Kinross Gold Corporation
TSX : K
NYSE : KGC

Kinross Gold Corporation

November 02, 2011 16:46 ET

Kinross Reports 2011 Third Quarter Results

Record revenue exceeds $1 billion; margins up 50%, adjusted operating cash (5) flow up 82%

Adjusted net earnings (1,5) up 134%

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2011) - Kinross Gold Corporation (TSX:K)(NYSE:KGC) today announced its results for the third quarter ended September 30, 2011.

(This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 9 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

Third quarter highlights

Financial and operating results:


--  Production(2): 647,983 gold equivalent ounces, a 13% increase over Q3
    2010. 
--  Revenue: $1,069.2 million, a 45% increase over Q3 2010. 
--  Production cost of sales(3): $634 per gold equivalent ounce, compared
    with $517 in Q3 2010. 
--  Attributable margin(4): $1,012 per ounce sold, a 50% increase over Q3
    2010. 
--  Adjusted operating cash flow(5): $421.6 million, an 82% increase over Q3
    2010. Adjusted operating cash flow per share was $0.37 in Q3, compared
    with $0.30 in Q3 2010. 
--  Adjusted net earnings(1,5): $273.4 million, a 134% increase over Q3
    2010. Adjusted net earnings per share were $0.24, compared with $0.15 in
    Q3 2010. 
--  Reported net earnings(1): $212.6 million, or $0.19 per share, compared
    with $540.9 million, or $0.71 per share, for Q3 2010. Q3 2010 earnings
    included significant one-time gains. 
--  Outlook: The Company expects to be within its 2011 forecast guidance for
    production (2.6 - 2.7 million attributable gold equivalent ounces) and
    production cost of sales ($565 - 610 per gold equivalent ounce). 

Growth projects:

--  Kinross continues to advance its major growth projects at Tasiast, Fruta
    del Norte, Lobo-Marte, and Dvoinoye, all of which are proceeding on
    schedule. 
--  The Company has received approval of the Environmental Impact Assessment
    for early works at Tasiast and mobilization for construction has
    commenced. Capital commitments at Tasiast to the end of Q3 were $782
    million. 

Exploration:

--  Further drilling and exploration at Tasiast continue to increase the
    Company's confidence in the orebody and define new areas for potential
    growth. 
--  In Chile, recent drilling at the Pompeya target at La Coipa has led to
    the discovery of a significant area of mineralization close to surface,
    and drilling to further define this new zone will continue in Q4 2011. 

Corporate responsibility:

--  During the third quarter, Kinross was named to both the Dow Jones
    Sustainability World Index and the Dow Jones Sustainability North
    America Index, indices composed of global and regional leaders in
    corporate responsibility.

(1) "Net earnings" figures in this release represent " net earnings attributed to common shareholders."

(2) Unless otherwise stated, production figures in this release are based on Kinross' share of Kupol (75% up to April 27, 2011, 100% thereafter) and 90% of Chirano production.

(3) "Production cost of sales per gold equivalent ounce" is a non-GAAP measure defined as production cost per the financial statements divided by the attributable number of gold equivalent ounces sold, both reduced for Kupol sales attributable to a third-party shareholder (75% up to April 27, 2011) and Chirano sales to a 10% minority interest holder. Production cost is equivalent to total cost of sales (per the financial statements), less depreciation and amortization, and is generally consistent with cost of sales as reported under Canadian GAAP prior to the adoption of IFRS.

(4) "Attributable margin per ounce sold" is a non-GAAP measure and defined as "average realized gold price per ounce" less "attributable production cost of sales per gold equivalent ounce sold."

(5) Reconciliation of non-GAAP measures is located on page 11 of this news release.

CEO Commentary

Tye Burt, President and CEO, made the following comments in relation to third quarter 2011 results:

"Kinross recorded another strong quarter, with revenue exceeding $1 billion for the first time, and adjusted operating cash flow increasing by more than 82% year-over-year to a record $422 million. Adjusted net earnings were more than double those of the same period last year, while adjusted net earnings per share increased by 60%. Cost of sales per ounce was higher than the previous quarter, due to industry-wide cost pressures, as well as the impact of mining lower grade portions of the orebody at several operations. Overall, we remain on track to meet our 2011 production and cost of sales guidance.

"We made significant progress in the quarter advancing our industry-leading growth program. Our drilling campaign at Tasiast continues both to confirm our confidence in the resource and indicate potential further expansions to our previous model. We received approval of the first phase environmental impact assessment at Tasiast, and mobilization for construction is underway. We continued to advance our other growth projects, all of which remain on schedule. Meanwhile, our global exploration effort continues to bear fruit, with the discovery of an important new area of mineralization close to surface at La Coipa in Chile.

"Our successful completion of a $1 billion debt offering during the quarter confirmed the market's confidence in Kinross' ability to deliver on our strategy, and strengthened our foundation for growth."


Financial results                                                           
Summary of financial and operating results                                  

                                  Three months ended       Nine months ended

                                       September 30,          Septem ber 30,
                                --------------------------------------------
(dollars in millions, except per                                            
 share and per ounce amounts)         2011   2010(i)        2011     2010(i)
----------------------------------------------------------------------------
Total(a) gold equivalent                                                    
 ounces(b) - produced              654,820   616,178   2,051,930   1,793,569
Total(a) gold equivalent                                                    
 ounces(b) - sold                  670,386   618,698   2,093,410   1,840,820

Attributable(c) gold equivalent                                             
 ounces - produced                 647,983   575,065   1,967,085   1,657,469
Attributable(c) gold equivalent                                             
 ounces - sold                     663,517   576,955   2,010,128   1,696,011

Metal sales                      $ 1,069.2 $   735.5 $   2,994.0 $   2,089.7
Production cost of sales(d)      $   425.5 $   313.2 $   1,209.7 $     876.4
Depreciation, depletion and                                                 
 amortization                    $   143.4 $   124.9 $     446.4 $     372.4
Operating earnings               $   416.9 $   228.4 $   1,105.8 $     678.7
Net earnings attributed to                                                  
 common shareholders             $   212.6 $   540.9 $     710.1 $     832.6
Basic earnings per share         $    0.19 $    0.71 $      0.63 $      1.15
Diluted earnings per share       $    0.19 $    0.69 $      0.62 $      1.12
Adjusted net earnings attributed                                            
 to common shareholders(e)       $   273.4 $   116.8 $     675.2 $     327.9
Adjusted net earnings per                                                   
 share(e)                        $    0.24 $    0.15 $      0.59 $      0.45
Cash flow provided from                                                     
 operating activities            $   302.4 $   248.9 $     998.8 $     707.5
Adjusted operating cash flow (e) $   421.6 $   231.5 $   1,231.4 $     752.5
Adjusted operating cash flow per                                            
 share(e)                        $    0.37 $    0.30 $      1.08 $      1.04
Average realized gold price per                                             
 ounce                           $   1,646 $   1,190 $     1,472 $     1,138
Consolidated production cost of                                             
 sales per equivalent ounce                                                 
 sold(f)                         $     635 $     506 $       578 $       476
Attributable(c) production cost                                             
 of sales per equivalent ounce                                              
 sold(g)                         $     634 $     517 $       585 $       489
Attributable production cost of                                             
 sales per ounce sold on a by-                                              
product basis(h)                 $     593 $     477 $       527 $       448

a.  " Total" includes 100% of Kupol and Chirano production. 
b.  " Gold equivalent ounces" include silver ounces produced and sold
    converted to a gold equivalent based on the ratio of the average spot
    market prices for the commodities for each period. The ratio for the
    third quarter of 2011 was 43.87:1, compared with 64.84:1 for the third
    quarter of 2010 and for the first nine months of 2011 was 42.36:1,
    compared with 65.26:1 for the first nine months of 2010. 
c.  " Attributable" includes Kinross' share of Kupol (75% up to April 27,
    2011, 100% thereafter) and Chirano (90%) production. 
d.  " Production cost of sales" is equivalent to " Total cost of sales" per
    the consolidated financial statements less " depreciation, depletion and
    amortization", and is generally consistent with " Cost of sales" as
    reported under CDN GAAP prior to the adoption of IFRS. 
e.  " Adjusted net earnings attributed to common shareholders", " Adjusted
    net earnings per share", " Adjusted operating cash flow" and " Adjusted
    operating cash flow per share" are non-GAAP measures. The reconciliation
    of these non-GAAP financial measures is located on page 11 of this news
    release. 
f.  " Consolidated production cost of sales per ounce" is a non-GAAP measure
    and is defined as production costs as per the consolidated financial
    statements divided by the total number of gold equivalent ounces sold. 
g.  " Attributable production cost of sales per ounce" is a non-GAAP measure
    and is defined as attributable production cost of sales divided by the
    attributable number of gold equivalent ounces sold. 
h.  " Attributable production cost of sales per ounce on a by-product basis"
    is a non-GAAP measure and is defined as production costs as per the
    consolidated financial statements less attributable(c)silver revenue
    divided by the total number of attributable(c)gold ounces sold. 
i.  Prior year figures have been restated to conform to IFRS. 

