February 3, 2000

Toronto, Ontario –

Kinross Gold Corporation (TSE-K; NYSE-KGC)

announced today that results for

the three months and year ended December 31, 1999 are as follows:

All results are expressed in United States dollars unless otherwise stated.

Finanacial and Production Tables -

PDF Format

Full Year

An increase in gold equivalent production by 16% in 1999 and lower total cash costs per ounce of gold,

helped improve cash flow provided from operations by 15% compared with 1998, despite a $15 per

ounce drop in spot gold prices. Cash flow provided from operations was $63.0 million or $0.21 per

share for the year ended December 31, 1999, compared to $54.6 or $0.23 per share for the year

ended December 31, 1998. Since the most recent three-year average spot gold price is only $301 per

ounce, Kinross has decided to use a long-term gold price assumption of $300 per ounce when

assessing ore reserves and asset carrying values. We consider this appropriate due to the continued

depressed gold prices and the expectation that the industry will trend to lower prices in valuing assets

since hedge books under new U.S. GAAP will be required to be marked-to-market and therefore will not

be used in assessing asset carrying values. Consequently, Kinross has taken $189.5 million of non-

cash write-downs of mineral properties and long-term investments, resulting in a $238.2 million, or

$0.82 per share net loss for the year. This compares to a $245.4 million, or $1.08 per share net loss in

1998 using a gold price assumption of $325 per ounce.

Fourth Quarter

For the fourth quarter of 1999, cash flow provided from operations was $15.4 million or $0.05 per

share, compared to $16.8 million or $0.07 per share for the three months ended December 31, 1998.

However, as a result of non-cash write-downs as described above the Company recorded a $202.1

million, or $0.68 per share net loss for the quarter. This compares to a $235.5 million, or $1.00 per

share net loss for the fourth quarter in 1998.

Revenues

Gold and Silver Sales

The Company’s primary source of revenue is from the sale of its gold and silver production. The

Company produced 1,012,408 ounces of gold equivalent in 1999 compared to 874,447 ounces in

1998. Revenue from gold and silver sales was $304.0 million in 1999 compared to $269.2 million in

1998. Revenue in 1999 increased as substantially higher gold equivalent production was achieved as a

result of the inclusion of the full year operating results from the mines acquired pursuant to the Amax

merger, but was partially offset by lower realized gold prices in 1999. In 1999, the Company realized

$300 per ounce of gold, as compared to $309 per ounce in 1998. The average spot price for gold was

$279 per ounce in 1999 compared to $294 in 1998.

Summary Information

1999

1998



Gold production – ounces

Gold revenues

(millions)

Average realized gold price per ounce

Average gold spot prices

Silver production – ounces

Silver revenues

(millions)

Average realized silver price per ounce

Average silver spot prices

Gold equivalent production – ounces (1)

1,006,453

$302.3

$300

$279

318,000

$1.7

$5.21

$5.22

1,012,408

823,721

$254.2

$309

$294

2,697,000

$15.0

$5.56

$5.53

874,447

(1) Gold to silver ratios were 53.40:1 in 1999 and 53.17:1 in 1998.

Operating Performance

The 16% increase in gold equivalent production resulted in higher production costs of $209.4 million in

1999 compared to $196.3 million in 1998. On a per ounce basis, total cash costs improved

dramatically in 1999 to $196 per equivalent ounce of gold compared to $214 in 1998.

Consolidated Production Costs per

Equivalent Ounce of Gold

For the year ended December 31,

Cash operating costs

Royalties

Production taxes

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

1999

$ 186

10

-

196

3

110

$309

1998

$205

9

-

214

8

93

$315

The following table provides a reconciliation of operating costs per the consolidated financial

statements to operating costs for per ounce calculation of total cash costs as per the Gold Institute

guidelines.

