Kettle River (100% ownership and operator) – USA

The Kettle River properties are located in Ferry County in the State of Washington and cover approximately 3,075 hectares through patented and unpatented mining claims and fee lands. Kinross acquired Kettle River through the acquisition of Echo Bay on January 31, 2003. At the time of the acquisition the mine was placed on care and maintenance. Kinross recommenced operations in December 2003 on the Emanuel Creek deposit which was completed in November 2005. The mill, which has a daily capacity of 1,800 tonnes per day, is temporarily shutdown in anticipation of ore from the nearby Buckhorn deposit.

In August 2006, Crown Resources shareholders approved the acquisition of Crown and its wholly-owned Buckhorn gold deposit. The Buckhorn deposit is located in north-central Washington State, USA, approximately 76 kilometers by road from Kinross’ Kettle River gold milling facility. Kinross is currently focused on obtaining the necessary permits to proceed with building the Buckhorn project. Construction began in September 2006, with production anticipated in the second half of 2008, pending the outcome of the appeals.

“The Buckhorn project is expected to contribute approximately 160,000 gold ounces per year at low costs to our growth profile beginning in 2008,” said Tye Burt, President and CEO of Kinross Gold Corporation. “By leveraging our processing capability at Kettle River, we are able to access high quality reserves without major capital costs. The operational synergies will create value for shareholders in the near and long term.”

The Buckhorn project is on schedule for start-up in the second half of 2008. Physical construction at the Buckhorn site is approximately 59% complete and 58% of capital has been committed or spent. Work is well advanced on upgrading the Kettle River processing facilities, and construction of the assay lab has been completed. The upper and lower portals and Gold Bowl portal have been completed. Approximately 98% of the site earthworks have been completed and overhead power line construction is complete to the start of the new access road. Construction of buildings and support facilities are in progress. Haul road construction is nearly complete on private and state lands, which account for one quarter of the road.

Kinross recently received its 401 Water Quality Certification, NPDES Permit, and approval of its Plan of Operations and now has all permits and authorizations necessary to complete development and initiate commercial mining operations at Buckhorn. In September of 2007, the Federal District Court for the Eastern District of Washington denied a project opponent’s request for an injunction. Project opponents have appealed some of the project’s permits and authorizations and may bring additional appeals. Although it would be premature to predict the outcome, Kinross believes that the appeals of permits and authorizations are defensible and will vigorously oppose them. As stated in Kinross’ second-quarter earnings release, it is still expected that the project will come into production in the second half of 2008.

Kinross Gold Corporation’s Share at December 31, 2007