Kinross completes acquisition of high-grade Dvoinoye deposit
Toronto, Ontario – August 27, 2010 – Kinross Gold Corporation (TSX: K, NYSE:KGC) announced today
that it has completed its previously announced acquisition of companies owning the rights to the high-grade
Dvoinoye deposit and the Vodorazdelnaya exploration and mining licences. Both assets are located
approximately 100 km north of Kinross’ Kupol operation in the Chukotka region of the Russian Far East.
The transaction, first announced on January 20, 2010, entailed the indirect acquisition of 100% of the
participatory interests in Northern Gold LLC and Regionruda LLC, the owners of Dvoinoye and
Vodorazdelnaya exploration and mining licenses, for consideration comprised of US$165 million in cash and
approximately 10.56 million newly issued Kinross shares. The shares issued by Kinross are subject to a minimum
hold period of four months after the closing date. The selling entities, who are related to Millhouse LLC, have
expressed their intention to remain shareholders of Kinross for the foreseeable future.
All conditions of the transaction have been met, including registration of an increase in Dvoinoye reserves and, as
announced by Kinross on August 5, 2010, receipt of the Russian Government’s approval of Kinross’ ownership
of Dvoinoye as a strategic deposit, as required under the Russian Federation Law No. 57 on the Procedure for
Foreign Investment in Companies with Strategic Significance for National Security and Defence, and the Subsoil
The acquisition will further consolidate interests and provide the Company with additional opportunities for
exploration and mining in a highly prospective region of Russia where Kinross has a strong track record of
operational success and community partnership over the past decade.
The Dvoinoye deposit hosts an open pit mine which has previously operated six months per year, with throughput
of approximately 250 tonnes per day. Kinro