40 KING STREET WEST, 52 FLOOR
TORONTO, ON M5H 3Y2
TEL: 416 365 5123
FAX: 416 363 6622
TOLL FREE: 866-561-3636
ND
PRESS RELEASE
Kinross Reserves Increase over 35%
February 15, 2005, Toronto, Ontario – Kinross Gold Corporation
(TSX-K; NYSE-KGC) ("Kinross" or
the "Company") announced today that Proven and Probable gold reserves at December 31, 2004
increased 37% from 14.1 million ounces to 19.4 million ounces. Silver reserves at the end of 2004 are
32.8 million ounces. Reserves were calculated using a $350 gold price and $5.50 silver price and
resources were calculated using a $400 gold price and $5.50 silver price for 2004. Reserves and
resources for 2003 were calculated using a $325 and $350 gold price, respectively. The change in
reserves was calculated as follows:
‘000 oz. Gold
Opening Reserves
Depleted through mining
Acquired (Paracatu)
Reserve additions
Ending Balance
14,131
(1,913)
4,316
2,876
19,410
Gold Reserves and Resources History
2000
Proven and Probable
Measured and Indicated
6,920
10,489
2001
5,661
9,460
2002
13,153
7,724
2003
14,131
6,244
2004
19,410
8,186
Gold Reserves and Resources
Measured and Indicated
30,000
25,000
'000 ounces gold
Proven and Probable
20,000
15,000
10,000
5,000
-
2000
2001
2002
2003
2004
The Gurupi project has not been included in reserves at year-end as a feasibility study is still in
progress. A drill program is underway at Paracatu that may significantly expand the reserve base at
the mine, and influence how we approach the expansion at that operation.
  PDF to HTML - Convert PDF files to HTML files
2004 Production and Costs
Gold equivalent production for the year ended 2004 was 1.65 million ounces at total cash costs per
ounce* of approximately $242.
“Costs were a little higher than planned due to the earlier than planned shutdown of the Lupin mine and
the deferral of the Tsokol project in Russia”, said Scott Caldwell, chief operating officer of Kinross. “We
will also see some write downs of supplies inventories and fixed assets at New Britannia, Lupin and
Kubaka.”
Kinross’ release of financial results will be delayed until a third party independent valuation on the value
of the goodwill that arose from the merger with TVX Gold Inc. and Echo Bay Mines Ltd. is completed.
2005 Guidance
Today the Board of Directors approved a budget for 2005 that contemplates a production level of
approximately 1.6 million ounces. This is a decline from the 1.65 million ounces reported for 2004,
primarily due to the closure of Lupin and New Britannia and the delayed start at Refugio until the
second quarter of 2005. Total cash costs are expected to be marginally higher than 2004, between
$250-$255 per ounce, primarily as a result of higher consumable costs and the impact of the weaker
US dollar on non-US dollar based operating costs.
Capital costs are budgeted to be $160 million with the major expenditures being; $43 million at Fort
Knox, $36 million at Paracatu, $25 million at Refugio and $22 million at Porcupine.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Vice President
Investor Relations
Tel. (416) 365-7254
Tracey M. Thom
Manager
Investor Relations
Tel. (416) 365-1362
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 the Kinross’ financial statements for its fiscal
year ended December 31, 2004, potential mineralization and reserves, exploration results and future plans and
objectives of Kinross Gold Corporation, 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. Any restatement of historical
financial statements is dependant on the outcome of the independent valuation of the acquired assets, and
Kinross does not know what that outcome will be. Other 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. All dollar amounts are expressed in US dollars.
* Total cash costs are a non-GAAP measure intended to provide investors with information about the cash
generating capacity of Kinross. Management uses this measure for the same purpose and for monitoring
performance of its gold mining operations. Total cash costs per ounce is a standard gold mining industry
measure that was developed in conjunction with the Gold Institute in an effort to provide a level of comparability
among precious metals producers. This measure differs from earnings determined in accordance with
Generally Accepted Accounting Principles (“GAAP”) and should not be considered in isolation or a substitute for
measures of performance determined in accordance with GAAP. Total cash costs may reflect adjustments for
items that are recurring such as change in inventory and site restoration cost accruals. A reconciliation of total
cash costs with operating costs per the consolidated financial statements will be published by the Company
once its December 31, 2004 year end financial statements are available.
