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Kinross gold reserves increase to 51 million ounces

January 28, 2010

Net 5.4 million ounces added to reserves in 2009

Toronto, Ontario - January 28, 2010 - Kinross Gold Corporation ("Kinross") (TSX: K, NYSE: KGC) today announced its mineral reserve and resource statements as at December 31, 2009.

(Please refer to the Mineral Reserve and Mineral Resource tables and corresponding notes and definitions located at the end of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

Highlights

• Total proven and probable mineral reserves increased by 5.4 million ounces to 51.0 million ounces of gold, an increase of 12% over 2008.

• The Company declared its first mineral reserve at the Lobo-Marte project in Chile as planned, with proven and probable gold reserves of 5.6 million ounces grading at 1.22 grams of gold per tonne.

• Kinross upgraded mineral resources at Fruta del Norte (FDN) in Ecuador in 2009 as planned, declaring a measured and indicated gold resource of 5.7 million ounces grading at 11.2 grams of gold per tonne, plus an inferred resource of 6.1 million ounces.

"With proven and probable gold reserves increasing by 31 million ounces over the past five years, a compound annual growth rate of 21%, Kinross has now surpassed the 50 million ounce milestone," said President and CEO Tye Burt. "In 2009 we achieved our goal of declaring a first reserve at Lobo-Marte and are pleased with progress at this strategic project. We also upgraded our mineral resource at FDN and are proceeding with our 2010 drilling program. Exploration success at our growth projects during the year offset production depletion by a wide margin, delivering a net gain of over five million ounces in new reserves."

Proven and Probable Mineral Reserves

Kinross' total proven and probable mineral reserves at year-end 2009 increased by 5.4 million ounces of gold to 51.0 million ounces, versus 45.6 million ounces at year-end 2008. 2009 reserves were based on a gold price of $800.

The Company has completed a pre-feasibility study at the Lobo-Marte project which confirms the viability of heap leach processing, and has subsequently declared a proven and probable mineral reserve of 5.6 million ounces, the largest single increase to reserves. A summary of key elements of the Lobo-Marte pre-feasibility study are included on page three of this news release.

Gold reserves also increased at the Cerro Casale project by 1.2 million ounces due to engineering changes, project improvements, and the change in Kinross' ownership from 49% to 50%. Gold reserves at La Coipa increased by 0.5 million ounces due primarily to exploration additions at Coipa Norte.

In 2009, depletion from production at all operations totaled 2.7 million ounces(1).

(1) Total depletions to proven and probable gold reserves from production exceed actual gold ounces produced as not all contained gold is recovered in production.

The chart below summarizes changes to proven and probable gold reserves at year-end 2009 compared to year-end 2008:

To view the chart, please download the PDF.

Proven and probable silver reserves decreased slightly by 2.9 million ounces, or 3%, to 103 million ounces, versus 106 million ounces at year-end 2008.

Proven and probable copper reserves at year-end 2009 increased by 290 million pounds to 2.9 billion pounds.

Measured and Indicated Mineral Resources

Kinross' total measured and indicated (M&I) mineral resources at year-end 2009 increased by 2.9 million ounces of gold, or 21%, to 16.6 million ounces versus 13.7 million ounces at year-end 2008. 2009 resources were based on a gold price of $875.

The increase is primarily due to the upgrading of the mineral resource at the FDN development project in Ecuador, which contributed 5.7 million ounces to measured and indicated mineral resources. This resource upgrade is based on Kinross' analysis of 67,000 metres of drilling by the previous owner and positive metallurgical and mining study work showing potential for economic extraction. Kinross received approval from the Ecuadorian government in November 2009 to re-commence exploration at FDN and is continuing with a 18,000-metre drilling campaign in 2010 with the expectation of further upgrading resources. Kinross has elected to undertake this additional drilling prior to finalizing the FDN pre-feasibility study, which it expects to complete at year-end. The Company is filing a Technical Report on FDN in connection with the upgrading of its mineral resource concurrently with this news release.

The increase in M&I resources at FDN was partially offset by the sale of the Gurupi property in Brazil
(-1.7 million ounces) and reductions at Paracatu (-1.3 million ounces) due to engineering changes.

Measured and indicated mineral resources of silver at year-end 2009 declined by 2.3 million ounces, or 8%, to 25.4 million ounces versus 27.7 million ounces at year-end 2008. The net change is primarily due to upgrading the silver resource to reserves at both Cerro Casale and La Coipa.

Inferred Mineral Resources

Kinross' total inferred mineral resources at year-end 2009 decreased by 4.6 million ounces of gold to 16.2 million ounces, versus 20.8 million ounces at year-end 2008. The net decrease in inferred mineral resources is primarily due to the upgrade in resources to the M&I category and a change in the cut-off grade at FDN.

