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Kinross Announces Fourth Quarter and Year End 2005 Results

March 30, 2006

2005 marked by strong revenues and completion of comprehensive review resulting in non-cash charges and investment in future growth

Toronto, Ontario - Kinross Gold Corporation (TSX-K; NYSE-KGC) ("Kinross" or the "Company"), announced today its unaudited results for the fourth quarter and year ended December 31, 2005.

(All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise noted)

Highlights as at year end 2005

• Kinross achieved its planned production of 378,533 gold equivalent ounces for the fourth quarter and 1,608,805 gold equivalent ounces for the year. Gold equivalent sales were 389,037 ounces in the fourth quarter and 1,627,675 ounces for the year at a cost of sales per ounce(1) of $285 per ounce for the fourth quarter and $275 per ounce for the year.

• Net loss of $154.3 million, or $0.45 per share in the fourth quarter and net loss for the year of $216.0 million or $0.63 per share. Contributing to the net loss in the fourth quarter were non-cash impairment charges of $147.2 million (which included a charge of $141.8 related to the Fort Knox operations in Alaska), or $184.7 million for the year (which also includes the previously reported impairment charge of $36.8 million related to the Aquarius project). Also included were accruals for future reclamation obligations of $47.0 million for the fourth quarter and $56.0 million for the year.

• Revenue in the fourth quarter was $190.0 million and $725.5 million for the year. At year end, revenue was 9% higher year-over-year mainly due to increased gold prices.

• Cash flow from operating activities in the fourth quarter was $23.8 million and $133.7 million for the year down from $161.2 million in 2004 primarily due to higher operating costs and changes in working capital.

• Kinross' cash position was $97.6 million at year end, up from $47.9 million at year end last year.

• Capital expenditures were $32.9 million in the fourth quarter and $142.4 million for the year.

• Gold reserves increased 27% year-over-year to 24.7 million ounces.

• Strengthened management team and completed a comprehensive strategic review of Kinross' assets and investments. Disposed of non-core assets and prioritized exploration and acquisition targets.

• Steps commenced to increase future production through successful refurbishment and restart of the Refugio mine in Chile and Crown Resources agreement extended with amended terms.

(1) Cost of sales per ounce is computed by dividing cost of sales by gold equivalent ounces sold.

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Click here to downloadthe 2005 Annual Report (PDF).

Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as silver, diesel fuel and electricity); changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, the United States, Chile, Brazil or other countries in which we do or may carry on business in the future; business opportunities that may be presented to, or pursued by, us; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; and diminishing quantities or grades of reserves. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. We refer the readers to our most recent annual information form, management discussion and analysis and other filings with the securities regulators of Canada and the United States for more details of the risks affecting Kinross. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

The technical information about the Company’s material mineral properties contained in this press release has been prepared under the supervision of Mr. Wes Hanson an officer of the Company who is a “qualified person” within the meaning of National Instrument 43-101.