February 13, 2002

Toronto, Ontario -

Kinross Gold Corporation (TSE-K; Amex-KGC)

announced today the results for

the three months and year ended December 31, 2001 are as follows:

Financial Tables

All results are expressed in United States dollars unless otherwise stated.

In 2001, Kinross produced more gold equivalent ounces at lower total cash costs per ounce than the

previous year. The improved cash flow from operations allowed the Company to reduce long-term debt

by $46.5 million while the Company’s cash balance increased by $3.2 million to $81 million. Robert M.

(Bob) Buchan, Chairman and Chief Executive Officer, stated “We are quite rightly proud of our

operational and financial accomplishmets in 2001, particularly considering the weak gold price

environment during most of the year. Kinross enters 2002 as a much stronger company poised to

participate significantly in an improving gold price environment”.

Full Year

The Company’s share of attributable production was 944,803 gold equivalent ounces in 2001, a

nominal increase when compared to 2000 production of 943,798 ounces. Average total cash costs per

gold equivalent ounce decreased by 4%, to $193 in 2001, compared to $202 in 2000. Cash flow

provided from operating activities for 2001 was $74.5 million or $0.24 per share. This compares to

cash flow provided by operating activities of $47.8 million or $0.16 per share in 2000. Cash flow

provided from operating activities increased in 2001 due to lower production costs, lower exploration

spending, and an increase in the proceeds on restructuring of the gold forward sales contracts when

compared to 2000. In 2001, $16.1 million of non-cash write-downs of property plant and equipment of

which the largest component was an $11.8 million write-down of the Blanket mine due to the continued

political uncertainty in Zimbabwe, resulted in a $36.9 million, or $0.14 per share net loss for the year.

This compares to a $126.1 million, or $0.45 per share loss in 2000 when write-down totaled $85.2

million.

Fourth Quarter

Gold equivalent production of 238,244 ounces at total cash costs of $200 per ounce, combined with

lower reclamation spending and positive changes in working capital resulted in cash flow provided from

operating activities of $15.8 million or $0.05 per share during the fourth quarter of 2001. This

compares to gold equivalent production of 254,626 ounces at total cash costs of $181 per ounce that

resulted in cash flow provided from operating activities of $12.4 million or $0.04 per share during the

fourth quarter of 2000. The Company recorded a net loss of $17.3 million or $0.06 per share for the

fourth quarter of 2001, compared to a net loss of $93.2 million or $0.32 per share for the fourth

quarter of 2000. Included in the fourth quarter of 2001 net loss was a write-down of property, plant

and equipment of $16.1 million or $0.05 per share compared to a fourth quarter 2000 write-downs of

$85.2 million.

Revenues



Gold and Silver Sales

The Company’s primary source of revenue is from the sale of its gold production. The Company sold

907,149 ounces of gold in 2001, compared to 897,428 ounces in 2000. Revenue from gold and silver

sales was $270.1 million in 2001 compared to $271.0 million in 2000. Revenue from gold and silver

sales in 2001 was similar to the 2000 results. In 2001, the Company realized $296 per ounce of gold,

compared to $298 in 2000. The average spot price for gold was $271 per ounce in 2001 compared to

$279 in 2000.

Summary Information

Attributable gold equivalent production - ounces

Attributable gold production - ounces

Gold sales - ounces (excluding equity accounted ounces)

Gold revenue (millions)

Average realized gold price per ounce

Average spot gold price per ounce

2001

944,803

937,852

907,149

$ 268.8

$ 296

$ 271

2000

943,798

932,423

897,428

$ 267.8

$ 298

$ 279

Included in gold equivalent production is silver production converted to gold production using a ratio of

the average spot market prices for the two comparative years. The resulting ratios are 62.00:1 in 2001

and 56.33:1 in 2000.

Interest and Other Income

The Company invests its surplus cash in high quality, interest-bearing cash equivalents. Interest and

other income during 2001 totaled $9.3 million compared to $14.2 million in 2000. Interest and other

income in 2001 was comprised of interest on cash deposits of $4.9 million, joint venture management

fees of $2.2 million, insurance settlements of $1.3 million and $0.9 million of other items. This

compares to 2000 interest on cash deposits of $9.1 million, joint venture management fees of $2.6

million and insurance settlements of $2.5 million. Interest income decreased in 2001 due to

substantially lower interest rates, while insurance settlements decreased since the majority of the

historic Refugio claims were settled in 2000.

