Toronto, Ontario -

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

(“Kinross” or the “Company”)

announced today the results for the three months and year ended December 31, 2002 are as follows:

q

Financials

All results are expressed in United States dollars unless otherwise stated. Since the combination of Kinross,

TVX Gold Inc. (“TVX”) and Echo Bay Mines Ltd. (“Echo Bay”) became effective on January 31, 2003, this

press release relates to Kinross prior to the combination and as such, the financial statements are not

inclusive of TVX and Echo Bay financial results. Certain information about the combination is presented in

various sections of this press release and the notes to the financial statements. All per share information has

been adjusted to give retroactive effect for the three for one consolidation of the common shares, which was

completed on January 31, 2003. Accordingly, the per share losses for the three months and years ended

December 31, 2002 and 2001 are three times larger than they would have been without the retroactive

impact of the share consolidation.

The Company

The Company is engaged in the mining and processing of gold and silver ore and the exploration for and

acquisition of gold-bearing properties, principally in the Americas, Russia, Australia and Africa. The

Company’s products are gold and silver produced in the form of doré that is shipped to refineries for final

processing.

Full Year

The Company’s share of attributable gold equivalent production was 888,634 ounces in 2002, a decrease of

6% when compared to 944,803 ounces in 2001. Average total cash costs per attributable gold equivalent

ounce were $201 in 2002, compared to $193 in 2001. Cash flow provided from operating activities in 2002

was $62.9 million, compared to $74.5 million in 2001. Cash flow provided from operating activities

decreased in 2002 when compared to 2001 due to lower gold equivalent production, and 2001 results

included $21.6 million of proceeds from the restructuring of the gold forward sales contracts. In 2002, a

$7.7 million non-cash charge was recorded to increase the estimated cost to reclaim certain previously

closed mines. This, combined with the results of operations from the portfolio of mines, resulted in a net loss

for the year 2002 of $30.9 million, or $0.32 per share. The 2002 loss compares to a $36.3 million, or $0.42

per share loss in 2001. The loss in 2001 included non-cash charges of $16.1 million.

Fourth Quarter

The Company’s share of attributable gold equivalent production was 231,238 ounces in 2002, a decrease of

3% when compared to 238,244 ounces in 2001. Average total cash costs per attributable gold equivalent

ounce were $198 in 2002, compared to $200 in 2001. Cash flow provided from operating activities in 2002

was $14.4 million, compared to $15.8 million in 2001. Cash flow provided from operating activities

decreased in 2002 due to lower gold equivalent production and increased reclamation spending. In 2002, a

$7.7 million non-cash charge was recorded to increase the estimated cost to reclaim certain previously

closed mines. This, combined with the results of operations from the portfolio of mines, resulted in a net loss

for the fourth quarter of 2002 of $12.9 million, or $0.12 per share. The 2002 loss compares to a $17.5

million, or $0.18 per share, loss in 2001. The loss in 2001 included non-cash charges of $16.1 million.

Mergers and Acquisitions



TVX , Echo Bay and the Purchase of Newmont Mining Corporation’s interest in the TVX Newmont

Americas Joint Venture

The Company, TVX and Echo Bay entered into a combination agreement dated June 10, 2002, as amended

as of July 12, 2002 and November 19, 2002, for the purpose of combining the ownership of their respective

businesses. The combination was effected by way of a plan of arrangement under the

Canada Business

Corporations Act

(“CBCA”) with an effective date of January 31, 2003.

In a separate transaction, TVX and a subsidiary of TVX entered into two agreements dated June 10, 2002,

each as amended as of November 19, 2002, with a subsidiary of Newmont Mining Corporation (“Newmont”).

Pursuant to these agreements, TVX acquired Newmont’s 50% non-controlling interest in the TVX Newmont

Americas joint venture (“TVX Newmont J/V”) for an aggregate purchase price of $180.0 million with an

effective date of January 31, 2003.

