July 27, 2000

Toronto, Ontario –

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

announced today the results for

the three and six months ended June 30, 2000 are as follows:

q

Financial and Production Tables - PDF Format

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

Consolidated Results

Second Quarter

For the second quarter of 2000, cash flow provided from operations was $10.0 million or $0.03 per

share, compared to $13.3 million or $0.04 per share for the three months ended June 30, 1999. The

net loss for the second quarter of 2000 was $10.8 million or $0.04 per share, compared to $14.7

million or $0.05 per share net loss for the three months ended June 30, 1999.

Six Months

For the first half of 2000, cash flow provided from operations was $22.0 million or $0.07 per share,

compared to $30.6 million or $0.10 per share for the first half of 1999. The net loss for the first half of 2000

was $18.6 million or $0.07 per share, compared to $24.7 million or $0.09 per share net loss for the six

months ended June 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 produced 228,086 ounces of gold equivalent during the second quarter of 2000 compared to

247,176 ounces in the second quarter of 1999. Revenue from gold and silver sales was $66.4 million

during the second quarter of 2000 compared to $74.7 million in 1999. Production decreased as

expected quarter over quarter due to mining of low-grade sections of the Fort Knox and Kubaka ore

reserves and a reduction in residual production from the closure operations as the remaining

inventories on the leach pads are depleted. In the second quarter of 2000, the Company realized $310

per ounce of gold, as compared to $302 per ounce in 1999. The average spot price for gold was $280

per ounce in the second quarter of 2000 compared to $273 in 1999.

For the first half of 2000, the Company produced 461,578 ounces of gold equivalent compared to

502,311 in 1999. Revenue from gold and silver sales was $136.4 million during the first half of 2000

compared to $149.9 million in 1999. In the first half of 2000, the Company realized $305 per ounce of

gold, as compared to $298 per ounce in 1999. The average spot price for gold was $285 per ounce in

the first half of 2000 as compared to $280 in 1999.



Operating Performance

Total operating costs decreased by 12% during the second quarter when compared to the first quarter

of 2000. Cash spending decreased at Fort Knox, Hoyle Pond and Refugio mines, while cash spending

at the Kubaka mine remained unchanged. On a per ounce basis, total cash costs in the second quarter

were $212 per equivalent ounce of gold compared to $216 during the first quarter of 2000. Total cash

costs are expected to be under $200 per equivalent ounce and production is expected to increase to

approximately 500,000 equivalent ounces for the second half of 2000 as operating results at Hoyle

Pond, Refugio and Fort Knox improve.

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.

Primary Operations

Fort Knox Mine

Gold production in the second quarter of 2000 was 83,825 ounces, compared to 77,551 ounces during



the first quarter of 2000 and 91,348 ounces during the second quarter of 1999. In the second quarter

of 2000, total cash costs were $214 per ounce of gold compared to $238 per ounce of gold during the

first quarter of 2000 and $179 per ounce during the second quarter of 1999. Cash spending decreased

by $0.6 million during the second quarter when compared to the first quarter of 2000. Production is

expected to increase and total cash costs per ounce of gold are expected to decrease during the second

half of the year as the grade of ore processed increases. Estimated gold production for 2000 has

increased marginally to about 360,000 ounces at total cash costs of approximately $200 per ounce.

Estimated production is expected to increase to approximately 500,000 ounces per annum at lower

total cash costs once production is achieved from the nearby satellite deposits in 2001.

