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
Third Quarter Production On Plan;
Reserves Increase 56% at Paracatu in Brazil
All dollar amounts are expressed in US dollars, unless otherwise noted.
November 21, 2005, Toronto, Ontario – Kinross Gold Corporation
(TSX-K; NYSE-
KGC) ("Kinross" or the "Company")
announced today that gold equivalent production for the
third quarter 2005 was 406,192 gold equivalent ounces, bringing year-to-date production to an on-
plan total of 1,230,272 gold equivalent ounces.
Kinross has released preliminary unaudited restated results for 2003, and preliminary, unaudited
results for 2004, however the Company has not yet filed its audited financial statements for the
year ended December 31, 2004 as a result of the review of the accounting treatment for the
goodwill associated with the TVX Gold/Echo Bay merger. Kinross is currently working with its
auditors to finalize these financial statements and believes that it will file them within the next two
weeks. Kinross will then file its interim financial statements for 2004 and 2005, in sequence,
followed by other required filings. As a result, Kinross is not yet in a position to deliver financial
statements for the third quarter. Kinross will continue to provide bi-weekly updates on our progress
with filing the financial statements until such a time as the Company is current with all filing
obligations.
Operations Update
KINROSS’ SHARE OF GOLD EQUIVALENT PRODUCTION
% Ownership
Third Quarter
2005
2004
88,298
98,357
38,747
37,749
48,366
27,701
24,055
20,877
-
15,811
-
6,234
406,192
84,738
107,599
45,079
16,603
23,374
35,129
23,858
19,020
9,079
21,698
23,485
2,532
412,196
Year-to-date
2005
2004
248,677
294,495
143,112
119,885
132,227
92,077
72,400
61,824
-
54,446
-
11,129
1,230,272
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
Fort Knox
Round Mountain
Porcupine JV
Kubaka
Paracatu
1
La Coipa
Crixas
Musselwhite
New Britannia
Kettle River
Lupin
Refugio
1.
100%
50%
49%
98.1%
100%
50%
50%
32%
50%
100%
100%
50%
Operating information for 2004 reflects the 49% ownership interest of Paracatu. The remaining 51% was purchased
on December 31, 2004.
  PDF to HTML - Convert PDF files to HTML files
The forecast for full year production in 2005 remains at 1.6 million gold equivalent ounces.
Aggregate production costs are currently forecast to be approximately $440 million, which would
result in a total cash cost of approximately $275 per ounce.
Tye Burt, President and C.E.O., said, “I am pleased to see the operations continuing to meet
planned production rates. Costs are higher than plan primarily due to rising energy costs and a
one-time event at La Coipa. On the growth front, the drilling program at Paracatu has been a great
success, and I am looking forward to reviewing the expansion plans for this operation early next
year.”
Earlier this year, Kinross' Board of Directors approved funding for basic engineering for a semi-
autogenous grinding (“SAG”) mill expansion project at the
Paracatu
mine in Brazil. The mill is
planned to be expanded over a four-year period from its current capacity of 17 million tonnes per
year.
SNC Lavalin Engineers & Constructors and Minerconsult Engenharia have been
commissioned to complete the basic engineering, currently underway in Belo Horizonte, Brazil.
After basic engineering is completed in early 2006, a final capital cost estimate will form the basis
for a final decision by Kinross’ Board of Directors in 2006.
At
Round Mountain,
pre-stripping for a new layback program has begun in order to expand the
Round Mountain open pit. Ore from this layback is expected to benefit production in late 2006.
Meanwhile, Round Mountain will continue to mine the existing pit and stockpiles. Work is also
proceeding on the underground decline to allow for exploration drilling of targets below the Round
Mountain pit. This exploration decline is expected to reach its anticipated depth in three to six
months and once exploration drilling commences, it is expected to last into the fourth quarter of
2006.
At the
Porcupine Joint Venture,
Pamour open pit development has been completed. The bridge
was completed in the third quarter and highway construction is scheduled to be completed in 2006.
Capital expenditures for the Pamour project are now estimated to be $90.8 million to 100%. The
Winze project at the Hoyle Pond underground mine was commissioned in the third quarter of 2005.
At the
La Coipa
mine in Chile, pre-stripping at the Puren deposit is going well, with ore production
expected in the third quarter of 2006. Ore is still being mined from the Coipa Norte pit. After a
recent series of rock slides, geotechnical engineering was initiated with a consulting firm in order to
develop a plan that ensures pit wall stability in the Coipa Norte and Breccia Norte pits. This plan
will be completed in the near future. As a result of the pit wall remediation activity, costs at La
Coipa are running well ahead of plan. It is anticipated that approximately 40,000 gold equivalent
ounces (to 100%) contained in the Breccia Norte pit may not be recoverable after remedial work is
completed.
