December 24, 1999

Toronto, Ontario –

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

announced that it has

completed the transaction to purchase the Timmins assets of Royal Oak Mines Inc. for US$5 million. As

part of the due diligence process for this transaction Kinross reached agreement with appropriate

regulatory authorities with regard to methodically addressing the environmental reclamation aspects of

the historic producing areas being acquired. With the transaction completed Kinross will now focus its

efforts on assembling an appropriate technical team to formulate a definitive plan for the orderly

exploration and development of the company's premier land position in the heart of the Porcupine

mining camp. Timmins is the largest historic gold producing district in North America with about 62

million ounces of production since 1910. Although the more than 50,000 acre property package now

assembled by Kinross boasts historic production of approximately 46 million ounces, there remain

many under-explored areas and excellent surface and underground exploration targets to be followed-

up. In addition, Kinross' 48% owned affiliate Pentland Firth Ventures Ltd. controls a 20,000 acre

exploration package contiguous with Kinross' Hoyle Pond property and centred on the "New Mine

Trend" located to the north of the historic producing areas.

-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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