TORONTO, Ontario -Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross" or the "Company") announced today that Proven and Probable gold reserves at December 31, 2004 increased 37% from 14.1 million ounces to 19.4 million ounces. Silver reserves at the end of 2004 are 32.8 million ounces. Reserves were calculated using a $350 gold price and $5.50 silver price and resources were calculated using a $400 gold price and $5.50 silver price for 2004. Reserves and resources for 2003 were calculated using a $325 and $350 gold price, respectively. The change in reserves was calculated as follows:

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Gold Reserves and Resources History

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The Gurupi project has not been included in reserves at year-end as a feasibility study is still in progress. A drill program is underway at Paracatu that may significantly expand the reserve base at the mine, and influence how we approach the expansion at that operation.

2004 Production and Costs

Gold equivalent production for the year ended 2004 was 1.65 million ounces at total cash costs per ounce* of approximately $242.

"Costs were a little higher than planned due to the earlier than planned shutdown of the Lupin mine and the deferral of the Tsokol project in Russia", said Scott Caldwell, chief operating officer of Kinross. "We will also see some write downs of supplies inventories and fixed assets at New Britannia, Lupin and Kubaka."

Kinross' release of financial results will be delayed until a third party independent valuation on the value of the goodwill that arose from the merger with TVX Gold Inc. and Echo Bay Mines Ltd. is completed.

2005 Guidance

Today the Board of Directors approved a budget for 2005 that contemplates a production level of approximately 1.6 million ounces. This is a decline from the 1.65 million ounces reported for 2004, primarily due to the closure of Lupin and New Britannia and the delayed start at Refugio until the second quarter of 2005. Total cash costs are expected to be marginally higher than 2004, between $250-$255 per ounce, primarily as a result of higher consumable costs and the impact of the weaker US dollar on non-US dollar based operating costs.

Capital costs are budgeted to be $160 million with the major expenditures being; $43 million at Fort Knox, $36 million at Paracatu, $25 million at Refugio and $22 million at Porcupine.

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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 the Kinross’ financial statements for its fiscal year ended December 31, 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. Any restatement of historical financial statements is dependant on the outcome of the independent valuation of the acquired assets, and Kinross does not know what that outcome will be. 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. All dollar amounts are expressed in US dollars.