N

EWS

R

ELEASE

Kinross announces Chapleau Resources Investment

Toronto, Ontario, July 3, 2008

-- Kinross Gold Corporation (“Kinross”) announced today

that it has subscribed for 5,000,000 units of Chapleau Resources Ltd. (“Chapleau”) pursuant

to a non-brokered private placement. Each unit consists of one common share and one

transferable share purchase warrant. Each warrant allows the holder to purchase one

common share at an exercise price of CAD $0.70 during the first year from the date of issue

and at an exercise price of CAD $1.10 during the second year from the date of issue. After

giving effect to the private placement and the exercise of the warrants, Kinross would hold

approximately 10.16% of the issued and outstanding common shares. The subscription

price for the units is CAD $0.50 per unit for an aggregate purchase price of CAD

$2,500,000.

Kinross will have the right to participate in future financings of Chapleau to maintain a

5.35% equity interest in Chapleau, subject to approval by the TSX Venture Exchange and

subject to maintaining a minimum 5% equity interest in Chapleau.

The investment in Chapleau is part of Kinross’ strategy to increase its exposure to quality

exploration opportunities by investing in junior resource companies. Chapleau is exploring

high quality gold and copper projects in Brazil and Peru.

Media Contact:

Steve Mitchell

Director, Corporate Communications

(416) 365-2726

Investor Relations:

Erwyn Naidoo

Vice President, Investor Relations

(416) 365-2744

Cautionary Statement on Forward-Looking Information

All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any

information as to the future performance of Kinross, constitute “forward-looking statements” within the meaning of applicable

securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbour” under the Uni ted States

Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of t his

news release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events,

the future price of gold and silver, the estimation of mineral reserves and resources and the realization of such estimates, the

timing, amount and costs of estimated future production, expected capital expenditures, development and mining activities,

permitting time lines, currency fluctuations, requirements for additional capital, government regulation, environmental risks ,

unanticipated reclamation expenses, title disputes or claims. The words “plans,” “expects,” or “does not expect,” “is expected,”

“budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “does not anticipate,” or “believes,” or variat ions of such

words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will be taken,” “occur”

or “be achieved” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based

upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are

inherently subject to significant business, economic and competitive uncertainties and contingencies. Many of these uncertain ties

and contingencies can affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in any

forward-looking statements made by, or on behalf of, Kinross. There can be no assurance that forward-looking statements will

prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the

forward-looking statements made in this news release are qualified by these cautionary statements, and those made in the “Risk

Factors” section of our most recently filed Annual Information Form and our other filings with the securities regulators of Canada

and the U.S. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims

any intention or obligation to update or revise any forward-looking statements or to explain any material difference between

subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

KINROSS GOLD CORPORATION