Completes Regulatory Review
Toronto, Ontario - Kinross Gold Corporation
("Kinross" or the "Company") (TSX-K; NYSE-KGC) Pursuant to the
alternative information guidelines of the Ontario Securities
Commission ("OSC") Policy 57-603 and Canadian Securities
Administrators Staff Notice 57-301, Kinross is providing bi-weekly
updates to the market regarding the process relating to the
preparation and filing of its financial statements and related
matters, until such time as Kinross is current with its filing
obligations under Canadian securities laws. As previously
disclosed, Kinross has not yet filed its 2004 financial statements
as a result of the review of the accounting treatment for the
goodwill associated with the TVX Gold/Echo Bay merger.
Kinross has received notice that it has satisfactorily responded
to all comments from regulators regarding the new methodology for
accounting for the assets acquired in the merger. Accordingly,
Kinross will hold a meeting of its Board of Directors later this
week to adopt the new methodology and approve the unaudited,
preliminary financial statements for the year ended December 31,
2004 and the restated, comparative financial statements for the
year ended December 31, 2003.
Following the Board's approval, Kinross will issue a press
release with the unaudited, preliminary 2004 and restated 2003
financial results and will hold a conference call to discuss the
results and the restatement. It is expected that the restatement
will result in a significant write-down of goodwill in 2003.
Kinross then intends to file its 2003 and 2004 financial
statements and the quarterly financial statements for 2004 and 2005
and other required regulatory filings as soon as possible. In
addition, Kinross will soon be announcing the date for the 2004
Annual and Special Meeting, which is likely to be held in
December.
We are issuing bi-weekly updates as to the status and timing
which can be viewed on our website at www.kinross.com. The next
update is scheduled for the week of October 24, 2005.