Toronto, Ontario, August 25, 2010 - Kinross
Gold Corporation (TSX: K, NYSE: KGC) announced today that, further
to the Company's news release dated July 23, 2010, it has completed
the sale of the 22.5% interest in the partnership holding Harry
Winston Diamond Corporation's (TSX-HW; NYSE-HWD) ("Harry Winston")
40% interest in the Diavik Diamond Mines joint venture to Harry
Winston for US$220 million. The purchase price is comprised of
US$50 million cash, approximately 7.1 million Harry Winston common
shares (with a value of approximately US$100 million at the time
that the transaction was announced), and a note payable in the
amount of US$70 million maturing 12 months from the date hereof.
The note bears interest at a rate of 5% per annum and can be repaid
in cash or, subject to certain limitations, shares issued by Harry
Winston to Kinross.
As a result of the previously completed sale of Kinross' 15.2
million common shares in Harry Winston, Kinross now holds
approximately 7.1 million Harry Winston common shares, representing
approximately 8.5% of Harry Winston's issued and outstanding common
shares.