Toronto, Ontario (July 29, 1998) ¾

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

announces that

the Board of Directors of

Amax Gold Inc.,

a subsidiary, has approved a quarterly dividend of US

$0.9375 per share on the US$3.75 Series B Convertible Preferred Stock payable on August 15, 1998,

to shareholders of record as of August 5, 1998. The ex-dividend date for the preferred stock dividend

distribution is August 3, 1998. The Amax Gold. US$3.75 Series B Convertible Preferred Stock is listed

on the New York Stock Exchange under the trading symbol "AUPrB".

Effective June 1, 1998, Amax Gold completed a business combination with Kinross Gold Corporation

pursuant to which Amax Gold became a subsidiary of Kinross Gold USA, Inc., a wholly owned

subsidiary of Kinross. The common shares of Kinross are listed on The Toronto Stock Exchange and the

New York Stock Exchange.

- 30 -

For additional information contact:

Robert M. Buchan

Chairman and Chief Executive Officer

Tel. (416) 365-5650

Brian Penny

Vice President Finance

and Chief Financial Officer

(416) 365-5662

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