Toronto, Ontario - Kinross Gold Corporation (TSE - K, NYSE - KGC) is pleased to provide the following exploration up-date for the Hoyle Pond Mine located in Timmins, Ontario. Initial exploration efforts in 1996 concentrated on the flat-lying 7 vein system located between the Hoyle Pond Main Zones and the 1060 Zone. The high grade 7A vein was quickly developed to provide a portion of the mill feed for 1996 while diamond drilling probed this area delineating additional stacked veins. During the year, up to three surface diamond drills were used to explore the "gap" area on the southern trend between the 1060 Zone and the Owl Creek Pit with highly encouraging results which will ultimately require underground follow-up. Late in 1996, Kinross initiated a deep drilling programme on the 1060 Zone which will be followed up by detailed drilling from soon to be completed underground workings on the 720 metre level.

1060 Zone Deep Drilling
Recent drilling by Kinross at the Hoyle Pond Mine tested the down-plunge projection of the 1060 Zone near the 720 metre level. This deep drilling has illustrated the down-dip and strike continuity of the 1060 structures below the present reserve level.

A total of 6 holes, averaging 800 metres in length, and 3 wedge cuts have intersected as many as five mineralized structures between the 355 metre and 745 metre levels with four intersections containing visible gold. Significant intersections include 16.5 grams of gold per tonne (gpt) over 2.0 metres at the 553 metre level, 5.4 gpt over 16.1 metres at the 735 metre level and 75.0 gpt over 2.0 metres at the 728 metre level. One hole returned 58.3 gpt over 6.8 metres at the 540 metre level in a structure which appears to parallel the 1060 Zone. A drill hole completed in 1989 in the same vicinity returned 33.1 gpt over 1.7 metres at the 545 metre level. This drilling has indicated a strike length of at least 200 metres near the 720 metre level, with the zones open along strike and down-plunge and compares to a strike length of 225 metres on the 200 metre level. These structures occur within 660 metres south-east of the recently completed 815 metre shaft. Drilling continues on these mineralized zones with two underground drills while an additional surface drill will be added by mid-January. Underground drifting on the 720 metre level towards the 1060 Zone to the south and the Hoyle Pond Veins to the north is currently in progress. By the end of March, a drill station will be established on the 720 metre level and a drill programme will be started to delineate reserves in the area identified by this deep drilling.

7 Vein Complex
The 7 vein structures were identified in 1995. By mid-1996 at least 3 flat, parallel veins were outlined by diamond drilling with a proven and probable reserve of 69,000 ounces and a possible reserve of 215,000 ounces. In 1996 the 7A and 7B veins yielded 42,000 ounces from 66,000 tonnes (including development muck) at an average grade of 20 gpt, representing over 25% of the 161,400 ounces produced by the Hoyle Pond mine in 1996. A significant amount of the ounces mined from the 7 vein complex in 1996 were from outside of the mid-year reserve. In the second half of 1996, surface and underground diamond drilling established the presence of additional flat-lying vein systems at depth, which appear to be stacked at 40-60 metre intervals. Drilling is continuing to test the lateral continuity of the existing vein system and the possibility of additional flat-lying veins at depth.

Owl Creek East
A continuing surface diamond drill program has established the continuity of an auriferous horizon extending from the Owl Creek Pit through to the 1060 Zone. This mineralized horizon forms the southern limb of an anticline and hosts several important zones of gold mineralization over a 2.0 kilometre strike length. A total of about 28,000 metres in 73 holes were drilled by Kinross in this area during 1996. This drilling tested the target alteration zone to an average vertical depth of 400 metres over the 2.0 kilometre strike. A revised resource calculation is in progress for this zone which is open to depth. During 1997 an additional drill station is expected to be established on the 720 metre level to continue the evaluation of the eastern portion of the Owl Creek auriferous horizon at depth.

Limited diamond drilling on the northern limb of the anticline have identified  several gold-bearing structures that warrant follow-up drilling. On the Vogel joint venture property, located about one kilometre west of the Owl Creek Pit on the southern limb of the anticline, a major winter drilling programme is in progress with results pending.

Exploration plans for Hoyle Pond in 1997 include about 15 kilometres of underground development and approximately 120,000 metres of diamond drilling. Year-end reserve and resource calculations are currently in progress and this data, together with the information to be collected in the 1997 programme, will lay the foundation for future optimization of gold production at Hoyle Pond. A new technical team known as the Hoyle 2000 team has been establish in separate offices at Hoyle Pond to focus on this medium and longer term optimization of the property.

Exercise of Share Purchase Warrants
The Kinross share purchase warrants issued in connection with the 1993 acquisition of Falconbridge Gold Corporation expired on December 31, 1996. Of the 3,379,488 share purchase warrants issued, a total of 3,348,799 were exercised for total proceeds of Cdn$ 11,720,796.

Cautionary Statement on Forward-Looking Information