Kinross produced 647,983 attributable gold equivalent ounces in the third quarter of 2011, a 13% increase over the third quarter of 2010, mainly due to a full quarter of production from the West Africa operations, which the Company acquired on September 17, 2010, and additional production from Kupol, as the Company increased its ownership to 100% in the second quarter of this year.

Production cost of sales per gold equivalent ounce(3)was $634 compared with $517 for the third quarter of 2010, an increase of 23%, mainly due to increases in labour costs, diesel and power costs, and royalties. Production cost of sales per ounce(3)for the full year are expected to be within the previously-stated guidance range of $565 - 610. Production cost of sales per gold ounce on a by-product basis was $593 in the third quarter of 2011, compared with $477 in Q3 2010, and based on Q3 2011 attributable gold sales of 604,739 ounces and attributable silver sales of 2,578,612 ounces.

Revenue from metal sales was a record $1,069.2 million in the third quarter of 2011, versus $735.5 million during the same period in 2010, an increase of 45%, due to an increase in total ounces produced and a higher average realized gold price. The average realized gold price was $1,646 per ounce in Q3, compared with $1,190 per ounce for Q3 2010, an increase of 38%.

Kinross' margin per gold equivalent ounce sold(4)was $1,012 for the quarter, an increase of 50% compared with the third quarter of 2010, due mainly to a higher realized gold price.

Adjusted operating cash flow(5)was $421.6 million for the quarter, or $0.37 per share, compared with $231.5 million, or $0.30 per share, for Q3 2010. Cash and cash equivalents were $1,874.6 million as at September 30, 2011, compared with $1,466.6 million as at December 31, 2010.

Adjusted net earnings(1, 5)were $273.4 million, or $0.24 per share for Q3 2011, compared with $116.8 million, or $0.15 per share, for Q3 2010.

Reported net earnings(1)were $212.6 million, or $0.19 per share, for Q3 2011, compared with $540.9 million, or $0.71 per share, for Q3 2010. The decrease is due to one-time income gains in Q3 2010 from the sale of the Company's interest in Harry Winston Diamond Corporation and Diavik Diamond Mines, and the unrealized increase in fair value of the initial investment in Red Back at the time of the acquisition.

Capital expenditures were $395.0 million for Q3 2011, compared with $150.7 million for the same period last year, an increase due mainly to project-related expenditures at Paracatu, Tasiast and Chirano.

Operating results

Mine-by-mine summaries of third quarter 2011 operating results may be found on pages 13 and 17 of this news release. Highlights include the following:


--  North America: Third quarter results from North American operations
    remained strong, despite the expected reduction in grades at all three
    mines. While the heap leach at Fort Knox continues to perform well,
    production was lower compared to Q3 2010, as expected, due to processing
    of lower grade stockpiled ore. At Round Mountain, production increased
    compared to Q3 2010 due to increased processing levels. 


--  Russia: At Kupol, production and costs remain on target for the year,
    while grades declined as expected. Open pit operations continued
    successfully through the quarter, with open pit operations expected to
    end in Q4 as the mine makes the transition to a fully underground
    operation. 


--  South America: Production for the region was higher year-over-year,
    mainly due to production increases at Paracatu and Maricunga. Paracatu
    achieved record ore processed, as the third ball mill had its first full
    quarter of operation. Maricunga's production increased year-over-year,
    despite being impacted by a slower than expected release of gold from
    the heap leach as a result of severe winter conditions. At La Coipa, Q3
    production and cost of sales were negatively impacted by lower than
    expected grades and higher sulphide content, which are being encountered
    as the final parts of Puren Phase 3 are mined out. Mining of this phase
    is expected to be completed early next year. 

    Paracatu's Plant 2 was temporarily shut down in late October to address
    an electrical malfunction affecting the SAG mill motor. Repairs are
    underway and the plant is expected to restart within a week.


--  West Africa: At Tasiast, production remained at a similar level to the
    previous quarter, but costs were higher, largely due to maintenance
    issues, a ramp-up in administration costs in preparation for expansion
    activities, and higher royalties. At Chirano, production was slightly
    lower and costs were slightly higher than planned, as it took longer
    than expected to enter a higher grade zone of the Akwaaba orebody.

Project update and new developments

The forward-looking information contained in this section of the release is subject to the risks and assumptions contained in the Cautionary Statement on Forward- Looking Information on page 9 of this news release.

Growth projects at sites

Tasiast expansion project

Key project development activities at Tasiast are proceeding on schedule. Work on the expansion project feasibility study continues and is expected to be completed at the end of the first quarter of 2012. Production start- up is targeted for mid-2014.

The Company continued its aggressive drill campaign with 13 core and 10 reverse circulation (RC) rigs in operation. An update on the Tasiast exploration program is contained in the Exploration section of this news release (page 6).

The Phase 1 Environmental Impact Assessment (EIA) for on-site improvements and early works has been approved. The contract for general construction has been awarded, and mobilization of the contractor is underway. Phase 1 construction will include: early earthworks and concrete foundations for the mill and on-site power plant; interim expansion of the existing water supply system to meet construction and current operational requirements; construction and operation of the initial phase of the new tailings facility; and expansion of camp facilities by approximately 6,600 additional beds.

The terms of reference for the Phase 2 EIA (on-site project expansion construction, operations and closure) and Phase 3 EIA (off-site sea water supply construction, operation and closure) have now been submitted. Development and submission of the EIAs are on schedule to support the project execution timeline.

Basic and detailed engineering is continuing on the 60,000 tonne per day process plant and associated process infrastructure facilities. Equipment ordered during the third quarter includes two concrete batch plants and associated crushing and screening plants, and also the first phase of the power plant, including three gas turbines with a combined capacity of 120 MW. In addition, commitments have recently been made for a catering camp and additional camp facilities which will bring the total capacity to approximately 9,500 beds to cover the peak requirements for construction and ramp-up of operations. Capital commitments as of the end of September for mining, processing and power generation equipment total $782 million, with commitments expected to be approximately $1.0 billion by year-end. Total actual spending by year-end is expected to be approximately $400 million.

Construction of the Piment and West Branch dump leach pads and ADR (Adsorption, Desorption and Refining) plant at Tasiast have been completed on budget and schedule and are currently being commissioned.

Dvoinoye

Key project development activities at Dvoinoye are proceeding on schedule. The feasibility study is expected to be completed in the first quarter of 2012, and the processing of Dvoinoye ore remains on target to commence in the second half of 2013.

Approximately 650 metres of underground decline development have been completed as of the end of the third quarter. Additional underground mining equipment is en route to site to increase the rate of development, which is expected to accelerate as more faces become available.

The permanent camp, truck shop and water storage buildings have been delivered to the port of Pevek and are in the process of being transported to site. Earthworks for the fuel farm, truck shop, power house, water building, access roads, and utility trenches have been completed, and earthworks associated with the west portal are nearing completion. Foundations for the truck shop are complete and civil foundation work for the water building and water tanks, fuel tank farm and permanent man camp are progressing well. Construction of maintenance and office facilities at the east mine portal are nearing completion and expansion of the second phase of the temporary camp is proceeding. Procurement and engineering activities for all remaining site facilities are proceeding on target.

