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Kinross Gold Corporation announced today the results for the three and six months ended June 30, 2003

August 07, 2003

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross") announced today the results for the three and six months ended June 30, 2003 are as follows:

All results are expressed in United States dollars unless otherwise stated. All per share information has been adjusted to give retroactive effect for the three for one consolidation of the common shares, which was completed on January 31, 2003. Accordingly, loss per share for the six months ended June 30, 2002 has been adjusted to give retroactive impact of the share consolidation. The combination with TVX Gold Inc. ("TVX") and Echo Bay Mines Ltd. ("Echo Bay") was accounted for as a purchase with an effective date of January 31, 2003. Accordingly, the first half financial statements and gold equivalent production statistics reflect operating results for the acquired properties for the months of February, March, April, May, and June only.

Management's Discussion and Analysis of Financial and Operating Results

SECOND QUARTER CONSOLIDATED RESULTS

Kinross' attributable gold equivalent production was 470,177 ounces in the second quarter of 2003, an increase of 130% over the 204,148 ounces produced in the same period for 2002. Average total cash cost per attributable gold equivalent ounce was $216 in the second quarter of 2003, compared to $209 in 2002. Cash flow provided from operating activities in the second quarter of 2003 was $20.7 million, compared to $11.1 million in 2002. Cash flow provided from operating activities was positively affected by higher gold equivalent production as a result of the business combination with TVX and Echo Bay, and by higher realized prices on gold sales. This was offset by slightly higher total cash cost per equivalent ounce of gold produced and by the payment of $9.4 million to Newmont, the final payment in conjunction with the business combination completed in January.

The net loss for the second quarter of 2003 was $5.2 million, or $0.02 per share. That compares to a net loss of $4.3 million or $0.05 per share in the same period last year. The quarterly results were positively affected by a 9% decline in average total cash costs per equivalent ounce of gold produced. Unfortunately, high production costs at the Lupin and New Britannia mines, primarily due to a strengthening Canadian dollar, negatively impacted second quarter 2003 earnings as did expenditures related to our Greek asset, which is in the process of being resolved.

FIRST HALF CONSOLIDATED RESULTS

Gold equivalent production of 806,068 ounces at a total cash cost of $225 per ounce, combined with changes in working capital resulted in cash flow provided from operating activities of $39.7 million during the first half of 2003. This compares to gold equivalent production of 429,450 ounces at a total cash cost of $202 per ounce that resulted in cash flow provided from operating activities of $31.0 million during the first half of 2002. The Company recorded a net loss of $16.4 million or $0.07 per share for the first half of 2003, compared to a net loss of $12.2 million or $0.14 per share in 2002.

Cautionary Statement on Forward-Looking Information
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 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. 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 Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.

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