BEMA GOLD CORPORATION

KINROSS GOLD AND BEMA GOLD SIGN

ARRANGEMENT AGREEMENT AND RELATED DOCUMENTS

TORONTO, Ontario

and

VANCOUVER, British Columbia – December 22, 2006

–

Kinross Gold Corporation (“Kinross”) (TSX: K, NYSE: KGC) and Bema Gold

Corporation (“Bema”) (TSX/NYSE: BGO, AIM: BAU) announced today that they have

signed the definitive Arrangement Agreement (the “Arrangement Agreement”) and

certain related agreements in connection with Kinross’ acquisition of Bema.

Pursuant to the Arrangement Agreement, Bema and Kinross have agreed that the

consideration to be received by Bema shareholders pursuant to the transaction will

increase from 0.441 to 0.4447 of a Kinross common share plus Cdn.$0.01 in cash for

each Bema common share, and that Bema’s indirect interest in Petrex (Proprietary) Ltd.

will not be transferred to B2 Gold Corp. (“B2 Gold”), a company to be owned by certain

members of Bema’s management and Kinross, as previously contemplated under the

agreement announced on November 6, 2006.

The Bema Board of Directors has unanimously approved the transaction and Bema’s

independent financial advisor has provided an opinion that the offered consideration of

0.4447 of a Kinross common share for each Bema common share is fair, from a

financial point of view, to shareholders of Bema other than Kinross, and that the

consideration offered pursuant to the B2 Gold transaction is fair, from a financial point of

view, to Bema.

It is expected that the proxy circular for the meeting of Bema shareholders to be held to

approve the acquisition will be mailed to Bema shareholders later this month, with the

Bema shareholders meeting to be held on January 30, 2007.

Kinross Today

Kinross, a Canadian-based gold mining company, is the fourth largest primary gold

producer in North America and the eighth largest in the world. With eight mines in

Canada, the United States, Brazil and Chile, Kinross employs more than 3,700 people.

Kinross maintains a strong balance sheet and a no gold hedging policy. Kinross is

focused on the strategic objective maximizing net asset value and cash flow per share

through a four-point plan built on growth from core operations; expanding capacity for

the future; attracting and retaining the best people in the industry; and driving new

opportunities through exploration and acquisition. Kinross maintains listings on the

Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol:

KGC).



Bema Today

Bema Gold Corporation is one of the world’s fastest growing intermediate gold

producers with operating mines and development projects on three continents. Bema is

projected to produce one million ounces of gold annually by the year 2009. Bema is

listed on the Toronto Stock Exchange and the New York Stock Exchange (symbol:

BGO) and on the AIM Exchange in London (symbol: BAU).

Cautionary Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this

media release, including any information as to the future financial or operating performance of Kinross

and Bema, constitute “forward-looking statements” within the meaning of certain securities laws, including

the “safe harbour” provisions of the Securities Act (Ontario) and the United States Private Securities

Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of

this media release. Forward-looking statements include, without limitation, statements with respect to the

future price of gold and silver, the estimation of mineral reserves and resources, the realization of mineral

reserve and resource estimates, the timing and amount of estimated future production, costs of

production, expected capital expenditures, costs and timing of the development of new deposits, success

of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital,

government regulation of mining operations, environmental risks, unanticipated reclamation expenses,

title disputes or claims and limitations on insurance coverage. The words “plans,” “expects,” or “does not

expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not

anticipate,” or “believes,” or variations of such words and phrases or statements that certain actions,

events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur” or “be achieved” and similar

expressions identify forward-looking statements. Forward-looking statements are necessarily based upon

a number of estimates and assumptions that, while considered reasonable by Kinross and Bema as of

the date of this media release, are inherently subject to significant business, economic and competitive

uncertainties and contingencies. The estimates and assumptions of each of Kinross and Bema include,

but are not limited to, the various assumptions set forth in their respective most recent annual information

form and management’s discussion and analysis as well as: (1) there being no significant disruptions

affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment or

otherwise during the balance of 2006; (2) development at Paracatu proceeding on a basis consistent with

our current expectations; (3) permitting and development at Buckhorn proceeding on a basis consistent

with Kinross’ current expectations; (4) that the exchange rate between the Canadian dollar, Brazilian real,

Chilean peso and the U.S. dollar will be approximately consistent with current levels; (5) certain price

assumptions for gold and silver; (6) prices for natural gas, fuel oil, electricity and other key supplies

remaining consistent with current levels; (7) production forecasts meet expectations for the balance of