Hoyle Pond Mine

Gold production in the second quarter of 2000 was 31,130 ounces, compared to 37,714 ounces during

the first quarter of 2000 and 26,625 ounces during the second quarter of 1999. In the second quarter

of 2000, total cash costs were $241 per ounce of gold compared to $ 222 per ounce of gold during the

first quarter of 2000 and $239 per ounce during the second quarter of 1999. Cash spending decreased

by $0.9 million during the second quarter when compared to the first quarter of 2000. The Company is

continuing to look at reducing its total cash costs and has identified opportunities that should reduce

total cash costs per ounce of gold to less than $200 per ounce for the second half of 2000. In addition,

work continues in Timmins reviewing the Hoyle Pond operations and the recently acquired 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 second quarter of 2000 was 59,066 ounces,

compared to 61,573 ounces during the first quarter of 2000 and 65,646 ounces during the second

quarter of 1999. In the second quarter of 2000, total cash costs were $159 per ounce of gold

equivalent compared to $150 per ounce during the first quarter of 2000 and $142 per ounce during the

second quarter of 1999. Total cash costs per ounce of gold increased when compared to 1999 due to

the additional export royalty levied in 1999. The Kubaka mine continues to perform exceptionally well,

having achieved the lowest total cash costs per ounce of the Company’s primary operations due to the

high-grade nature of the ore body and its efficient exploitation.

Refugio Mine (50% ownership interest)

The Company’s share of gold equivalent production in the second quarter of 2000 was 21,894 ounces,

compared to 25,788 ounces during the first quarter of 2000 and 24,381 ounces during the second

quarter of 1999. In the second quarter of 2000, total cash costs were $282 per ounce of gold

equivalent compared to $276 per ounce during the first quarter of 2000 and $259 per ounce during the

second quarter of 1999. Cash spending for the Company’s share of production decreased by $0.9

million when compared to the first quarter of 2000. Compañia Minera Maricunga (CMM), the Chilean

joint venture company, placed 2.6 million tonnes on the leachpad during the quarter, its best quarterly

tonnage performance to date. In 2000, CMM continued to improve operations and replace inefficient

equipment. In the second quarter the final power generation plant was overhauled.

Blanket Mine

Gold production in the second quarter of 2000 was 10,166 ounces, compared to 8,270 during the first

quarter of 2000 and 8,467 ounces during the second quarter of 1999. Gold production improved

during the second quarter as weather improved and the mining and processing of the tailings returned

to normal capacity. In the second quarter of 2000 total cash costs were $207 per ounce of gold

compared to $233 per ounce during the first quarter of 2000 and $181 per ounce during the second

quarter of 1999. Total cash costs continue to be effected by inflation as the Zimbabwean dollar has

been held artificially high by the government, which increases the costs of importing operating supplies.



Liquidity and Financial Resources

Operating Activities

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

$13.3 million in 1999. The second quarter cash flow provided from operations was negatively affected

by higher total cash costs per ounce of gold equivalent and decreased output. During the first six

months of 2000 the Company paid for the winter road re-supply at the Kubaka mine which accounts for

the majority of the reduction in accounts payable and accrued liabilities in the first half of 2000.

Financing Activities

The Company issued, in the first half of 2000, 0.8 million common shares pursuant to the employee

share purchase plan for $1.0 million and repurchased 3.5 million common shares pursuant to a normal

course issuer bid for $ 5.4 million of cash.

The debt component of convertible debentures was reduced by $2.3 million during the first half of 2000

compared to $2.2 million during 1999. Long-term debt repayments totaled $16.2 million during the

first half of 2000 compared to $7.4 million during 1999. The long-term debt repayments during the

first half of 2000 comprised of capital lease repayments of $3.7 million, repayment of the Kubaka

subordinated working capital debt totaling $1.8 million, repayment of the Kubaka subordinated debt of

$1.1 million and repayment of the Kubaka project-financing debt of $9.6 million. Included in the

Kubaka project-financing debt repayment is a voluntary repayment of $2.8 million ($5.0 million to

100% of Kubaka) of this high cost debt which was made with cash reserves held by the Kubaka

operations.

