Maricunga (Refugio) Mine

Kinross Gold Corporation reported on Maricunga expansion during the quarter ended June 30, 2009. A scoping study carried out late last year at Maricunga indicated positive economics for an expansion aimed at doubling gold production. Kinross has initiated a pre-feasibility study process, examining the advantages of building an additional plant to substantially increase crushing and leaching capacity, as well as increasing and optimizing throughput at the current plant. The study is expected to be completed by year-end 2009.

Kinross reported in the quarter ended Q2 2009, at the Maricunga mine in Chile, tonnes of ore mined and processed were higher due to improved performance of the primary crusher and optimization initiatives implemented during the quarter. Grades increased as a result of mine sequencing, and gold equivalent ounces produced were higher due to increases in tonnes processed and higher grade. Year-over-year, gold equivalent ounces sold were higher, as shipments in 2008 were delayed by poor weather and sold in the third quarter. Cost of sales increased as a result of higher labour and plant maintenance costs.

During the quarter ended Mar31/09, at the Maricunga mine in Chile, tonnes of ore mined were lower for the first quarter of 2009 compared with the same period last year due to a decrease in plant availability. Gold equivalent ounces produced were also lower, reflecting the increasingly refractory nature of the ore. Metal sales decreased as a result of lower volume, while cost of sales decreased due to lower costs of energy. Pre-stripping at the new Pancho pit is now underway, and development of the pit will continue throughout 2009. Pancho is expected to provide approximately one-quarter of the total feed to the Maricunga mill in 2009, which will gradually increase to 100% by 2012.