September 25, 2001
Toronto, Ontario – Kinross Gold Corporation
(TSE-K; Amex-KGC)
announced today that Kinross has
entered into a letter of intent with Wheaton River Minerals Ltd.
(TSE-WRM)
to acquire its interest in
the George/Goose Lake Gold Project located south of Bathurst Inlet in Nunavut Territory, Canada. The
total consideration for this acquisition will be the issuance to Wheaton River of 4,000,000 common
shares of Kinross. Kinross is currently in the second year of exploration expenditures on the George/
Goose Lake Gold Project where Kinross has the right to earn a 70% interest in these properties from
Wheaton River by spending Cdn$20 million by November 30, 2004. Kinross has incurred approximately
Cdn$6 million of exploration expenditures on the George/Goose Lake properties over the past two
years and had established a total geological mineral resource of approximately 2.8 million ounces of
gold at the end of last year. This total resource consisted of an inferred resource at Goose Lake of
3,897,000 tonnes grading 12.51 grams of gold per tonne (1,568,000 ounces of gold) and an indicated
resource at George Lake of 2,620,000 tonnes grading 9.95 grams per tonne (838,000 ounces of gold)
and an inferred resource at George Lake of 1,289,000 tonnes grading 10.11 grams per tonne (419,000
ounces of gold). The 2001 drilling program concluded recently and a new resource calculation is
expected by year-end. The transaction is expected to close by December 14, 2001.
Additionally, Kinross announced today that recently, a lawsuit has been filed against Omolon Gold
Mining Company, the owner and operator of the Kubaka mine, in which Kinross indirectly owns 54.7%
of the issued and outstanding common stock. The lawsuit, seeking US$45 million from Omolon, was
brought in the Magadan region, Russia, by a minority shareholder of Omolon. Omolon's counsel has
advised that Omolon has good defenses available to it on the merits and they are highly confident that
Omolon will successfully defend this lawsuit.
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 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