The Company paid dividends to the holders of preferred shares of Kinam Gold Inc. (“Kinam”) totalling

$3.5 million during the six months ended June 30, 2000 and 1999, respectively. The Board of

Directors of Kinam Gold Inc., has suspended the quarterly dividends on the U.S. $3.75 Series B

Convertible Preferred Stock payable on August 15, 2000. In addition, the dividends on the Kinross

Redeemable Retractable Preferred Shares has been suspended. Kinross intends to make application

immediately to the Toronto Stock Exchange to implement a Normal Course Issuer Bid for up to Cdn

$9.8 million principle amount of the 5.5% Convertible Unsecured Subordinated Debentures, being 5%

of the Cdn $195.8 million currently issued and outstanding principle amount of debentures.

Investing Activities

Capital expenditures incurred in the first half of 2000 were $20.6 million compared to $18.2 million in

1999. Capital expenditures for the six months ended June 30, 2000 focused on the Hoyle Pond mine

($8.3 million) primarily on underground exploration and development, the Fort Knox mine ($5.6

million) primarily on permitting activities, and the Refugio mine ($2.6 million) primarily on a new

leachpad, 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 June 30, 2000 are as follows:

Expected

Year

Ounces

Hedged

Average

Call

Options

Average

Strike



of Delivery

2000

2001

2002

2003

2004

Total

'000 oz.

225

200

250

150

100

925

Price

$303

$320

$323

$325

$320

Sold '000 oz.

-

-

100

100

100

300

Price

-

-

$340

$340

$340

Outlook

As at June 30, 2000, the Company has $78.2 million of cash and operating working capital of $15.0

million for total working capital of $93.2 million. During the first half of 2000 the cash balance was

reduced by

$35.7 million primarily as a result of debt repayments ($16.2 million) and development capital

expenditures on property, plant and equipment ($20.6 million). Kinross currently estimates year-end

cash balance will approximate the mid-year cash balance of $78 million assuming current spot gold

prices ($280 per ounce) for the balance of the year. Based on an assumed average spot gold price of

$300 per ounce in 2001 and with the 40% expansion of gold output from Fort Knox in place, Kinross’

cash balance is forecast to approximate $100 million by year-end 2001.

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 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

Brian W. Penny

Vice President, Finance

and Chief Financial Officer

Tel. (416) 365-5662

Kinross will host a conference call at 12:00 noon EDT on Friday, July 28, 2000. The audio will be

available at

www.Q1234.com

and archived at

www.kinross.com.



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Press Release

July 27, 2000

Toronto, Ontario –

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

announced today the results for the three and

six months ended June 30, 2000 are as follows:

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

Consolidated Results

Second Quarter

For the second quarter of 2000, cash flow provided from operations was $10.0 million or $0.03 per share, compared to

$13.3 million or $0.04 per share for the three months ended June 30, 1999. The net loss for the second quarter of 2000

was $10.8 million or $0.04 per share, compared to $14.7 million or $0.05 per share net loss for the three months ended

June 30, 1999.

Six Months

For the first half of 2000, cash flow provided from operations was $22.0 million or $0.07 per share, compared to $30.6

million or $0.10 per share for the first half of 1999. The net loss for the first half of 2000 was $18.6 million or $0.07 per

share, compared to $24.7 million or $0.09 per share net loss for the six months ended June 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 produced

228,086 ounces of gold equivalent during the second quarter of 2000 compared to 247,176 ounces in the second

quarter of 1999. Revenue from gold and silver sales was $66.4 million during the second quarter of 2000 compared to

$74.7 million in 1999. Production decreased as expected quarter over quarter due to mining of low-grade sections of

the Fort Knox and Kubaka ore reserves and a reduction in residual production from the closure operations as the

remaining inventories on the leach pads are depleted. In the second quarter of 2000, the Company realized $310 per

ounce of gold, as compared to $302 per ounce in 1999. The average spot price for gold was $280 per ounce in the

second quarter of 2000 compared to $273 in 1999.

For the first half of 2000, the Company produced 461,578 ounces of gold equivalent compared to 502,311 in 1999.

Revenue from gold and silver sales was $136.4 million during the first half of 2000 compared to $149.9 million in 1999.

In the first half of 2000, the Company realized $305 per ounce of gold, as compared to $298 per ounce in 1999. The

average spot price for gold was $285 per ounce in the first half of 2000 as compared to $280 in 1999.

