FORT KNOX MINE

Kinross Gold Corporation announced Fort Knox Mine performance for the year ended December 31, 2009. The Fort Knox Mine, located near Fairbanks, Alaska, produced fewer tonnes of ore in 2009 compared with 2008 (8% lower) due to geotechnical issues experienced in the East Wall. As a result of these issues, the mine plan has been modified in order to improve stability in the pit wall so that production focused on higher grades, although a harder portion of the ore body, and supplemented by lower grade stockpile ore. Tonnes of ore processed were higher (18%) primarily due to tonnes placed on the heap leach. The grade mined was lower in 2009 due to the processing of lower grade stockpile ore and as the mine plan called for mining an area of the pit with a lower grade than the area mined in 2008 and the inclusion of 3.4 million tonnes on the heap leach. Production in 2009 was 20% lower than 2008 primarily due to lower grades which more than offset the higher tonnes processed and the slightly higher recovery.

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.