Press Release

October 25, 2000

Toronto, Ontario –

Kinross Gold Corporation (TSE-K; NYSE-KGC)

announced today the results for the three and

nine months ended September 30, 2000 are as follows:

All results are expressed in United States dollars unless otherwise stated.

Consolidated Results

Third Quarter

For the third quarter of 2000, cash flow provided from operations was $10.4 million or $0.04 per share, compared to

$17.0 million or $0.06 per share for the three months ended September 30, 1999. The net loss for the third quarter of

2000 was $14.3 million or $0.06 per share, compared to $11.4 million or $0.05 per share net loss for the three months

ended September 30, 1999.

Nine Months

For the first nine months of 2000, cash flow provided from operations was $32.4 million or $0.11 per share, compared

to $47.6 million or $0.16 per share for the first nine months of 1999. The net loss for the first nine months of 2000 was

$32.9 million or $0.13 per share, compared to $36.1 million or $0.14 per share net loss for the nine months ended

September 30, 1999.

Revenues

Gold and Silver Sales

The Company’s primary source of revenue is from the sale of its gold and silver production. The Company’s share of

attributable gold equivalent production was 227,594 ounces during the third quarter of 2000 compared to 228,086

ounces during the second quarter of 2000 and 257,331 ounces in the third quarter of 1999. Revenue from gold and

silver sales was $64.3 million during the third quarter of 2000 compared to $66.4 million during the second quarter of

2000 and $77.1 million in 1999. Third quarter production improved over second quarter production at our three

flagship mines of Fort Knox, Hoyle Pond and Kubaka. A detailed discussion of operating performance of all of our

operations is found later in this report. In the third quarter of 2000, the Company realized $297 per ounce of gold, as

compared to $300 per ounce in 1999. The average spot price for gold was $277 per ounce in the third quarter of 2000

compared to $259 in 1999.

For the first nine months of 2000, the Company’s share of attributable gold equivalent production was 689,172

ounces compared to 759,642 in 1999. Revenue from gold and silver sales was $200.7 million during the first nine

months of 2000 compared to $227.0 million in 1999. In the first nine months of 2000, the Company realized $302 per

ounce of gold, as compared to $299 per ounce in 1999. The average spot price for gold was $282 per ounce in the first

nine months of 2000 as compared to $273 in 1999.

Operating Performance

Total operating costs continued to decrease. Total operating costs were $43.9 million for the third quarter of 2000; a

decrease of 5% compared to second quarter and 17% compared to the first quarter of 2000. During the third quarter,

cash spending decreased at the Hoyle Pond, Kubaka and Refugio mines. On a per ounce basis, total cash costs per

ounce of attributable gold equivalent production were $201 compared to $212 during the second quarter of 2000.

Total cash costs are expected to be less than $195 per equivalent ounce and production is expected to increase to

approximately 245,000 equivalent ounces for the final quarter of 2000 as operating results at Fort Knox continue to

improve.



Consolidated Production Costs per

Equivalent Ounce of Attributable Gold Production

Three Months Ended

September 30,

2000

1999

Nine Months Ended

September 30,

2000

1999

Cash operating costs

Royalties

Production taxes

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

$

$

191

10

-

201

3

99

303

$

$

183

10

-

193

3

109

305

$

$

199

11

-

210

3

96

309

$

$

182

12

-

194

3

109

306

The following table provides a reconciliation of operating costs per the consolidated financial statements to

operating costs for per ounce calculation of total cash costs as per the Gold Institute guidelines.