2006; and (8) the accuracy of our current mineral reserve and mineral resource estimates. Known and

unknown factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations

in the spot and forward price of gold or certain other commodities (such as silver, diesel fuel and

electricity); changes in national and local government legislation, taxation, controls, regulations and

political or economic developments in Canada, the United States, Chile, Brazil, Russia or other countries

in which we do or may carry on business in the future; business opportunities that may be presented to,

or pursued by, us; operating or technical difficulties in connection with mining or development activities;

the speculative nature of gold exploration and development, including the risks of obtaining necessary

licenses and permits; and diminishing quantities or grades of reserves. In addition, there are risks and

hazards associated with the business of gold exploration, development and mining, including

environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins,

flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to

cover these risks). Many of these uncertainties and contingencies can affect Kinross’ and Bema’s actual

results and could cause actual results to differ materially from those expressed or implied in any forward-

looking statements made by, or on behalf of, Kinross or Bema. There can be no assurance that forward-

Kinross Gold and Bema Gold Sign Definitive Form of

Arrangement Agreement and Related Agreements

Page

2



looking statements will prove to be accurate, as actual results and future events could differ materially

from those anticipated in such statements. All of the forward-looking statements made in this media

release are qualified by these cautionary statements. Specific reference is made to the respective most

recent annual information form, annual management’s discussion and analysis and other filings with the

securities regulators of Canada and the United States of each of Kinross and Bema. In addition, the

following factors, among others, related to the proposed business combination of Kinross and Bema

could cause actual results to differ materially from the forward-looking statements: the businesses of

Kinross and Bema may not be integrated successfully or such integration may be more difficult, time-

consuming or costly than expected; and the expected combination benefit from the Kinross and Bema

transaction may not be fully realized or not realized within the expected time frame. These factors are not

intended to represent a complete list of the factors that could affect Kinross or Bema or the combination

of Kinross and Bema. Each of Kinross and Bema disclaims any intention or obligation to update or revise

any forward-looking statements whether as a result of new information, future events or otherwise, or to

explain any material difference between subsequent actual events and such forward-looking statements,

except to the extent required by applicable law.

– 30 –

For further information, please contact:

For Kinross

Tracey Thom

tracey.thom@kinross.com

(office) +1.416.365.1362 / (mobile) +1.416.301.9022

For Bema

Ian MacLean or Kerry Suffolk

investor@bemagold.com

+1.604.681.8371

Kinross Gold and Bema Gold Sign Definitive Form of

Arrangement Agreement and Related Agreements

Page

3



BEMA GOLD CORPORATION

KINROSS GOLD AND BEMA GOLD SIGN

ARRANGEMENT AGREEMENT AND RELATED DOCUMENTS

TORONTO, Ontario

and

VANCOUVER, British Columbia – December 22, 2006

–

Kinross Gold Corporation (“Kinross”) (TSX: K, NYSE: KGC) and Bema Gold

Corporation (“Bema”) (TSX/NYSE: BGO, AIM: BAU) announced today that they have

signed the definitive Arrangement Agreement (the “Arrangement Agreement”) and

certain related agreements in connection with Kinross’ acquisition of Bema.

Pursuant to the Arrangement Agreement, Bema and Kinross have agreed that the

consideration to be received by Bema shareholders pursuant to the transaction will

increase from 0.441 to 0.4447 of a Kinross common share plus Cdn.$0.01 in cash for

each Bema common share, and that Bema’s indirect interest in Petrex (Proprietary) Ltd.

will not be transferred to B2 Gold Corp. (“B2 Gold”), a company to be owned by certain

members of Bema’s management and Kinross, as previously contemplated under the

agreement announced on November 6, 2006.

The Bema Board of Directors has unanimously approved the transaction and Bema’s

independent financial advisor has provided an opinion that the offered consideration of

0.4447 of a Kinross common share for each Bema common share is fair, from a

financial point of view, to shareholders of Bema other than Kinross, and that the

consideration offered pursuant to the B2 Gold transaction is fair, from a financial point of

view, to Bema.

It is expected that the proxy circular for the meeting of Bema shareholders to be held to

approve the acquisition will be mailed to Bema shareholders later this month, with the

Bema shareholders meeting to be held on January 30, 2007.

Kinross Today

Kinross, a Canadian-based gold mining company, is the fourth largest primary gold

producer in North America and the eighth largest in the world. With eight mines in

Canada, the United States, Brazil and Chile, Kinross employs more than 3,700 people.

Kinross maintains a strong balance sheet and a no gold hedging policy. Kinross is

focused on the strategic objective maximizing net asset value and cash flow per share

through a four-point plan built on growth from core operations; expanding capacity for

the future; attracting and retaining the best people in the industry; and driving new

opportunities through exploration and acquisition. Kinross maintains listings on the

Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol:

KGC).



