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Kinross Announces First Quarter Positive Earnings and Cashflow

May 10, 2004

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross" or the "Company") announced today the unaudited results for the three months ended March 31, 2004, as follows:

All results are expressed in United States dollars, unless otherwise stated, and are unaudited. 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 financial statements and gold equivalent production statistics for the first quarter of 2003 reflect operating results for the acquired properties for the months of February and March only.


Earnings of $13.2 million, earnings per share of $0.04 for the first quarter 2004.

Production of 397,011 gold equivalent ounces at total cash costs of $241 per ounce both ahead of expectations.

Cash flow from operating activities of $17.9 million, after a final payment of $13.6 million on the Greek properties, and winter road re-supply costs of $12.9 million. Excluding these items, cash flow would have been $44.4 million.

Made final repayment of $25.0 million on tax exempt Industrial Revenue Bonds, 5 years ahead of the scheduled repayment date.

Quarter end cash balance of $217.6 million, after debt repayment, final payment on Greece, and winter road re-supply payments.

Gold hedge book will be now be eliminated by end of Q2 2004.

Kinross and High River Gold have reached an agreement to suspend development at the New Britannia mine. The mine is expected to go into reclamation and closure at the end of the third quarter of 2004. Kinross and High River would like to thank the entire team at New Britannia for their hard work and dedication over the years, and for a job well done.

Scott Caldwell, Executive Vice-President and C.O.O. said "the first quarter was expected to be our most difficult quarter this year. I am very pleased with how the operations have come through with results that beat our expectations. Even with higher energy costs and difficult currency markets, our cash costs still exceeded plan. I am looking forward to the Kinross operating team continuing to deliver positive results for the balance of this year."

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.