Reconciliation of Total Cash Costs per

Equivalent Ounce of Gold to Consolidated Financial Statements

(millions except production in ounces and per ounce amounts)

Three Months Ended

September 30,

2000

1999

Operating costs per financial statements

Dayton operating costs

Site restoration cost accruals

Severance costs

Contract termination costs

Other

Operating costs for per ounce calculation purposes

Gold equivalent production - ounces

Total cash costs per equivalent ounce of gold

$

43.9 $

3.8

(0.6)

-

-

(1.4)

45.7 $

227,594

201

51.3 $

-

(0.8)

-

-

(0.8)

49.7 $

257,331

193

Nine Months Ended

September 30,

2000

1999

142.9 $

6.9

(1.9)

-

-

(3.3)

144.6 $

689,172

210

156.5

-

(2.3)

(3.5)

(1.5)

(1.6)

147.6

759,642

194

$

Primary Operations

Fort Knox Mine

Gold production in the third quarter of 2000 was 88,838 ounces, compared to 83,825 ounces during the second quarter

of 2000 and 97,256 ounces during the third quarter of 1999. In the third quarter of 2000, total cash costs were $206 per

ounce of gold compared to $214 per ounce of gold during the second quarter of 2000 and $182 per ounce during the

third quarter of 1999. Cash spending increased nominally, but was more than compensated by higher ounce

production when compared to the second quarter of 2000. Production is expected to increase and total cash costs

per ounce of gold are expected to decrease during the fourth quarter of the year as the grade of ore processed

increases.



Hoyle Pond Mine

Gold production in the third quarter of 2000 was 35,298 ounces, compared to 31,130 ounces during the second quarter

of 2000 and 36,260 ounces during the third quarter of 1999. In the third quarter of 2000, total cash costs were $187 per

ounce of gold compared to $241 per ounce of gold during the second quarter of 2000 and $187 per ounce during the

third quarter of 1999. Cash spending continued to decrease at Hoyle Pond. Cash spending decreased by $0.8 million

during the third quarter when compared to the second quarter of 2000. The Company is continuing to look for

opportunities to reduce our total cash costs at Hoyle Pond. In addition, work continues in Timmins reviewing the

Hoyle Pond operations and the Pamour assets with the goal of assessing and implementing synergistic

opportunities.

Kubaka Mine (54.7% ownership interest, 53% in 1999)

The Company’s share of gold equivalent production in the third quarter of 2000 was 61,629 ounces, compared to

59,066 ounces during the second quarter of 2000 and 56,883 ounces during the third quarter of 1999. In the third

quarter of 2000, total cash costs were $135 per ounce of gold equivalent compared to $159 per ounce during the

second quarter of 2000 and $139 per ounce during the third quarter of 1999. Total cash costs per ounce of gold

decreased from the second quarter due to increased production, lower cash spending and lower royalties due to sales

of gold to Gohkran during the quarter.

A core-drilling program is in progress at the Birkachan project, approximately 30 kilometres north of the Kubaka mine

in Far East Russia. The goal of the program is to extend the vertical continuity to 200 – 300 metres depth for high

grade mineralization recognized in “feeder veins” discovered in shallower holes drilled earlier this year. Hosted by

volcanic rocks of the same age as at Kubaka, the quartz-adularia veins cut lower grade stockwork and hydrothermal

breccia mineralization over a strike length of 2.5 kilometres.

Recent drill results have indicated that continuity of high grades is possible over a mineable thickness, as illustrated

in the table below. All of the drill intersections lie on the same plane. All widths and depths are down-hole

measurements.

DDH G-17

DDH C2102

3.0 metres @ 10.80 grams of gold per tonne (48.0 – 51.0 metres)

4.2 metres @ 86.02 grams of gold per tonne (231.9 – 236.1 meters)

17.5 metres @ 25.13 grams of gold per tonne (350.4 – 367.9 metres)

DDH C2101 3.0 metres @ 21.74 grams of gold per tonne (31.5 – 34.5 metres)

Refugio Mine (50% ownership interest)

The Company’s share of gold equivalent production in the third quarter of 2000 was a disappointing 16,469 ounces,

compared to 21,894 ounces during the second quarter of 2000 and 17,740 ounces during the third quarter of 1999. In

the third quarter of 2000, total cash costs were $320 per ounce of gold equivalent compared to $282 per ounce during

the second quarter of 2000 and $314 per ounce during the third quarter of 1999. Cash spending for the Company’s

share of production decreased by $0.6 million when compared to the second quarter of 2000, but the reduced

spending did not compensate for the poor operating performance during the quarter. Compañia Minera Maricunga

(CMM), the Chilean joint venture company, placed 2.1 million tonnes on the leachpad during the quarter. Kinross is

reviewing various options for the Refugio operations and a meeting is scheduled in mid November to review these

options with our joint venture partner.