Reconciliation of Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial

Statements

For the year ended December 31,

(millions except production in ounces and per ounce

amounts)

Operating costs per financial statements

Site restoration cost accruals

Severance costs

Contract termination costs

Other

Operating costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

1999

1998

$ 209.4

(3.1)

(3.5)

(1.5)

(2.4)

198.9

1,012,408

$196

$196.3

(7.0)

(1.1)

-

(0.7)

$187.5

874,447

$214



Total cash costs per ounce of gold equivalent improved in 1999 as a result of improved unit total cash

costs at Fort Knox, Kubaka, Refugio and the Blanket mines. Average total cash costs decreased to

$196 per gold equivalent ounce, $4 better than estimated last year. Details of the individual mine

performance are discussed in the following sections.

Primary Operations

Fort Knox Mine

On June 1, 1998, the Company acquired the Fort Knox mine, located near Fairbanks, Alaska pursuant

to the Amax merger. Gold production in 1999 was 351,120 ounces, which compares to 203,010 during

the seven months of ownership in 1998. In 1999, total cash costs were $194 per ounce of gold as

compared to $199 in 1998. The Fort Knox operations during the first quarter of 1999 were affected by

extremely cold winter weather, which resulted in a 30% reduction in gold production which resulted in

higher per ounce total cash costs. The balance of the year production returned to expected levels. The

major event during 1999 for the Fort Knox operations was the successful acquisition of the nearby

Ryan Lode and True North deposits. Permitting activities are proceeding according to plan and

production from these satellite deposits is expected in early 2001. Estimated gold production for 2000

is 350,000 ounces at total cash costs of approximately $200 per ounce. Estimated production is

expected to increase to approximately 500,000 ounces per annum at lower total cash costs once

production is achieved from the Ryan Lode and True North deposits.

Hoyle Pond Mine

The Company acquired the Hoyle Pond mine, located in Timmins, Ontario, in 1993. Gold production in

1999 was 136,709 ounces, which compares to 158,953 ounces in 1998. In 1999, total cash costs were

$210 per ounce of gold as compared to $171 in 1998. Total cash costs per ounce of gold and

production during the first half of 1999 were adversely affected by a fatality in April, a disruptive

unsuccessful unionization drive and technical and productivity issues underground. Gold production

during the first half of 1999 was 54,778 ounces at total cash costs of $243 per ounce. During the third

quarter the Company embarked on a program to improve production and safety. The Company is

pleased to report that gold production in the second half of 1999 improved to 81,931 ounces and total

cash costs fell to $187 per ounce. With these issues behind the Company, estimated gold production

for 2000 is 150,000 ounces at total cash costs of approximately $190 per ounce.

The major event during 1999 for the Hoyle Pond operations was the successful acquisition of the

nearby mining properties previously owned by Royal Oak Mines Ltd. The acquisition of these

contiguous mining properties in addition to the current Hoyle Pond mining claims will provide a basis

for future production growth in the Timmins mining camp.

Kubaka Mine

On June 1, 1998, the Company acquired a 50% ownership interest in the Kubaka mine, located in the

Magadan Oblast in eastern Russia pursuant to the Amax merger. The Company’s ownership interest

was increased to 53% in December of 1998 and further increased to 54.7% in December of 1999. The

Company’s share of gold equivalent production in 1999 was 254,625 ounces, which compares to

154,350 during the seven months of ownership in 1998. In 1999, total cash costs were $143 per

ounce of gold equivalent as compared to $149 in 1998. The Kubaka mine continues to perform

exceptionally well, having achieved the lowest total cash costs per ounce of the Company’s primary

operations due to the high-grade nature of the ore body and its efficient exploitation. Estimated gold

equivalent production for the Company’s ownership interest in 2000 is 241,000 ounces at total cash

costs of approximately $160 per equivalent ounce.

