exchange ("NYSE") reflecting the three-for-one
common share consolidation approved earlier by Kinross
shareholders. To profile its newly acquired senior status, Kinross
will begin trading on the NYSE and to mark the occasion, President
and CEO, Robert (Bob) Buchan, joined by members of Kinross
management, will ring The Opening BellTM on February
3, 2003. Bob Buchan, stated: "Although the primary market for
Kinross common shares remains the TSX, the shifting of our U.S.
listing to the NYSE is expected to increase the profile of Kinross
for American and international investors. The American Stock
Exchange has served Kinross and our U.S.-based shareholders very
well and will continue to be the marketplace for the Echo Bay
warrants that have now become exercisable into Kinross common
shares on the terms described in the Kinross' Management
Information Circular and Supplement."
Cautionary Statement on Forward-Looking Information
This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives
of Kinross, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially from those 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 the Toronto Stock Exchange, the
United States Securities and Exchange Commission and other regulatory authorities.