Pursuant to the arrangement, TVX amalgamated with a newly formed, wholly owned subsidiary of the

Company on January 31, 2003, and each holder of TVX common shares received 2.1667 common shares of

the Company. Also pursuant to the arrangement, shareholders of Echo Bay (other than shares owned by the

Company) received 0.1733 common shares of the Company for each Echo Bay common share. The

exchange ratio reflects the three for one consolidation of the Company’s common shares that was completed

on January 31, 2003 prior to the arrangement. The Company issued 177.8 million common shares with an

aggregate fair value of $1,269.5 million with respect to the TVX and Echo Bay acquisitions.

In 2002 the TVX Newmont J/V held interests in various operating mines located in Canada, Brazil and Chile.

The production from the TVX Newmont J/V in 2002 was approximately 474,000 ounces of gold equivalent.

Echo Bay held interests in various operating mines in Canada and the United States. Echo Bay’s share of

production from these mines in 2002 was approximately 520,000 ounces of gold equivalent.

The acquisitions are being accounted for using the purchase method of accounting in accordance with both

sections 1581 “Business Combinations”, of the CICA Handbook for the purposes of Canadian generally

accepted accounting principles (“Canadian GAAP”) and Statement of Accounting Standards (“SFAS”) 141,

“Business Combinations”, for the purposes of United States generally accepted accounting principles (“U.S.

GAAP”). Pursuant to the purchase method of accounting under both Canadian and United States GAAP, the

TVX and Echo Bay assets acquired and liabilities assumed will be recorded at their fair values as of the

effective date of the combination. The excess of the purchase price over such fair value will be recorded as

goodwill. In accordance with Section 3062, “Goodwill and Other Intangible Assets”, of the CICA Handbook,

for purposes of Canadian GAAP, and SFAS 142, “Goodwill and Other Intangible Assets”, for purposes of U.S.

GAAP, goodwill will be assigned to specific reporting units and will not be amortized.

Revenues

Gold and Silver Sales

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

848,513 ounces of gold in 2002, compared to 907,149 ounces in 2001. Revenue from gold and silver sales

was $261.0 million in 2002 compared to $270.1 million in 2001. Revenue from gold and silver sales in 2002

decreased as a result of lower gold sales due to the suspension of mining operations at the Refugio mine in

2001. In 2002, the Company realized $306 per ounce of gold, compared to $296 in 2001. The average

London market spot price for gold was $310 per ounce in 2002 compared to $271 in 2001.



Included in gold equivalent production is silver production converted to gold production using a ratio of the

average spot market prices for the two comparative years. The resulting ratios are 67.24:1 in 2002 and

62.00:1 in 2001.

The above non-GAAP measure of average realized price per ounce of gold sold has been calculated on a

consistent basis in each period.

The calculation of average realized price per ounce of gold sold might not be comparable to similarly titled

measures of other companies.

Average realized price per ounce of gold sold is used by management to assess profitability and cash flow of

individual operations as well as to compare with other precious metal producers.

Interest and Other Income

The Company invests its surplus cash in high quality, interest-bearing cash equivalents. Interest and other

income during 2002 totaled $16.9 million compared to $9.3 million in 2001. Interest and other income in

2002 was comprised of interest on cash deposits of $1.5 million, joint venture management fees of $2.4

million, arbitration settlements of $10.3 million and $2.7 million of other items. This compares to 2001

interest on cash deposits of $4.9 million, joint venture management fees of $2.2 million and insurance

settlements of $1.3 million and $0.9 million of other items. Interest income decreased in 2002 due to

substantially lower interest rates, while arbitration settlement income increased since the Refugio arbitration

claims were settled in 2002. There are no material insurance or arbitration claims outstanding at December

31, 2002.

Mark-to-Market Gain (Loss) on Written Call Options

The Company retroactively adopted the change in Canadian Institute of Chartered Accountants

recommendations for the accounting for written call options in 2000. The premiums received at the inception

of written call options are recorded as a liability. Changes in the fair value of the liability are recognized in

earnings. The change in fair value of the written call options resulted in a mark to market loss of $2.7

million in 2002. This compared to a gain of $3.5 million in 2001. The Company plans to reduce its written

call position in 2003 by delivering gold production into any contracts that are exercised in 2003.