Paracatu ball mills

Engineering on the fourth Paracatu ball mill was 90% complete and procurement was at 98% as of the end of September. Construction progress was 20%, with both concrete and structural steel approximately 68% and 40% complete, respectively. Pre-assembly of the mill has commenced and ball mill installation will commence in December. The project is expected to be operational in the third quarter of 2012, as envisioned in the mine plan.

A new flash flotation gold recovery process for the first two ball mills at Paracatu is now ready for commissioning. Once fully operational, the $13-million upgrade project is expected to improve recovery by an average of approximately 1%.

Maricunga SART plant

Construction of the Maricunga SART (Sulphidization, Acidification, Recycling and Thickening) plant is expected to re-start in late November. The re-start of construction is later than originally planned, as the construction camp was damaged by severe winter storms and has required repair work. The SART project is now targeted for expected completion in the first half of 2012.

New developments

Lobo-Marte

At Lobo-Marte, drilling for the feasibility study is now complete, and equipment will be re-deployed to drilling programs at Valy and Marte Northwest.

The project feasibility study is on schedule for completion at the end of 2011. Geotechnical and mine block models in support of the feasibility study have been completed and mine and metallurgical plans are expected to be completed in the fourth quarter. Further geotechnical drilling is being undertaken for the crusher and leach pad facilities. Permitting remains on schedule. Construction is expected to commence in the fourth quarter of 2012, and the project is on target to commence expected commissioning in 2014.

Fruta del Norte

Development of the underground exploration decline at Fruta del Norte (FDN) is continuing and is on target for expected completion in 2013.

The Company is finalizing a project feasibility study for expected completion by year-end 2011. Final mine and plant EIAs were submitted in October, consistent with the project schedule. Kinross continues to target start-up of the mine in late 2014.

Kinross and the Ecuadorean government have made progress on negotiations regarding the exploitation agreement for FDN, and have commenced negotiations on the investment protection agreement.

Cerro Casale

At the Company's 25%-owned Cerro Casale project in Chile, the Environmental Impact Assessment was submitted in the third quarter. The permitting process is anticipated to take approximately 18 months, at which time the joint venture will consider a construction decision and commence detailed engineering. Exploration programs will continue in parallel with completing basic engineering and permitting. Discussions with the government and meetings with local communities and indigenous groups are continuing in conjunction with these activities.

Cerro Casale is not included in Kinross' project construction capital estimates or production estimates for the next three years. Kinross expects its share of capital expenditures to be approximately $35 million per year during this period to advance project development activities.

Exploration update

Tasiast

The infill drilling program was extended in the third quarter to upgrade iron formation-hosted mineral resources in the Piment areas in support of the feasibility study. Drilling also continued to follow-up encouraging results encountered in greenschist host-rocks between Piment Sud Sud and Piment Central. District exploration was focused at C67 with three core drills active on the target by the end of the quarter. A total of 140 holes for 96,366 metres were drilled at Tasiast during the third quarter.

The infill program occupied approximately 90% of drilling resources in the third quarter with the program now 95% complete in the Piment areas. Kinross will redeploy drills in the fourth quarter to accelerate exploration for new greenschist-style ore shoots hosted within the footprint of the mine corridor, and to continue scoping the full extent of mineralization encountered at district targets such as C67 and C69 (seven kilometres north and 10 kilometres south of the processing plant, respectively).

Deep drilling at West Branch continued to identify extensions of the zone of greenschist-style mineralization which is now delineated 750 metres beyond the deepest holes incorporated in the last Tasiast mineral resource update (provided in Kinross' update in the 2011 second quarter earnings release). Further deep drilling of the Greenschist Zone will depend on results of the year-end mineral resource update and pit optimization studies that will determine the ultimate depth of the pit. Drilling highlights from the deep zone at West Branch are summarized below and illustrated in Figure 1 (http://www.kinross.com/media/222458/q3%202011%20figure%201.pdf):


--  62 metres @ 2.22 g/t Au from 885 metres (hole TA05137BRD) 
--  53 metres @ 1.76 g/t Au from 857 metres (hole TA05151DD) 
--  57 metres @ 1.14 g/t Au from 899 metres (hole TA05046RD) 
--  51 metres @ 1.03 g/t Au from 897 metres (hole TA05140ARD) 

A complete list of recent step-out drill results from this target and related technical information can be found in the appendix athttp://www.kinross.com/media/222470/q3%202011%20appendix.pdf.

Additional drilling was completed in Q3 to follow-up encouraging results in previous holes intersecting mineralized greenschist rocks under Piment Sud Sud. The first hole to test the target (TA05149RD) was reported in Kinross' second quarter 2011 earnings release. Results from the second hole (TA05193DD, completed in Q2) were received in the third quarter and returned 34 metres grading 0.94 g/t Au in greenschist host rocks from 1022 metres down hole (Figure 1: http://www.kinross.com/media/222461/q3%202011%20figure%202.pdf). The third and fourth holes returned 26 metres grading 1.25 g/t Au from 418 metres and 24 metres grading 0.6 g/t Au from 495 metres in TA05176DD and TA05174DD, respectively. Mineralized intercepts in both these holes occurred in the position of the Piment Sud Sud (hanging wall) iron formation. Hole TA05176DD encountered weakly mineralized greenschist rocks down hole of the mineralized iron formation, whereas the greenschist unit is interpreted to be developed down dip of hole TA05174DD. Results of the fifth and sixth holes were not available as of the date of this release, although both holes intersected greenschist host rocks. Further drilling is underway to understand the significance of these results and to continue vectoring to potential new ore shoots in the same structural position as the Greenschist Zone at West Branch.

Three core drills were mobilized to C67 toward the end of the quarter, with five core holes completed for a total of 1,070 metres. Results continue to be strongly encouraging. Kinross expects to start the basic work of geological modeling for C67 in 2012, which is the first step in the process of completing a resource estimate.

The objective of core drilling at C67 was to understand the geologic controls on mineralization encountered in several fences of RC holes completed at the beginning of Q3. Gold mineralization is currently defined over 800 strike metres, but the true width of the zone is not well understood (Figure 2: http://www.kinross.com/media/222461/q3%202011%20figure%202.pdf). Additional core drilling will more accurately determine the general orientation, geometry and potential vertical depth of mineralization. Significant results from RC drilling at C67 are summarized below:


--  100 metres @ 1.18 g/t Au from 32 metres (hole TA06382RC) 
--  50 metres @ 2.70 g/t Au from 20 metres and
    21 metres @ 4.94 g/t Au from 94 metres (hole TA06402RC) 
--  27 metres @ 2.93 g/t Au from 143 metres (hole TA06403RC) 
--  37 metres @ 1.51 g/t Au from 19 metres (hole TA06410RC) 
--  31 metres @ 1.47 g/t Au from 91 metres (hole TA06380RC) 

A complete list of drill results from this target since those included in Kinross' March 28, 2011 news release may be found in the appendix at http://www.kinross.com/media/222470/q3%202011%20appendix.pdf.

La Coipa

Kinross is pleased to announce a significant gold and silver discovery at La Coipa called Pompeya. Currently, two diamond drills and one RC rig are drilling on the project, which is located four kilometres northeast of the existing La Coipa processing plant (Figure 3: http://www.kinross.com/media/222464/q3%202011%20figure%203.pdf) on the Compania Minera La Coipa joint venture property (75% Kinross). Mineralization drilled to date has been delineated in sixteen core and RC holes, and occurs as primarily oxide material close to surface. Dimensions currently define a mineralized area of approximately 800 by 600 meters, with extensions to the west, south and northeast remaining open.

