Crixás (50% ownership) - Brazil

Kinross acquired its 50% ownership interest in the Crixás underground mine, located in the State of Goias and approximately 260 kilometers northwest of Brasilia, Brazil’s capital upon completion of the combination with TVX on January 31, 2003. AngloGold Ashanti is the other 50% owner and operator of the mine.

• Crixás Technical Report (PDF)

The Crixás mine constitutes two currently operating underground gold mines accessed by decline, Mina III and Mina Nova; three orebodies that have been accessed by underground development, Corpo SUL, Corpo IV, and Corpo V; and two orebodies under evaluation, Forquilha and Palmeiras.

The mining methods used are primarily mechanized cut-and-fill and room-and-pillar and ore is transported to surface by 25 tonne trucks. The operation runs 24 hours per day, 7 days per week.

The first geological, geochemical and geophysical reconnaissance work began in the Crixás region in 1973. Detailed geological mapping and ground magnetic surveys were completed and diamond drilling was conducted from 1973 to 1976. In 1976, gold mineralization was discovered below a group of excavations known as the Mina III Old Workings and work concentrated in that area.

Mining started in 1987 with ore being stockpiled on the surface. Development was largely completed by the end of 1989, enabling successful testing of the metallurgical circuit to take place through the fourth quarter of 1989. Initial doré bullion associated with this testing was poured on November 14, 1989. Initial gold sales from the project occurred in January 1990.

Kinross Gold Corporation’s Share at December 31, 2007