40 KING STREET WEST, 52 FLOOR
TORONTO, ON M5H 3Y2
TEL: 416 365 5123
FAX: 416 363 6622
TOLL FREE: 866-561-3636
ND
PRESS RELEASE
Kinross Production Continues on Plan
July 28, 2005, Toronto, Ontario – Kinross Gold Corporation
(TSX-K; NYSE-KGC)
("Kinross" or the "Company") announced today that gold equivalent production for the second
quarter 2005 was on plan at 413,597 gold equivalent ounces.
We are still working through our regulatory review of the accounting for the assets acquired in
the TVX / Echo Bay merger. As a result Kinross is not in a position to deliver financial
statements for the second quarter. Kinross will continue to provide bi-weekly updates on our
progress with filing the financial statements until the matter is resolved.
OPERATIONS UPDATE
GOLD EQUIVALENT PRODUCTION
% Ownership
Second Quarter
2005
2004
86,426
100,745
51,474
35,975
43,252
30,352
24,153
19,403
-
19,869
-
1,948
413,597
79,007
99,554
53,225
39,121
22,096
32,454
23,440
19,600
7,866
22,362
19,710
1,658
420,093
Year to date
2005
160,379
196,138
104,365
82,136
83,861
64,376
48,345
40,947
-
38,635
-
4,895
824,077
2004
Fort Knox
Round Mountain
Porcupine JV
Kubaka
Paracatu
1
La Coipa
Crixas
Musselwhite
New Britannia
Kettle River
Lupin
Refugio
100%
50%
49%
98.1%
100%
50%
50%
32%
50%
100%
100%
50%
154,987
194,538
105,092
68,380
46,436
73,003
45,951
37,149
14,573
47,709
24,897
4,389
817,104
1.
Operating information for 2004 reflect the 49% ownership interest of Paracatu. The remaining 51% was purchased on
December 31, 2004.
The Refugio mine in Chile is now operating at name-plate capacity of 40,000 tonnes per day
and this is being placed on the heap leach pads. Gold production from crushed ore on the
pads will commence shortly as the leach process proceeds.
At Paracatu, Kinross has completed over 30,000 meters of core drilling, and additional drilling
both in the pit and on step out targets will be completed in the second half of this year. Assay
results for 60% of the holes completed to date have been returned. We are encouraged by the
drill results we are achieving at Paracatu, and have expanded the original budget in order to
investigate new targets there.
At Round Mountain, we have completed the drill program to delineate the potential pit
expansion. A proposal to expand the pit will be made to the partners at the next joint venture
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meeting. We will be spending over $13 million on expensed exploration, primarily on
developing an underground drill program below the Round Mountain pit.
Cash balances are approximately $58 million and available credit on our revolving facility is
approximately $47 million. Total cash costs for the full year 2005 are expected to be in a
range of $260 to $270 per ounce. This represents an increase over our previous guidance
with the change due primarily to higher than budgeted energy costs and changes in foreign
exchange rates, most notably the strength of the Brazilian Real.
Capital Expenditures
To June 30, the status of major capital programs for the company, which are expected to be
funded through cash flow from operations, are as follows:
YTD June
30, 2005
22.3
21.5
14.1
Forecast Full
Year 2005
45.0
29.5
22.5
Description
Phase VI development
Final re-start capital
Hoyle Pond Winze, underground
development, Pamour development
Ball mill refurbishment, expansion
engineering
Fort Knox
Refugio
Porcupine JV
Paracatu
10.4
37.0
Other
Total
10.2
78.5
37.9
171.9
“This was a solid, business-as-usual quarter for Kinross and we had strong performances from
our core operations. Cash costs are under pressure across the industry and we are no
exception”, said Tye Burt, President and CEO. “Refugio is now on-line and is a welcome
contributor going forward.”
Conference Call Details
Kinross will host a conference call on Friday, July 29, 2005 at 11:00 am EST to discuss the
second quarter press release.