Refugio Mine

On June 1, 1998, the Company acquired a 50% interest in the Refugio mine, located in Chile pursuant



to the Amax merger and on July 1, 1999, Kinross became the operator. The Company’s share of gold

equivalent production in 1999 was 90,008 ounces, which compares to 42,446 during the seven months

of ownership in 1998. In 1999, total cash costs were $277 per ounce of gold equivalent as compared

to $338 in 1998. In 1999, Compañia Minera Maricunga (CMM), the Chilean joint venture company,

continued to improve operations and replace inefficient equipment. Three of four tertiary crushers

were replaced during 1999 and CMM commenced self-mining of the open pit operations which provides

the flexibility needed to control total cash spending. CMM is pursuing a claim against the engineering

firm, which designed and built Refugio in an attempt to recover costs incurred to repair the Refugio

plant. During the fourth quarter, gold production and total cash costs were adversely affected by

generator problems. These problems have now been rectified and estimated gold equivalent

production attributable to Kinross’ 50% interest for 2000 is budgeted to be approximately 115,000

ounces at total cash costs of about $230 per equivalent ounce.

Denton-Rawhide Mine

The 49%-owned Denton-Rawhide mine is located near Fallon, Nevada. The Company’s share of

production in 1999 was 62,792 ounces of gold equivalent, which compares to 69,015 in 1998. Total

cash costs in 1999 were $243 per ounce of gold equivalent as compared to $235 in 1998. Total cash

costs increased in 1999 as a result of longer haulage distances to the leachpad and higher maintenance

costs associated with an older mining fleet. Estimated production for 2000 attributable to Kinross’ 49%

interest is 62,000 ounces of gold equivalent at total cash costs of approximately $240 per equivalent

ounce.

Blanket Mine

The Blanket mine, located in Zimbabwe, was acquired in 1993. Gold production in 1999 was 37,755

ounces, compared to 35,266 ounces in 1998. Total cash costs were $173 per ounce of gold as

compared to $193 in 1998. Total cash costs per ounce of gold decreased in 1998 primarily as a result

of a lower Zimbabwean dollar and increased production from the retreatment of higher-grade tailings.

Estimated production for 2000 is 41,000 ounces of gold at total cash costs of approximately $160 per

ounce.

Other Operations

In addition to its primary operating mines, the Company has three locations in various stages of

residual production or closure. Gold equivalent production from the Hayden Hill, Macassa and Guanaco

mines in 1999 was 79,399 ounces at average total cash costs of $239 per ounce. Residual production

from some of these mines is expected to contribute approximately 25,000 gold equivalent ounces in

2000 at total cash costs of approximately $235 per equivalent ounce. After 2000, no meaningful gold

production is currently planned from these operations; however, recent exploration success at Guanaco

and an increase in gold prices in the future could alter the plans at Guanaco and Macassa.

Write-down of Mineral Properties

The $184.9 million pre-tax write-down of mineral properties recorded in 1999 was comprised of the

following; $108.8 million relating to the Fort Knox mine; $11.2 million relating to the Refugio mine;

$10.7 million relating to the Kubaka mine; $27.7 million relating to the Goldbanks property; $10.0

million relating to the Denton Rawhide mine and the balance to other non-core assets. The Company

reviewed the carrying value of its portfolio of mines in 1999 using a net recoverable amount calculation

and a long-term $300 per ounce gold price assumption.

The $216.1 million pre-tax write-down of mineral properties recorded in 1998 was comprised of the

following; $145.2 million relating to the Fort Knox mine, including $104.7 million of excess costs of the

Amax acquisition that had been allocated to the Fort Knox mine; $46.9 million relating to the Refugio

mine and the balance to other non-core assets. The Company reviewed the carrying value of its



portfolio of mines in 1998 using a net recoverable amount calculation and a long-term $325 per ounce

gold price assumption.

Liquidity and Financial Resources

Operating Activities

Cash flow provided from operations increased by 15% in 1999 to $63.0 million as compared to $54.6 in

1998. Cash flow provided from operations is expected to increase in 2000 at $300 per ounce gold

prices to approximately $77.0 million. The 1999 cash flow provided from operations was negatively

affected by lower realized gold prices but positively affected by lower total cash costs per ounce of gold

equivalent and increased output.

