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EWS

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ELEASE

Kinross Closes Private Sale of

US$460 million of Convertible Notes

Toronto, Ontario, January 29, 2008

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Kinross Gold Corporation (TSX: K; NYSE: KGC)

(“Kinross”) announced today that it has completed the previously announced offering to a

group of initial purchasers of unsecured senior convertible notes due March 15, 2028

(Please refer to Kinross’ prior news releases dated January 23, 2008).

The over-allotment option granted to the initial purchasers was exercised in full and net

proceeds realized from the offering were approximately US$449 million, after underwriting

commissions and issue expenses. As previously announced, Kinross expects to use a

portion of the net proceeds to repay outstanding indebtedness under its term loan facility,

with the balance of the net proceeds to be used to fund capital expenditures and for general

corporate purposes.

The offering was made pursuant to Rule 144A under the United States Securities Act of

1933 (the “Act”). The offering has not been and will not be registered under the Act and

none of the Convertible Notes or any Kinross common shares issuable upon any conversion

of the Convertible Notes may be offered or sold in the United States absent registration

under the Act or the availability of an applicable exemption from registration requirements.

This news release does not constitute an offer to sell or the solicitation of an offer to buy

any security.

This news release contains forward-looking statements regarding Kinross and the offering.

Actual results and developments may differ materially from those contemplated by these

statements depending on, among others, such key factors as market conditions, global political

uncertainties, investor demand and the terms of offering. Kinross disclaims any intention or

obligation to update any forward-looking statement even if new information becomes available

as a result of future events or for any other reason.

Steve Mitchell

Director, Corporate Communications

Kinross Gold Corporation

(416) 365-2726

Media contact:

Investor Relations contact:

Erwyn Naidoo

Director, Investor Relations

Kinross Gold Corporation

(416) 365-2744

KINROSS GOLD CORPORATION