N

EWS

R

ELEASE

Growth projects advance as Kinross third-quarter

revenue increases 23 per cent

Toronto, Ontario, November 7, 2007

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

(“Kinross”, “Kinross Gold” or the “Company”), today announced its unaudited results for the three

and nine months ended September 30, 2007.

(This news release contains forward-looking information that is subject to the risk factors and assumptions set out in our Cautionary

Statement on Forward-Looking Information located on page 14 of this news release. All dollar amounts in this news release are

expressed in U.S. dollars, unless otherwise noted.)

Third Quarter Highlights

•

Production was 375,546 gold equivalent ounces in the third quarter of 2007, compared with

365,555 gold equivalent ounces for the same period last year. The Company expects 2007

annual production will be 1.6 million gold equivalent ounces versus the previously announced

forecast of 1.65 million ounces.

Revenue was $275.8 million in the third quarter, a 23% increase over the same period last

year. The average realized gold price was $

686

per ounce sold, as compared to an average

realized gold price of $621 per ounce sold in the third quarter of 2006.

Cost of sales per ounce

1

was $383 in the third quarter on sales of 402,895 gold equivalent

ounces compared with cost of sales per ounce of $321 on sales of 359,827 gold equivalent

ounces in the third quarter of 2006. The increase is due largely to industry-wide inflation in the

cost of energy and other consumables, production and cost challenges at the Porcupine and

Musselwhite operations, a production shutdown due to severe weather at the Maricunga

operation, unfavourable currency exchange impacts, and increased price-based royalties at

Round Mountain and Fort Knox. The Company expects the full-year cost of sales per ounce will

be $355-365 versus the previously announced full-year forecast of $330-340 per ounce.

Net earnings for the third quarter were $39.4 million, or $0.07 per share, compared with net

earnings of $50.3 million, or $0.14 per share, in the same period last year. The year-over-year

decrease in earnings per share is due largely to a 68% increase in the average number of

shares outstanding.

Cash flow from operating activities was $83.7 million in the third quarter of 2007 compared to

$85.8 million for the corresponding period in 2006. The cash position was $292.5 million at

September 30, 2007 compared to $154.1 million at December 31, 2006.

Capital expenditures totaled $185.2 million in the third quarter.

On September 25, 2007, Kinross announced an asset swap agreement with Goldcorp

Inc., which will substantially increase the Company’s ownership and control of its core

mines, strengthen its strategic position in Chile, and reduce its overall cost of sales.

Construction progressed well at Kupol and Paracatu, which remain on schedule to

commence production in mid-2008, and at Buckhorn, which remains on schedule to begin

production in the second half of 2008.

•

•

•

•

•

•

•

1. Cost of sales per ounce is defined as cost of sales as per the financial statements divided by the number of gold equivalent ounces sold.

KINROSS GOLD CORPORATION

www.kinross.com

40 King Street West, 52nd Floor

Toronto, Ontario, Canada

M5H 3Y2

TEL: 416-365-5123

FAX: 416-363-6622

TOLL FREE: 866-561-3636



CEO commentary

Tye Burt, Kinross President and CEO, made the following comments in relation to the third-

quarter 2007 results:

“We are pleased to record continued growth in production, revenue and earnings through the first

nine months of 2007. Overall, our operations continue to perform well in a strong gold price

environment. However, we are not immune to the cost pressures that affect our entire industry.

Several factors had a negative impact on our costs and earnings in the third quarter, including

production challenges at our Canadian joint ventures, weather and operating delays at our

Maricunga mine in Chile, currency-related cost increases, and higher royalties due to a higher

gold price.

“Going forward, our asset swap agreement with Goldcorp removes two of the higher cost

operations from our portfolio and will significantly improve our cost profile, while increasing

our ownership and operating control of our core mines.

“Most importantly, we made excellent progress at all projects during the quarter at our Paracatu,

Kupol and Buckhorn projects, all of which remain on schedule. Together, these projects will

increase Kinross’ production 60 per cent by 2009, the fastest growth rate of any major gold

producer, while substantially lowering our costs and improving our overall margins.

“Our existing operations remain firmly focused on managing the industry-wide cost pressures we

face today, with initiatives aimed at maximizing efficiencies and controlling costs, reducing energy

consumption, and extending mine life.

“As shown by our recent agreement with Linear Gold to partner on the promising Ixhuatan

exploration project, we continue to work aggressively to build on our growing reserve base to

ensure future development and growth, both on our own and with joint venture partners.”

