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Kinross announces closing of strategic investment in Harry Winston

March 31, 2009

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.