Inferred mineral resources of silver at year-end 2009 declined by 11.0 million ounces to 34.1 million ounces, versus 45.1 million ounces at year-end 2008.

Assumptions for Mineral Reserves and Resources

2009 year-end mineral reserves were estimated using an $800 per ounce gold price, a $12.50 per ounce silver price, and a $1.75 per pound copper price. 2008 year-end reserves were estimated using a $725 per ounce gold price, a $12 per ounce silver price, and a $2 per pound copper price.

2009 year-end mineral resources were estimated using an $875 per ounce gold price, a $13.75 per ounce silver price, and a $2.25 per pound copper price. 2008 year-end resources were estimated using a $800 per ounce gold price, a $13.00 per ounce silver price, and a $2.25 per pound copper price.

The technical information about the Company's material mineral properties contained in this news release has been prepared under the supervision of Mr. Rob Henderson, an officer of the Company who is a ''qualified person'' within the meaning of National Instrument 43-101.

Lobo-Marte pre-feasibility study

Kinross has completed a pre-feasibility study on the Lobo-Marte gold project in Chile based on drill hole information obtained at the time of acquisition and the metallurgical drill program completed in 2009.

The pre-feasibility study confirms the viability of a 47,000 tonne per day open pit heap leach operation incorporating SART (Sulphidization, Acidification, Recycling and Thickening) technology, and identifies proven and probable mineral reserves of approximately 5.6 million ounces of gold at an average grade of 1.22 grams of gold per tonne. The average estimated grades for Lobo-Marte as a heap leach operation are lower, and tonnages are higher, than previous estimates which were based on a milling operation.

The study estimates initial capital expenditures of approximately $575-650 million and operating costs of approximately $11.50-12.50 per tonne, with annual production estimated to be approximately 350,000-400,000 gold equivalent ounces for the first five years of full production. Project infrastructure would include an upgraded powerline providing 16 MW of power, and a 1,500 person camp to accommodate construction and phase into operations. Once operational, the project is expected to employ approximately 700 people, including permanent contractors.

The pre-feasibility study is based on estimated heap leach recovery rates of 60%-70%. Optimization opportunities and options that are being explored include potential recovery improvements through the addition of high pressure grinding rolls, plus potential improvements to plant layout and infrastructure.

Kinross is currently targeting first gold production at Lobo-Marte between the third quarter of 2013 and mid-2014. A more definitive timetable will be developed as part of the project feasibility study and will depend, among other things, on discussions with government authorities regarding estimated permitting timeframes and projected construction schedules.

In 2010, pending permit approvals, Kinross plans to follow up on regional exploration opportunities and undertake further infill and engineering drilling to support a feasibility study.

Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future performance of Kinross, constitute “forward looking statements” within the meaning of applicable securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbour” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the estimation of mineral reserves and resources and the realization of such estimates, the timing, amount and costs of estimated future production, expected capital expenditures, development and mining activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation, environmental risks, unanticipated reclamation expenses, title disputes or claims. The words “plans”, “expects”, “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “target”, “intends”, “anticipates”, “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will be taken”, “occur” or “be achieved” 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 Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions of Kinross contained in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein as well as the accuracy of our current mineral reserve and mineral resource estimates. Many of these uncertainties and contingencies can affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in any forward looking statements made by, or on behalf of, Kinross. Known and unknown factors could cause actual results to differ materially from those projected in the forward looking statements include but are not limited to: diminishing quantities or grades of mineral reserves and resources; fluctuations in the currency markets, and the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); changes in interest rates; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in the countries in which we do business; contests over title to properties, particularly title to undeveloped properties; and operating or technical risks and difficulties in connection with mining or development activities including, but not limited to, the risks of obtaining necessary licenses and permits, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding. Consequently, there can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward looking statements made in this news release are qualified by these cautionary statements and those made in our filings with the securities regulators of Canada and the U.S., including but not limited to the cautionary statements made in the “Risk Factors” section of our most recently filed Annual Information Form. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward looking statements or to explain any material difference between subsequent actual events and such forward looking statements, except to the extent required by applicable law.

Other information

Where we say “we”, “us”, “our”, the “Company”, or “Kinross” in this presentation, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

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

About Kinross

Kinross is a Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Ecuador and Russia, and employs approximately 5,500 people worldwide.

Kinross' strategic focus is to maximize net asset value and cash flow per share through a four-point plan built on: delivering mine and financial performance; attracting and retaining the best people in the industry; achieving operating excellence through the "Kinross Way"; and delivering future value through profitable growth opportunities.

Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Media Contact

Steve Mitchell
Vice-President, Corporate Communications
(416) 365-2726
steve.mitchell@kinross.com

Investor Relations Contact

Erwyn Naidoo
Vice-President, Investor Relations
(416) 365-2744
erwyn.naidoo@kinross.com

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