Mark-to-Market Gain (Loss) on Written Call Options

The Company retroactively adopted the change in Canadian Institute of Chartered Accountants

recommendations for the accounting for written call options in 2000. The premiums received at the

inception of written call options are recorded as a liability. Changes in the fair value of the liability are

recognized in earnings. The change in fair value of the written call options resulted in a mark to market

gain of $3.5 million in 2001 compared to a gain of $4.1 million in 2000.

Costs and Expenses

Operating Costs

Gold equivalent production in 2001, (excluding equity accounted ounces) increased by 1% when

compared to 2000 production, while operating costs decreased by 5%. Consolidated operating costs

were $180.7 million in 2001 compared to $189.6 million in 2000. Total cash costs per ounce of gold

equivalent were $193 in 2001 compared to $202 in 2000. Total cash costs per ounce of gold equivalent

improved dramatically at the Hoyle Pond mine and the Refugio mine, while the Blanket mine in

Zimbabwe experienced higher unit costs due to hyperinflation primarily as a result of certain monetary

policies adopted by the government of this African country.

Consolidated Production Costs per



Equivalent Ounce of Attributable Gold Production

For the year ended December 31,

Cash operating costs

Royalties

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

2001

$ 186

7

193

2

94

$ 289

2000

$ 193

9

202

3

99

$ 304

The following table provides a reconciliation of operating costs per the consolidated financial

statements to operating costs for per ounce calculation of total cash costs pursuant to the Gold

Institute guidelines.

Reconciliation of Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

For the year ended December 31,

(millions except production in ounces and per ounce amounts)

Operating costs per financial statements

Dayton operating costs

Site restoration cost accruals

Other

Operating costs for per ounce calculation purposes

Gold equivalent production - ounces

Total cash costs per equivalent ounce of gold

2001

$ 180.7

7.4

(1.9)

(3.7)

$ 182.5

944,803

$ 193

2000

$ 189.6

9.4

(2.7)

(5.4)

$ 190.9

943,798

$ 202

Total cash costs per ounce of gold equivalent decreased by 4% during 2001. Details of the individual

mine performance are discussed in the following sections.

Fort Knox Mine

The Company acquired the Fort Knox open pit mine, located near Fairbanks, Alaska in 1998. Gold

equivalent production in 2001 was 411,221 ounces compared to 362,959 in 2000. In 2001, total cash

costs were $207 per ounce of gold equivalent compared to $203 in 2000. The Fort Knox mine 2001

business plan called for 450,000 ounces of gold equivalent production at total cash costs of $196 per

ounce of gold equivalent. The plan was predicated on production from the Fort Knox open pit and

supplemental feed from the recently acquired True North deposit early in 2001.

For 2001, cash production costs were $2.8 million lower than planned. Unfortunately, the reduced

spending did not compensate for the delays in achieving commercial production at the True North open

pit, due to a prolonged permitting process, unacceptable performance of the haulage contractor during

the third quarter of 2001 and lower than anticipated ore grade in the upper benches at the True North

open pit during the third quarter of 2001. The fourth quarter of 2001 results were on plan as the

Company acquired the haulage fleet and is managing the ore haulage operations from the True North

open pit to the Fort Knox mill. In addition, the grade of the ore mined during the fourth quarter of 2001

at the True North open pit was as planned. Estimated gold equivalent production for 2002 is 440,000

ounces at total cash costs of approximately $210 per ounce.

Capital expenditures at the Fort Knox operations in 2001 were $20.2 million compared to $17.6 million

during 2000. The majority of capital expenditures for 2001 were required to purchase nine haulage

trucks for the True North ore haulage, complete the access road from the Fort Knox mill to the True

North open pit and for site infrastructure at the True North open pit. Planned capital expenditures for

2002 are estimated to be $16.0 million.

Hoyle Pond Mine



The Company acquired the Hoyle Pond underground mine, located in Timmins, Ontario, in 1993. Gold

equivalent production in 2001 was 156,581 ounces compared to 140,441 ounces in 2000. In 2001,

total cash costs were $182 per ounce of gold equivalent compared to $209 in 2000. Cash production

costs were on plan during 2001, 14% lower than in 2000. This reduced spending combined with higher

gold equivalent production due to a 10% increase in the grade of ore processed, resulted in lower per

ounce total cash costs. Estimated gold equivalent production for 2002 is 145,000 ounces at total cash

costs of approximately $193 per ounce.