Financing Activities

During 1999, the Company issued 10.5 million common shares valued at $25.9 million pursuant to the

La Teko acquisition and repurchased 3.7 million common shares pursuant to a normal course issuer bid

for $7.5 million of cash. During 1998, the Company issued 92.1 million common shares valued at

$329.9 million pursuant to the Amax merger, 35.0 million valued at $135.0 million to Cyprus Amax

Minerals Company (“Cyprus Amax”) for cash and debt conversion and 38.1 million common shares for

cash consideration of $126.7 million net of transaction costs.

The debt component of convertible debentures was reduced by $4.4 million during 1999 compared to

$4.2 million during 1998 and long term debt repayments totaled $14.7 million during 1999 compared

to $271.2 million during 1998. The 1998 debt repayments were primarily completed upon the effective

date of the Amax merger.

The Company paid dividends to the holders of preferred shares of Kinam totalling $6.9 million during

1999 and $4.0 million during the seven-month ownership period in 1998.

The Company currently has $50 million operating line of credit in place with a Canadian bank. The line

is only utilized for letters of credit purposes of which $43.0 million of letters of credit are issued at

December 31, 1999.

As at December 31, 1999, the Company’s long-term debt consists of, $36.9 million relating to the

Kubaka project financing, $8.0 of the Kubaka subordinated debt, $1.8 million of Kubaka working

capital debt, $71.0 million of Alaskan Industrial Revenue Bonds and various capital leases totalling

$20.0 million. The current portion of the long-term debt is $27.2 million. The December 31, 1999

balance sheet reflects the acquisition of a further 1.7% of Kubaka; thus the consolidated debt as at

December 31, 1999 includes 54.7% of the Kubaka amounts outstanding. The Kubaka project achieved

completion during 1999. The Kubaka project financing debt is now recourse solely to the assets of

Omolon Gold Mining Inc., the 54.7% owned Russian operating company.

Investing Activities

Capital expenditures increased by 30% in 1999 as $44.0 million was spent on capital additions, which

compares to $33.8 million in 1998. The 1999 capital expenditures focused primarily on the Hoyle

Pond, Fort Knox and Refugio operations with 82% of total capital expenditures incurred at these three

mines. Capital spending at the Hoyle Pond mine totalled $18.6 million, (1998 $16.9 million), for

exploration drilling, underground development and additions to the underground mobile fleet. Capital

spending at the Fort Knox mine totalled $9.5 million, (1998 $10.2 million), for pit dewatering,

equipment fleet replacements and exploration, primarily on the Ryan Lode and True North deposits.

The Company’s share of capital spending at the Refugio mine totalled $7.9 million, (1998 $0.9 million),

for the purchase of a mobile equipment fleet and the replacement of three tertiary crushers. Capital

expenditures were financed out of cash flow from operations and planned capital expenditures totalling



$59.0 million in 2000 are expected to be funded from cash flow from operations. Approximately 50%

of planned capital expenditures in 2000 relate to the proposed development of the Ryan Lode and True

North deposits in Alaska.

Cash used in business acquisitions was $35.0 million during 1999. Cash used in business acquisitions

primarily relates to the $28.1 million paid as part of the True North property acquisition and $4.7

million for the Timmins assets of Royal Oak Mines Inc.

Commodity Price Risks

The Company has entered into gold forward sales contracts, spot deferred forward sales contracts and

written call options for some portion of expected future production to mitigate the risk of adverse price

fluctuations. The Company does not hold these financial instruments for speculative or trading

purposes. The Company is not subject to margin requirements on any of its hedging lines.

The outstanding number of ounces, average expected realized prices and maturities for the gold

commodity derivative contracts as at December 31, 1999 are (there were no silver commodity

derivative contracts outstanding as at December 31, 1999):

Expected

Year

of Delivery

2000

2001

2002

2003

2004

Total

Ounces

Hedged

'000 oz.

