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Kinross announced today the results for the three months ended March 31, 2003

May 08, 2003

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross") announced today the results for the three months ended March 31, 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 three months ended March 31, 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 quarter financial statements and gold equivalent production statistics reflect operating results for the acquired properties for the months of February and March 2003 only.

First Quarter

Kinross' attributable gold equivalent production was 335,891 ounces in the first quarter of 2003, an increase of 49% when compared to 225,302 ounces in 2002. Average total cash costs per attributable gold equivalent ounce were $238 in the first quarter of 2003, compared to $197 in 2002. Had the combination taken effect on December 31, 2002, Kinross' pro-forma attributable gold equivalent production would have been 427,813 ounces in the first quarter of 2003 at total cash costs of $231 per gold equivalent ounce. Although the first quarter operating results are disappointing, significant improvements have already been achieved in the second quarter and are expected to improve further as the year unfolds, as described in the Operations sections of this press release. With the transitional quarter for the comb ination behind us, Kinross now expects to produce approximately 1.7 million gold equivalent ounces in 2003 at total cash costs in the range of $215 to $220 per ounce. This equates to a twelve-month pro-forma production rate of approximately 1.8 million gold equivalent ounces when the January 2003 production from the components of the combination is included. Cash flow provided from operating activities in the first quarter of 2003 was $19.0 million, compared to $19.9 million in 2002. Cash flow provided from operating activities was affected by higher gold equivalent production as a result of the business combination with TVX and Echo Bay, offset by higher total unit cash costs per equivalent ounce of gold produced and the payment of $5.6 million of deal costs accrued in 2002. The net loss for the first quarter of 2003 was $11.2 million, or $0.05 per share that compares to a net loss of $7.9 million or $0.09 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.