Costs and Expenses



Operating Costs

Gold equivalent production in 2002, (excluding equity accounted ounces) decreased by 5% when compared

to 2001 production, while operating costs decreased by 3%. Consolidated operating costs were $174.8

million in 2002 compared to $180.7 million in 2001. Total cash costs per ounce of gold equivalent were $201

in 2002 compared to $193 in 2001. Total cash costs per ounce of gold equivalent in 2002 improved at the

Kubaka and the Refugio mines and increased at the Porcupine Joint Venture and the Fort Knox mines.

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 pursuant to gold industry guidelines.

The above non-GAAP measure of total cash costs per ounce has been calculated on a consistent basis in

each period.

For reasons of comparability, total cash costs do not include certain items such as property write-downs,

which do not occur in all periods but are included under GAAP in the determination of net earnings or loss.

Total cash costs per ounce are calculated in accordance with gold industry guidelines. Total cash costs per

ounce may not be comparable to similarly titled measures of other companies.

Total cash costs per ounce information is used by management to assess profitability and cash flow of

individual operations, as well as to compare with other precious metal producers.

Total cash costs per ounce of gold equivalent increased by 4% during 2002. Details of the individual mine

performance are discussed in the following sections.



The item total cash cost per ounce is furnished to provide additional information and is a non-GAAP

measure. This measure should not be considered in isolation as a substitute for a measure of performance

prepared in accordance with generally accepted accounting principles and is not necessarily indicative of

operating profit or cost from operations as determined under generally accepted accounting principles. There

are no differences computing operating costs under U.S. GAAP. Therefore, total cash costs per ounce

computed in accordance with U.S. GAAP are unchanged from the Canadian GAAP amounts.

Primary Operations

Fort Knox Mine

The Company acquired the Fort Knox open pit mine, located near Fairbanks, Alaska in 1998. The Fort Knox

open pit mine consists of the main Fort Knox open pit and the True North open pit located approximately 15

kilometers Northwest of Fort Knox. Gold equivalent production in 2002 was 410,519 ounces compared to

411,221 in 2001. In 2002, total cash costs were $232 per ounce of gold equivalent compared to $207 in

2001.



The Fort Knox mine 2002-business plan called for 440,000 ounces of gold equivalent production at total

cash costs of $220 per ounce. The plan was predicated on production from the Fort Knox open pit and

supplemental feed from the True North deposit. For 2002, production was lower than planned as a higher

percentage of lower grade Fort Knox ore was milled in the first half of the year, as planned production from

the higher grade True North mine was impacted by poor availability of the haulage fleet and harder than

expected ore impacted production in the fourth quarter. In addition, cash production costs were $2.9 million

higher than planned primarily due to additional maintenance costs incurred to increase equipment

availability of the Fort Knox fleet and additional contract haulage costs incurred to haul ore from the True

North mine to the Fort Knox mill. Unfortunately, production losses incurred in the first half of 2002 due to

unacceptable performance of the haulage fleet was not recovered during the second half of the year. A new

fleet of haulage trucks has been delivered to the mine, which should eliminate future equipment

performance issues hauling ore from the True North mine to the Fort Knox mill. Estimated gold equivalent

production for 2003 is 410,000 ounces at total cash costs of approximately $220 per ounce.

Capital expenditures at the Fort Knox operations in 2002 were $15.0 million compared to $20.2 million

during 2001. The majority of capital expenditures for 2002 were required to construct a tailings thickener for

a cost of $6.9 million, construct an additional lift on the tailings dam totaling $3.2 million and capitalized

exploration at the True North and Fort Knox mines of $2.7 million. Planned capital expenditures for 2003 are

estimated to be $16.2 million.

Porcupine Joint Venture

On July 1, 2002, the Company formed a joint venture with a wholly owned subsidiary of Placer Dome Inc.

(“Placer”). The formation of the joint venture combined the two companies’ gold mining operations in the

Porcupine district in Timmins, Ontario. The ownership of this unincorporated joint venture is 51% Placer and

49% by the Company. The joint venture operates pursuant to a contractual agreement and both parties

receive their share of gold output in kind. Future capital, exploration and operating costs will be funded in

proportion to each party’s ownership interest. Placer contributed the Dome mine and mill and the Company

contributed the Hoyle Pond, Nighthawk Lake, and Pamour mines, exploration properties in the Porcupine

district as well as the Bell Creek mill.

