Toronto, Canada

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January 22, 2003

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

(“Kinross”)

provides the following up-date on the status of the previously announced proposed

acquisition of shares by its 54.7%-owned Russian subsidiary, Omolon Gold Mining Company

(“Omolon”). In October 2002, Omolon reached agreements in principle with the Russian Ministry of

Finance and the Magadan Administration representing itself and a majority of the Russian shareholders

of Omolon, to purchase the outstanding shares currently held by all the Russian shareholders for the

Ruble equivalent of US$ 45.4 million. On December 3, 2002 share purchase agreements were entered

into between Omolon and four of the Russian shareholders of Omolon owning in the aggregate

approximately 44.17% of the shares of Omolon. The share purchase agreements were entered into

subsequent to the initiation of lawsuits by three Russian shareholders of Omolon. On January 8, 2003

the appellate court in Khabarovsk dismissed an order issued in connection with these lawsuits freezing

certain assets of Omolon. In addition, on January 13, 2003, a court in Magadan dismissed with

prejudice an action against Omolon brought by the Magadan Administration, on behalf of the

Association of Native Peoples, a shareholder of Omolon. On January 20, 2003, the lawsuit initiated

against Omolon by the largest Russian shareholder of Omolon was also dismissed with prejudice by a

court in Magadan.

In order to finalize the share purchase transactions, certain written assurances need to be obtained

from the Magadan Administration. The acting Governor apparently is unwilling to sign any

documentation relating to these transactions until after the upcoming election. The election is

scheduled for February 2, 2003, but it may be some time thereafter before the results are settled and

the matter makes it onto the new Governor's agenda. Kinross believes, based on discussions with the

Administration's representatives, that the share purchase transactions will close by the end of the first

quarter of 2003.

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, 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.

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For additional information:

Robert M. Buchan

President and Chief Executive Officer

Tel.: (416) 365-5650

Gordon A. McCreary

Vice President, Investor Relations and Corporate

Development

Tel.: (416) 365-5132

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