TORONTO, Ontario - Kinross Gold Corporation
("Kinross" or the "Company") (TSX-K; NYSE-KGC) provided a status
update on the preparation and filing of its financial statements
and related matters.
As previously disclosed, Kinross has not yet filed its financial
statements, related management discussion and analysis
("MD&A's") and its annual information form ("AIF") as a result
of the review of the accounting treatment associated with the TVX
Gold/Echo Bay merger. Kinross and its independent auditors are
currently reviewing the valuation models received from Standard and
Poor's Corporate Value Consultants, as announced in a press release
dated April 15, 2005. As stated previously, Kinross is currently
performing additional work on the valuation of exploration
properties with the support of third party advisors. The Company is
seeking to ensure that its financial statements present fairly
Kinross' financial position and results of operations in accordance
with Generally Accepted Accounting Principles and mining industry
mineral estimate best practices. When the analysis is complete on
all valuations, the Company, with the concurrence of its auditors,
expects to be in a position to prepare and file its financial
statements. Kinross is making every effort to bring this process to
a conclusion as soon as possible. Although it is uncertain when the
Company will be able to complete its filings, Kinross does not
expect to file its financial statements earlier than June 30, 2005.
Once these filings are completed, the Company will set a date for
its Annual General Meeting.
Additionally, first quarter 2005 interim financial statements
will not be filed by the regulatory deadline of May 16, 2005, but
will be filed concurrent with the above mentioned financial
statements.
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 May 23, 2005.