Kinross initially carried out drilling at Pompeya in 2010 following up anomalous results in historical drill holes (Figure 4: http://www.kinross.com/media/222467/q3%202011%20figure%204.pdf). Five holes were drilled in the Andean summer months from late 2010 to early 2011 (DPMP-001 to DPMP-005) and encountered strong oxide gold and silver mineralization between 40 and 250 metres from surface. Follow-up drilling led to completion of the main discovery hole in the second quarter of 2011, which returned 58.2 metres grading 1.2 g/t Au and 256 g/t Ag (6.99 g/t Au equivalent) starting 20 metres down hole. The hole was lost at 78.2 metres in the middle of the mineralized zone owing to poor ground conditions and was re-drilled as DPMP-007. Sampling in DPMP-007 commenced from the bottom of hole DPMP-006 and returned a further 33.9 metres grading 0.37 g/t Au and 173 g/t Ag (4.32 g/t Au equivalent).

Drilling in the third quarter of 2011 continued to step-out in all directions around the main discovery hole and returned the following significant intersections:


--  50.0 metres @ 1.16 g/t Au and 48.3 g/t Ag (2.26 g/t Au Eq.) from 90
    metres (hole DPMP-008) 
--  108.0 metres @ 0.41 g/t Au & 42.7 g/t Ag (1.38 g/t Au Eq.) from 88.0
    metres (hole DPMP-012) 
--  146.0 metres @ 2.4 g/t Au & 95.2 g/t Ag (4.58 g/t Au Eq.) from 74.0
    metres (hole DPMP-015) 
--  166.0 metres @ 1.86 g/t Au & 84.8 g/t Ag (3.79 g/t Au Eq.)from 12 metres
    (hole DPMP-016) 
--  40.0 metres @ 0.70 g/t Au and 43 g/t Ag (1.68 g/t Au Eq.) from 30.0
    metres (hole DMMP-018) 
--  212.0 metres @ 1.45 g/t Au & 26.7 g/t Ag (2.06 g/t Au Eq.) from 156.0
    metres (hole DPMP-020) 

A complete list of drill results from this target and related technical information may be found in the appendix at http://www.kinross.com/media/222470/q3%202011%20appendix.pdf.

Gold equivalent (Au Eq.) ounces include silver ounces converted to a gold equivalent based on the average spot market prices for the commodities for a specified quarterly period assuming 100% gold and silver recoveries. The gold equivalent calculation applied to silver assayed in the Pompeya results was approximately 44:1 based on the ratio for the third quarter of 2011 (see note "b" in the Financial Results table on page 2 of this news release).

Mineralization is interpreted to be localized by volcaniclastic breccia units that occur as sub-horizontal bodies. Feeder-type structural controls on mineralization are not clearly evident in the information collected to date. The drill hole highlights listed above reflect gold-silver mineralization hosted by predominately vuggy quartz rock, typical of a high-sulfidation epithermal precious metals deposit and analogous to mineralization observed in the Ladera Farellon ore body at La Coipa. Full details of oxide and sulfide mineralized intervals are provided in the table of Pompeya drill hole assay results in the appendix at http://www.kinross.com/media/222470/q3%202011%20appendix.pdf. Further infill and step-out drilling is ongoing to better understand the limits of the mineralized system and the controls on distribution of gold and silver grades.

Step out and infill drilling will further define this new zone throughout the fourth quarter of 2011 and into 2012. Kinross expects to include results from Pompeya in the 2012 year-end update on mineral reserves and mineral resources.

Completion of $1 billion unsecured debt offering

On August 22, 2011, Kinross completed a $1 billion offering of debt securities, consisting of $250 million principal amount of its 3.625% senior notes due 2016, $500 million principal amount of its 5.125% senior notes due 2021 and $250 million principal amount of its 6.875% senior notes due 2041 (collectively, the "notes"). The notes are senior unsecured obligations of Kinross. Kinross received investment grade ratings with stable outlook from all three major rating agencies in connection with the offering.

Outlook

The forward-looking information contained in this section is subject to the risk factors and assumptions contained in the Cautionary Statement on Forward-Looking Information located on page 9 of this news release.

Kinross expects to be within its previously stated full-year production guidance of 2.6 - 2.7 million gold equivalent ounces for 2011, and within its previously stated full-year cost of sales guidance of $565 - 610 per gold equivalent ounce. On a regional basis, the Company has revised its 2011 forecast as summarized below:


                          Previous      Revised   Previous cost Revised cost
                         production    production       of           of     
         Region           forecast      forecast      sales        sales    
                           (gold         (gold       forecast     forecast  
                         equivalent    equivalent  ($ per gold  ($ per gold 
                            oz)           oz)       equivalent   equivalent 
                                                       oz)          oz)     
                       -----------------------------------------------------

                         1,000,000-     945,000-                            
     South America       1,070,000      980,000      585-650      650-675   
                          590,000-      625,000-                            
     North America        630,000       645,000      625-685     Unchanged  
                          440,000-      440,000-                            
     West Africa(2)       500,000       480,000      595-655      685-715   
                          535,000-      555,000-                            
       Russia(2)          555,000       575,000      395-435     Unchanged  
                       -----------------------------------------------------

                          2.6-2.7                                           
     Total Kinross        million      Unchanged     565-610     Unchanged  

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Thursday, November 3, 2011 at 8 a.m. ET to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free - 1-800-319-4610

Outside of Canada & US - 1-604-638-5340

Replay (available up to 14 days after the call):

Canada & US toll-free - 1-800-319-6413; Passcode - 3310 followed by #.

Outside of Canada & US - 1-604-638-9010; Passcode - 3310 followed by #.

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on our website at www.kinross.com.

This release should be read in conjunction with Kinross' third quarter 2011 Financial Statements and Management's Discussion and Analysis report at www.kinross.com.

Kinross' unaudited third quarter 2011 statements have been filed with Canadian securities regulators (available at www.sedar.com) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the statements free of charge upon request to the Company.

About Kinross Gold Corporation

Kinross is a Canadian-based gold mining company with mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and the United States, employing approximately 7,500 people worldwide.

Kinross' strategic focus is to maximize net asset value and cash flow per share through a four-point plan built on: delivering mine and financial performance; attracting and retaining the best people in the industry; achieving operating excellence through the "Kinross Way"; and delivering future value through profitable growth opportunities.

Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).

Cautionary statement on forward-looking information

All statements, other than statements of historical fact, contained or incorporated by reference in this news release, but not limited to, any information as to the future financial or operating performance of Kinross, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward- looking statements include, without limitation, statements with respect to: possible events, the future price of gold and silver, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, permitting timelines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

The words "plans", "proposes", "expects" or "does not expect", "is expected", "budget", "scheduled","timeline", "envision", "estimates", "forecasts", "guidance", "opportunity", "objective", "outlook", "potential", "targets", "models", "intends", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would","should", "might", or "will be taken", "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our most recently filed Management's Discussion and Analysis as well as: (1) there being no significant disruptions affecting the operations of the Company or any entity in which it now or hereafter directly or indirectly holds an investment, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations, expansion and acquisitions at Paracatu (including, without limitation, land acquisitions and permitting for the construction and operation of the new tailings facility) being consistent with our current expectations;

(3) development of and production from the Phase 7 pit expansion and heap leach project at Fort Knox continuing on a basis consistent with Kinross' current expectations; (4) the viability, permitting and development of the Fruta del Norte deposit being consistent with Kinross' current expectations; (5) political and legal developments in any jurisdiction in which the Company, or any entity in which it now or hereafter directly or indirectly holds an investment, operates being consistent with its current expectations including, without limitation, the implementation of Ecuador's new mining and investment laws and related regulations and policies, and negotiation of an exploitation contract and an investment protection contract with the government, being consistent with Kinross' current expectations; (6) permitting, construction, development and production at Cerro Casale being consistent with the Company's current expectations; (7) the viability, permitting and development of the Lobo-Marte project, including, without limitation, the metallurgy and processing of its ore, being consistent with our current expectations; (8) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian rouble, Mauritanian ouguiya, Ghanaian cedi and the U.S. dollar being approximately consistent with current levels; (9) certain price assumptions for gold and silver; (10) prices for natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (11) production and cost of sales forecasts for the Company, and entities in which it now or hereafter directly or indirectly holds an investment, meeting expectations; (12) the accuracy of the current mineral reserve and mineral resource estimates of the Company and any entity in which it now or hereafter directly or indirectly holds an investment; (13) labour and materials costs increasing on a basis consistent with Kinross' current expectations; (14) the development of the Dvoinoye and Vodorazdelnaya deposits being consistent with Kinross' expectations; (15) the viability of the Tasiast and Chirano mines, and the permitting, development and expansion of the Tasiast and Chirano mines on a basis consistent with Kinross' current expectations;

and (16) access to capital markets, including but not limited to securing partial project financing for the Dvoinoye, Fruta del Norte and the Tasiast expansion projects, being consistent with the Company's current expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as diesel fuel and electricity); changes in interest rates or gold or silver lease rates that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any interest rate swaps and variable rate debt obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation, controls, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Russia, Ecuador, Mauritania, Ghana, or other countries in which Kinross, or entities in which it now or hereafter directly or indirectly holds an interest, do business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Factors" section of our most recently filed Annual Information Form and Management Discussion and Analysis for the 2010 fiscal year. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Key Sensitivities

Approximately 60%-70% of the Company's costs are denominated in US dollars.

