Toronto, Ontario, September 29, 2011 -- Kinross Gold Corporation ("Kinross") announced today that it has subscribed for 2,350,000 units of White Bear Resources Inc. ("White Bear") pursuant to a private placement. Each unit consists of one common share and one share purchase warrant. Each warrant allows the holder to purchase one common share at an exercise price of CAD$0.20 during the two year period following the closing of the private placement. Assuming the exercise of all warrants held by Kinross, Kinross would hold 4,700,000 common shares, constituting 18.1% of White Bear's outstanding common shares. The subscription price for the units is CAD$0.10 per unit for an aggregate purchase price of CAD$235,000. The private placement is subject to approval by the TSX Venture Exchange.

Kinross is acquiring the White Bear units for investment purposes. White Bear Resources Inc. is a mineral exploration and development company that, upon completion of its pending acquisition of JSC Everest Capital (a Russian-based company), will hold the rights to explore and develop the Kundat Property and the Tsentralniy Property, each located in the Kundat-Kundusuyulskaya ore zone in the Tisulskiy and Krapivinskiy Districts of the Kemerovo Region of the Russian Federation.