Blanket Mine

Gold production in the third quarter of 2000 was 8,105 ounces, compared to 10,166 during the second quarter of 2000

and 10,000 ounces during the third quarter of 1999. Gold production decreased from second quarter levels as the

historic tailings reprocessing program was completed. In the third quarter of 2000 total cash costs were $255 per

ounce of gold compared to $207 per ounce during the second quarter of 2000 and $170 per ounce during the third

quarter of 1999. During the third quarter, the Company agreed to purchase the historic tailings from a nearby

producer and is in the process of installing a slurry pipeline, which will be operational by the end of 2000. The

additional production from this historic tailings reserve should allow the Blanket mine to maintain production at

approximately 40,000 ounces per annum over the next three years.



Liquidity and Financial Resources

Operating Activities

Cash flow provided from operations for the third quarter of 2000 was $10.4 million, compared to $10.0 million during

the second quarter of 2000 and $17.0 million during the third quarter of 1999. The third quarter cash flow improved

nominally over the second quarter of 2000 primarily due to lower cash production costs.

Financing Activities

The Company issued, during the third quarter, 0.5 million common shares pursuant to the employee share purchase

plan for $0.3 million.

The debt component of convertible debentures was reduced by $1.2 million during the third quarter of 2000 compared

to $1.1 million during 1999. Long-term debt repayments totaled $0.6 million during the third quarter of 2000 compared

to a net increase of $2.1 million during 1999. Long-term debt repayments during the third quarter comprised of

scheduled repayments of the capital leases.

There were no dividends declared on the Kinam Series B Preferred Shares or the Kinross Redeemable Retractable

Preferred Shares during the quarter.

Investing Activities

Capital expenditures incurred in the third quarter of 2000 were $11.6 million compared to $10.5 million in 1999. Capital

expenditures for the third quarter focused on the Fort Knox mine ($7.3 million) primarily on permitting activities and

additions to the mining fleet, the Hoyle Pond mine ($2.5 million) primarily on underground exploration and

development, with the balance on other operations.

Commodity Price Risks

The Company has entered into gold forward sales contracts, spot deferred forward sales contracts and written call

options for some portion of expected future production to mitigate the risk of adverse price fluctuations. The

Company does not hold these financial instruments for speculative or trading purposes. The Company is not subject

to margin requirements on any of its hedging lines.

The outstanding number of ounces, average expected realized prices and maturities for the gold commodity

derivative contracts as at September 30, 2000 are as follows:

Expected

Year

of Delivery

2000

2001

2002

2003

2004

Total

Ounces

Hedged

'000 oz.

75

50

250

150

100

625

Call

Options

Sold '000 oz.

25

-

100

100

100

325

Average

Strike

Price

$290

-

$340

$340

$340

Average

Price

$316

$302

$323

$325

$320

During the third quarter the Company closed out 200,000 ounces of spot deferred forward sales contracts originally

scheduled for delivery in 2001 for net proceeds of $4.7 million. This gain has been deferred and will be included in

income during 2001.



Outlook

As at September 30, 2000, the Company has $86.4 million of cash and operating working capital of $7.2 million for

total working capital of $93.6 million. Working capital at September 30, 2000 approximated working capital at June 30,

2000. With anticipated capital expenditures for the True North project at Fort Knox in the fourth quarter, the

Company currently estimates consolidated year-end cash balance will approximate the mid-year consolidated cash

balance of $78.2 million assuming a spot gold price of $270 per ounce for the balance of the year.