Summary of financial and operating results

Three months ended

September 30

(dollars in millions, except per share and per ounce

amounts)

Nine months ended

September 30,

2007

1,204,723

1,219,611

$

811.6

$

2006

1,114,301

1,135,152

674.2

2007

375,546

402,895

$

275.8

$

2006

365,555

359,827

223.6

Gold equivalent ounces - produced

Gold equivalent ounces - sold

Metal sales

(a)

(a)

Cost of sales (excludes accretion and reclamation

expense, depreciation, depletion and

amortization)

$

Accretion and reclamation expense

Depreciation, depletion and amortization

Operating earnings

Net earnings

Basic earnings per share

Diluted earnings per share

Cash flow from operating activities

Average realized gold price per ounce

Cost of sales per equivalent ounce sold

(a)

154.4

3.1

33.5

73.3

39.4

0.07

0.07

83.7

686

383

$

$

$

$

$

$

$

$

$

$

115.6

25.8

25.0

60.8

50.3

0.14

0.14

85.8

621

321

$

$

$

$

$

$

$

$

$

$

431.0

9.1

100.2

203.2

160.9

0.30

0.29

268.4

667

353

$

$

$

$

$

$

$

$

$

$

362.5

31.7

81.2

156.3

124.8

0.36

0.36

200.8

593

319

$

$

$

$

$

$

$

$

(b)

$

Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market

prices for the commodities for each period. The ratio for the first nine months of 2007 was 50.80:1, compared with 53.61:1 for the first nine

months of 2006, and 53.56:1 for the third quarter of 2007 as compared to 53.12:1 for the third quarter of 2006.

Cost of sales per ounce is defined as cost of sales as per the financial statements divided by the number of gold equivalent ounces sold.

(b)

KINROSS GOLD CORPORATION

2007 Third-Quarter Results

Page 2



Revenue from metal sales increased 23% in the third quarter of 2007 over the second quarter

of 2006 from $223.6 million to $275.8 million, primarily as a result of a 10% increase in the

average realized gold price and a 12% increase in the number of ounces sold. The average

realized gold price in the third quarter of 2007 was $686 per ounce, compared with $621 per

ounce in the third quarter of 2006. The average spot price in the third quarter of 2007 was

$680

 

per ounce, compared with $622 per ounce in the corresponding period in 2006.

In the third quarter of 2007, Kinross produced 375,546 gold equivalent ounces, which was

3% higher than the comparable quarter in 2006. The increase year-over-year can be

attributed to additional production from the acquired Bema properties in Maricunga and

Julietta, combined with production increases from Fort Knox, Paracatu, Musselwhite, and La

Coipa. These increases were partially offset by declines in production at Round Mountain,

Porcupine Joint Venture and Crixas.

Cost of sales was $383 per gold equivalent ounce for the third quarter of 2007, which represents

an increase of 19% compared to the corresponding period in 2006. The increase in costs year-

over-year can be attributed primarily to: the higher cost of consumables at most operations;

reduced production due to operating problems at the Porcupine Joint Venture and weather-related

and operating delays at Maricunga; increased maintenance costs at the Porcupine Joint Venture

and Musselwhite; increased price-based royalties at Round Mountain and Fort Knox; and the

impact of strengthening currencies, most significantly the appreciation of the Canadian dollar and

the Brazilian real against the U.S. dollar.

Net earnings for the third quarter were $39.4 million or $0.07 per share, compared with earnings

of $50.3 million or $0.14 per share for the same period last year. Third-quarter 2007 net earnings

included: a non-hedge derivative loss of $10.2 million, net of tax; foreign exchange losses on

revaluation of foreign currency-based future tax liabilities of $12.6 million; and an additional $9.5

million for potential legal liabilities, which were largely offset by a gain of $30.7 million on the sale

of shares of Anatolia Minerals Development. These items had no net impact on earnings per

share.

General and administrative expenses were $16.2 million in the third quarter of 2007,

compared to $13.6 million in the third quarter of 2006. The increase is primarily related to

the appreciation of the Canadian dollar relative to the U.S. dollar, higher personnel costs,

costs related to the Bema acquisition, additional travel and consulting fees and increases in

technology costs.

Cash flow from operating activities for the third quarter of 2007 was $83.7 million,

compared with $85.8 million for the third quarter of 2006. The cash position was $292.5

million at September 30, 2007 compared to $154.1 million at December 31, 2006 and total

debt was $574.5 million at September 30, 2007 compared to $89.9 million at December 31,

2006.

