KINROSS AND PLACER DOME COMPLETE PORCUPINE JOINT VENTURE
Toronto and Vancouver, Canada
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July 2, 2002
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Kinross Gold Corporation (TSE-K; Amex-
KGC)
and
Placer Dome Inc. (TSE-PDG; NYSE-PDG),
through its wholly owned subsidiary, Placer
Dome (CLA) Limited, are pleased to announce the finalization of the Porcupine Joint Venture
announced on April 11, 2002. Effective July 1, 2002 our respective mining operations in the Porcupine
camp in Timmins, Ontario began operating as the Porcupine Joint Venture.
Placer owns a 51% interest and is operator, while Kinross has a 49% interest in the joint venture,
which now incorporates the Dome mine and mill, the Hoyle Pond, Pamour and Nighthawk Lake mines
as well as the Bell Creek mill.
According to Placer Dome President and CEO Jay Taylor: “It is a testament to the depth of expertise of
our two companies that we can make such a smooth operating transition at a time when each partner
is involved in other transactions. We look forward to moving immediately to capture the significant
synergies we see available to the joint venture.”
Bob Buchan, Chairman and CEO of Kinross, stated: “The formation of this joint venture represents the
beginning of an important new chapter in the 92 year history of the Porcupine gold camp, the largest
historic gold producing district in North America. It establishes a new foundation with a vision of
significant gold production for many years to come.”
Cautionary Statements
This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives
of Kinross Gold Corporation (“Kinross”), are forward-looking statements that involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross’
expectations are disclosed under the heading “Risk Factors” and elsewhere in Kinross’ documents filed from time to time with the
Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.
Some of the statements contained in this news release are forward-looking statements, such as estimates and statements that
describe Placer Dome’s future plans, objectives or goals, including words to the effect that Placer Dome or management expects
a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Actual results relating to among other things, reserves, resources, results of
exploration, capital costs and mine production costs could differ materially from those currently anticipated in such statements by
reason of factors such as the productivity of Placer Dome’s mining properties, changes in general economic conditions and
conditions in the financial markets, changes in demand and prices for the minerals Placer Dome produces, litigation, legislative,
environmental and other judicial, regulatory, political and competitive developments in domestic and foreign areas in which
Placer Dome operates, technological and operational difficulties encountered in connection with Placer Dome’s mining activities,
and labour relations matters and costs. “Placer Dome” is used in this news release to collectively mean Placer Dome Inc., its
subsidiary companies and its proportionate share of joint ventures. “Placer Dome Group” or “Group” means collectively Placer
Dome Inc., its subsidiary companies, its proportionate share of joint ventures and also companies for which it equity accounts.
“Placer Dome Group’s share” or the “Group’s share” is defined to exclude minority shareholders’ interest. The “Corporation”
refers to Placer Dome Inc.
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