40 King Street West, 52 Floor
Toronto, ON M5H 3Y2
www.kinross.com
Tel: 416 365 5123
Fax: 416 363 6622
Toll Free: 866-561-3636
nd
Kinross Sells Aquarius Project to St Andrew Goldfields
December 29, 2005… Toronto, Ontario – Kinross Gold Corporation (“Kinross” or the
“Company”)
(TSX-K; NYSE-KGC) today announced that it has entered into a definitive
agreement with St Andrew Goldfields (TSX-SAS) (“St Andrew”) to exchange Kinross’ Aquarius
Project located in Timmins, Ontario for 100 million common shares of St Andrew (approximately
14% undiluted ownership stake in St Andrew) plus 25 million two year warrants on St Andrew
common shares with an exercise price of 17 cents.
St Andrew operates the Stock Gold Complex approximately 7 kilometers from the Aquarius
Project. Tye Burt, President and Chief Executive Officer of Kinross said, “the economics of the
Aquarius Project should be enhanced by synergies with St Andrew’s nearby operations. As a
new shareholder, we also see long-term potential for St Andrew’s extensive land positions in the
Timmins camp.”
The transaction is contingent on St Andrew posting satisfactory financial assurance bonding
relating to the Aquarius Project and is expected to close in the first half of 2006. As a result
Kinross will record a US$40 million non-cash charge to third quarter 2005 earnings in
connection with the transaction which includes approximately US$10 million of goodwill.
About Kinross Gold Corporation
Kinross Gold is a Canadian gold mining company that was formed in 1993. In 12 years Kinross
Gold has become the fourth largest gold producer in North America. Kinross has operations in
the United States, Brazil, Chile, Canada, Russia, and Zimbabwe. Over 4,000 employees at 10
mines will produce approximately 1.6 million ounces of gold equivalent in 2005 at an average
cash cost of roughly $275 per ounce.
Kinross is listed on the New York Stock Exchange (symbol:KGC) and on the Toronto Stock
Exchange (symbol:K).
Kinross’ strategic focus is to continue to increase cash flow per share. Growth from existing
core operations, an expanded greenfields exploration program, and an active business
development group are all expected to contribute to this strategy. Kinross has a simple,
straightforward balance sheet with low debt level, and a no gold hedging policy in place.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Senior Vice President,
Corporate Communications
Tel. (416) 365-7254
Tracey M. Thom
Director, Investor Relations
and Communications
Tel. (416) 365-1362
  PDF to HTML - Convert PDF files to HTML files
40 King Street West, 52 Floor
Toronto, ON M5H 3Y2
www.kinross.com
Tel: 416 365 5123
Fax: 416 363 6622
Toll Free: 866-561-3636
nd
Kinross Sells Aquarius Project to St Andrew Goldfields
December 29, 2005… Toronto, Ontario – Kinross Gold Corporation (“Kinross” or the
“Company”)
(TSX-K; NYSE-KGC) today announced that it has entered into a definitive
agreement with St Andrew Goldfields (TSX-SAS) (“St Andrew”) to exchange Kinross’ Aquarius
Project located in Timmins, Ontario for 100 million common shares of St Andrew (approximately
14% undiluted ownership stake in St Andrew) plus 25 million two year warrants on St Andrew
common shares with an exercise price of 17 cents.
St Andrew operates the Stock Gold Complex approximately 7 kilometers from the Aquarius
Project. Tye Burt, President and Chief Executive Officer of Kinross said, “the economics of the
Aquarius Project should be enhanced by synergies with St Andrew’s nearby operations. As a
new shareholder, we also see long-term potential for St Andrew’s extensive land positions in the
Timmins camp.”
The transaction is contingent on St Andrew posting satisfactory financial assurance bonding
relating to the Aquarius Project and is expected to close in the first half of 2006. As a result
Kinross will record a US$40 million non-cash charge to third quarter 2005 earnings in
connection with the transaction which includes approximately US$10 million of goodwill.
About Kinross Gold Corporation
Kinross Gold is a Canadian gold mining company that was formed in 1993. In 12 years Kinross
Gold has become the fourth largest gold producer in North America. Kinross has operations in
the United States, Brazil, Chile, Canada, Russia, and Zimbabwe. Over 4,000 employees at 10
mines will produce approximately 1.6 million ounces of gold equivalent in 2005 at an average
cash cost of roughly $275 per ounce.
Kinross is listed on the New York Stock Exchange (symbol:KGC) and on the Toronto Stock
Exchange (symbol:K).
Kinross’ strategic focus is to continue to increase cash flow per share. Growth from existing
core operations, an expanded greenfields exploration program, and an active business
development group are all expected to contribute to this strategy. Kinross has a simple,
straightforward balance sheet with low debt level, and a no gold hedging policy in place.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Senior Vice President,
Corporate Communications
Tel. (416) 365-7254
Tracey M. Thom
Director, Investor Relations
and Communications
Tel. (416) 365-1362