LOBO-MARTE PROJECT

The initial pre-feasibility study at Lobo-Marte which commenced in June is expected to be completed by year-end. Metallurgical testing has started for the Lobo deposit and results are expected by year-end to support the pre-feasibility study. Engineering and consulting firms have been retained for environmental impact analysis and preparation of project permit documents. Engineering work is progressing as planned.

Kinross reported during the quarter ended Mar31/09, the company made good progress in the first quarter advancing Lobo-Marte. A scoping study is underway and is scheduled to be completed in June. Bids are now being evaluated for the pre-feasibility study engineering, to be completed by the end of the year. This requires completion of a three-month drilling program for metallurgical samples, which is anticipated to commence in June. Collection of data for the environmental impact assessment (EIA) has commenced, for planned submission in 2010. The Lobo-Marte project contemplates a heap leach process similar to that being operated at Maricunga, of 40,000 — 50,000 tonnes per day (tpd) capacity which would incorporate cost-effective Sulphidation Acidification Recycling Thickening (SART) processing technology. In parallel, the Company is evaluating the possibility of hauling higher grade ore to the La Coipa mill for processing prior to construction of the heap leach facility. Preparations for permitting are underway, targeting shipping of ore to La Coipa in 2011.

Kinross reported in the quarter ended Mar31/09, preparation and permitting for an 8,300 metre metallurgical drill program is underway with drilling scheduled to commence late in the second quarter of 2009.