FORT KNOX MINE

Kinross reported that at the Fort Knox mine in Alaska, U.S.A., in Q2 2009, tonnes of ore mined increased by 67% in the second quarter of 2009 compared with the same period last year due to the addition of mining equipment and the stockpiling of heap leach ore in anticipation of completion of the new heap leach pad. Gold production was lower than the same period last year due to lower grades, as a lower grade area of the pit was mined in accordance with the mine plan. Cost of sales was in line with the same period last year, and metal sales decreased primarily due to lower production.

Kinross reported that during the quarter ended Mar31/09, with the onset of spring in Alaska, Kinross is gearing up construction activities on the heap leach project. Approximately 78% of the initial phase of the leach pad was completed during the 2008 construction season. The carbon-in-column circuit to recover gold from the pregnant solution from the heap leach operation will be completed and commissioned during the second quarter of 2009. Start-up of ore placement on the leach pads is scheduled for the third quarter of 2009, with first gold production in the fourth quarter. As previously disclosed, the Fort Knox project is expected to extend the life of the mine to 2018, and to double life-of-mine production to 2.9 million gold ounces. Fort Knox is undertaking an aggressive 29,000-metre drilling program in 2009 aimed at further expanding reserves and extending mine life, including drilling in support of a potential Phase 8 pit expansion.

During the quarter ended Mar31/09, at the Fort Knox mine in Alaska, U.S.A., tonnes of ore mined were higher for the first quarter of 2009 compared with 2008 due to the addition of mining equipment and stockpiling of lower grade heap leach ore. Gold equivalent ounces produced were lower than the same period in 2008, due to lower mill throughput resulting from a breakdown of the primary crusher during the quarter, and lower grades resulting from mining transition ore, which led to lower recoveries. Cost of sales decreased due to lower electricity, diesel fuel and consumable costs; however, cost of sales per ounce increased due to lower production. Metal sales decreased primarily due to lower ounces sold. In the month of April, grades, throughput and recovery were back to previous levels.