January 24, 2001
Toronto, Ontario –
KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)
announces that the State
of Alaska and the U.S. Army Corps of Engineers have issued permits authorizing Kinross to proceed
with the True North Project effective January 24, 2001. The True North Project is located approximately
15 kilometres north of the Fort Knox mine and mill near Fairbanks, Alaska. Kinross is now estimating
that the first ore from True North should be available for processing at the Fort Knox mill at the end of
the first quarter of 2001, ramping up to full production during the second quarter. The development of
the True North Project is expected to allow the Fort Knox operation to produce approximately 450,000
ounces of gold equivalent in 2001 compared to actual production of 362,959 ounces in 2000. Total
cash cost per ounce of gold equivalent production at Fort Knox is expected to decline to approximately
$196 per ounce in 2001 compared to $203 per ounce in 2000. The Fort Knox operation had an
outstanding fourth quarter in 2000 producing 112,745 ounces at a total cash cost of $167 per ounce.
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, 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. These
include fluctuations in the price of gold, the outcome of negotiations with business partners and others
concerning operations, and strategic decisions made by the company in the future. Additional
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 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
Robert W. Schafer
Vice President, Exploration
Tel: (416) 365-7883