Bema Today

Bema Gold Corporation is one of the world’s fastest growing intermediate gold

producers with operating mines and development projects on three continents. Bema is

projected to produce one million ounces of gold annually by the year 2009. Bema is

listed on the Toronto Stock Exchange and the New York Stock Exchange (symbol:

BGO) and on the AIM Exchange in London (symbol: BAU).

Cautionary Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this

media release, including any information as to the future financial or operating performance of Kinross

and Bema, constitute “forward-looking statements” within the meaning of certain securities laws, including

the “safe harbour” provisions of the Securities Act (Ontario) and the United States Private Securities

Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of

this media release. Forward-looking statements include, without limitation, statements with respect to the

future price of gold and silver, the estimation of mineral reserves and resources, the realization of mineral

reserve and resource estimates, the timing and amount of estimated future production, costs of

production, expected capital expenditures, costs and timing of the development of new deposits, success

of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital,

government regulation of mining operations, environmental risks, unanticipated reclamation expenses,

title disputes or claims and limitations on insurance coverage. The words “plans,” “expects,” or “does not

expect,” “is expected,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not

anticipate,” or “believes,” or variations of such words and phrases or statements that certain actions,

events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur” or “be achieved” and similar

expressions identify forward-looking statements. Forward-looking statements are necessarily based upon

a number of estimates and assumptions that, while considered reasonable by Kinross and Bema as of

the date of this media release, are inherently subject to significant business, economic and competitive

uncertainties and contingencies. The estimates and assumptions of each of Kinross and Bema include,

but are not limited to, the various assumptions set forth in their respective most recent annual information

form and management’s discussion and analysis as well as: (1) there being no significant disruptions

affecting operations, whether due to labour disruptions, supply disruptions, damage to equipment or

otherwise during the balance of 2006; (2) development at Paracatu proceeding on a basis consistent with

our current expectations; (3) permitting and development at Buckhorn proceeding on a basis consistent

with Kinross’ current expectations; (4) that the exchange rate between the Canadian dollar, Brazilian real,

Chilean peso and the U.S. dollar will be approximately consistent with current levels; (5) certain price

assumptions for gold and silver; (6) prices for natural gas, fuel oil, electricity and other key supplies

remaining consistent with current levels; (7) production forecasts meet expectations for the balance of

2006; and (8) the accuracy of our current mineral reserve and mineral resource estimates. Known and

unknown factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations

in the spot and forward price of gold or certain other commodities (such as silver, diesel fuel and

electricity); changes in national and local government legislation, taxation, controls, regulations and

political or economic developments in Canada, the United States, Chile, Brazil, Russia or other countries

in which we do or may carry on business in the future; business opportunities that may be presented to,

or pursued by, us; operating or technical difficulties in connection with mining or development activities;

the speculative nature of gold exploration and development, including the risks of obtaining necessary

licenses and permits; and diminishing quantities or grades of reserves. In addition, there are risks and

hazards associated with the business of gold exploration, development and mining, including

environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins,

flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to

cover these risks). Many of these uncertainties and contingencies can affect Kinross’ and Bema’s actual

results and could cause actual results to differ materially from those expressed or implied in any forward-

looking statements made by, or on behalf of, Kinross or Bema. There can be no assurance that forward-

Kinross Gold and Bema Gold Sign Definitive Form of

Arrangement Agreement and Related Agreements

Page

2



looking statements will prove to be accurate, as actual results and future events could differ materially

from those anticipated in such statements. All of the forward-looking statements made in this media

release are qualified by these cautionary statements. Specific reference is made to the respective most

recent annual information form, annual management’s discussion and analysis and other filings with the

securities regulators of Canada and the United States of each of Kinross and Bema. In addition, the

following factors, among others, related to the proposed business combination of Kinross and Bema

could cause actual results to differ materially from the forward-looking statements: the businesses of

Kinross and Bema may not be integrated successfully or such integration may be more difficult, time-

consuming or costly than expected; and the expected combination benefit from the Kinross and Bema

transaction may not be fully realized or not realized within the expected time frame. These factors are not

intended to represent a complete list of the factors that could affect Kinross or Bema or the combination

of Kinross and Bema. Each of Kinross and Bema disclaims any intention or obligation to update or revise

any forward-looking statements whether as a result of new information, future events or otherwise, or to

explain any material difference between subsequent actual events and such forward-looking statements,

except to the extent required by applicable law.

– 30 –

For further information, please contact:

For Kinross

Tracey Thom

tracey.thom@kinross.com

(office) +1.416.365.1362 / (mobile) +1.416.301.9022

For Bema

Ian MacLean or Kerry Suffolk

investor@bemagold.com

+1.604.681.8371

Kinross Gold and Bema Gold Sign Definitive Form of

Arrangement Agreement and Related Agreements

Page

3