May 16, 2002

Toronto, Canada -

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

and

Bema Gold Corporation

(TSX-BGO; Amex-BGO),

each 50% owners of Compania Minera Maricunga (“CMM”), are pleased to

announce that binding arbitration has ruled in favour of CMM on claims against Fluor Daniel Chile

Ingenieria y Construccion S.A., Fluor Daniel Corporation, and Fluor Daniel Wright Ltd. (“Fluor”) for

damages relating to the original construction of the Refugio gold mine in northern Chile. The arbitrator

has concluded that Fluor was “grossly negligent” in certain aspects of the construction of the Refugio

facilities and has determined a net award in favour of CMM for US$20 million plus interest accumulated

from July 1999. In April of 1999 CMM initiated formal arbitration proceedings, against Fluor, to recover

costs related to numerous design and construction failures.

This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States

Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including

without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives

of Kinross Gold Corporation (“Kinross”), are forward-looking statements that involve various risks and uncertainties. There can be

no assurance that such statements will prove to be accurate and actual results and future events could differ materially from

those anticipated in such statements. Important factors that could cause actual results to differ materially from Kinross’

expectations are disclosed under the heading “Risk Factors” and elsewhere in Kinross’ documents filed from time to time with the

Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

-30-

Robert M. Buchan

Chairman and Chief

Executive Officer

Tel. (416) 365-5650

Gordon A. McCreary

Vice-President, Investor Relations

and Corporate Development

Tel. (416) 365-5132

Brian W. Penny

Vice President, Finance

and Chief Financial Officer

Tel. (416) 365-5662

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