October 27, 1999

Toronto, Ontario –

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

Cyprus Amax Minerals Company

announced today the completion of the sale of its 89,030,373 shares (29.7% interest) of Kinross Gold

Corporation to a syndicate of underwriters including Merrill Lynch & Co., CIBC World Markets Corp. and

TD Securities (USA) Inc. Coincident with this sale, four Cyprus nominees to the Kinross board of

directors are retiring from the Kinross board. Bob Buchan, Chairman and CEO of Kinross Gold

Corporation would like to thank Milt Ward, Gerry Malys, Dick Block and Jim Todd for their valuable

contributions to the Kinross board since June, 1998 and wish them every success in their future

endeavours.

Prospective investors may obtain a copy of the prospectus pursuant to which the shares are being

offered from Merrill Lynch & Co., CIBC World Markets Corp. or TD Securities (USA) Inc.

-30-

For further 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

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