Commissioning of the expanded facilities at the
Refugio
mine in Chile continues to ramp up. The
mine is expected to achieve its continuous production rate of 40,000 tonnes per day by year end
2005. The plant has processed in excess of 40,000 tonnes on a number of days during the
quarter. Total capital costs for the recommissioning are anticipated to be $100 million, plus $34 for
the lease of a new mining fleet (to 100%).
Cash balances are approximately $82 million and available credit on our revolving facility is
approximately $38 million.
Page
2
  PDF to HTML - Convert PDF files to HTML files
Capital Expenditures
(Kinross’ account)
To September 31, 2005, the status of major capital programs for the Company
(US millions)
:
Fort Knox
Refugio
Porcupine JV
YTD
Sept. 31, 2005
$ 33
26
21
Forecast Full
Year 2005
$ 45
30
22
Description
Phase VI development
Final re-start capital
Hoyle Pond Winze, underground
development, Pamour development
Ball mill refurbishment, expansion
engineering
Paracatu
Other
Total
16
16
$ 112
30
38
$ 165
Reserves Increase at Paracatu, Brazil
The drilling program at Paracatu which began in January has increased estimated proven and
probable reserves to 13.3 million ounces based on a gold price of $400 per ounce, an increase of
4.8 million ounces compared to December 31, 2004 reported reserves.
“The drilling program at Paracatu in the target zone west of Rico Creek has delivered the tonnes,
grade, and ultimately the ounces that we expected when we began the program in January, right
after we purchased the remaining 51% of the property”, said Ron Stewart, Senior Vice President
Exploration for Kinross. “We expect to have additional results from deepening the shallow holes in
the existing open pit, and from some additional targets, which would be incorporated into our future
plans.”
Page
3
  PDF to HTML - Convert PDF files to HTML files
Paracatu Estimated Resource and Reserve Update as at October 31, 2005
Classification
Proven and Probable
Measured and Indicated
Price
($US)
$ 400
$ 450
Ore
(tonnes x 1,000)
946,974
121,906
Grade
g/t
0.44
0.43
Contained
Ounces
13,280,000
1,677,000
Resources and Reserves assume a foreign exchange rate of 2.65 Reais per US dollar.
Paracatu Estimated Resource and Reserve as at December 31, 2004
Classification
Proven and Probable
Measured and Indicated
Price
($US)
$ 350
$ 400
Ore
(tonnes x 1,000)
604,411
2,292
Grade
g/t
0.44
0.30
Contained
Ounces
8,463,000
22,000
Resources and Reserves assume a foreign exchange rate of 3.13 Reais per US dollar.
Estimated Difference - December 31, 2004 to October 31, 2005
Classification
Proven and Probable
Measured and Indicated
Price
($US)
$ 400
$ 450
Ore
(tonnes x 1,000)
342,563
119,614
Grade
g/t
0.44
0.43
Contained
Ounces
4,817,000
1,655,000
Resources are exclusive of reserves
In addition to the estimated measured and indicated resources at a gold price of $450 at October
31, 2005, estimated inferred resources total 122,981,000 tonnes at an average grade of 0.43
grams per tonne.
This is compared to estimated inferred resources of 71,881,000 tonnes
averaging 0.40 grams per tonne at a gold price of $400 at December 31, 2004.
Other Developments
On November 4, 2005, the Company settled the litigation associated with the Alpha group
regarding the Hellenic mines for $8 million. The estimated cost for settlement of the litigation was
provided for in the preliminary unaudited December 31, 2004 financial statements which Kinross
released on October 20, 2005.
Mineracao Serra Grande S.A., the operator of the Crixas mine in Brazil, has received assessments
from the State of Goias Tax Inspection related to payments of sales taxes on gold deliveries for
export. Kinross’ share of the assessment is approximately $29 million. Kinross’ joint venture
partner, AngloGold Ashanti, the operator of the mine, and their counsel, believe the assessments
are in violation of Federal legislation on sales taxes and that there is a remote chance of success
for the State of Goias. The assessment has been appealed.
Page
4
  PDF to HTML - Convert PDF files to HTML files
Conference Call Details
Kinross will host a conference call on Tuesday, November 22, 2005 at 1:15 pm EST to discuss the
third quarter press release.
To access the call, please dial:
Toronto and internationally
– (416) 644-3414
Toll free in North America
– 1-800-814-4860
Replay: (available Nov 22 – Dec 8, 2005) Passcode - 21163976#
Toronto and internationally
– (416) 640-1917
Toll free in North America
– 1-877-289-8525
The conference call will be available on a listen-only basis and will also be archived at
www.kinross.com.