The formation of the joint venture has been accounted for as an exchange of non-monetary assets that does

not represent the culmination of the earnings process, and accordingly, has been recorded at the carrying

value of the assets contributed. Comparative production and cost information represent the Company’s

results from the Hoyle Pond mine.

The Company’s share of gold equivalent production was 189,464 ounces in 2002 compared to 156,581 in

2001. Total cash costs were $201 per ounce of gold equivalent in 2002, compared to $182 in 2001. The

Company’s share of gold equivalent production for the year increased due to higher than planned ore grade

of the tonnage processed at the Bell Creek mill before the formation of the joint venture. In addition, the

Company’s 49% share of production from the joint venture in the second half of 2002 exceeded the

comparative production in 2001. Operating costs were higher than planned in the second half of 2002 due to

unplanned maintenance on the Dome open pit equipment, higher than planned reagent and grinding media



consumption and unplanned costs associated with the new collective bargaining agreement. Exploration

expenditures totaled $2.3 million in 2002.

The joint venture continues to assess the development of the former Pamour mineral properties as they will

form a significant part of the future production once the current Dome mine open pit reserves have been

depleted. A feasibility study is underway and the permitting process has commenced. The Company

anticipates that the construction and pre-production development will commence in 2004 after the required

permits have been received.

The Company’s share of estimated gold equivalent production for 2003 is 219,000 ounces at total cash costs

of approximately $210 per ounce.

The Company’s share of capital expenditures at the Porcupine Joint Venture in 2002 was $6.7 million

compared to $7.9 million during 2001. The majority of capital expenditures for 2002 were required to

further advance the 1060 ramp at the Hoyle Pond mine, underground development drilling at the Hoyle

Pond mine, surface fleet additions and plant modifications. The Company’s share of planned capital

expenditures for 2003 are estimated to be $6.8 million.

Kubaka Mine

The Company acquired its 54.7% ownership interest in the Kubaka open pit mine, located in the Magadan

Oblast in far eastern Russia in three transactions during 1998 and 1999. The Company’s share of gold

equivalent production in 2002 was 220,972 ounces compared to 237,162 in 2001. Total cash costs were

$133 per gold equivalent ounce in 2002, compared to $140 in 2001. The Kubaka mine continues to perform

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

operations. Operating costs decreased during 2002, as open pit mining operations ended in October of 2002.

The Company has commenced processing of the low-grade stockpiles and will supplement this with

underground ore from the North High Wall, Centre Zone and the North Vein in 2003. Based on current plans

the majority of the low-grade stockpiled ore will be processed in 2003. However, the Company continues to

actively explore the nearby Birkachan and Tsokol deposits for additional mineralization that will hopefully

extend the life of Kubaka into 2005 and beyond.

On December 3, 2002, the Company entered into purchase agreements with four of the five Russian

shareholders (holding, in aggregate 44.17% of the shares of Omolon Gold Mining Corporation (“Omolon”)).

The four shareholders agreed to tender their shares in Omolon and Omolon agreed to pay them $43.5

million for said shares. As at February 25, 2003, 38.17% of the shares have been tendered leaving 6.0%

remaining. Once all of the shares described above have been tendered and cancelled, the Company will own

98.10% of Omolon.

After reflecting the above transactions, estimated gold equivalent production for the Company from the

Kubaka mine in 2003 is 188,000 ounces at total cash costs of approximately $190 per ounce.



The Company’s share of capital expenditures at the Kubaka operations in 2002 were $0.1 million compared

to $0.4 million during 2001. The Company’s share of planned capital expenditures for 2003 are estimated to

be $1.5 million that will be utilized to acquire underground mining equipment for the underground mining

program.

Refugio Mine

The Company acquired a 50% interest in the Refugio open pit mine, located in Chile in 1998. The

Company’s share of gold equivalent production was 13,047 ounces in 2002 compared to 67,211 in 2001. In

2002, total cash costs were $186 per ounce of gold equivalent compared to $242 in 2001. Production

decreased in 2002 as no new ore was added to the leachpad and the only production came from residual

leaching. In late 2002, the Company began an exploration program at the Refugio mine. The purpose of the

program is to increase the reserves at Refugio to allow the Company to revisit the project economics in light

of higher spot gold prices. Initial drilling has been successful and the Company and its joint venture partner

will spend the next few months completing further drilling, analyzing the data generated and preparing a

reopening study decision document. A decision to reopen is expected to be made during the third quarter of

2003, which if approved, should allow production to resume in 2004.