Capital expenditures at the Hoyle Pond operations in 2001 were $7.9 million compared to $13.8 million

during 2000. The majority of capital expenditures for 2001 were required to further advance the 1060

ramp, underground development drilling and underground fleet replacements. Planned capital

expenditures for 2002 are estimated to be $8.6 million.

Kubaka Mine

The Company acquired its 54.7% ownership interest in the Kubaka open pit mine, located in the

Magadan Oblast in far eastern Russia in three transactions during 1998 and 1999. The Company’s

share of gold equivalent production in 2001 was 237,162 ounces compared to 244,641 in 2000. In

2001, total cash costs were $140 per gold equivalent ounce compared to $139 in 2000. The Kubaka

mine continues to perform exceptionally well, having achieved the lowest total cash costs per ounce of

the Company’s primary operations. Cash production costs were on plan during 2001, unchanged from

2000. Mill throughput increased by 4%, which helped to compensate for the 6% decrease in the grade

of the ore processed. Estimated gold equivalent production for the Company’s ownership interest in

2002 is 230,000 ounces at total cash costs of approximately $144 per ounce.

The Company’s share of capital expenditures at the Kubaka operations in 2001 was $0.4 million

compared to $0.3 million during 2000. The majority of capital expenditures for 2001 were required to

extend the gravel runway at the mine airstrip and to purchase one additional diamond drill for

exploration activities at the nearby Birkachan exploration project. The Company’s share of planned

capital expenditures for 2002 are estimated to be $1.5 million.

In 1999, the Company began an extensive drilling program looking for alternative mill feed for the

Kubaka operations beyond the then known mine life. In 2000, these activities identified the Birkachan

project located 28 kilometers north of the Kubaka processing plant. Additional exploration drilling

continued during 2001. Current plans for 2002 are to continue the exploration activities at Birkachan,

and commence the process of converting the current exploration license to a mining license. The

Company will focus its exploration activities to identify resources that can be quickly converted into

reserves and provide mill tonnage for the Kubaka processing plant in 2003 or 2004.

Refugio Mine

The Company acquired a 50% interest in the Refugio open pit mine, located in Chile in 1998. The

Company’s share of gold equivalent production in 2001 was 67,211 ounces compared to 85,184 ounces

in 2000. In 2001, total cash costs were $242 per ounce of gold equivalent compared to $300 in 2000.

In late 2000, in light of the continued weakness in spot gold prices a decision was made to suspend

mining activities and place the operations on care and maintenance in June of 2001. The open pit

mining activities were suspended on June 1, 2001 as the last mined ore was placed on the leach pad

and the Refugio operations commenced residual leaching of the two leach pads. All of the leased

mining equipment was disposed of in 2001, eliminating any further financial obligations under the

leases. Heap leaching operations continue and the balance of the Chilean summer will be spent

reviewing the water balance and the estimated gold inventory on the leach pad to determine the best

time to suspend residual leaching. The Company does not estimate any further economic production

from this operation in 2002. The Refugio mine will remain on care and maintenance until spot gold

prices improve substantially.



Blanket Mine

The Blanket mine, located in Zimbabwe, was acquired in 1993. Gold equivalent production in 2001 was

39,592 ounces compared to 34,571 ounces in 2000. Total cash costs were $279 per ounce of gold

equivalent in 2001, compared to $236 in 2000. Gold production increased in 2001 as milling of historic

tailings that were purchased, subject to a tonnage royalty, from a nearby producer commenced.

Inflationary pressures within Zimbabwe reached extreme levels due to certain monetary policies

adopted by the government making the sourcing of foreign materials and supplies increasingly more

difficult. This has also been compounded by increases in violence and civil unrest throughout the fourth

quarter, a trend that is expected to increase as the March elections draw closer. With only 20% of gold

sales payable in U.S. dollars and in excess of 30% of consumables imported and denominated in

currencies other than the Zimbabwe dollar, the future ability of this operation to service debt

obligations to the Company remains questionable. Future dividend payments under the current tight

monetary policies also appear unlikely. Throughout this challenging time the mine continues to

operate, and estimates 2002 production of 39,000 gold equivalent ounces.

