Kinross Becomes the New Senior North American Gold Producer
Toronto, Canada - January 31, 2003 - Kinross Gold Corporation (TSX-K; Amex-KGC; NYSE-
KGC effective February 3, 2003) (“Kinross”)
is pleased to announce the approval of the
Combination by the shareholders of Echo Bay Mines Ltd. (TSX-ECO; Amex-ECO) (“Echo Bay”) and TVX
Gold Inc. (TSX-TVX; NYSE-TVX) (“TVX”) and the receipt of final approval of the Plan of Arrangement by
the Superior Court of Justice, Ontario. As a result of the completion today of the Combination of
Kinross, Echo Bay and TVX and the acquisition of the 49.9% interest in the TVX Newmont Americas
joint venture from Newmont Mining Corporation (NYSE-NEM; TSX-NMC; ASX-NEM) (“Newmont”),
Kinross has become the seventh largest primary gold producer in the world. Kinross is the only senior
North American based gold producer with both a strict non-hedging policy and less than 5% of reserves
hedged. Kinross has the most leverage to changes of gold price of all North American based primary
gold producers. Kinross operates and maintains joint venture interests in 12 gold mines located on four
continents. Although global in reach, approximately 65% of Kinross gold production is from North
America, the highest percentage of any senior North American based gold producer. Kinross’
annualized gold production is expected to approach 2 million ounces per year at total cash cost of less
than US$200 per ounce.
Shareholders of both Echo Bay and TVX will become common shareholders of Kinross based on the
exchange ratios of 0.1733 and 2.1667, respectively. On Monday, February 3, 2003 Kinross will begin
trading on both the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”)
reflecting the three-for-one common share consolidation approved earlier by Kinross shareholders. To
profile its newly acquired senior status, Kinross will begin trading on the NYSE and to mark the
occasion, President and CEO, Robert (Bob) Buchan, joined by members of Kinross management, will
ring The Opening Bell™ on February 3, 2003. Bob Buchan, stated: “Although the primary market for
Kinross common shares remains the TSX, the shifting of our U.S. listing to the NYSE is expected to
increase the profile of Kinross for American and international investors. The American Stock Exchange
has served Kinross and our U.S.-based shareholders very well and will continue to be the marketplace
for the Echo Bay warrants that have now become exercisable into Kinross common shares on the terms
described in the Kinross’ Management Information Circular and Supplement.”
After the three-for-one common share consolidation, Kinross will have 314,238,627 common shares
outstanding. As a result of its prior ownership of shares of Echo Bay and TVX, Newmont will become
Kinross’ largest shareholder, holding 43,238,427 common shares, representing 13.8% of Kinross'
issued and outstanding common shares. Pierre Lassonde, President of Newmont, stated: "We are very
pleased with our strategic investment in Kinross. As a major shareholder in the new company, we are
looking forward to sharing in Kinross’ success as the new senior gold producer. I would like to
personally congratulate Bob and his management team for their efforts in putting this three-way
combination together, and in the process, unlocking tremendous shareholder value.” Bob Buchan
added: “We look forward to enhancing value for all our shareholders with this new, elevated platform
particularly in light of the improving fundamentals in the gold sector.”
Letters of transmittal will be available at the offices of Georgeson Shareholder Communications
Canada, Inc. (“Georgeson”), at 66 Wellington St. W., Suite 5210, Toronto Dominion Tower, Toronto
Dominion Centre, Toronto, Ontario, on Monday, February 3, 2003, and will be mailed to registered
shareholders, commencing February 5, 2003. Georgeson can also be contacted by phone at 416-862-
8088 or 1-866-275-0885 and at
www.georgesonshareholder.ca
.