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Kinross Announces Improved Earnings and Cash Flow for the Second Quarter of 2004

July 29, 2004

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross" or the "Company") announced today the unaudited results for the three and six months ended June 30, 2004, as follows:

(US dollars, unaudited)

Earnings of $6.6 million, or $0.02 per share, for the second quarter and $19.8 million, or $0.06 per share, for the first half of 2004.

Cash flow provided from operating activities of $25.7 million. Excluding changes in non-cash working capital items of $14.2 million, cash flow was $39.9 million.

Production of 420,093 gold equivalent ounces at total cash costs (1) of $241 per ounce both met expectations. Annual production target of 1.7 to 1.75 million gold equivalent ounces at total cash costs approximately $230 remain unchanged.

Average second quarter realized gold price was 10% higher than the same period in 2003.

Final delivery of gold hedge contracts made in the second quarter. Kinross is now fully leveraged to the spot gold price. Excluding the hedging impact, earnings would have been $12.1 million.

Cash balance of $187.7 million and debt of $8.5 million provide financial flexibility to fund projects and to grow the business.

Capital expenditures of $40.4 million on track to reach the forecast of $165 million for the year.

Bob Buchan, President and C.E.O. said, "Other than achieving, or doing better than, our stated goals for the year, our strategy remains focused on bringing our new projects at Refugio and Kubaka into production, and most importantly we intend to show a meaningful growth in reserves this year. In all cases, I am confident that we are on track to achieving our stated objectives."

1. Total cash costs per equivalent ounce of gold is furnished to provide additional information and is a non-GAAP measure. This measure should not be considered in isolation as a substitute for measures of performance prepared in accordance
with generally accepted accounting principles and is not necessarily indicative of operating expenses as determined under generally accepted accounting principles. This measure is intended to provide investors with information about the cash generating capabilities (realized revenue, net of total cash costs per ounce) of the mining operations. The Company uses this information for the same purpose and for assessing the performance of its mining operations. Mining operations are capital intensive. The measure total cash costs excludes capital expenditures but is reconciled to total operating costs for each mine. Capital expenditures require the use of cash in the current period, and in prior periods and are discussed throughout the MD&A. and included in the segmented information note to the consolidated financial statements.

All results are expressed in United States dollars, unless otherwise stated, and are unaudited. All results are presented based on Canadian Generally Accepted Accounting Principles ("CDN GAAP"). This press release is to be read in conjunction with the second quarter Management's Discussion and Analysis ("MD&A") and the Notes to the Financial Statements ("Notes") for the three and six months ended June 30, 2004. The MD&A and Notes can be found on our website at and will be filed on SEDAR at and EDGAR at prior to the filing deadline of August 15, 2004. Readers are cautioned that results presented in this press release are preliminary and may differ from results filed with regulatory authorities. 

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.