Toronto, Canada, December 27,
2007 -- Kinross Gold Corporation (TSX-K; NYSE-KGC) today
provided an update on the administrative process regarding the
Kupol Project lands in the Chukotka region of the Russian
Federation.
A long-term lease agreement has been
executed and registered with the appropriate Russian authorities
establishing long-term lease rights to the Kupol Project lands. The
parties to the lease agreement are the Chukotka Mining and
Geological Company (CMGC), which is owned 75 per cent by Kinross
and 25 per cent by the State Unitary enterprise of the Chukotsky
Autonomous Okrug (Chukotsnab), and the Chukotsky Territorial Office
of the Federal Agency for Management of Federal Property
(Rosimuschestvo). The lease agreement, valid until 2024, grants
CMGC the long-term surface lease rights for the Kupol Project
lands. Kinross is the third-largest primary gold producer in North
America by reserves. With mines in the United States, Brazil,
Russia and Chile, Kinross employs approximately 5,000 people.