Blanket Mine

The Blanket mine, located in Zimbabwe, was acquired in 1993. Gold equivalent production in 2002 was

41,612 ounces compared to 39,592 ounces in 2001. Total cash costs were $243 per ounce of gold

equivalent in 2002, compared to $279 in 2001. Gold equivalent production increased in 2002 as milling of

historic tailings that were purchased, subject to a tonnage royalty, from a nearby mine continued for the

entire year. Inflationary pressures within Zimbabwe continued in 2002. The mine continues to operate and is

self-sustaining at present. The Company continues to believe that conditions will improve in Zimbabwe. The

Company commenced equity accounting of this investment in 2002 following the write-down in 2001.



Estimated 2002 production is 35,000 gold equivalent ounces at total cash costs similar to those incurred in

2002.

Other Operations

In late 1999, the Company entered into an agreement, whereby it would contribute cash while its partner

would contribute technology and the required patents to construct an Autoclaved Aerated Concrete (“AAC”)

plant near Phoenix, Arizona. Construction of the plant was completed 2001. AAC is a lightweight, high

strength building block manufactured from silica mine tailings. Activities in 2002 were primarily marketing

and engineering related, plant modifications and manufacturing of AAC. The plan for 2003 is to continue to

establish demand for the product, with the expectation of earnings and positive cash flow from this venture

in 2004.

The Company has expensed start-up activities, including pre-production losses and organizational costs as

incurred.

Administration

Administration costs include corporate office expenses related to the overall management of the business

which are not part of direct mine operating costs. Administration costs include the costs incurred at two

offices. These offices are the corporate office in Toronto and the United States office in Salt Lake City.

Administration expenses totaled $11.3 million in 2002, compared to $10.1 million in 2001. The 2002

administrative expenses increased due to increased staffing in anticipation of completing the combination

with TVX and Echo Bay. Due to completion of the combination, annual administration expenses in 2003 are

expected to be approximately $17.0 million.

Exploration and Business Development

Total expensed exploration and business development expenditures were $11.6 million in 2002 compared to

$7.9 million in 2001. In 2002, exploration activities increased as the flow through funds raised in late 2001

and committed for exploration were spent. Exploration activities in 2002 primarily focused around Fort Knox,

the Porcupine Joint Venture, Kubaka (Birkachan and Tsokol), and George/Goose Lake. Upon completion of

the combination, and as a result of higher spot gold prices, 2003 planned exploration expenditures are

estimated at $20.0 million

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization totaled $85.3 million in 2002 compared to $85.8 million in 2001.

Depreciation, depletion and amortization have increased per equivalent ounce of gold to $101 in 2002, from

$94 in 2001. The 2002 increase per equivalent ounce of gold compared to 2001 was primarily due to the

reduced production at Refugio in 2002 since the Refugio mine carried a low depreciable basis. Based on the



preliminary purchase equation, depreciation, depletion and amortization on a per ounce basis are expected

to remain at current levels in 2003.

Interest Expense

Interest expense totaled $5.0 million in 2002, compared to $9.1 million in 2001. Interest expense in 2002 is

comprised of $0.3 million relating to the Company’s proportionate share of interest on the Kubaka project

loans, $1.5 million of interest on the Alaskan industrial revenue bonds and the Fort Knox capital leases, $2.6

million of interest on the debt component of the convertible debentures and $0.6 million on other items.

Interest expense decreased in 2002 due to lower debt balances outstanding and lower interest rates.

Interest expense will continue to decrease since rates remain low and debt balances continue to decrease as

scheduled repayments are made.

Share of Loss of Investee Companies

Share of loss of investee companies totaled $0.6 million in 2002, compared to $2.2 million in 2001. The

Company equity accounts investments where it owns more than 20% and exercises control. During 2002,

the Company’s share of the losses of these equity accounted investments was $0.6 million, substantially less

than recorded amounts in 2001. Future statements of operations should have no reported share of loss of

investee companies as the only remaining equity accounted investment, Pacific Rim, has been equity

accounted to a zero basis.

