Toronto, Ontario, June 14, 2011 -- Kinross Gold
Corporation ("Kinross") announced today that it has subscribed for
625,000 units of Edgewater Exploration Ltd. ("Edgewater") pursuant
to a private placement. Each unit consists of one common
share and one half of one share purchase warrant. Each full
warrant allows the holder to purchase one common share at an
exercise price of CAD$1.10 during the two year period following the
closing of the private placement. Prior to the private placement,
Kinross held 2,000,000 common shares and 6,000,000 warrants
(5,000,000 of which are only exercisable in the event that
Edgewater delineates a 3,000,000 Au oz resource for the Enchi
project). After giving effect to the private placement and
assuming the exercise of all warrants held by Kinross, Kinross
would hold 8,937,500 common shares, constituting 12.7% of
Edgewater's outstanding common shares. The subscription price
for the units is CAD$0.80 per unit for an aggregate purchase price
of CAD$500,000. The private placement is subject to approval
by the TSX Venture Exchange.
Kinross is acquiring the Edgewater units for investment
purposes. Edgewater is a junior exploration company focused
on exploring the Enchi project (90% owned by a Kinross subsidiary
and under option to Edgewater) in Ghana and the Corcoesto project
in Spain.