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.

-30-

For additional information, e-mail

info@kinross.com

or contact:

Robert M. Buchan

Chairman and

Chief Executive Officer

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) 365-5650

Tel. (416) 365-5662

Kinross will host a conference call at 12:00 noon eastern time on Thursday, October 26, 2000. The audio will be

available at

www.Q1234.com

and archived at

www.kinross.com.



Kinross Gold Corporation

Consolidated Balance Sheets

(expressed in millions of U.S. dollars) (unaudited)

As at September 30

2000

Assets

Current assets

Cash and cash equivalents

Bullion settlements and other accounts receivable

Inventories

Marketable securities

Mineral properties, plant and equipment

Long - term investments

Deferred charges and other assets

As at December 31

1999

$

86.4

34.6

47.9

0.6

169.5

582.2

31.6

18.8

$ 113.9

44.3

52.1

4.8

215.1

632.6

19.8

14.9

$ 882.4

$ 802.1

Liabilities

Current liabilities

Accounts payable and accrued liabilities

Current portion of long - term debt

Current portion of site restoration cost accruals

$

45.5

22.8

7.6

75.9

98.1

45.1

7.0

12.4

7.5

34.8

3.1

283.9

88.3

911.3

12.8

115.1

(583.9)

(25.4)

429.9

$

50.5

27.2

12.8

90.5

110.5

45.7

7.3

17.6

3.0

38.3

3.1

316.0

88.3

920.3

7.9

109.7

(541.1)

(18.7)

478.1

Long-term debt

Site restoration cost accruals

Future mining taxes

Deferred revenue

Other long-term liabilities

Debt component of convertible debentures

Redeemable retractable preferred shares

Convertible preferred shares of subsidiary company

Common shareholders' equity

Common share capital

Contributed surplus

Equity component of convertible debentures

Deficit

Foreign currency translation adjustments

$ 802.1

$ 882.4



Kinross Gold Corporation

Consolidated Statements of Operations

(expressed in millions of U.S. dollars except per share amounts) (unaudited)

Three months ended

September 30

2000

1999

Revenue

Mining revenue

Interest and other income

Expenses

Operating

General and administrative

Exploration and business development

Depreciation, depletion and amortization

$

64.3

2.2

66.5

43.9

3.2

3.1

22.7

72.9

(6.4)

-

-

-

0.1

(1.6)

(3.1)

$

77.1

2.6

79.7

51.3

2.6

3.1

28.0

85.0

(5.3)

-

-

-

0.1

(0.1)

(3.4)

$

Nine months ended

September 30

2000

1999

200.7

9.0

209.7

142.9

8.4

8.6

67.2

227.1

(17.4)

1.0

0.7

1.8

0.4

(0.5)

(10.2)

$ 227.0

9.2

236.2

156.5

7.5

7.4

82.9

254.3

(18.1)

0.1

-

-

-

(0.3)

(10.0)

Loss before the undernoted

Gain on sale of marketable securities

Gain on sale of long-term investments

Gain on sale of mineral properties

Foreign exchange gain and other

Share in gain (loss) of associated companies

Interest expense on long-term liabilities

Loss before taxes and dividends on convertible

preferred shares of subsidiary company

Provision for income and mining taxes

Loss for the period before dividends on convertible

preferred shares of subsidiary company

Dividends on convertible preferred shares of subsidiary company

Net loss for the period

Increase in equity component of convertible debentures

Net loss attributable to common shares

Net loss per share

Net basic and fully diluted

Weighted average number common shares outstanding

Total outstanding and issued common shares at September 30

$

(11.0)

(1.6)

(8.7)

(1.0)

(24.2)

(3.6)

(28.3)

(2.7)

(12.6)

(1.7)

(14.3)

(1.8)