To access the call, please dial:
Toronto and internationally
- (416) 640-4127
Toll free in North America
- 1-800-814-4857
Replay: (available July 29 – Aug 14, 2005) Passcode - 21130892#
Toronto and internationally
- (416) 640-1917
Toll free in North America
- 1-877-289-8525
The conference call will be available on a listen-only basis and will also be archived at
www.kinross.com.
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For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Senior Vice President,
Corporate Communications
Tel. (416) 365-7254
Tracey M. Thom
Director, Investor Relations
& Communications
Tel. (416) 365-1362
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 Kinross’ financial statements for its fiscal year
ended December 31, 2003, potential mineralization and reserves, exploration results and future plans and
objectives of Kinross Gold Corporation, 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. Any restatement of historical
financial statements is dependant on the outcome of the independent valuation of the acquired assets, and
Kinross does not know what that outcome will be. Other 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 Canadian Securities Regulators, the United States Securities and
Exchange Commission and other regulatory authorities.
All dollar amounts are expressed in US dollars unless otherwise noted.
Technical information contained in this press release has been reviewed by Rod Cooper, Vice President,
Technical Services for Kinross, who is a “Qualified Person” under National Instrument 43-101.
Total cash costs are a non-GAAP measure intended to provide investors with information about the operating
efficiency of current mining operations. Management uses this measure for the same purpose and for monitoring
performance of its gold mining operations. Total cash costs per ounce is a standard gold mining industry
measure that was developed in conjunction with the Gold Institute in an effort to provide a level of comparability
among precious metals producers. This measure differs from earnings determined in accordance with Generally
Accepted Accounting Principles (“GAAP”) and should not be considered in isolation or a substitute for measures
of performance determined in accordance with GAAP. Total cash costs may reflect adjustments for items that are
recurring such as change in inventory and site restoration cost accruals. A reconciliation of total cash costs with
operating costs per the consolidated financial statements will be published by the Company once its December
31, 2004 year end financial statements are available.
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Production Summary Table
As At: June 30, 2005
100% Basis
Mine
North America
Fort Knox
Round Mountain
Porcupine
Musselwhite
Kettle River
South America
Paracatu
La Coipa
Crixas
Refugio
Other
Kubaka
98.1%
2005 YTD
Kinross' share
Grade
(g/t)
Interest
Year
Ore
mined
(000 tonnes)
Ore
processed
(000 tonnes)
Recovery
(%)
Gold equiv.
production
(ounces)
Reserve and Resource
Summary
1
(K share)
Proven &
Measured
Probable
& Indicated
(000 ounces)
(000 ounces)
100%
50%
49%
32%
100%
2005 YTD
2004
2005 YTD
9,711
10,927
15,605
35,820
2,168
13,752
913
2,340
152
318
8,199
17,281
1,025
3,769
375
746
1,260
6,320
13,239
33,388
67,065
2,168
3,995
714
1,459
152
341
7,890
17,342
3,288
6,562
375
746
569
0.91
0.94
0.72
0.65
3.13
3.35
5.80
5.30
9.10
9.80
0.4
0.4
1.0
1.1
8.4
8.2
86.8%
84.2%
66.0%
66.0%
93.0%
91.8%
95.4%
95.8%
87.4%
89.7%
77.0%
76.8%
80.6%
81.2%
95.5%
95.4%
160,379
338,334
196,138
387,785
104,365
193,799
40,947
76,640
38,635
96,789
83,861
92,356
64,376
150,887
48,345
93,540
4,895
2,858
1,475
1,685
607
54
842
620
1,668
152
-
2004
2005 YTD
2004
2005 YTD
2004
2005 YTD
2004
100%*
49%
50%
50%
50%
2005 YTD
2004
2005 YTD
8,463
506
432
1,717
22
442
110
797
2004
2005 YTD
2004
2005 YTD
2004
Other Locations
Totals
2005 YTD
325
178
431
778
6.1
5.1
97.6%
97.2%
82,136
123,616
258
1,356
12
3,522
8,187
2004
* Kinross increased it's ownership in Paracatu to 100% on December 31, 2004.
824,077
1,653,784
19,411
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