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Kinross Announces Preliminary 2004 Results and Preliminary Restated 2003 Results

October 20, 2005

October 20, 2005... Toronto, Ontario - Kinross Gold Corporation ("Kinross" or the "Company") (TSX-K; NYSE-KGC) is providing preliminary financial information for 2004 and preliminary restated financial information for 2003. This financial information has not been audited and is subject to change as a result of the audit process. Investors should not place undue reliance on these preliminary numbers.

Following discussions with regulators Kinross has adopted a new methodology for accounting for the assets acquired in the merger with TVX Gold Inc. and Echo Bay Mines Ltd. (the "merger") completed on January 31, 2003. Kinross will file its audited 2004 financial statements and restated 2003 financial statements in the next few weeks, after its auditors have concluded their work. Kinross will also file its restated quarterly financial statements for 2004 and quarterly financial statements for 2005 and other regulatory filings as soon as practicable. An amended registration statement for the transaction with Crown Resources Corporation ("Crown") will be filed thereafter. The regulators may have comments on these filings.

All dollar amounts in this press release are expressed in US dollars, unless otherwise stated


• Gold equivalent production of 1,653,784 ounces.

• Cash flow provided from operating activities of $161.2 million for the year.

• Capital expenditures of $169.5 million for the year.

• Net loss of $55.9 million ($0.16 per share) for 2004, which includes impairment charges totaling $59.9 million ($0.17 per share) primarily relating to properties that were closed in 2004 or were nearing the end of their mine life at year end 2004.

• Completed the acquisition of the 51% share of Paracatu from Rio Tinto Plc. for $261.2 million on December 31, 2004.

• Net additions to proven and probable reserves of 5.3 million ounces to total 19.4 million ounces at year end 2004.

• The previously recorded goodwill impairment charge of $143.0 million in the third quarter of 2004 has been reversed as part of the 2003 restatement.


• As a result of the independent valuation of the assets acquired in the merger, the value of the acquired mineral interests on the date of the merger has increased by $304.4 million, the future income tax liability has increased by $83.5 million and the amount recorded as goodwill was reduced by $175.5 million. Annual depreciation, depletion and amortization charges for 2003 increased by $31.8 million over previously released results due to this restatement.

• Impairment charges for the year ended December 31, 2003 included $400.1 million for goodwill, $14.7 million for property, plant and equipment and $1.9 million for investments.

"I'm pleased that we are able to provide our investors with financial information and start the process of updating our regulatory filings. I would like to emphasize that the impairment charges to earnings in 2003 resulting from this restatement are non-cash items," said Tye Burt, President and Chief Executive Officer of Kinross. "With this progress, we can hold our annual shareholders' meeting, complete the filing for the Crown transaction, and continue to drive our business forward."

Please the PDF for the full version of the news release.

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 Kinross’ unaudited financial results for the fiscal years ended December 31, 2003 and 2004, 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. The restatement of the 2003 historical financial statements and the presentation of the 2004 financial statements is dependant on the outcome of the independent audit of those financial statements. Other 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.

The mineral reserve estimates disclosed herein have been reviewed by Mr. Rod Cooper, P.Eng, an officer of Kinross, who is a qualified person under National Instrument 43-101. Refer to Kinross’ February 15, 2005 press release for more details on the mineral reserve estimates and underlying information.