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Kinross agrees to sale of Kubaka

Toronto, Ontario, October 26, 2007

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

announced today that its wholly-owned subsidiary, Kinam Magadan Gold Corporation, has

entered into a Memorandum of Understanding with OAO Polymetal under which Polymetal

has agreed to purchase all of the shares held by Kinam Magadan in OAO Omolon Gold

Mining Company (representing approximately a 98.1% interest) for a purchase price of US

$15,000,000, plus a variable royalty on future production from the Kubaka gold mine

properties, subject to certain terms and conditions.

OAO Omolon’s assets include the Kubaka gold mine and related mining licences, located in

the Magadan Region in the Far East of the Russian Federation. The Kubaka gold mine began

commercial production in 1997 and ceased mining operations in 2005.

“Kubaka made a significant contribution to Kinross over the years and has given us

invaluable experience in Russia for more than a decade, which has served us well as we

proceed with development of our Kupol project,” said Tye Burt, President and CEO of

Kinross. “I want to acknowledge our current and former Kubaka employees for their efforts

and many contributions.”

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Media Contact:

Steve Mitchell

Director, Corporate Communications

(416) 365-2726

Investor Relations:

Erwyn Naidoo

Director, Investor Relations

(416) 365-2744

KINROSS GOLD CORPORATION