Toronto, Ontario, January 29, 2008 -- Kinross
Gold Corporation (TSX: K; NYSE: KGC) ("Kinross") announced today
that it has completed the previously announced offering to a group
of initial purchasers of unsecured senior convertible notes due
March 15, 2028 (Please refer to Kinross' prior news releases dated
January 23, 2008).
The over-allotment option granted to the initial purchasers was
exercised in full and net proceeds realized from the offering were
approximately US$449 million, after underwriting commissions and
issue expenses. As previously announced, Kinross expects to use a
portion of the net proceeds to repay outstanding indebtedness under
its term loan facility, with the balance of the net proceeds to be
used to fund capital expenditures and for general corporate
purposes.
The offering was made pursuant to Rule 144A under the United
States Securities Act of 1933 (the "Act"). The offering has not
been and will not be registered under the Act and none of the
Convertible Notes or any Kinross common shares issuable upon any
conversion of the Convertible Notes may be offered or sold in the
United States absent registration under the Act or the availability
of an applicable exemption from registration requirements. This
news release does not constitute an offer to sell or the
solicitation of an offer to buy any security.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements regarding Kinross and the offering. Actual results and developments may differ materially from those contemplated by these statements depending on, among others, such key factors as market conditions, global political uncertainties, investor demand and the terms of offering. Kinross disclaims any intention or obligation to update any forward-looking statement even if new information becomes available as a result of future events or for any other reason.