Toronto, Ontario, March 31, 2009 -- Kinross
Gold Corporation (TSX-K; NYSE-KGC) ("Kinross") announced today the
closing of its net US$150 million strategic investment in Harry
Winston Diamond Corporation (TSX-HW; NYSE-HWD) ("Harry Winston")
that was announced on March 19, 2009.
Kinross has subscribed for new partnership units representing a
22.5% interest in the limited partnership which holds Harry
Winston's 40% joint venture interest in the Diavik Diamond Mine,
for a net effective subscription value of US$104.4 million. Kinross
has also subscribed for 15.2 million treasury shares of Harry
Winston at a price of US$3.00 per share, representing approximately
19.9% of the company's issued equity following the transaction, for
an investment of US$45.6 million.
As part of the transaction, Thomas M. Boehlert, Executive Vice
President & Chief Financial Officer of Kinross, will join the
Harry Winston Board of Directors.