For additional information, e-mail
info@kinross.comT
or contact:
Christopher T. Hill
Senior Vice President,
Corporate Communications
Tel. (416) 365-7254
Tracey M. Thom
Director, Investor Relations
& Communications
Tel. (416) 365-1362
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 Kinross’ financial
statements for its fiscal year ended December 31, 2003, potential mineralization and reserves, exploration
results and future plans and objectives of Kinross Gold Corporation, 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. Any restatement of historical financial statements is dependant on the outcome of the
independent valuation of the acquired assets, and Kinross does not know what that outcome will be. Other
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
Canadian Securities Regulators, the United States Securities and Exchange Commission and other
regulatory authorities.
Technical information contained in this press release has been reviewed by Rod Cooper, Vice President,
Technical Services for Kinross, who is a “Qualified Person” under National Instrument 43-101.
Total cash costs are a non-GAAP measure intended to provide investors with information about the
operating efficiency of current mining operations. Management uses this measure for the same purpose and
for monitoring performance of its gold mining operations. Total cash costs per ounce is a standard gold
mining industry measure that was developed in conjunction with the Gold Institute in an effort to provide a
level of comparability among precious metals producers. This measure differs from earnings determined in
accordance with Generally Accepted Accounting Principles (“GAAP”) and should not be considered in
isolation or a substitute for measures of performance determined in accordance with GAAP. Total cash costs
may reflect adjustments for items that are recurring such as change in inventory and site restoration cost
accruals. A reconciliation of total cash costs with operating costs per the consolidated financial statements
will be published by the Company once its December 31, 2004 year end financial statements are available.
Page
5
  PDF to HTML - Convert PDF files to HTML files
Production Summary Table
As At: September 30, 2005
100% Basis
Mine
North America
Fort Knox
Round Mountain
Porcupine
Musselwhite
Kettle River
South America
Paracatu
La Coipa
Crixas
Refugio
Other
Kubaka
Other Locations
98.1%
2005 YTD
Kinross' share
Grade
(g/t)
Interest
Year
Ore
mined
(000 tonnes)
Ore
processed
(000 tonnes)
Recovery
(%)
Gold equiv.
production
(ounces)
Est. Reserve and Resource
Summary
1
(K share)
Proven &
Measured
Probable
& Indicated
(000 ounces)
(000 ounces)
100%
50%
49%
32%
100%
2005 YTD
2004
2005 YTD
9,641
10,927
22,503
35,820
11,593
13,752
1,345
2,340
222
318
12,753
17,281
2,248
3,769
562
746
3,521
-
9,716
13,239
46,011
67,065
3,201
3,995
1,089
1,459
223
341
12,367
17,342
4,805
6,562
562
746
2,713
-
0.91
0.94
0.75
0.65
2.97
3.35
5.70
5.30
8.70
9.80
0.40
0.4
1.00
1.1
8.40
8.2
0.87
-
87.2%
84.2%
66.0%
92.9%
91.8%
95.2%
95.8%
90.1%
89.7%
77.5%
76.8%
80.0%
81.2%
95.4%
95.4%
68.0%
-
248,677
338,334
294,495
387,785
143,112
193,799
61,824
76,640
54,446
96,789
132,227
92,356
92,077
150,887
72,402
93,540
11,129
9,809
2,858
1,475
1,685
607
54
842
620
1,668
152
-
2004
2005 YTD
2004
2005 YTD
2004
2005 YTD
2004
100%*
49%
50%
50%
50%
2005 YTD
2004
2005 YTD
13,280
506
432
1,717
1,677
442
110
797
2004
2005 YTD
2004
2005 YTD
2004
2004
2004
343
178
646
778
5.93
5.1
97.4%
97.2%
119,880
123,616
90,229
258
1,356
12
3,522
* Kinross increased it's ownership in Paracatu to 100% on December 31, 2004.
1. Reserves (Au $350/oz) and resources (Au $400/oz) are as at December 31, 2004, except for Paracatu (2P - Au $400/oz; M&I - Au $450/oz), which is as of October 31,
2005. Please note: Paracatu reserves include production depletion from January - October, 2005 where the other mines do not include production depletion for that period.
  PDF to HTML - Convert PDF files to HTML files
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
Third Quarter Production On Plan;
Reserves Increase 56% at Paracatu in Brazil
All dollar amounts are expressed in US dollars, unless otherwise noted.
November 21, 2005, Toronto, Ontario – Kinross Gold Corporation
(TSX-K; NYSE-
KGC) ("Kinross" or the "Company")
announced today that gold equivalent production for the
third quarter 2005 was 406,192 gold equivalent ounces, bringing year-to-date production to an on-
plan total of 1,230,272 gold equivalent ounces.
Kinross has released preliminary unaudited restated results for 2003, and preliminary, unaudited
results for 2004, however the Company has not yet filed its audited financial statements for the
year ended December 31, 2004 as a result of the review of the accounting treatment for the
goodwill associated with the TVX Gold/Echo Bay merger. Kinross is currently working with its
auditors to finalize these financial statements and believes that it will file them within the next two
weeks. Kinross will then file its interim financial statements for 2004 and 2005, in sequence,