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Kinross Returns to Profitability and Expands Reserves

March 01, 2004

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross" or "the Company") announced today the unaudited results for the three months and year ended December 31, 2003, as follows:

All results are expressed in United States dollars, unless otherwise stated, and are unaudited. 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 and year ended December 31, 2002, has been adjusted to give retroactive effect to 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 financial statements and gold equivalent production tatistics reflect operating results for the acquired properties for the months of February to December only.


Earnings per share of $0.09 for the fourth quarter and $0.06 for the full year in 2003

Production of 1.62 million gold equivalent ounces at total cash costs of $222 per ounce

Cash flow from operating activities of $106.4 million in 2003

Increased proven and probable reserves by 7.5% to 14.1 million ounces of gold and by19% to 38.6 million ounces of silver

TVX and Echo Bay have been fully integrated into Kinross

Growing pipeline of advanced exploration and development projects to sustain and grow future production

Year end cash balance of $245.8 million

Long-term debt virtually eliminated

Gold hedge book less than 2% of reserves, will be eliminated by early 2005

Bob Buchan, President & CEO, stated that, "2003 was a very important transitional year for Kinross with the completion of the merger and subsequent integration of TVX and Echo Bay into Kinross. We have accomplished much in the last year, including: returning the Company to a position of financial strength, growing our reserves, returning to profitability, achieving record annual production and being on the verge of eliminating our gold hedge book. We enter 2004 as a senior global gold producer with a strong North American platform. Approximately 50% of our expected 2004 production is based in the US and about 70% in North America.

"This platform has allowed us to pursue global opportunities to position the Company for future growth. We have a robust pipeline of advanced exploration and development projects that will sustain our production and we are now very focused on those opportunities that will allow us to return to the growing production profile that has been the hallmark of Kinross since inception. We are confident that 2004 will be an excellent year for Kinross and we look forward to our share price reflecting this reality."

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.