Toronto, Ontario

Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K, K.DB; NYSE - KGC) announced today that The Toronto Stock Exchange has accepted for filing a Notice of Intention to Make a Normal Course Issuer Bid for the common shares and the 5.5% convertible unsecured subordinated debentures of the Corporation. Pursuant to the bid, during the next 12 months the Corporation may purchase up to 6,238,255 common shares, being 5% of the 124,765,107 currently issued and outstanding common shares, and up to Cdn. $10,000,000 principal amount of debentures, being 5% of the Cdn. $200,000,000 currently issued and outstanding principal amount of debentures. All purchases will be made through the facilities of the Exchange and in accordance with the Exchange's rules and by-laws. The Corporation believes that it may be advantageous to engage in repurchases of common shares and debentures, from time to time, when they are trading at prices which reflect a significant discount from the underlying value of the securities.

While the complete second quarter report is not expected to be available until July 31st, the Company is pleased to report that its second quarter cash operating costs declined to approximately $256 per ounce of gold equivalent from the $307 per ounce reported in the first quarter. Gold equivalent production in the second quarter was approximately 124,000 ounces, an increase of over 12% compared to the first quarter. This decline in cash operating costs and increase in production reflects a more reasonable operating environment for the Company, but includes cash operating costs from Macassa of approximately $417 per ounce as a result of a series of rockbursts early in the second quarter. Cash operating costs at our largest mine, Hoyle Pond, declined in the second quarter to $177 per ounce and as the full impact of the mill expansion takes place, further reductions are projected for the balance of the year. Overall the Company's operating performance is projected to show continued meaningful improvements throughout the balance of the year.

Clearly, in the current gold price environment, the Company is actively and critically reviewing all aspects of its operations. It is our intention to ensure that for the balance of the year, the Company can both maintain its growth profile at Hoyle Pond and remain, at current metal prices, cash neutral from operations. At the same time the Company has approximately U.S. $190 million available for acquisitions. In this environment the Company is well positioned to review growth opportunities.

Cautionary Statement on Forward-Looking Information