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Kinross Records Third Quarter Reduction Of Goodwill

November 15, 2004

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE- KGC) ("Kinross") announces that during the third quarter it:

changed the methodology by which it allocates the goodwill amongst its assets; and

recognized a $143.0 million reduction of the goodwill associated with its Paracatu mine in Brazil, creating a net loss for the quarter of ($133.6) million as opposed to the previously reported earnings of $9.4 million

Cash flow provided from operating activities of $62.5 million remains unchanged

When Kinross merged with TVX Gold Inc. ("TVX") and Echo Bay Mines Ltd. ("Echo Bay") on January 31, 2003 the transaction was accounted for as a purchase of the assets of TVX and Echo Bay. The purchase price had to be then allocated to the assets acquired. A calculation of the "hard asset" value was done for each property and that amount was then recorded as the tangible net book value ("book value") for those assets. The total purchase price exceeded the book value by $918.0 million and this was recorded on the balance sheet as goodwill.

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. All figures are in United States Dollars unless otherwise stated.