Toronto, Ontario - Kinross Gold Corporation (TSX-K;
NYSE-KGC) ("Kinross" or "the Company") announced today the results
for the three and nine months ended September 30, 2003 are as
follows:
Management's Discussion and Analysis of Financial and Operating
Results
THIRD QUARTER CONSOLIDATED RESULTS
Kinross' attributable gold equivalent production was 434,816
ounces in the third quarter of 2003, an increase of 91% over the
227,946 ounces produced in the same period for 2002 as a result of
the business combination with TVX and Echo Bay effective January
31, 2003. Average total cash cost per attributable gold equivalent
ounce was $225 in the third quarter of 2003, compared to $205 in
the third quarter of 2002. Cash flow provided from operating
activities in the third quarter of 2003 was $42.0 million, compared
to $17.5 million achieved during the same period in 2002. Cash flow
provided from operating activities was positively affected by
higher gold equivalent production and by higher realized prices on
gold sales.
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 Gold Corporation, 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.