40 King Street West, 52 Floor

Toronto, ON M5H 3Y2

Tel: 416 365 5123

Fax: 416 363 6622

Toll Free: 866-561-3636

nd

PRESS RELEASE

Kinross Announces Improved Earnings and

Cash Flow for the Third Quarter of 2004

October 28, 2004…Toronto, Ontario – Kinross Gold Corporation

(TSX-K; NYSE-KGC)

(“Kinross” or the “Company”) announced today the unaudited results for the three and nine

months ended September 30, 2004, as follows:

THIRD QUARTER HIGHLIGHTS

(US dollars, unaudited)

•

Earnings of $9.4 million, or $0.03 per share, for the third quarter and $29.2 million, or $0.08

per share, for the first nine months of 2004.

•

Cash flow provided from operating activities of $62.5 million.

•

Cash and short-term investments increased $26.2 million to $213.9 million.

•

Production of 412,196 gold equivalent ounces at total cash costs

1

of $239 per ounce. Annual

production target of approximately 1.7 million gold equivalent ounces at total cash costs in

the range of $235 to $240.

•

Capital expenditures of $46.9 million in the third quarter, $109.7 million in the first nine

months. Total expenditures expected to be $167.9 million for the year.

1. Total cash costs per equivalent ounce of gold is furnished to provide additional information and is a non-GAAP measure. This

measure should not be considered in isolation as a substitute for measures of performance prepared in accordance with

generally accepted accounting principles and is not necessarily indicative of operating expenses as determined under generally

accepted accounting principles. This measure is intended to provide investors with information about the cash generating

capabilities (realized revenue, net of total cash costs per ounce) of the mining operations. The Company uses this information

for the same purpose and for assessing the performance of its mining operations. Mining operations are capital intensive. The

measure total cash costs excludes capital expenditures but is reconciled below to total operating costs for each mine. Capital

expenditures require the use of cash in the current period, and in prior periods and are discussed in the Company’s filings.

Scott Caldwell, Executive Vice President & Chief Operating Officer said, “Operating costs are

coming in a little higher than we expected at the start of the year, primarily due to higher fuel

costs and higher costs for grinding media and reagents. Through our continuous improvement

program, we are always looking for ways to reduce costs and reduce our use of materials in our

processes. We are also focusing on putting the buying power of all our operations together in

order to get better pricing on the items we use. As a result of these cost pressures, total cash

costs are expected to be in the $235 - $240 range for 2004.”

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

are presented based on Canadian Generally Accepted Accounting Principles (“CDN GAAP”). This press

release is to be read in conjunction with the third quarter Management’s Discussion and Analysis

(“MD&A”) and the Notes to the Financial Statements (“Notes”) for the three and nine months ended

September 30, 2004. The MD&A and Notes can be found on our website at www.kinross.com and will be

filed on SEDAR at www.sedar.com and EDGAR at www.edgaronline.com prior to the filing deadline of

November 15, 2004. Readers are cautioned that results presented in this press release are preliminary

and may differ from results filed with regulatory authorities.



Key Financial Highlights

(in millions of United States dollars, except per share amounts)

(Unaudited, Canadian GAAP)

Three months ended

September 30,

2004

2003

$

$

$

$

$

175.5

$

9.4

$

9.4

$

62.5

$

0.03

$

346.2

153.8

(6.2)

8.1

36.8

0.03

323.4

$

$

$

$

$

Nine months ended

September 30,

2004

2003

486.0

$

29.2

$

29.2

$

105.8

$

0.08

$

346.0

428.6

(23.7)

(13.7)

70.8

(0.05)

297.4

Financial Results

(millions except per share amounts)

Mining revenue

Net earnings (loss)

Net earnings (loss) attributable to common shares

Cash flow provided from operating activities

Net earnings (loss) per share - basic

Weighted average common shares outstanding - basic

Kinross today reported consolidated net earnings of $9.4 million, or $0.03 per share, for the third

quarter of 2004 compared with net loss of $6.2 million for the corresponding period in 2003.

After accounting for the repayment of the convertible debentures, net earnings attributable to

common shares were $8.1 million (0.03 per share) for the third quarter of 2003. During the

second quarter of 2004, the Company closed out the remainder of its gold hedge book at a cost

of $9.6 million, which was deferred on the balance sheet. In the third quarter of 2004, $3.5

million was recognized in earnings with the remaining $6.1 million to be recognized over the

next nine months.