The Company believes that conditions will improve in Zimbabwe, but, in light of the current economic

and political environment, the Company has discontinued the consolidation of its investment in

Zimbabwe and has fully written it down. This write-down during the fourth quarter of 2001 totaled

$11.8 million.

Other Operations

In addition to its primary operating mines, the Company has other locations in various stages of

residual production or closure. Only two of these operations had gold equivalent production during

2001. Gold equivalent production from the Hayden Hill and Guanaco mines in 2001 was 3,605 ounces

with total cash costs in excess of $300 per ounce. Both of these operations will have no further

commercial production and efforts are now focused on mine closure and reclamation.

Administration

Administration costs include corporate office expenses related to the overall management of the

business which are not part of direct mine operating costs. Administration costs include the costs

incurred at two offices. These offices are the corporate office in Toronto and the United States office in

Salt Lake City. Administration expenses totaled $10.1 million in 2001, compared to $10.4 million in

2000. The 2001 administration expenditures were similar to 2000. Administration expenses in 2002 are

expected to remain near 2001 levels.

Exploration and Business Development

In 2001, total exploration and business development expenditures were $11.4 million of which $7.9

million was expensed. In 2000, total exploration and business development expenditures were $18.2

million of which $11.4 million was expensed. Capitalized exploration was incurred primarily on the

Hoyle Pond property and Fort Knox properties, while expensed exploration activities focused on the

George/Goose Lake project in Nunavut and the area surrounding the Kubaka mine in Russia.

Exploration and business development expenditures are expected to be $10.0 million in 2002 of which

$6.9 million is expected to be expensed.

Depreciation, Depletion and Amortization

Depreciation, depletion and amortization totaled $85.8 million in 2001 compared to $93.2 million in

2000. Depreciation, depletion and amortization have decreased to $94 per equivalent ounce of gold in

2001, from $99 in 2000. The 2001 decrease compared to 2000 was primarily due to increased year-

end 2000 proven and probable reserves at the Kubaka mine. Depreciation, depletion and amortization

on a per ounce basis are expected to remain at current levels in 2002.



Interest Expense

Interest expense totaled $9.1 million in 2001, compared to $14.3 million in 2000. Interest expense in

2001 is comprised of $2.0 million relating to the Company’s proportionate share of interest on the

Kubaka project and subordinated loans. In addition, in 2001, the Company incurred $2.8 million of

interest on the Alaskan industrial revenue bonds, $2.8 million of interest on the debt component of the

convertible debentures and the balance of interest on capital leases. Interest expense decreased in

2001 due to lower debt balances outstanding and lower interest rates.

Share of Loss of Investee Companies

Share of loss of investee companies totaled $2.2 million in 2001, compared to $8.1 million in 2000. The

Company equity accounts investments where it owns more than 20% and exercises control. During

2001, the Company’s share of the losses of the investee companies was $2.2 million, substantially less

than recorded amounts in 2000. The 2000 results included 34% of Dayton Mining Corporation’s write-

down of the Anadacolla mine.

Write-down of Property Plant and Equipment

Impairment analysis for the operating assets consisted of comparing the estimated undiscounted future

net cash flows on an area of interest basis with its carrying value, and when the future net cash flows

are less, a non-cash write-down is recorded. Over the past three years gold has averaged $276 per

ounce and closed the year at $277 per ounce. Subsequent to the end of 2001, gold has traded above

$300 per ounce. In addition to current and historical spot gold prices, the Company reviewed analysts’

reports and participated in external surveys. As a result of this trend, and external survey expectations

for spot gold prices, the Company used an assumption of $300 per ounce for gold for both reserve

determination and impairment analysis in 2001 and 2000.

Non-cash property, plant and equipment write-downs totaled $16.1 million in 2001 compared to $72.1

million in 2000. The 2001 write-down was comprised of $11.8 million relating to the Blanket mine due

to the extreme inflationary pressures within Zimbabwe, difficulty in accessing foreign currency to pay

for imported goods and services and the current civil unrest. The balance of the write-down was on

other non-core closure properties. The 2000 write-down was comprised of $36.1 million relating to the

Refugio mine due to the decision to suspend operations and place the operations on care and

maintenance, and the balance on other non-core development and closure properties.

