Kinross Gold Corporation

Kinross Gold Corporation

March 16, 2005 17:01 ET

Kinross Announces Late Filing of Financial Statements


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: KINROSS GOLD CORPORATION

TSX SYMBOL: K
NYSE SYMBOL: KGC

MARCH 16, 2005 - 17:01 ET

Kinross Announces Late Filing of Financial Statements

TORONTO, ONTARIO--(CCNMatthews - March 16, 2005) - Kinross Gold
Corporation (TSX:K)(NYSE:KGC) ("Kinross" or the "Company") announces
that it will not be able to meet the deadline of March 31, 2005 for the
filing of its 2004 audited financial statements and related management
discussion and analysis of financial condition ("MD&A").

As previously announced, Kinross is reviewing its purchase price
allocation and the goodwill recorded as part of the 2003 business
combination with TVX Gold Inc. and Echo Bay Mines Ltd. In this
connection, Kinross retained Standard & Poor's Corporate Value
Consulting, as independent valuator, to provide the requisite
valuations. Standard & Poor's has advised Kinross that it expects to
complete its work shortly and to provide a final report in early April.

Upon receipt of the valuator's final report, management and the
Company's advisors will conduct a review of the contents of the report
and determine its impact on the Company's financial statements. This
will also require the concurrence of the Company's auditors on the
allocation of the purchase price, the allocation of goodwill, impairment
testing methodology and the subsequent results of the goodwill
impairment tests. Once the Company is in a position to reflect the
appropriate treatment of the goodwill in its financial statements, the
Company may have to restate its 2003 audited financial statements and
any affected interim financial statements, and it will release its 2004
audited financial statements and related MD&A. Kinross is committed to
publishing its financial statements and related MD&A as soon as possible.

Pending the filing of its financial statements and MD&A, the Company
intends to satisfy the alternative information guidelines recommended by
Ontario Securities Commission ("OSC") Policy 57-603 and Canadian
Securities Administrators ("CSA") Staff Notice 57-301. The Company will
request from the Canadian securities regulators, that a management cease
trade order related to the Company's securities be imposed against some
or all persons who have been directors, officers or insiders of the
Company, which cease trade order would generally not affect the ability
of persons who have not been directors, officers or insiders of the
Company to trade in the Company's securities.

This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein, including without limitation, statements
regarding potential mineralization and reserves, exploration results and
future plans and objectives of Kinross Gold Corporation, are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from Kinross' expectations are
disclosed under the heading "Risk Factors" and elsewhere in Kinross'
documents filed from time to time with the Toronto Stock Exchange, the
United States Securities and Exchange Commission and other regulatory
authorities.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Kinross Gold Corporation
    Christopher T. Hill
    Vice President, Investor Relations
    (416) 365-7254
    or
    Kinross Gold Corporation
    Tracey M. Thom
    Manager, Investor Relations
    (416) 365-1362 or Toll Free: 866-561-3636
    (416) 363-6622 (FAX)
    info@kinross.com