Toronto, Ontario -

KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)

announced today that

results for the three months and six months ended June 30, 1999 are as follows:

Finanacial and Production Tables

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

Kinross provides the following detail regarding the Company’s performance during the second quarter

of 1999. Although the average spot price of gold was $273 per ounce compared to $300 in 1998, cash

flow provided from operations for the second quarter was $13.3 million, compared to $13.8 million in

1998. Gold equivalent production for the second quarter was 247,176 ounces at record low total cash

costs of $192 per ounce.

Net loss for the three months ended June 30, 1999 was $14.7 million, five cents per share, on

revenues of $77.8 million, compared with a net loss for the second quarter of 1998 of $1.9 million, two

cents per share, on revenues of $64.0 million. Total cash costs were $192 per ounce of gold equivalent

in the quarter, down from the first quarter of $198 per ounce. Cash flow provided from operations was

$13.3 million, four cents per share, compared to $13.8 million, seven cents per share in the same

period of 1998.

Net loss for the six months ended June 30, 1999 was $24.7 million, nine cents per share, on revenues

of $156.5 million, compared with a net income for first six months of 1998 of $0.3 million, or a loss of

two cents per share (after accounting for the convertible debenture equity component increase) on

revenues of $106.6 million. Total cash costs were $195 per ounce of gold equivalent in the first six

months, down from $224 per ounce of gold equivalent in the same period of 1998. Cash flow provided

from operations for the first six months of 1999 was $30.6 million, ten cents per share, compared to

$20.0 million, thirteen cents per share in the same period of 1998.

Included in the results of operations for the second quarter and six months ended June 30, 1999 are

$5.0 million, or two cents per share of unusual charges. These charges resulted from severance

obligation associated with the decision to place the Macassa mine on care and maintenance and a

contract termination fee associated with the termination of the surface mining contract at the Refugio

mine.

Gold equivalent production for the second quarter was 247,176 ounces, for a six-month total of

502,311 ounces. The Hoyle Pond mine will significantly increase its production in the second half of the

year and continued strong performance from the Kubaka and Fort Knox mines are expected to ensure

that the Company achieves its 1999 production target of one million ounces.

The Company’s gold hedging program enabled the Company to realize an average price of $302 and

$298 per ounce for the second quarter and six months respectively, compared with average spot prices

of $273 and $280 for the second quarter and six months respectively. The Company has in place

900,000 ounces of forward sales contracts outstanding for delivery over the next six years at prices

ranging from $300 per ounce to $323 per ounce.

Operating Performance



Although production was nominally lower than planned, total cash costs were better than anticipated

for the first half of 1999. The current plan calls for higher production from the Hoyle Pond mine during

the second half of the year, for a year total of 1 million ounces at sustainable low total cash costs of

approximately $190 per ounce of gold equivalent. For details of tonnes processed, grade and recovery

refer to the tables presented later in this press release.

Fort Knox Mine – Alaska

As reported in the first quarter report, production at the Fort Knox mine was adversely affected by

unusually hard ore and lower than planned ore grade. The Company is pleased to report improved

production for the second quarter, as these issues were resolved successfully. Production increased by

18% over the first quarter and total cash costs continued to decline to $179 per ounce, better than

planned.

With the closing of the True North acquisition, the Company will now focus the exploration and

permitting activities in Alaska on the nearby True North and Ryan Lode properties which will provide

higher grade ore and allow the Company to increase production at the Fort Knox mine.

Hoyle Pond Mine - Ontario

As previously reported, the results at Hoyle Pond have been adversely affected by a fatality late in

1998, a second fatality in April this year, a disruptive unionization drive and technical/productivity

issues underground. Substantial changes were made in the second quarter in both management and

procedures that has resulted in the total cash costs per ounce declining monthly throughout the quarter

to a low for the year to date of $183 per ounce in June. Continued improvement is forecast for the

balance of the year such that production expectations for the full year remain unchanged at

approximately 146,000 ounces at a total cash cost of about $180 per ounce.

Kubaka Mine – Russia

The Kubaka mine continues to exceed planned production with lower than forecasted total cash costs.

Production at the Kubaka mine is significantly better than planned due to higher than expected mill

feed grade, greater mill throughput and lower operating costs. Total cash costs at the Kubaka mine

remained the lowest in the Company at $142 per ounce of gold equivalent for the second quarter of

1999.

Refugio Mine - Chile

Production at the Refugio mine declined 8% during the second quarter, while total cash costs increased

nominally to $259 per ounce of gold equivalent. The Company commenced self-mining at the Refugio

mine during the second quarter, which will allow greater flexibility in mine planning and production.

The Company became operator of the mine during the second quarter. In addition to the mobile fleet

that was purchased in the second quarter further capital expenditures for the year involve the

completion of the replacement of the tertiary crushers and the addition of one loader to replace an

older rental unit. The Company is confident that substantially lower production costs will be seen in the

foreseeable future.