Liquidity and Financial Resources

Operating Activities

Cash flow provided from operating activities was $74.5 million compared to $47.8 million in 2000. Cash

flow provided from operating activities in 2002 is expected to be approximately $53.0 million using a

spot gold price assumption of $280 per ounce. The 2001 cash flow from operating activities was

positively affected by lower production costs, interest expense and exploration spending. In addition,

$21.6 million of cash flow was generated upon the restructuring of certain spot deferred forward sales

contracts. The 2001 cash flow from operating activities was used to finance capital expenditures and

service existing debt. There were no dividends paid on the convertible preferred shares of subsidiary

company in 2001.

Financing Activities

During 2001, the Company issued 24.2 million common shares valued at $23.2 million to acquire

945,400 convertible preferred shares of subsidiary company. At the time of the transaction the

convertible preferred shares of the subsidiary company had a book value of $48.9 million. The $25.7



million difference in value associated with this transaction was applied against the carrying values of

certain property, plant and equipment. In addition, in 2001, the Company issued 4.3 million common

shares for cash consideration of $4.6 million pursuant to a private placement, issued 4.0 million

common shares valued at $3.8 million to acquire mining properties, and issued 1.3 million common

shares valued at $0.9 million pursuant to the employee share incentive plan. During 2000, the

Company issued 2.0 million common shares for cash consideration of $1.4 million pursuant to a private

placement, issued 2.1 million common shares for proceeds of $1.8 million pursuant to the employee

share incentive plan and repurchased 3.5 million common shares pursuant to a normal course issuer

bid for $5.3 million of cash.

On February 12, 2002, the Company completed a public offering and issued from treasury 23.0 million

common shares for net proceeds of approximately $18.5 million. The majority of the funds raised are

anticipated to be used to purchase the convertible preferred shares of subsidiary company. If the

Company is successful in acquiring the 894,600 convertible preferred shares of subsidiary company at

the offer price of $16.00 per share, the Company would apply the difference between the book and

market value of approximately $33.7 million to reduce certain property, plant and equipment.

The debt component of convertible debentures was reduced by $5.4 million during 2001 compared to

$4.9 million during 2000. Long-term debt repayments were $46.5 million in 2001 compared to $26.4

million during 2000.

The Company did not declare and pay any dividends to the holders of the convertible preferred shares

of subsidiary company. Dividends paid on the convertible preferred shares of subsidiary company in

2000, before suspension in August 2000, totaled $3.4 million. Included in the carrying value of the

Kinam preferred shares, as at December 31, 2001, is an accrual of $5.1 million that represents the

cumulative unpaid dividends to the minority holders.

As at December 31, 2001, the Company had a $70 million operating line of credit in place with a bank

syndicate, which is utilized for letters of credit purposes. This operating line was reduced to $50.0

million on January 2, 2002. As at December 31, 2001, $59.0 million of letters of credit were issued

under this facility. On January 2, 2002, the Company repaid $9.0 million of the Fort Knox industrial

revenue bonds (“IRB’s”) which reduced the letters of credit outstanding under this facility to $49.8

million. The Company intends to re-market this credit facility in early 2002 since it matures in January

2003.

As at December 31, 2001, the Company’s long-term debt consists of $4.2 million relating to the

Kubaka project financing, $49.0 million of IRB’s and various capital leases and other debt of $10.9

million. The current portion of the long-term debt is $33.1 million.

Investing Activities

Capital expenditures decreased by 27% in 2001, as $30.4 million was spent on capital additions,

compared to $41.6 million in 2000. The 2001 capital expenditures focused primarily on the Hoyle Pond

and Fort Knox operations with 92% of total capital expenditures incurred at these two mines. Capital

spending at the Hoyle Pond mine totaled $7.9 million (2000 - $13.8 million), for exploration drilling,

underground development and additions to the underground mobile fleet. Capital spending at the Fort

Knox mine totaled $20.2 million (2000 - $17.6 million), to purchase nine haulage trucks for the True

North ore haulage, complete the access road from the Fort Knox mill to the True North open pit and for

site infrastructure at the True North open pit. The Company’s share of capital spending at the Refugio

mine totaled $ nil (2000 - $3.2 million). Capital expenditures were financed out of cash flow from

operating activities. Planned capital expenditures totaling $28.4 million in 2002 are to be funded from

cash flow from operating activities and current cash reserves.

During 2001, one cash business acquisition was completed as the Company increased its ownership

interest of E-Crete, LLC to approximately 86%. Cash used in business acquisitions was $1.2 million in

2001, compared to $nil in 2000.