A 10% change in foreign exchange could result in an approximate $7 impact in cost of sales per ounce. (6)

A $10 change in the price of oil could result in an approximate $3 impact on cost of sales per ounce.

The impact on royalties of a $100 change in the gold price could result in an approximate $3 impact on cost of sales per ounce.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company's material mineral properties (other than drilling and other exploration activities) contained in this news release has been prepared under the supervision of Mr. Rob Henderson, an officer of the Company who is a "qualified person" within the meaning of National Instrument 43-101.The technical information about the Company's drilling and exploration activities contained in this news release has been prepared under the supervision of Dr. Glen Masterman, an officer with the Company who is a "qualified person" within the meaning of National Instrument 43-101.

(6) Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.

Reconciliation of non-GAAP financial measures

The Company has included certain non-GAAP financial measures in this document. The Company believes that these measures, together with measures determined in accordance with GAAP, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with GAAP. These measures are not necessarily standard and therefore may not be comparable to other issuers.

Adjusted net earnings attributed to common shareholders and adjusted net earnings per share are non-GAAP measures which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company's underlying performance, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and non-hedge derivative gains and losses. Management believes that these measures, which are also used internally, provide investors with the ability to better evaluate underlying performance particularly since the excluded items are typically not included in public guidance. The following table provides a reconciliation of consolidated net earnings to adjusted net earnings for the periods presented:


                                            GAAP to Adjusted Earnings       
                                                  Reconciliation            
                                    ----------------------------------------
                                           Three months                     
(in US$ millions)                                 ended   Nine months ended 
                                           September 30        September 30 
                                    ----------------------------------------
                                         2011   2010(1)      2011   2010(1) 
                                    ----------------------------------------

Net earnings attributed to common                                           
 shareholders - as reported          $  212.6  $  540.9  $  710.1  $  832.6 
                                    ----------------------------------------

Adjusting items:                                                            
  Foreign exchange (gains) losses         7.4      (3.0)    (14.1)      6.5 
  Non-hedged derivatives (gains)                                            
   losses - net of tax                    3.1      (1.4)    (45.5)    (48.5)
  Gains on acquisition/disposition                                          
   of assets and investments -                                              
  net of tax                             (0.2)   (447.7)    (31.4)   (499.2)
  Red Back acquisition costs                -      41.5         -      41.5 
  Change in future income tax due to                                        
   change in Chile's                                                        
  corporate income tax rate                 -      (2.3)        -      (2.3)
  Inventory fair value adjustment -                                         
   net of tax                             2.7       3.5       9.7       3.5 
  FX (gain) loss on translation of                                          
   tax basis and FX on deferred                                             
  income taxes within income tax                                            
   expense                               47.8     (14.7)     46.4      (6.2)
                                    ----------------------------------------
                                         60.8    (424.1)    (34.9)   (504.7)
                                    ----------------------------------------
Net earnings attributed to common                                           
 shareholders - Adjusted             $  273.4  $  116.8  $  675.2  $  327.9 
                                    ----------------------------------------
                                    ----------------------------------------
Weighted average number of common                                           
 shares outstanding - Basic           1,136.7     766.6   1,135.5     720.9 
                                    ----------------------------------------
Net earnings per share - Adjusted    $   0.24  $   0.15  $   0.59  $   0.45 
                                    ----------------------------------------
                                    ----------------------------------------
(1) Prior year figures have been restated to conform to IFRS.               

The Company makes reference to a non-GAAP measure for adjusted operating cash flow and adjusted operating cash flow per share. Adjusted operating cash flow is defined as cash flow from operations excluding certain impacts which the Company believes are not reflective of the Company's regular operating cash flow, and excluding changes in working capital. Working capital can be volatile due to numerous factors, including the timing of tax payments, and in the case of Kupol, a build-up of inventory due to transportation logistics. Management believes that, by excluding these items from operating cash flow, this non-GAAP measure provides investors with the ability to better evaluate the cash flow performance of the Company.

The following table provides a reconciliation of adjusted cash flow from operations:


                                       GAAP to Adjusted Operating Cash Flow 
                                       -------------------------------------
(in US$ millions)                      Three months ended Nine months ended 
                                             September 30      September 30 
                                       -------------------------------------
                                          2011    2010(1)    2011   2010(1) 
                                       -------------------------------------

Cash flow provided from operating                                           
 activities - as reported                302.4      248.9   998.8     707.5 
                                       -------------------------------------

Adjusting items:                                                            
  Close out and early settlement of                                         
   derivative instruments                112.8          -   112.8         - 
  Working capital changes:                                                  
    Accounts receivable and other                                           
     assets                              (26.4)      22.7   139.8      85.3 
    Inventories                           93.3       20.1    97.2      15.4 
    Accounts payable and other                                              
     liabilities, including taxes        (60.5)     (60.2) (117.2)    (55.7)
                                       -------------------------------------
                                         119.2      (17.4)  232.6      45.0 
                                       -------------------------------------
Adjusted operating cash flow             421.6      231.5 1,231.4     752.5 
                                       -------------------------------------
                                       -------------------------------------
Weighted average number of common                                           
 shares outstanding - Basic            1,136.7      766.6 1,135.5     720.9 
                                       -------------------------------------
Adjusted operating cash flow per share    0.37       0.30    1.08      1.04 
                                       -------------------------------------
                                       -------------------------------------
(1)    Prior year figures have been restated to conform to IFRS. 

Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP measure which calculates the Company's non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this measure, which is also used internally, provides investors with the ability to better evaluate Kinross' production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.

The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:


                                 Attributable Cost of Sales Per Ounce Sold  
                                           on a By-Product Basis            
                                --------------------------------------------
(in US$ millions)                  Three months ended     Nine months ended 
                                         September 30          September 30 
                                --------------------------------------------
                                      2011     2010(3)      2011     2010(3)
                                --------------------------------------------
Production cost of sales(1)      $   425.5  $   313.2  $ 1,209.7  $   876.4 
Less: portion attributable to                                               
 Kupol non-controlling                                                      
 interest(2)                             -      (14.2)     (21.0)     (46.2)
Less: portion attributable to                                               
 Chirano non-controlling                                                    
 interest                             (5.0)      (0.6)     (13.6)      (0.6)
Less: attributable silver sales      (61.9)     (39.2)    (227.5)    (116.9)
                                --------------------------------------------
Attributable production cost of                                             
 sales net of silver by-product                                             
 revenue                         $   358.6  $   259.2  $   947.6  $   712.7 
                                --------------------------------------------
                                --------------------------------------------

Gold ounces sold                   611,575    578,638  1,868,236  1,715,032 
Less: portion attributable to                                               
 Kupol non-controlling                                                      
 interest(2)                             -    (34,969)   (49,299)  (124,915)
Less: portion attributable to                                               
 Chirano non-controlling                                                    
 interest                           (6,836)      (645)   (19,388)      (645)
                                --------------------------------------------
Attributable gold ounces sold      604,739    543,024  1,799,549  1,589,472 
                                --------------------------------------------
                                --------------------------------------------
Attributable production cost of                                             
 sales per ounce sold on a by-                                              
 product basis                   $     593  $     477  $     527  $     448 
                                --------------------------------------------
                                --------------------------------------------


(1) "Production cost of sales" is equivalent to "Total cost of sales" per
    the consolidated financial statements less "depreciation, depletion and
    amortization", and is generally consistent w ith "Cost of sales" as
    reported under CDN GAAP prior to the adoption of IFRS.     
(2) On April 27, 2011, Kinross acquired the remaining 25% of CMGC, and
    thereby obtained 100% ownership of Kupol. As such, the results up to
    April 27, 2011 reflect 75% and results thereafter reflect 100%. 
(3) Prior year figures have been restated to conform to IFRS. 