Page
2
  PDF to HTML - Convert PDF files to HTML files
MINERAL RESERVE AND RESOURCE STATEMENT
(1,3,5,6,7,23)
PROVEN AND PROBABLE MINERAL RESERVES
Kinross Gold Corporation's Share at December 31, 2004
Property
Location
Kinross
Proven
Interest Tonnes
Grade
(%)
(,000)
(g/t)
GOLD
NORTH AMERICA
Fort Knox and area
(13)
USA
100.0%
53,333
0.76
Round Mtn and area
(14)
USA
50.0%
45,179
0.57
Porcupine JV
(9,12)
Canada
49.0%
11,005
1.31
Aquarius
(10)
Canada
100.0%
-
-
(12)
Musselwhite
Canada
31.9%
1,897
5.61
Lupin Mine
Canada
100.0%
33
8.47
New Britannia
Canada
50.0%
-
-
Kettle River
USA
100.0%
169
9.98
SUBTOTAL
111,615
0.83
SOUTH AMERICA
Paracatu
La Coipa
(12,15,19,20)
Refugio
Crixas
(11, 18)
SUBTOTAL
Ounces
(000s)
Proven and Probable Mineral Reserves
$350/oz gold
$5.50/oz silver
Probable
Proven and Probable
Tonnes
Grade Ounces
Tonnes
Grade Ounces
(,000)
(g/t)
(000s)
(,000)
(g/t)
(000s)
1,301
824
463
-
342
9
-
54
2,993
47,471
30,129
23,072
15,017
1,447
-
-
-
117,136
1.02
0.67
1.65
2.16
5.70
-
-
-
1.26
1,556
652
1,223
1,042
265
-
-
-
4,738
100,803
75,309
34,077
15,017
3,343
33
-
169
228,751
0.88
0.61
1.54
2.16
5.65
8.47
-
9.98
1.05
2,858
1,475
1,685
1,042
607
9
-
54
7,731
Brazil
Chile
Chile
Brazil
100.0%
50.0%
50.0%
50.0%
425,947
9,159
49,160
1,386
485,651
0.44
1.25
0.88
6.13
0.52
6,025
369
1,388
273
8,055
178,464
4,089
12,867
683
196,103
0.43
1.04
0.80
7.22
0.49
2,437
137
329
159
3,062
604,411
13,248
62,027
2,069
681,754
0.44
1.19
0.86
6.49
0.51
8,463
506
1,717
432
11,116
ASIA
Kubaka and area
(16,17)
Russia
SUBTOTAL
TOTAL GOLD w/o BLANKET
Blanket
(22)
Zimbabwe
TOTAL GOLD w BLANKET
SILVER
SOUTH AMERICA
La Coipa
(12,15,19,20)
SUBTOTAL
ASIA
Kubaka and area
(16,17)
SUBTOTAL
TOTAL SILVER
98.1%
100.0%
424
424
597,691
684
598,375
3.55
3.55
0.58
4.32
0.58
48
48
11,096
95
11,191
614
614
313,853
1,536
315,389
10.60
10.60
0.79
4.26
0.81
209
209
8,009
210
8,219
1,038
1,038
911,544
2,220
913,764
7.72
7.72
0.65
4.28
0.66
258
258
19,104
305
19,410
Chile
50.0%
9,159
9,159
424
424
9,583
68.1
68.1
9.0
9.0
65.5
20,044
20,044
123
123
20,167
4,089
4,089
614
614
4,703
94.6
94.6
12.4
12.4
83.9
12,437
12,437
245
245
12,682
13,248
13,248
1,038
1,038
14,286
76.3
76.3
11.0
11.0
71.5
32,480
32,480
368
368
32,848
Russia
98.1%
Rounding differences may occur
Page
3
  PDF to HTML - Convert PDF files to HTML files
Measured and Indicated Mineral Resources
$400/oz gold
$5.50/oz silver
MINERAL RESERVE AND RESOURCE STATEMENT
(2,3,4,6,7,8,23)
MEASURED AND INDICATED MINERAL RESOURCES (EXCLUDES PROVEN AND PROBABLE RESERVES)
Kinross Gold Corporation's Share at December 31, 2004
Measured
Indicated
Measured and Indicated
Property
Location Kinross
Interest Tonnes Grade
Ounces
Tonnes Grade
Ounces
Tonnes Grade
Ounces
(%)
(,000)
(g/t)
(000s)
(,000)
(g/t)
(000s)
(,000)
(g/t)
(000s)
GOLD
NORTH AMERICA
Fort Knox and area
(13)
USA
100.0% 11,927
0.65
251
24,970
0.74
591
36,897
0.71
842
Round Mtn and area
(14)
USA
50.0% 14,749
0.48
227
21,437
0.57
393
36,186
0.53
620
(9,12,19)
Porcupine JV
Canada
49.0%
3,043
2.62
256
23,473
1.87
1,412
26,515
1.96
1,668
Aquarius
(10)
Canada
100.0%
-
-
-
-
-
-
-
-
-
(12,19)
Musselwhite
Canada
31.9%
496
3.94
63
427
6.50
89
922
5.12
152
Lupin Mine
Canada
100.0%
-
-
-
446
9.33
134
446
9.33
134
New Britannia
Canada
50.0%
40
4.77
6
1,066
5.14
176
1,106
5.12
182
Kettle River
USA
100.0%
-
-
-
-
-
-
-
-
-
George-Goose Lake
(10)
Canada
100.0%
-
-
-
2,842
11.78
1,076
2,842
11.78
1,076
SUBTOTAL
30,254
0.83
803
74,660
1.61
3,871 104,913
1.39
4,674
SOUTH AMERICA
Paracatu
Brazil
La Coipa
(12,15,19,20)
Chile
Refugio
Chile
Crixas
(11,18)
Brazil
(10, 21)
Gurupi
Brazil
SUBTOTAL
ASIA
Kubaka and area
(16,17)
Russia
SUBTOTAL
AUSTRALIA
Norseman
(10)
Australia
SUBTOTAL
TOTAL GOLD w/o BLANKET
Blanket
(22)
Zimbabwe
TOTAL GOLD w BLANKET
100.0%
50.0%
50.0%
50.0%
100.0%
1,645
9,077
21,688
324
-
32,734
92
92
-
-
63,080
-
63,080