KINROSS GOLD CORPORATION

2007 Third-Quarter Results

Page 3



Operations review and update

Three months ended September 30, 2007

Gold equivalent ounces

Produced

(in

US$ millions

)

Fort Knox

Round Mountain

Porcupine JV

Paracatu

La Coipa

Crixas

Musselwhite

Maricunga

Julietta

(b)

(c)

(d)

(a)

Sold

2006

81,348

85,975

42,869

43,649

28,233

24,063

18,031

29,883

3,141

-

8,363

-

365,555

2007

92,764

72,794

35,579

46,742

44,157

22,968

20,418

44,672

-

22,801

-

-

402,895

2006

86,519

87,377

40,494

45,047

23,209

23,360

17,936

26,129

935

-

8,821

-

359,827

$

$

Cost of sales

2007

31.4

24.9

18.7

17.1

12.1

6.3

10.0

21.2

-

12.7

-

-

154.4

$

2006

24.3

25.2

14.0

16.8

9.2

4.0

8.3

8.6

-

-

5.5

(0.3)

$ 115.6

$

$

Cost of sales/oz

2007

338

342

526

366

274

274

490

475

-

557

-

-

383

$

$

2006

281

288

346

373

396

171

463

329

-

-

624

-

321

2007

85,755

73,270

35,460

45,646

29,428

22,644

18,625

47,214

-

17,504

-

-

375,546

Kettle River

Other operations

Total

Corporate and other

Nine months ended September 30, 2007

Gold equivalent ounces

(in

US$ millions

)

Produced

2007

Fort Knox

Round Mountain

Porcupine JV

Paracatu

La Coipa

Crixas

Musselwhite

Maricunga

Julietta

(b)

(c)

(a)

Sold

2006

260,462

259,535

112,714

131,014

99,379

72,608

51,830

88,808

3,978

-

33,973

-

2007

261,985

237,583

110,590

129,152

150,024

74,655

53,923

144,787

-

56,912

-

-

1,219,611

2006

264,435

267,999

115,946

134,794

96,641

73,077

53,597

85,002

3,978

-

35,947

3,736

1,135,152

$

$

Cost of sales

2007

86.1

72.8

51.2

47.2

36.9

18.7

26.1

62.3

-

29.7

-

-

431.0

$

2006

75.3

76.2

44.0

46.5

31.3

13.7

23.3

29.5

0.8

-

21.2

0.7

$ 362.5

$

$

Cost of sales/oz

2007

329

306

463

365

246

250

484

430

-

522

-

-

353

$

$

2006

285

284

379

345

324

187

435

347

201

-

590

187

319

262,399

239,903

110,782

127,561

147,943

70,268

53,856

145,484

-

46,527

-

-

1,204,723

Kettle River

Other operations

Total

Corporate and other

1,114,301

(a) Production from the Maricunga mine (formerly known as Refugio) is 100% for March 2007 and beyond. Prior to that Kinross owned 50% of the operation.

(b) Production from the Julietta mine is for March 2007 and beyond.

(c) Other operations include ounces produced and sold from Kubaka, Lupin and New Britannia.

At the

Paracatu

mine in Brazil, gold equivalent production increased by 5% in the third

quarter of 2007 compared with the third quarter of 2006. The increase year-over-year is

primarily due to increased mill throughput and offset by lower-grade ore and a lower

recovery rate. Revenue increased 13% to $31.5 million in the third quarter of 2007 from

$28.0 million in the third quarter of 2006 due to an increase in ounces sold and higher gold

prices. Cost of sales increased 2% in the third quarter of 2007 over the same quarter of

2006 as a result of increased production, which was offset by lower unit costs. Unit costs

were lower due to processing softer ore and robust cost controls. This was partially offset by

the appreciation of the Brazilian real against the U.S. dollar and increased consumable

costs.

Gold production at

Round Mountain

in Nevada, U.S.A., declined 15% in the third quarter of

2007 relative to the third quarter of 2006 due to a lower grade of ore processed at the mill

and on the leach pads. The number of tonnes processed remained constant year-over-year.

Revenue decreased 8% to $50.2 million in the third quarter of 2007 from $54.7 million in

the same period in 2006 as a result of fewer ounces sold, partially offset by a higher gold

KINROSS GOLD CORPORATION

2007 Third-Quarter Results

Page 4



price. Cost of sales decreased 1% in the third-quarter 2007 compared to the same period

in 2006 as the result of fewer ounces sold, offset by higher production costs per tonne.

At the

Fort Knox

mine in Alaska, U.S.A., gold production increased 5% in the third quarter

of 2007 as compared with the third quarter of 2006 due to a higher grade offset by lower

plant throughput. Revenue increased 19% to $64.1 million from $54.0 million year-over-

year due to higher realized gold prices and higher sales of gold equivalent ounces. Cost of

sales increased 29% year-over-year mainly due to increases in revenue-based royalties and

higher consumable costs, in particular, for fuel, power and steel.

The Company is currently working on advancing two projects at Fort Knox, the Phase 7 pit

expansion and the heap leach project. Full implementation of the Phase 7 pit expansion will

require the completion of land transactions involving state and federal agencies pursuant to

an arrangement entered into in the second quarter of 2007.

Kinross has received

substantially all of the permits required for both projects. It is possible for such permits to