Mining Revenue Analysis

(in millions, except per ounce amounts)

(Unaudited, Canadian GAAP)

Three months ended

September 30,

2003

2004

412,196

425,443

171.3

(2.9)

168.4

403

(7)

396

401

7.1

175.5

426,110

405,561

146.8

0.6

147.4

362

1

363

363

6.4

153.8

Nine months ended

September 30,

2003

2004

1,229,300

1,191,306

$

469.9

(1.8)

$

468.1

$

394

(2)

$

392

$

401

$

17.9

$

486.0

1,213,875

1,176,573

$

410.9

1.7

$

412.6

$

349

2

$

351

$

354

$

16.0

$

428.6

Gold equivalent production – ounces

Gold sales – ounces

Gold sales – revenue

Gold deferred revenue realized

Total gold revenue realized

Average sales price per ounce of gold

Deferred revenue realized per ounce of gold

Average realized price per ounce of gold sold

Average spot gold price per ounce

Silver sales revenue

Total gold and silver revenue

$

$

$

$

$

$

$

$

$

$

$

$

$

$

Mining revenue of $175.5 million in the third quarter of 2004 was higher than the $153.8 million

recorded in the same period of 2003 primarily as a result of the 8% increase in realized gold

price and increased sales.

Operating costs increased 5% to $113.0 million in the third quarter of 2004 as compared with

the third quarter of 2003 due to higher fuel and power costs and the impact of the exchange

rates on non-US dollar based operating costs.

The following table reconciles operating costs per consolidated financial statements to total

cash costs per equivalent ounce of gold presented above.

Kinross Gold Corporation

Third Quarter Press Release

Page 2



Total Cash Cost Reconciliation

(millions except production in ounces and per ounce amounts)

Three months ended

September 30,

2003

2004

$

Nine months ended

September 30,

2003

2004

Operating costs per financial statements

Accretion expense

Change in bullion inventory

Operating costs not related to gold production

Total cash costs for per ounce calculation purposes

Gold equivalent production – ounces

Total cash costs per equivalent ounce of gold

113.0 $ 107.2 $

310.1 $

302.6

(2.2)

(2.4)

(6.6)

(6.9)

(8.4)

2.2

(0.5)

(7.3)

(3.7)

(11.2)

(8.4)

(15.8)

$

98.7 $

95.8 $

294.6 $

272.6

412,196

426,110 1,229,300 1,213,875

$

239 $

224 $

240 $

224

Operations

Key Operating Highlights

(in United States dollars)

(Unaudited, Canadian GAAP)

Three months ended

September 30,

2004

2003

412,196

$

$

$

$

$

401

396

225

239

338

$

$

$

$

$

426,110

363

363

212

224

325

Nine months ended

September 30,

2004

2003

1,229,300

$

$

$

$

$

401

393

225

240

336

1,213,875

$

$

$

$

$

354

351

213

224

321

Operating Results

Gold Equivalent Production (000 ounces)

Per ounce data:

Average spot gold price

Average realized gold price

Cash operating costs

Total cash costs

Total production costs

Production and Cost Summary

Gold Equivalent Production (ounces)

Three months ended

Nine months ended

September 30,

September 30,

2003

2003

2004

2004

Fort Knox

Round Mountain

3

Porcupine

4

Kubaka

Paracatu

1, 3

1, 2

1, 2

Total Cash Costs ($/ounce)

Three months ended Nine months ended

September 30,

September 30,

2003

2003

2004

2004

$

229 $

223

229

320

231

302

134

267

193

255

305

227

-

Average $

239 $

249 $

209

204

206

214

235

105

265

325

-

395

-

-

224 $

258 $

211

228

288

220

274

128

267

284

241

326

220

-

240

$

250

188

215

195

189

256

103

257

306

-

407

-

221

224

84,738

107,599

45,079

16,603

23,374

35,129

23,858

19,022

9,079

21,698

23,485

2,532

-

412,196

98,518

97,468

57,779

43,144

23,577

42,890

24,216

18,593

8,235

-

11,690

-

-

426,110

239,725

302,137

150,171

84,983

69,810

108,132

69,809

56,171

23,652

69,407

48,382

6,921

-

1,229,300

291,157

277,838

165,323

120,770

66,242

99,667

63,923

46,157

25,060

-

56,008

-

1,730

1,213,875

La Coipa

1, 2

Crixás

1, 5

Musselwhite

1, 2

New Britannia

Kettle River

Lupin

2

Refugio

Denton-Rawhide

Total

1

Kinross Gold Corporation

Third Quarter Press Release

Page 3



1.

2.

3.

4.

5.

6.

Production and cost data for 2003 are for eight months from February to September.

Production reflects Kinross’ 50% ownership interest.

Production reflects Kinross’ 49% ownership interest.

Production reflects Kinross’ 54.7% ownership interest to February 28, 2003, and its 98.1% interest thereafter.

Production reflects Kinross’ 32% ownership interest.

