ROUND MOUNTAIN MINE

Kinross reported that at the Round Mountain mine in Nevada, U.S.A., tonnes of ore mined were lower in the second quarter of 2009 compared with the previous year due to instability in the south pit wall, which was re-stabilized in June. The gold grade was higher than the second quarter of 2008 due to mine sequencing. Gold equivalent ounces produced and sold were lower year-over-year due to lower tonnes mined, which more than offset the higher grade. Cost of sales was slightly lower year-over-year.

During the quarter ended Mar31/09, at the Round Mountain mine, tonnes of ore mined were 14% higher compared with the first quarter of 2008, but gold equivalent production, while on plan, was lower than the same period last year. The lower production was due to lower mill tonnage resulting from harder ore, which was partially offset by higher grades, and to fewer tonnes of heap leach ore placed on the pads. The reduction in tonnes placed on the leach pads was due to the planned move of the primary crusher in Q4 2008, which interrupted placing of material to the reusable pad for 10 weeks, until January 2009. Cost of sales was in line with the prior year and cost of sales per ounce was higher due to a decrease in production.

Tonnes of ore mined in full-year 2008 were higher than 2007 due to mine sequencing. Lower grades and the decline in the performance of aging pads resulted in lower gold equivalent ounces produced in full-year 2008 compared to full-year 2007. Metal sales were similar to 2007, and cost of sales increased due to higher price of diesel and other consumables and higher revenue-based royalties.