Denton-Rawhide – Nevada

Production at the Denton-Rawhide mine declined by 11% during the second quarter, but remained on

plan, while total cash costs remained better than planned at $241 per ounce of gold equivalent. For the

six months, production at the Denton-Rawhide Mine continues to exceed plan due to higher than

planned tonnes placed on the leachpad.



Blanket – Zimbabwe

Production at the Blanket mine declined by 15% during the second quarter, while total cash costs

remained on plan at $181 per ounce of gold. For the year, production is slightly lower than planned but

total cash costs remain significantly below planned at $156 per ounce of gold. Production shortfalls

relate to lower than planned grade from underground due to the inability to mine the high-grade

reserves in the Eroica blocks. With this minor issue resolved, production estimates for the year remain

unchanged.

Year 2000 Update

The review and impact analysis of the Company’s operating facilities with respect to plant equipment

has been completed at all sites. The Fort Knox, Hoyle Pond, Kubaka, Macassa and Blanket properties

have completed remediation of their process control systems and these plant systems are now Y2K

compliant. The Refugio property has completed the review and analysis of the plant and completed

75% of the remedial work required, with the remainder scheduled for completion in August 1999.

The review and impact analysis of business information systems is progressing on schedule. 80% of

the systems upgrades have been completed, with the remainder scheduled for completion by

September 1999.

Queries have been sent to 200 vendors of goods and services from various sites. To-date responses

have been received from 90%, indicating they are now compliant or would be by June 1999.

Y2K contingency planning will take place during the third quarter of this year. The information being

received from the various electrical utilities as to their status is very promising. However, it is still the

intention to focus part of contingency plans on potential electrical disruptions, as any serious power

disruptions would have an impact on operations.

Total project spending estimates for the year is lower than previous estimates.

No serious issues have been identified by the assessments, and it is the Company’s belief that there

will not be any serious operational problems caused by the Y2K "bug" and that the Company has taken

the necessary steps to resolve any Year 2000 issues. However, there can be no assurance that any one

or more such failures would not have a material adverse effect on the Company. Actual outcomes and

results could be affected by future factors including, but not limited to, availability of skilled personnel,

ability to locate software problems, critical suppliers and subcontractors meeting commitments, and

timely actions by suppliers.

Outlook

As at June 30, 1999, the Company has $119.7 million of cash and operating working capital of $32.6

million for total working capital of $152.3 million. This combined with sustainable low cost production,

and a manageable debt repayment schedule, provides the Company with a solid platform for future

growth when opportunities present themselves.

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-

For further information:

Robert M. Buchan

Chairman and Chief Executive

Officer

Tel: (416) 365-5650

Gordon A. McCreary

Brian W. Penny

Vice President,

Vice President, Finance and

Investor Relations and Corporate Financial Officer

Development

Tel. (416) 365-5132

Tel: (416) 365-5662

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Kinross Gold: News Archive July 20, 1999 Second Quarter Financials

Page 1 of 7

BACK

1999 Second Quarter Financials, Kinross Gold Corporation

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Changes in Cash Flows

Consolidated Statements of Consolidated Shareholders' Equity

Gold Equivalent Production Data

Cash Operating Costs

Gold Production and Cost Summary

Notes to the Financial Statements

Kinross Gold Corporation

Consolidated Balance Sheets

(expressed in millions of U.S. dollars) (unaudited)

As at June 30

1999

Assets

Current assets

Cash and cash equivalents

Bullion settlements and other accounts receivable

Inventories

Marketable securities

Mineral properties, plant and equipment

Long - term investments

Deferred charges and other assets

Liabilities

Current liabilities

Accounts payable and accrued liabilities

Current portion of long - term debt

Current portion of site restoration cost accruals

As at December 31

1998

$ 119.7

51.3

51.2

1.9

224.1

833.2

24.1

14.9

$ 1,096.3

$ 153.4

55.4

54.6

1.2

264.6

809.8

25 .0

15.4

$ 1,114.8

$ 42.9

21.7

7.2

71.8

121.7

49.1

7.2

25.0

40.5

3.1

318.4

88.3

919.4

7.9

106.4

(324.3)

(19.8)

689.6

$ 1,096.3

$ 49.4

25.1

5.9

80.4

125.8

52 .0

6.9

29 .0

42.7

3.1

339.9

88.3

904.2

3.6

103.1

(296.4)

(27.9)

686.6

$ 1,114.8

Long-term debt

Site restoration cost accruals

Deferred income and mining taxes

Deferred revenue and other

Debt component of convertible debentures

Redeemable retractable preferred shares

Convertible preferred shares of subsidiary company

Common shareholders' equity

Common share capital

Contributed surplus

Equity component of convertible debentures

Deficit

Foreign currency translation adjustments

Kinross Gold Corporation

Consolidated Statements of Operations

file://E:\www\kinross\news\arc\990720f.htm

02/06/08



Kinross Gold: News Archive July 20, 1999 Second Quarter Financials

(expressed in millions of U.S. dollars except per share amounts) (unaudited)