Includes the Company’s share of Denton-Rawhide and Andacollo production attributable to the Pacific Rim (formerly Dayton)

ownership interest.

Total cash costs are a non-GAAP measure. For further information on this non-GAAP measure, please

refer to footnote 1 on page 1 and the “Total Cash Costs Reconciliation” table on page 3 of this press

release.

North America

Total cash costs in the first nine months of 2004 at Kinross’ Canadian mines (Porcupine, New

Britannia and Musselwhite) were higher compared to the same period 2003 as a result of the

appreciation of the Canadian dollar relative to the US dollar. Rising fuel costs also negatively

affected total cash costs at all of Kinross’ sites for the third quarter and year to date.

Gold production at

Fort Knox,

Alaska, was slightly above plan for the third quarter and year to

date primarily as a result of better than anticipated grades and recovery. Production for the third

quarter and first nine months of 2004, respectively, were 16% and 21% lower when compared

to the corresponding periods in 2003. The decrease in production resulted mainly from the

suspension of mining at True North in the first half of 2004. Rising fuel and energy costs and

lower production contributed to the increase in total cash costs for the third quarter and year to

date 2004.

Gold equivalent production at

Round Mountain

for the third quarter was at its highest level to

date. The mine achieved this milestone through improvements to the leaching process and

increased mill throughput despite encountering slightly lower grades and recovery. Year to date

gold equivalent production was approximately 9% higher than the same period in 2003 as a

result of more ore being placed on the dedicated leach pads to offset milling and crushing

limitations experienced following the failure of an electrical transformer in July of 2003, which

was placed back into service in the beginning of February of 2004. Total cash costs for the third

quarter and first nine months of 2004 were higher than similar periods in 2003 as a result of

increased fuel, power and reagent prices and royalty payments due to the improved gold price.

At

Porcupine

gold equivalent production for the third quarter and first nine months of 2004 was

lower than the corresponding period of 2003 as a result of cessation of mining operations at the

Dome underground which was partially offset by higher grades encountered at the Hoyle

underground and Dome open pit mines. Total cash costs for the third quarter and first nine

months of 2004 were higher reflecting the impact of higher fuel costs and the stronger Canadian

dollar versus the US dollar. Operating performance was better than expected for the first nine

months with production being essentially on plan and total cash costs being slightly below plan.

Construction is proceeding well, with new leach tanks completed, and the new ore haul road

between the Dome mine and Pamour is scheduled for completion in the fourth quarter of 2004.

Increased gold equivalent production at

Musselwhite

in the third quarter and first nine months

of 2004 compared with the same periods in 2003 is due to increased mill throughput which more

than offset lower than expected grades and recoveries encountered in the second quarter.

Kinross Gold Corporation

Third Quarter Press Release

Page 4



At

Kettle River

lower than plan grades and mill tonnage from stockpile contributed to the

shortfall in production and higher than expected total cash costs. More challenging ground

conditions than expected in the first quarter and ground support costs, higher fuel and other

consumable costs negatively impacted year to date production and total cash costs.

South America

Gold equivalent production at

La Coipa

decreased in the third quarter as compared to the same

period in 2003 as a result of lower grades and recoveries, partially offset by increased

throughput. Total cash costs increased 22% as a result of higher in-pit mining of waste rock

(stripping). Kinross’ accounting policy of expensing and not deferring these stripping costs

pushed total cash costs up in the third quarter this year compared to 2003. If stripping costs

had been deferred, total cash costs at La Coipa would have been lower by approximately $69

per ounce in the third quarter and $36 per ounce year to date. Stripping costs are expected to

rise further in the fourth quarter of 2004, and remain high through 2005.

Gold production for the third quarter and first nine months of 2004 at

Crixas

was essentially in

line with 2003 results. The increase in total cash costs for the third quarter and first nine

months of 2004 reflect changes in ore grade and lower plant throughput, which were partially

offset by higher recovery rates.

Russia

Inclement weather delays and a planned six-week shutdown of the mill at

Kubaka

affected gold

equivalent production in the third quarter and first nine months of 2004 compared to the same

periods of 2003. The increase in total cash costs in the third quarter and first nine months of

2004 compared to the same periods of 2003 reflect lower ounces processed as well as the

impact of higher transportation costs, equipment supplies and mill consumables, partially offset

by lower property taxes. High-grade ore from the Birkachan pit and increased mill feed in the

fourth quarter of the 2004 will improve production and total cash costs at Kubaka. Construction

of an all season road allowing Birkachan ore to be transported to the Kubaka processing facility

is expected to be completed early in the fourth quarter of 2004.

Exploration

The

Round Mountain

pit expansi