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Kinross closes Term Loan to fund increase in Kupol ownership

December 22, 2011

Toronto, Ontario - December 22, 2011 - Kinross Gold Corporation (TSX: K, NYSE:KGC) announced today that its previously disclosed US$200 million non-recourse loan from a group of international financial institutions to finance the increase in Kinross' ownership of the Kupol mine to 100% has been funded. The non-recourse loan carries a term of five years, with annual interest of LIBOR plus 2.5%. Lead arrangers and lenders are Export Development Canada, BNP Paribas, HSBC Bank PLC, ING Bank N.V. and Société Générale.

On April 4, 2011, Kinross increased its ownership from 75% in Chukotka Mining and Geological Company (CMGC), which holds both the Kupol mine and mining licence and the Kupol East-West exploration licences in the Chukotka region of the Russian Federation.