Review of Operations

Three                                                                       
 months                                                                     
 ended                                                                      
 September                                                                  
 30,              Gold equivalent ounces                                    
           ------------------------------------                             
                                                   Production               
                                                     cost of      Production
                                                   sales(1)($      cost of  
                Produced            Sold            millions)    sales(1)/oz
           ------------------------------------                             

           ------------------ ----------------- ---------------  -----------
                2011     2010    2011      2010   2011     2010  2011   2010
           ------------------ ----------------- ---------------  -----------

Fort Knox     76,261  108,680  75,611   112,797 $ 53.8 $   56.5 $ 712 $  501
Round                                                                       
 Mountain     54,588   48,477  52,658    49,892   35.2     31.2   668    625
Kettle                                                                      
 River -                                                                    
 Buckhorn     41,200   46,687  42,109    46,996   19.5     17.3   463    368
           ------------------ ----------------- ---------------  -----------
North                                                                       
 America                                                                    
 Total       172,049  203,844 170,378   209,685  108.5    105.0   637    501

Kupol                                                                       
 (100%)      124,912  159,393 138,278   164,392   58.4     57.0   422    347
           ------------------ ----------------- ---------------  -----------
Russia                                                                     
 Total       124,912  159,393 138,278   164,392   58.4     57.0   422    347

Paracatu     135,099  129,257 133,827   134,702   89.7     68.1   670    506
Crixas        15,551   19,866  16,594    20,743   15.3     10.0   922    483
La Coipa      38,539   53,471  35,566    46,747   32.1     34.1   903    729
Maricunga     53,123   28,844  58,591    31,215   30.2     27.1   515    868
           ------------------ ----------------- ---------------  -----------
South                                                                      
 America                                                                   
 Total       242,312  231,438 244,578   233,407  167.3    139.3   684    597

Tasiast (1)   47,175    8,853  48,455     4,761   40.8      5.6   842  1,176
Chirano                                                                    
 (100%) (1)   68,372   12,650  68,697     6,453   50.5      6.3   735    970
           ------------------ ----------------- ---------------  -----------
West Africa                                                                
 Total       115,547   21,503 117,152    11,214   91.3     11.9   779  1,061
           ------------------ ----------------- ---------------  -----------

Operations                                                                 
 Total       654,820  616,178 670,386   618,698  425.5    313.2 $ 635    506
Less Kupol                                                                 
 non-                                                                      
 controlling                                                               
  interest         - (39,848)       -  (41,098)      -   (14.2)            
 (25%)(2)                                                                  
Less                                                                       
 Chirano                                                                   
 non-                                                                      
 controlling                                                                
 interest
 (10%)       (6,837)  (1,265) (6,869)     (645)  (5.0)    (0.6)             
           ------------------ ----------------- ---------------  -----------
Attributable 647,983  575,065 663,517   576,955 $420.5 $  298.4 $ 634 $  517
----------------------------------------------------------------------------

----------------------------------------------------------------------------

(1) "Production cost of sales" is equivalent to "Total cost of sales" per   
the consolidated financial statements less "depreciation, depletion and     
amortization", and is generally consistent with " Cost of sales" as reported
under CDN GAAP prior to the adoption of IFRS. Prior year figures for        
production costs have been restated to conform to IFRS.                     

(2) On April 27, 2011, Kinross acquired the remaining 25% of CM GC, and     
thereby obtained 100% ownership of Kupol. As such, the results up to April  
27, 2011 reflect 75% and results thereafter reflect 100%.                   

----------------------------------------------------------------------------

Nine months ended September 30,              Gold equivalent ounces         
                                    ----------------------------------------
                                          Produced              Sold        
                                    ----------------------------------------
                                          2011      2010      2011      2010
                                    ----------------------------------------

Fort Knox                              219,035   264,590   217,546   263,612
Round Mountain                         143,860   141,033   141,154   140,872
Kettle River - Buckhorn                133,289   145,555   135,180   146,440
                                    ----------------------------------------
North America Total                    496,184   551,178   493,880   550,924

Kupol (100%)                           514,653   539,339   541,389   576,657
                                    ----------------------------------------
Russia Total                           514,653   539,339   541,389   576,657

Paracatu                               335,419   364,830   337,557   375,354
Crixas                                  45,802    56,798    46,378    58,078
La Coipa                               143,852   136,310   155,403   144,098
Maricunga                              181,968   123,611   177,841   124,495
                                    ----------------------------------------
South America Total                    707,041   681,549   717,179   702,025

Tasiast (1)                            145,745     8,853   146,161     4,761
Chirano (100%) (1)                     188,307    12,650   194,801     6,453
                                    ----------------------------------------
West Africa Total                      334,052    21,503   340,962    11,214
                                    ----------------------------------------

Operations Total                     2,051,930 1,793,569 2,093,410 1,840,820

Less Kupol non-controlling
 interest (25%)(2)                    (66,014) (134,835)  (63,802) (144,164)
Less Chirano non-controlling                                                
 interest (10%) (1)                   (18,831)   (1,265)  (19,480)     (645)
                                    ----------------------------------------
Attributable                         1,967,085 1,657,469 2,010,128 1,696,011
                                    ----------------------------------------
                                    ----------------------------------------



Nine months ended September 30,      Production cost of  Production cost of 

                                           sales(1)            sales (1)    
                                         ($ millions)             /oz       
                                    ----------------------------------------
                                          2011      2010      2011      2010
                                    ----------------------------------------

Fort Knox                            $   146.8 $   144.2  $    675  $    547
Round Mountain                           102.8      82.3       728       584
Kettle River - Buckhorn                   55.7      46.6       412       318
                                    ----------------------------------------
North America Total                      305.3     273.1       618       496

Kupol (100%)                             193.0     184.9       356       321
                                    ----------------------------------------
Russia Total                             193.0     184.9       356       321

Paracatu                                 241.3     198.0       715       528
Crixas                                    39.0      27.7       841       477
La Coipa                                 110.1      95.9       708       666
Maricunga                                 83.3      84.9       468       682
                                    ----------------------------------------
South America Total                      473.7     406.5       661       579

Tasiast (1)                              101.0       5.6       691     1,176
Chirano (100%) (1)                       136.7       6.3       702       970
                                    ----------------------------------------
West Africa Total                        237.7      11.9       697     1,061
                                    ----------------------------------------

Operations Total                       1,209.7     876.4  $    578       476

Less Kupol non-controlling   
 interest (25%)(2)                      (21.0)    (46.2)                    
Less Chirano non-controlling                                                
 interest (10%) (1)                     (13.6)     (0.6)                    
                                    ----------------------------------------
Attributable                         $ 1,175.1 $   829.6  $    585  $    489
----------------------------------------------------------------------------

----------------------------------------------------------------------------

(1) "Production cost of sales" is equivalent to "Total cost of sales" per   
the consolidated financial statements less "depreciation, depletion and     
amortization", and is generally consistent with "Cost of sales" as reported 
under CDN GAAP prior to the adoption of IFRS. Prior year figures for        
production costs have been restated to conform to IFRS.                     


(2) On April 27, 2011, Kinross acquired the remaining 25% of CM GC, and     
thereby obtained 100% ownership of Kupol. As such, the results up to April  
27, 2011 reflect 75% and results thereafter reflect 100%.                   

