July 18, 2000
Toronto, Canada -
Kinross Gold Corporation (TSE - K; NYSE - KGC)
Since Kinross is hosting an
analysts' tour of its Timmins, Ontario assets on July 18 and 19, 2000 it was deemed appropriate to
release the following summary of second quarter 2000 operating performance. The detailed financial
data for the second quarter ending June 30, 2000 is expected to be released on July 27, 2000.
Total cash costs in the second quarter declined to $212 per equivalent ounce of gold compared to $216
in the first quarter of 2000. Further improvements in total cash costs are expected in the second half of
2000 and in 2001 with the primary drivers being low cost production growth at the Fort Knox operation
in Alaska and sustained operating improvements at the Hoyle Pond operations in Timmins and the
Refugio operations in Chile. Total gold equivalent production in the first half of 2000 was 461,578
ounces at a total cash cost of $214 per ounce and is forecast at approximately 500,000 in the second
half of 2000 at a total cash cost of less than $200 per ounce. For additional production and cost details
regarding specific operations refer to the attached tables.
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.
Kinross Gold Corporation
Production Data
Gold Equivalent Production - Ounces
Three months ended
June 30
2000
Primary operations:
Fort Knox
Hoyle Pond
Kubaka
Refugio
Denton-Rawhide
83,825
31,130
59,066
21,894
4,929
91,348
26,625
65,646
24,381
14,500
161,376
68,844
120,639
47,682
20,325
168,429
54,778
131,599
50,877
30,838
1999
2000
Year to date ended
June 30
1999