Write-down of Property Plant and Equipment and other non-cash charges

Impairment analysis for the operating assets consisted of comparing the estimated undiscounted future net

cash flows on an area of interest basis with its carrying value, and when the future net cash flows are less, a

non-cash write-down is recorded. Over the past three years gold has averaged $287 per ounce and closed

the year at $343 per ounce. Subsequent to the end of 2002, gold has continued to trade above $340 per

ounce. In addition to current and historical spot gold prices, the Company reviewed analysts’ reports and

participated in external surveys. As a result of this trend, and external survey expectations for spot gold

prices, the Company used an assumption of $325 per ounce for gold for impairment analysis in 2002,

compared to $300 per ounce in 2001.

Non-cash property, plant and equipment write-downs and other non-cash charges totaled $7.7 million in

2002 compared to $16.1 million in 2001. The 2002 write-down and other non-cash charges was required to

increase reclamation provisions at the closure properties to revised year-end estimates. The 2001 write-

down was comprised of $11.8 million relating to the Blanket mine due to the extreme inflationary pressures

within Zimbabwe, difficulty in accessing foreign currency to pay for imported goods and services, and civil

unrest. The balance of the 2001 write-down was on other non-core closure properties.

Income and Mining Taxes

The Company is subject to tax in various jurisdictions including Canada, the United States, Russia,

Zimbabwe and Chile. However, the Company has substantial operating losses and other tax deductions to

shelter future taxable income. The 2002 liability arises from income taxes in Russia and federal large

corporations tax in Canada.

Liquidity and Financial Resources

Operating Activities

Cash flow provided from operating activities was $62.9 million in 2002 compared to $74.5 million in 2001.

The 2001 cash flow from operating activities was positively affected by higher sales prices per ounce of gold

sold. The 2002 cash flow from operating activities was used to finance capital expenditures and service

existing debt.

Financing Activities



During 2002, the Company issued 24.3 million post-consolidation common shares and 25.0 million common

share purchase warrants (3 warrants to purchase one post-consolidation share) for net proceeds of $111.6

million, and 0.3 million post-consolidation common shares for net proceeds of $1.2 million pursuant to the

employee share incentive plan. During 2001, the Company issued 8.1 million post-consolidation common

shares valued at $23.2 million to acquire 945,400 convertible preferred shares of subsidiary company. In

addition, in 2001, the Company issued 1.4 million post-consolidation common shares for cash consideration

of $4.6 million pursuant to a private placement, issued 1.3 million post-consolidation common shares valued

at $3.8 million to acquire mining properties, and issued 0.4 million post-consolidation common shares

valued at $0.9 million pursuant to the employee share incentive plan. All of the share amounts have been

retroactively adjusted for the three for one consolidation that was completed on January 31, 2003.

The debt component of convertible debentures was reduced by $5.1 million during 2002 compared to $5.4

million during 2001. Long-term debt repayments were $28.5 million in 2002 compared to $46.5 million

during 2001.

The Company did not declare nor pay any dividends to the holders of the convertible preferred shares of

subsidiary company in 2002 or 2001.

The Company completed an equity offering in February 2002, resulting in the issue of 7.7 million post-

consolidation common shares from treasury for net proceeds of $18.5 million. The majority of funds raised

were used to complete a $16.00 per share cash tender offer for the convertible preferred shares of a

subsidiary company owned by non-affiliated shareholders. The tender offer process closed on April 4, 2002

with 670,722 convertible preferred shares of subsidiary company tendered leaving 223,878 or 12.2%

outstanding to non-affiliated shareholders. In 2001, the Company acquired 945,000 convertible preferred

shares of subsidiary company by issuing from treasury 8.1 million post-consolidation common shares of the

Company valued at $23.2 million. Included in the carrying value of the Kinam preferred shares, as at

December 31, 2001, is an accrual of $2.2 million that represents the cumulative unpaid dividends to the

minority holders.