----------------------------------------------------------------------------


Consolidated balance sheets

(Unaudited expressed in millions of United States dollars, except share
amounts)

                                                  As at                     
                             -----------------------------------------------
                               September 30,     December 31,    January 1, 
                                        2011             2010          2010 
                             -----------------------------------------------

Assets                                                                      
  Current assets                                                            
    Cash and cash equivalents $      1,874.6   $      1,466.6  $      597.4 
    Restricted cash                     24.2              2.1          24.3 
    Short-term investments               1.8                -          35.0 
    Accounts receivable and                                                 
     other assets                      337.3            329.4         135.5 
    Inventories                        828.8            731.6         554.4 
    Unrealized fair value of                                                
     derivative assets                   6.5            133.4          44.3 
                             -----------------------------------------------
                                     3,073.2          2,663.1       1,390.9 
  Non-current assets                                                        
    Property, plant and                                                     
     equipment                       8,523.4          7,884.6       4,836.7 
    Goodwill                         6,357.9          6,357.9       1,179.9 
    Long-term investments               76.6            203.8         157.8 
    Investments in associates                                               
     and Working Interest              496.5            467.5         150.7 
    Unrealized fair value of                                                
     derivative assets                   0.1              2.6           1.9 
    Deferred charges and                                                    
     other long-term assets            293.8            204.6         158.4 
    Deferred tax assets                 26.3             11.1             - 
                             -----------------------------------------------
                              $     18,847.8   $     17,795.2  $    7,876.3 
                             -----------------------------------------------
Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable and                                                    
     accrued liabilities      $        435.0   $        409.0  $      287.6 
    Current tax payable                129.6             87.6          24.4 
    Current portion of long-                                                
     term debt                          41.3             48.4         177.0 
    Current portion of                                                      
     provisions                         19.6             23.4          17.1 
    Current portion of                                                      
     unrealized fair value of                                               
     derivative liabilities             67.8            407.7         214.6 
                             -----------------------------------------------
                                       693.3            976.1         720.7 
  Non-current liabilities                                                   
    Long-term debt                   1,401.1            426.0         475.8 
    Provisions                         599.3            577.8         448.5 
    Unrealized fair value of                                                
     derivative liabilities             55.2             97.0         290.0 
    Other long-term                                                         
     liabilities                       120.5            115.0          50.7 
    Deferred tax liabilities           807.5            810.0         234.3 
                             -----------------------------------------------
                                     3,676.9          3,001.9       2,220.0 
                             -----------------------------------------------
Equity                                                                      
  Common shareholders' equity                                               
    Common share capital and                                                
     common share purchase w                                                
     arrants                  $     14,650.5   $     14,576.4  $    6,379.3 
    Contributed surplus                 76.8            185.5         107.4 
    Retained earnings                                                       
     (accumulated deficit)             533.8            (51.5)       (740.6)
    Accumulated other                                                       
     comprehensive loss               (167.5)          (179.3)       (218.4)
                             -----------------------------------------------
                                    15,093.6         14,531.1       5,527.7 
                             -----------------------------------------------
  Non-controlling interest              77.3            262.2         128.6 
                             -----------------------------------------------
                                    15,170.9         14,793.3       5,656.3 
                             -----------------------------------------------
Commitments and contingencies                                               
Subsequent events                                                           
                             -----------------------------------------------
                              $     18,847.8   $     17,795.2  $    7,876.3 
                             -----------------------------------------------
Common shares                                                               
  Authorized                       Unlimited        Unlimited     Unlimited 
  Issued and outstanding       1,137,354,666    1,133,294,930   696,027,270 
----------------------------------------------------------------------------

Consolidated statements of operations

(Unaudited expressed in millions of United States dollars, except per share and share amounts)


                             Three months ended        Nine months ended    
                               September 30,             September 30,      
                        ----------------------------------------------------
                                2011         2010         2011         2010 
                        ----------------------------------------------------

Revenue                                                                     
  Metal sales            $   1,069.2  $     735.5  $   2,994.0  $   2,089.7 

Cost of sales                                                               
  Production costs             425.5        313.2      1,209.7        876.4 
  Depreciation,                                                             
   depletion and                                                            
   amortization                143.4        124.9        446.4        372.4 
                        ----------------------------------------------------
Total Cost of sales            568.9        438.1      1,656.1      1,248.8 
                        ----------------------------------------------------
Gross Profit                   500.3        297.4      1,337.9        840.9 
                        ----------------------------------------------------
  Other operating costs          9.0          1.3         23.6          0.4 
  Exploration and                                                           
   business development         38.2         27.3         88.9         59.5 
  General and                                                               
   administrative               36.2         40.4        119.6        102.3 
                        ----------------------------------------------------
Operating earnings             416.9        228.4      1,105.8        678.7 
  Other income (expense)                                                    
   - net                        (7.4)       413.6         97.3        527.4 
  Equity in gains                                                           
   (losses) of                                                              
   associates                   (1.4)         0.2         (1.4)        (1.9)
  Finance income                 1.8          2.4          5.8          3.8 
  Finance expense              (23.1)       (15.3)       (55.6)       (48.2)
                        ----------------------------------------------------
Earnings before taxes          386.8        629.3      1,151.9      1,159.8 
  Income tax expense -                                                      
   net                        (171.4)       (65.1)      (384.2)      (248.1)
                        ----------------------------------------------------
Net earnings             $     215.4  $     564.2  $     767.7  $     911.7 
                        ----------------------------------------------------
                        ----------------------------------------------------
Attributed to non-                                                          
 controlling interest    $       2.8  $      23.3  $      57.6  $      79.1 
                        ----------------------------------------------------
                        ----------------------------------------------------
Attributed to common                                                      
 shareholders            $     212.6  $     540.9  $     710.1  $     832.6 
                        ----------------------------------------------------
                        ----------------------------------------------------

Earnings per share                                                          
  Basic                  $      0.19  $      0.71  $      0.63  $      1.15 
  Diluted                $      0.19  $      0.69  $      0.62  $      1.12 

Weighted average number                                                     
 of common                                                                  
shares outstanding                                                          
 (millions)                                                                 
  Basic                      1,136.7        766.6      1,135.5        720.9 
  Diluted                    1,142.4        786.9      1,141.3        740.7 
----------------------------------------------------------------------------

Consolidated statements of cash flows

(Unaudited expressed in millions of United States dollars)


                                   Three months ended    Nine months ended  
                                     September 30,         September 30,    
                                ----------------------  --------------------
                                      2011       2010       2011       2010 
                                ----------------------  ---------  ---------
Net inflow (outflow ) of cash                                               
 related to the following                                                  
 activities:                                                                
Operating:                                                                  
Net earnings                     $   215.4  $   564.2  $   767.7  $   911.7 
Adjustments to reconcile net                                                
 earnings to net cash provided                                              
 from (used in)                                                             
 operating activities:                                                      
  Depreciation, depletion and                                               
   amortization                      143.4      124.9      446.4      372.4 
  Gains on                                                                  
   acquisition/disposition of                                               
   assets and investments - net       (0.3)    (447.9)     (31.7)    (526.3)
  Equity in (gains) losses of                                               
   associates                          1.4       (0.2)       1.4        1.9 
  Non-hedge derivative (gains)                                              
   losses - net                        3.4       (1.5)     (44.7)     (46.6)
  Settlement of derivative                                                  
   instruments                      (112.8)         -     (112.8)         - 
  Share-based compensation                                                  
   expense                             8.8        9.3       27.2       26.3 
  Accretion expense                   14.0       11.2       40.6       31.9 
  Deferred tax (recovery)                                                   
   expense                            33.4      (21.2)      20.9      (15.3)
  Foreign exchange (gains)                                                  
   losses and other                    2.1       (7.3)       3.6       (3.5)
  Changes in operating assets                                               
   and liabilities:                                                         
    Accounts receivable and                                                 
     other assets                     26.4      (22.7)    (139.8)     (85.3)
    Inventories                      (93.3)     (20.1)     (97.2)     (15.4)
    Accounts payable and accrued                                            
     liabilities, excluding                                                 
     interest and taxes              140.7      138.9      388.3      244.0 
                                ----------------------  ---------  ---------
Cash flow provided from                                                     
 operating activities                382.6      327.6    1,269.9      895.8 
                                ----------------------  ---------  ---------
  Income taxes paid                  (80.2)     (78.7)    (271.1)    (188.3)
                                ----------------------  ---------  ---------
Net cash flow provided from                                                 
 operating activities                302.4      248.9      998.8      707.5 
                                ----------------------  ---------  ---------

