July 23, 2001
Toronto Ontario – Kinross Gold Corporation
(TSE-K; NYSE-KGC)
is pleased to announce that all
necessary regulatory and shareholder approvals have been received by Pentland Firth Ventures Ltd. to
enable the parties to close the previously announced transaction whereby Kinross will cancel all debt
owed to it by Pentland in return for: i) 8,547,000 common shares of Pentland issued at a deemed price
of Cdn$0.10 per share and ii) the sale to Kinross of certain mineral and exploration rights owned by
Pentland. Concurrently with the closing of this transaction Pentland will also issue 31,500,000 common
shares to acquire all of the outstanding shares of Tesoro Energy Ltd.
After giving effect to all of these transactions, Kinross, together with its directors, officers and related
parties will own 10,609,276 common shares of Pentland representing 16.4% of the outstanding shares
of Pentland. The transactions are expected to close on or about July 25, 2001. Kinross is acquiring the
common shares for investment purposes.
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.
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For additional information contact:
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
Brian W. Penny
Vice President, Finance
and Chief Financial Officer
Tel. (416) 365-5662