Kinross Gold Corporation Announces Common Share Offering From Treasury

TORONTO, Ontario, January 22, 2002,

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

“Company”) announced today that it has entered into an underwriting agreement with a syndicate of

underwriters led by CIBC World Markets Inc. and including RBC Capital Markets Inc. and Scotia Capital

Inc., under which the underwriters have agreed to buy and sell to the public 20,000,000 Common

Shares of the Company from treasury, with an option for up to an additional 3,000,000 Common

Shares, exercisable 48 hours prior to closing.

The purchase price of Cdn $1.35 per Common Share will result in gross proceeds of Cdn $27 million,

assuming that the over-allotment option is not exercised, and an additional Cdn $4.05 million if the

over-allotment option is fully exercised. The transaction is subject to the receipt of all necessary

regulatory and stock exchange approvals. Closing is expected on or about February 12, 2002.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and

may not be offered or sold in the United States absent registration or an applicable exemption from the

registration requirements. This press release shall not constitute an offer to sell or the solicitation of an

offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or

sale would be unlawful.

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

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE

UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A

VIOLATION OF U.S. SECURITIES LAW.

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