350

200

200

150

100

1,000

Call

Options

Sold '000 oz.

-

-

100

100

100

300

Average

Strike

Price

-

-

$340

$340

$340

Average

Price

$305

$320

$318

$325

$319

Reserves and Resources

Using a long-term gold price assumption of $300 per ounce, Kinross’ proven and probable reserves on

December 31, 1999 were calculated to be 6,579,000 ounces of gold and 6,361,000 ounces of silver.

The primary contributors to the 890,000 gold ounce decrease, when compared to the previous year,

were the consumption of ore reserves required to produce over one million ounces of gold equivalent in

1999 and the reclassification of reserves to resources due to the use of a $25 per ounce lower gold

price for the calculation of reserves for year-end 1999. The decrease was somewhat offset by the

acquisition and the exploration discovery of reserves at several locations. Possible reserves plus

measured, indicated and inferred resources increased by almost 3.4 million ounces of gold to

approximately 20.9 million ounces of gold. Worthy of note is the fact that 56.5% of this 20.9 million

ounces is well defined in that it is in the measured and indicated resource categories.

Year 2000

The change in date has occurred, without any interruption in production, power and the supply of

materials and consumables to the various operating locations throughout the world. Although it is not

possible to conclude that all aspects of the Year 2000 issue have been fully resolved, nothing has come

to the Company’s attention nor is anything anticipated that would materially effect the results of

operations and cash flows in 2000.



Outlook

As at December 31, 1999, the Company has $113.9 million of cash and operating working capital of

$10.7 million for total working capital of $124.6 million. This combined with sustainable low cost

production, significant mining properties in Alaska and Timmins and a manageable debt repayment

schedule, provides the Company with a solid platform for future growth internally and through

acquisitions.

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.

-30-

For additional information contact:

Robert M. Buchan

Chairman and Chief Executive Officer

Tel.: (416) 365-5650

Gordon A. McCreary

Vice President, Investor Relations and Corporate Development

Tel.: (416) 365-5132

Brian W. Penny

Vice President, Finance

and Chief Financial Officer

Tel. (416) 365-5662

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Kinross Gold Corporation

Consolidated Balance Sheets

(expressed in millions of U.S. dollars) (unaudited)

As at December 31

1999

Assets

Current assets

Cash and cash equivalents

Bullion settlements and other accounts receivable

Inventories

Marketable securities

Mineral properties, plant and equipment

Long - term investments

Deferred charges and other assets

$

Liabilities

Current liabilities

Accounts payable and accrued liabilities

Current portion of long - term debt

Current portion of site restoration cost accruals

As at December 31

1998

$

113.9

44.3

52.1

4.8

215.1

632.6

19.8

14.9

882.4

$

153.4

55.4

54.6

1.2

264.6

809.8

25.0

15.4

$ 1,114.8

$

50.5

27.2

12.8

90.5

110.5

45.7

7.3

20.6

38.3

3.1

316.0

88.3

920.3

7.9

109.7

(541.1)

(18.7)

478.1

$

49.4

25.1

5.9

80.4

125.8

52.0

6.9

29.0

42.7

3.1

339.9

88.3

904.2

3.6

103.1

(296.4)

(27.9)

686.6

Long-term debt

Site restoration cost accruals

Deferred income and mining taxes

Deferred revenue and other

Debt component of convertible debentures

Redeemable retractable preferred shares

Convertible preferred shares of subsidiary company

Common shareholders' equity

Common share capital

Contributed surplus

Equity component of convertible debentures

Deficit

Foreign currency translation adjustments

$

882.4

$ 1,114.8



Kinross Gold Corporation

Consolidated Statements of Operations

For the year ended December 31

(expressed in millions of U.S. dollars except per share amounts) (unaudited)

Three months ended

December 31

1999

1998

Revenue

Mining revenue

Interest and other income

Expenses

Operating

General and administrative

Exploration and