Operating Performance

Total operating costs decreased by 12% during the second quarter when compared to the first quarter of 2000. Cash

spending decreased at Fort Knox, Hoyle Pond and Refugio mines, while cash spending at the Kubaka mine remained

unchanged. On a per ounce basis, total cash costs in the second quarter were $212 per equivalent ounce of gold

compared to $216 during the first quarter of 2000. Total cash costs are expected to be under $200 per equivalent

ounce and production is expected to increase to approximately 500,000 equivalent ounces for the second half of 2000

as operating results at Hoyle Pond, Refugio and Fort Knox improve.



Consolidated Production Costs per Gold

Equivalent Ounce of Attributable Production

Three Months Ended

June 30,

2000

1999

Six Months Ended

June 30,

2000

1999

Cash operating costs

Royalties

Production taxes

Total cash costs

Reclamation

Depreciation, depletion and amortization

Total production costs

$

$

200

12

-

212

3

96

311

$

$

179

13

-

192

2

114

308

$

$

202

12

-

214

3

96

313

$

$

182

13

-

195

3

109

307

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

e

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

June 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

$

46.4 $

3.1

(0.6)

-

-

(0.5)

48.4 $

228,086

$ 212

53.8 $

-

(0.7)

(3.5)

(1.5)

(0.7)

47.4 $

247,176

$ 192

Six Months Ended

June 30,

2000

1999

99.0 $

3.1

(1.3)

-

-

(1.9)

98.9 $

461,587

$ 214

105.2

-

(1.5)

(3.5)

(1.5)

(0.8)

97.9

502,311

$ 195

$

Primary Operations

Fort Knox Mine

Gold production in the second quarter of 2000 was 83,825 ounces, compared to 77,551 ounces during the first quarter

of 2000 and 91,348 ounces during the second quarter of 1999. In the second quarter of 2000, total cash costs were

$214 per ounce of gold compared to $238 per ounce of gold during the first quarter of 2000 and $179 per ounce during

the second quarter of 1999. Cash spending decreased by $0.6 million during the second quarter when compared to

the first quarter of 2000. Production is expected to increase and total cash costs per ounce of gold are expected to

decrease during the second half of the year as the grade of ore processed increases. Estimated gold production for

2000 has increased marginally to about 360,000 ounces at total cash costs of approximately $200 per ounce.

Estimated production is expected to increase to approximately 500,000 ounces per annum at lower total cash costs

once production is achieved from the nearby satellite deposits in 2001.



Hoyle Pond Mine

Gold production in the second quarter of 2000 was 31,130 ounces, compared to 37,714 ounces during the first quarter

of 2000 and 26,625 ounces during the second quarter of 1999. In the second quarter of 2000, total cash costs were

$241 per ounce of gold compared to $ 222 per ounce of gold during the first quarter of 2000 and $239 per ounce

during the second quarter of 1999. Cash spending decreased by $0.9 million during the second quarter when

compared to the first quarter of 2000. The Company is continuing to look at reducing its total cash costs and has

identified opportunities that should reduce total cash costs per ounce of gold to less than $200 per ounce for the

second half of 2000. In addition, work continues in Timmins reviewing the Hoyle Pond operations and the recently

acquired 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 second quarter of 2000 was 59,066 ounces, compared to

61,573 ounces during the first quarter of 2000 and 65,646 ounces during the second quarter of 1999. In the second

quarter of 2000, total cash costs were $159 per ounce of gold equivalent compared to $150 per ounce during the first

quarter of 2000 and $142 per ounce during the second quarter of 1999. Total cash costs per ounce of gold increased

when compared to 1999 due to the additional export royalty levied in 1999. The Kubaka mine continues to perform

exceptionally well, having achieved the lowest total cash costs per ounce of the Company’s primary operations due

to the high-grade nature of the ore body and its efficient exploitation.