The Company had restricted cash of $21.1 million at December 31, 2002. The restricted cash is derived

from two sources, the first being $8.9 million of cash securing letters of credit issued in excess of the

maximum allowable under the credit facility. The remaining $12.2 million represents the Company’s share of

restricted cash subject to a court ordered freeze in Russia. The court ordered freeze was as a result of

challenges brought to Omolon alleging that the original issuance of shares was flawed and therefore, null

and void. On January 8, 2003, the claim was dismissed and the restrictions on cash were released.

As at December 31, 2002, the Company had a $30.0 million operating line of credit in place with a bank

syndicate, which is utilized for letters of credit purposes. As at December 31, 2002, $38.5 million of letters

of credit were issued under this facility, requiring the Company to restrict $8.9 million of cash. On February

27, 2003, the Company entered into a new credit facility for $125.0 million with a maturity date of

December 31, 2005. The credit facility is secured by the Company’s Fort Knox mine and shares in various

wholly owned subsidiaries. The purpose of the credit facility is to issue letters of credit to various regulatory

agencies to satisfy financial assurance requirements to which the Company is subject. The Company is

currently in the process of issuing new letters of credit under this facility to replace outstanding surety

bonds. The Company anticipates that this credit facility will be available to replace all of the surety bonds

issued by TVX, Echo Bay, and the Company and, as a result, releasing all remaining restricted cash.

As at December 31, 2002, the Company’s long-term debt consists of $2.6 million relating to the Kubaka

project financing, $25.0 million of IRB’s and various capital leases, and other debt of $8.6 million. The

current portion of the long-term debt is $23.3 million.

Investing Activities

Capital expenditures decreased by 26% in 2002 as $22.6 million was spent on capital additions, compared

to $30.4 million in 2001. The 2002 capital expenditures focused primarily on the Porcupine Joint Venture

and Fort Knox operations, with 96% of total capital expenditures incurred at these two mines. Capital

expenditures at the Porcupine Joint Venture in 2002 were required to further advance the 1060 ramp at the

Hoyle Pond mine, underground development drilling at the Hoyle Pond mine, surface fleet additions, and



plant modifications at the Dome Mine. At the Fort Knox mine, the majority of capital expenditures for 2002

were required to construct a tailings thickener for a cost of $6.9 million, construct an additional lift on the

tailings impoundment dam totaling $3.2 million, and capitalized exploration at the True North and Fort Knox

mines of $2.7 million. Capital expenditures were financed out of cash flow from operating activities. Planned

capital expenditures including additions to the newly acquired TVX and Echo Bay mines are estimated at

$74.0 million in 2003 and are to be funded from cash flow from operating activities.

Mineral Reserve Estimates

The following tables provide 

Toronto, Ontario -

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

(“Kinross” or the “Company”)

announced today the results for the three months and year ended December 31, 2002 are as follows:

q

Financials

All results are expressed in United States dollars unless otherwise stated. Since the combination of Kinross,

TVX Gold Inc. (“TVX”) and Echo Bay Mines Ltd. (“Echo Bay”) became effective on January 31, 2003, this

press release relates to Kinross prior to the combination and as such, the financithe Company’s proforma share of reserves as at December 31, 2002, calculated

at a gold price of $300 per ounce. Excluding the effect of the combination with TVX and Echo Bay, and

excluding the TVX Newmont JV purchase, proven and probable reserves declined by 356,000 ounces of gold

compared to 2001. Mining activity consumed 891,200 ounces of gold from reserves to produce 888,634

ounces of attributable gold equivalent in 2002. Reserve depletion was partially offset by proven and

probable reserve additions at both Fort Knox and the Porcupine Joint Venture

At Fort Knox and area, proven and probable reserves were reduced by 405,000 ounces, primarily as a result

of consumption 417,000 ounces of gold from reserves to produce 410,519 ounces of gold in 2002. In

addition, 225,000 ounces of gold contained in proven and probable reserves at Ryan Lode were re-classified

to measured and indicated resources. Pit design changes reduced reserves by 76,000 ounces of gold, while

new drilling added 313,000 ounces of gold to reserves at Fort Knox.

At the Porcupine Joint Venture, production consumed 207,300 ounces of gold from proven and probable

reserves, producing 189,464 ounces of attributable gold for 2002. Proven and probable reserves increased

by 32