Kubaka Reaches Project Completion

November 24, 1999

Toronto, Ontario -

KINROSS GOLD CORPORATION (TSE-K; NYSE-KGC)

is pleased to announce

that the European Bank for Reconstruction and Development (EBRD) and the Overseas Private

Investment Corporation (OPIC) have confirmed that Project Completion has occurred with respect to

the EBRD/OPIC project financing for the Kubaka gold mine of Omolon Gold Mining Company (Omolon).

EBRD and OPIC provided US$130 million of debt financing during 1995 to 1997 for the construction of

the Kubaka gold mine located in the Magadan Oblast of Far Eastern Russia. Since commercial

production began on June 1, 1997, Kubaka has produced about 1.2 million gold equivalent ounces and

has repaid US$50 million of this debt. Although gold prices weakened significantly during this period,

excellent operating performance has been achieved due to the dedicated team at Omolon and the

robust nature of the Kubaka orebody. As a result of Omolon reaching Project Completion, the

remaining portion of these project loans to Omolon (US$80 million) has become non-recourse to

Kinross.

-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

Allan D. Schoening

Vice President, Human Resources and Community Affairs

Tel.: (416) 365-2565

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