Three months

ended

30 -Jun

1999

1998

Revenue

Mining revenue

$ 74.7

$ 59.3

Interest and other income

3.1

4.7

77.8

64.0

Expenses

Operating

53.8

41.8

General and administrative

2.4

2.0

Exploration and business development

2.2

1.9

Depreciation, depletion and amortization

28.0

16.5

86.4

62.2

(Loss) income before the undernoted

(8.6)

1.8

Gain on sale of marketable securities

0.1

-

Foreign exchange gain (loss) and other

(0.3)

0.3

Share in loss of associated companies

(0.1)

(0.1)

Interest expense on long -term liabilities

(3.0)

(2.2)

(Loss) income before taxes and dividends on

(11.9)

(0.2)

convertible preferred shares of subsidiary company

Provision for income and mining taxes

(1.1)

(1.1)

(Loss) income for the period before dividends on

(13.0)

(1.3)

convertible preferred shares of subsidiary company

Dividends on convertible preferred shares of

(1.7)

(0.6)

subsidiary company

Net (loss) income for the period

(14.7)

(1.9)

Increase in equity component of convertible debentures

(1.6)

(1.4)

Net loss attributable to common shareholders

$ (16.3)

$ (3.3)

Net loss per share

Net basic and fully diluted

$ (0.05)

$ (0.02)

Weighted average number common shares outstanding

300.8

192.5

Total outstanding and issued common shares at June 30

Page 2 of 7

Six months ended

30 -Jun

1999

$ 149.9

6.6

156.5

105.2

4.9

4.3

54.9

169.3

(12.8)

0.1

(0.1)

(0.2)

(6.6)

(19.6)

(1.7)

(21.3)

(3.4)

(24.7)

(3.2)

$ (27.9)

$ (0.09)

298.4

299.9

1998

$ 98.1

8.5

106.6

71.2

3.2

3.1

23.7

101.2

5.4

0.8

0.3

(0.2)

(3.4)

2.9

(2.0)

0.9

(0.6)

0.3

(2.9)

$ (2.6)

$ (0.02)

149.8

292.9

Kinross Gold Corporation

Consolidated Statements of Cash Flows

For the six months ended June 30

(expressed in millions of U.S. dollars) (unaudited)

Three months ended

Six months ended

June 30

June 30

1999

1998

1999

1998

Net inflow (outflow) of cash related to the following activities:

Operating:

(Loss) income for the period before dividends on

$ (13.0)

$ (1.3)

$ (21.3)

$ 0.9

convertible preferred shares of subsidiary company

Items not affecting cash:

Depreciation, depletion and amortization

28.0

16.5

54.9

23.7

Gain on sale of marketable securities

0.1 -

0.1

(0.8)

Deferred income and mining taxes

-

-

-

(1.1)

Deferred revenue realized

(2.5)

(2.5)

(4.8)

(4.5)

Site restoration cost accruals

0.6

1.2

1.5

2.0

Other

0.1

(0.1)

0.2

(0.2)

Cash flow provided from operations

13.3

13.8

30.6

20.0

Deferred revenue - hedging gains

-

-

-

13.9

Site restoration expenditures

(3.6)

(0.2)

(3.6)

(0.4)

Changes in non-cash working capital items

file://E:\www\kinross\news\arc\990720f.htm

02/06/08



Kinross Gold: News Archive July 20, 1999 Second Quarter Financials

Bullion settlements and other accounts

receivable

Inventories

Marketable securities

Accounts payable and accrued liabilities

Effect of exchange rate changes

Cash flow provided from operating activities

Financing:

(Repurchase) issuance of common shares, net

Convertible debentures

Repayment of debt

Dividends on convertible preferred shares of

subsidiary company

Cash flow (used in) financing activities

Investing:

Additions to properties, plant and equipment

Business acquisitions, net of cash acquired

Long-term investments and other assets

Proceeds from the sale of fixed assets

Cash flow (used in) provided by investing

activities

Decrease in cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

4.3

(2.5)

(0.4)

(2.3)

3.3

12.1

(4.5)

(1.1)

(5.6)

(1.8)

(13.0)

(11.9)

(28.0)

(0.4) -

0.3

(40.0)

(40.9)

160.6

$ 119.7

7.9

0.8

(2.2)

(7.3)

(4.3)

8.5

42.9

(0.9)

(255.3)

(0.6)

(213.9)

(7.4)

8.1

2.0

2.7

(202.7)

337.6

$ 134.9

4.1

3.4

(0.4)

(6.5)

4.3

31.9

(6.5)

(2.2)

(7.4)

(3.5)

(19.6)

(18.2)

(30.3)

0.2 -

2.3

(46.0)

(33.7)

153.4

$ 119.7

Page 3 of 7

5.9

1.8

3.2

(2.5)

(5.3)

36.6

172.7

(1.8)

(255.6)

(0.6)

(85.3)

(12.2)

3.5

2.0

(6.7)

(55.4)

190.3

$ 134.9

Kinross Gold Corporation

Consolidated Statements of Consolidated Shareholders' Equity