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Kinross Sells Aquarius Project to St Andrew Goldfields

December 29, 2005

TORONTO, Ontario - Kinross Gold Corporation ("Kinross" or the"Company")(TSX-K; NYSE-KGC) today announced that it has entered into a definitiveagreement with St Andrew Goldfields (TSX-SAS) ("St Andrew") to exchange Kinross' Aquarius Project located in Timmins, Ontario for 100 million common shares of St Andrew (approximately 14% undiluted ownership stake in St Andrew) plus 25 million two year warrants on St Andrewcommon shares with an exercise price of 17 cents.

St Andrew operates the Stock Gold Complex approximately 7 kilometers from the AquariusProject. Tye Burt, President and Chief Executive Officer of Kinross said, "the economics of the Aquarius Project should be enhanced by synergies with St Andrew's nearby operations. As anew shareholder, we also see long-term potential for St Andrew's extensive land positions in the Timmins camp."

The transaction is contingent on St Andrew posting satisfactory financial assurance bondingrelating to the Aquarius Project and is expected to close in the first half of 2006. As a result Kinross will record a US$40 million non-cash charge to third quarter 2005 earnings inconnection with the transaction which includes approximately US$10 million of goodwill.