Refugio Mine (50% ownership interest)

The Company’s share of gold equivalent production in the second quarter of 2000 was 21,894 ounces, compared to

25,788 ounces during the first quarter of 2000 and 24,381 ounces during the second quarter of 1999. In the second

quarter of 2000, total cash costs were $282 per ounce of gold equivalent compared to $276 per ounce during the first

quarter of 2000 and $259 per ounce during the second quarter of 1999. Cash spending for the Company’s share of

production decreased by $0.9 million when compared to the first quarter of 2000. Compañia Minera Maricunga

(CMM), the Chilean joint venture company, placed 2.6 million tonnes on the leachpad during the quarter, its best

quarterly tonnage performance to date. In 2000, CMM continued to improve operations and replace inefficient

equipment. In the second quarter the final power generation plant was overhauled.

Blanket Mine

Gold production in the second quarter of 2000 was 10,166 ounces, compared to 8,270 during the first quarter of 2000

and 8,467 ounces during the second quarter of 1999. Gold production improved during the second quarter as weather

improved and the mining and processing of the tailings returned to normal capacity. In the second quarter of 2000

total cash costs were $207 per ounce of gold compared to $233 per ounce during the first quarter of 2000 and $181 per

ounce during the second quarter of 1999. Total cash costs continue to be effected by inflation as the Zimbabwean

dollar has been held artificially high by the government, which increases the costs of importing operating supplies.

Liquidity and Financial Resources

Operating Activities

Cash flow provided from operations for the second quarter of 2000 was $10.0 million, compared to $13.3 million in

1999. The second quarter cash flow provided from operations was negatively affected by higher total cash costs per

ounce of gold equivalent and decreased output. During the first six months of 2000 the Company paid for the winter

road re-supply at the Kubaka mine which accounts for the majority of the reduction in accounts payable and accrued

liabilities in the first half of 2000.



Financing Activities

The Company issued, in the first half of 2000, 0.8 million common shares pursuant to the employee share purchase

plan for $1.0 million and repurchased 3.5 million common shares pursuant to a normal course issuer bid for $ 5.4

million of cash.

The debt component of convertible debentures was reduced by $2.3 million during the first half of 2000 compared to

$2.2 million during 1999. Long-term debt repayments totaled $16.2 million during the first half of 2000 compared to

$7.4 million during 1999. The long-term debt repayments during the first half of 2000 comprised of capital lease

repayments of $3.7 million, repayment of the Kubaka subordinated working capital debt totaling $1.8 million,

repayment of the Kubaka subordinated debt of $1.1 million and repayment of the Kubaka project-financing debt of

$9.6 million. Included in the Kubaka project-financing debt repayment is a voluntary repayment of $2.8 million ($5.0

million to 100% of Kubaka) of this high cost debt which was made with cash reserves held by the Kubaka operations.

The Company paid dividends to the holders of preferred shares of Kinam Gold Inc. (“Kinam”) totalling $3.5 million

during the six months ended June 30, 2000 and 1999, respectively. The Board of Directors of Kinam Gold Inc., has

suspended the quarterly dividends on the U.S. $3.75 Series B Convertible Preferred Stock payable on August 15,

2000. In addition, the dividends on the Kinross Redeemable Retractable Preferred Shares has been suspended.

Kinross intends to make application immediately to the Toronto Stock Exchange to implement a Normal Course Issuer

Bid for up to Cdn $9.8 million principle amount of the 5.5% Convertible Unsecured Subordinated Debentures, being

5% of the Cdn $195.8 million currently issued and outstanding principle amount of debentures.

Investing Activities

Capital expenditures incurred in the first half of 2000 were $20.6 million compared to $18.2 million in 1999. Capital

expenditures for the six months ended June 30, 2000 focused on the Hoyle Pond mine ($8.3 million) primarily on

underground exploration and development, the Fort Knox mine ($5.6 million) primarily on permitting activities, and the

Refugio mine ($2.6 million) primarily on a new leachpad, 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 contra