Refugio (100% ownership and operator) - Chile

The Refugio open pit mine is located in the Maricunga Mining District in central Chile, approximately 120 kilometers east of Copiapo and is situated between 4,200 meters and 4,500 meters above sea level. Kinross acquired its original 50% interest and became operator of the mine through the Kinam Merger on June 1, 1998. In February 2007, Kinross acquired the remaining 50% to become 100% owner of the Refugio property through the acquisition of Bema Gold Corporation.

Commercial production began on October 1, 1996. In 2001, due to low gold prices and operational difficulties, mining activities were suspended and the operation was placed on care and maintenance. In late 2002, a multi-phase exploration program commenced and in 2003, it was determined that the mine would be recommissioned.

The mine went into commercial production in the fourth quarter of 2005 and achieved its average targeted production rate of 40,000 tonnes per day in November 2005. During the twelve months ended December 31, 2005, the mine processed 5.8 million tonnes of ore with an average grade of 0.83 grams per tonne and a recovery rate of 67%, to produce 30,580 ounces of gold to Kinross’ account. The recommissioned mine is capable of producing approximately 115,000 to 130,000 ounces annually to Kinross’ account and is forecast to produce 124,000 ounces to the Kinross’ account in 2006.

The Refugio mine is a three-stage crushing and heap leach operation with a name plate capacity of 40,000 tonnes of ore per day, or 11 million tonnes per year. The mine and plant are designed to produce an estimated 200,000 to 250,000 ounces of gold per year, of which Kinross’ share is 50%.

An alternative crushing system is being tested which is capable of producing a smaller crushed product which would increase production and lower cash costs. Facilities include a permanent camp with access to the site from Copiapo provided by road. Power is supplied by on-site diesel powered generators. Water extraction rights expected to be sufficient to supply the mine are owned by CMM.

Mineral Reserve and Resource Summary
Kinross Gold Corporation’s Share at December 31, 2005