TORONTO, Ontario - Kinross Gold Corporation
("Kinross" or the "Company") (TSX-K; NYSE-KGC) provides a status
update on the preparation and filing of its financial statements
and related matters.
As previously disclosed, Kinross has not yet filed its audited
financial statements and related management's discussion and
analysis or its annual information form as a result of the review
of the accounting treatment for the assets acquired in the TVX
Gold/Echo Bay merger ("the Merger").
Kinross has submitted a letter to U.S. and Canadian regulators
responding to comments on the registration statement filed by
Kinross in connection with the proposed acquisition of Crown
Resources Corporation. Included with the response letter are the
independent valuations of the assets acquired in the Merger and
related documents and opinions from independent advisors and
valuators.
If accepted, the proposed accounting methodology that is being
reviewed by regulators would lead to a significant restatement of
Kinross' results for 2003. Kinross has recently been notified by
the staff of the enforcement division of the U.S. Securities and
Exchange Commission that it will request additional documents from
Kinross shortly in connection with an informal inquiry focused on
Kinross' accounting for the Merger and the potential
restatement.
Kinross will file audited financial statements after the
relevant regulators have issued their final comments on the
accounting treatment for the assets acquired in the Merger, the
auditors have signed off on the financial statements, and the
financial statements have been approved by Kinross' board of
directors.
Kinross will issue bi-weekly updates as to the status and timing
which can be viewed on the website at www.kinross.com. The next
update is scheduled for the week of August 1, 2005.