Mineral Reserve and Mineral Resource Estimates

The following table provides the Company’s share of reserves and resources as at December 31, 2001.

Proven and probable reserves have declined by 1,259,000 ounces of gold since last year, primarily as a

result of the consumption of 1,048,000 ounces from reserves to produce 936,580 ounces of

attributable gold in 2001.

At Hoyle Pond the 2000 reserves were more than replaced in 2001 with a 10% increase in proven and

probable reserves year-over-year, while Kubaka replaced about 27% of reserves consumed. At Kubaka

production beyond the end of 2003 is dependent on continued success at the Birkachan deposit where

in-fill drilling and exploratory drilling are ongoing.

At Fort Knox and area, proven and probable reserves were reduced primarily by the consumption of

477,000 ounces of gold from reserves to produce 411,221 ounces of gold equivalent in 2001. In

addition, approximately 126,000 ounces of gold in reserves in 2000, that are located in the outer zone

of the Fort Knox pit, were reclassified as inferred resources. This reclassification resulted from recent

mining experience in the outer zone at Fort Knox where initial production indicated fewer tonnes but at

a higher grade. In 2002, an in-fill drill program in the outer zone is targeted at reconverting this area

back to reserves. In addition, in-fill drilling at True North is focussed on reserve additions at this

recently developed satellite deposit.

Other changes in proven and probable reserves primarily relate to the pending sale of the Aginskoe

project, a reduction at Refugio, which is in residual leach, and a small reduction at Dayton’s Denton

Rawhide mine, partially offset by the growth in reserves at the Blanket operation.

At year-end 2001, measured and indicated resources declined from 10,489,000 ounces to 9,460,000

ounces of gold and from 54.9 million ounces of silver to 9.3 million ounces of silver. The reduction of

just over one million ounces of measured and indicated gold resources was primarily due to the sale of

the Macassa operation and the sterilization of resources by reclamation activities at Haile, which are

partially offset by the addition of 1,330,000 ounces of indicated gold resources with the acquisition of

the George/Goose Lake project in Canada. The decline in silver resources was primarily as a result of

the sale of the Candelaria property in 2001.

Inferred resources of gold, at December 31, 2001, increased by approximately 0.5 million ounces to

5.8 million ounces compared to the previous year. This increase reflects the sale of certain assets,

which was more than offset by the acquisition of inferred resources at the George/Goose Lake project.





Mineral Reserve and Mineral Resource Notes

1. Reported reserves and resources have been calculated in accordance with: the National

Instrument (43-101, 43-101CP and 43-101F1) under the Canadian Securities Law, and the

Canadian Institute of Mining Standards on Mineral Resource and Reserve, Definitions and

Guidelines.

2. The reserves are based on an assumed long-term gold price of US $300 per ounce and reflect

mining dilution and mining recovery.

3. Applying industry standard methodology, each property has a unique process gold recovery and

cutoff grade.



Producing Property

Hoyle Pond

Fort Knox

True North

Kubaka

Refugio

Blanket

Blanket Tails

Average Process

Recovery

88.0%

85.6%

85.0%

97.5%

67.2%

87.0%

63.0%

Average Gold

Cutoff Grade g/t

7.68

0.43

0.69

3.20

0.48

3.20

n/a

4. Unlike reserves, resources do not have a demonstrated economic value.

5. In addition to the reported Measured and Indicated resources, Inferred resources total 115.7

million tonnes containing 5.83 million gold ounces.

6. The impact of a $25/oz. reduction in the long-term gold price (to $275/oz.) results in an

estimated 8% decrease in reserve gold ounces. Alternately, the impact of a $25/oz. rise in the

long-term gold price (to $325/oz.), results in an estimated 6% increase in reserve gold ounces.

7. Except for “Other Sources” listed below, Kinross employees, who meet the 43-101 requirements

for a Qualified Person, have prepared the reserve and resource estimations.

Qualified Persons Responsible for Estimated Reserves and Resources

Mine / Property

Hoyle Pond Mine

Other Timmins

Pamour

Fort Knox

Name

R. Cooper, P. Eng. & A. Still, P.

Geo.

A. Still, P. Geo.

R. Cooper, P. Eng.

Title(s)

Mgr. Tech. Service, Chief Geol. (Hoyle

Pond)

Chief Geologist (Hoyle Pond)