Investing:                                                                  
  Additions to property, plant                                              
   and equipment                    (395.0)    (150.7)  (1,066.5)    (365.3)
  Business acquisitions - net of                                            
   cash acquired                         -      536.7          -      547.5 
  Net proceeds from the sale of                                             
   long-term investments and                                                
   other assets                          -      297.5      101.1      748.1 
  Additions to long-term                                                    
   investments and other assets      (48.1)     (16.0)    (124.6)    (609.4)
  Net proceeds from the sale of                                             
   property, plant and equipment       1.1        2.3        2.0        2.9 
  Disposals (additions) to                                                  
   short-term investments             (0.5)         -       (1.8)      35.0 
  Note receivable from Harry                                                
   Winston                            70.0          -       70.0          - 
  Decrease (increase) in                                                    
   restricted cash                   (10.9)      15.7      (22.1)      14.9 
  Interest received                    4.6        2.4        6.8        3.8 
  Other                               (0.2)       5.0       (3.2)       2.8 
                                ----------------------  ---------  ---------
Cash flow provided from (used                                               
 in) investing activities           (379.0)     692.9   (1,038.3)     380.3 
                                ----------------------  ---------  ---------
Financing:                                                                  
  Issuance of common shares on                                              
   exercise of options and                                                
  warrants                            11.9        1.9       26.8        8.3 
  Acquisition of CMGC 25% non-                                              
   controlling interest                  -          -     (335.4)         - 
  Proceeds from issuance of debt   1,136.5          -    1,329.1      127.5 
  Repayment of debt                 (168.1)    (191.5)    (385.0)    (309.0)
  Interest paid                       (4.7)      (5.7)      (9.9)     (14.6)
  Dividends paid to common                                                  
   shareholders                      (68.0)     (35.7)    (124.8)     (70.5)
  Dividends paid to non-                                                    
   controlling shareholder               -      (21.7)         -      (28.9)
  Settlement of derivative                                                  
   instruments                       (23.9)      (5.6)     (43.6)     (17.3)
  Other                               (0.5)      (0.2)      (6.2)      (0.2)
                                ----------------------  ---------  ---------
Cash flow provided from (used                                               
 in) financing activities            883.2     (258.5)     451.0     (304.7)
                                ----------------------  ---------  ---------
Effect of exchange rate changes                                             
 on cash                             (12.3)       2.7       (3.5)       0.3 
                                ----------------------  ---------  ---------
Increase in cash and cash                                                   
 equivalents                         794.3      686.0      408.0      783.4 
                                ----------------------  ---------  ---------
Cash and cash equivalents,                                                  
 beginning of period               1,080.3      694.8    1,466.6      597.4 
                                ----------------------  ---------  ---------
Cash and cash equivalents, end                                              
 of period                       $ 1,874.6  $ 1,380.8  $ 1,874.6  $ 1,380.8 
----------------------------------------------------------------------------

For more information, please see Kinross' 2011 third quarter Financial Statements and MD&A at www.kinross.com


----------------------------------------------------------------------------
Operating Summary                                                           
----------------------------------------------------------------------------

                                           Ore                       Gold Eq
                          Ownership  Processed   Grade  Recovery  Production
 Mine             Period                   (1)               (2)         (9)
----------------------------------------------------------------------------
                                (%)      ('000   (g/t)       (%)    (ounces)
                                       tonnes)                              
----------------------------------------------------------------------------

North America                                                               
                ------------------------------------------------------------
                 Q3 2011        100      9,415    0.49        77%     76,261
                ------------------------------------------------------------
                 Q2 2011        100     10,000    0.59        79%     77,727
 Fort Knox(3)    Q1 2011        100      3,466    0.66        77%     65,047
                 Q4 2010        100      6,350    0.72        77%     85,139
                 Q3 2010        100      7,655    0.96        82%    108,680
 ---------------------------------------------------------------------------
                 Q3 2011         50      8,186    0.47        nm      54,588
                ------------------------------------------------------------
                 Q2 2011         50      8,338    0.46        nm      47,151
 Round Mountain  Q1 2011         50      7,130    0.49        nm      42,121
                 Q4 2010         50      7,830    0.46        nm      43,521
                 Q3 2010         50      7,196    0.50        nm      48,477
 ---------------------------------------------------------------------------
                 Q3 2011        100        110   13.06        91%     41,200
                ------------------------------------------------------------
                 Q2 2011        100        104   14.77        89%     46,237
 Kettle River    Q1 2011        100        106   15.29        88%     45,852
                 Q4 2010        100        131   14.80        87%     53,255
                 Q3 2010        100        114   13.39        87%     46,687
----------------------------------------------------------------------------

Russia                                                                      
                ------------------------------------------------------------
                 Q3 2011        100        303   10.39        93%    124,912
                ------------------------------------------------------------
                 Q2 2011        100        305   15.88        94%    184,066
 Kupol - 100%    Q1 2011         75        305   16.56        95%    205,675
                 Q4 2010         75        321   16.94        95%    199,338
                 Q3 2010         75        269   16.55        94%    159,393
 ---------------------------------------------------------------------------
                 Q3 2011        100        303   10.39        93%    124,912
                ------------------------------------------------------------
                 Q2 2011        100        305   15.88        94%    169,470
 Kupol (5)(6)    Q1 2011         75        305   16.56        95%    154,257
                 Q4 2010         75        321   16.94        95%    149,504
                 Q3 2010         75        269   16.55        94%    119,545
----------------------------------------------------------------------------

South America                                                               
                ------------------------------------------------------------
                 Q3 2011        100     13,202    0.43        74%    135,099
                ------------------------------------------------------------
                 Q2 2011        100     10,014    0.41        76%     99,893
 Paracatu        Q1 2011        100      9,738    0.41        78%    100,427
                 Q4 2010        100     11,225    0.43        76%    117,567
                 Q3 2010        100     11,144    0.45        79%    129,257
 ---------------------------------------------------------------------------
                 Q3 2011         50        300    3.49        92%     15,551
                ------------------------------------------------------------
                 Q2 2011         50        312    3.35        93%     15,438
 Crixas          Q1 2011         50        256    3.85        93%     14,813
                 Q4 2010         50        272    4.38        94%     17,979
                 Q3 2010         50        296    4.51        93%     19,866
 ---------------------------------------------------------------------------
                 Q3 2011        100      1,011    0.70        76%     38,539
                ------------------------------------------------------------
                 Q2 2011        100      1,131    0.72        81%     50,867
 La Coipa(4)     Q1 2011        100      1,076    0.83        75%     54,446
                 Q4 2010        100      1,092    1.18        80%     60,020
                 Q3 2010        100      1,124    1.29        79%     53,471
 ---------------------------------------------------------------------------
                 Q3 2011        100      3,284    0.80        nm      53,123
                ------------------------------------------------------------
                 Q2 2011        100      4,023    0.86        nm      70,105
 Maricunga       Q1 2011        100      3,991    0.85        nm      58,740
                 Q4 2010        100      4,243    0.77        nm      32,979
                 Q3 2010        100      3,302    0.71        nm      28,844
----------------------------------------------------------------------------

West Africa                                                                 
                ------------------------------------------------------------
                 Q3 2011        100      2,679    2.05        87%     47,175
                ------------------------------------------------------------
                 Q2 2011        100      1,990    1.60        91%     47,249
 Tasiast(8)      Q1 2011        100      2,204    2.10        88%     51,321
                 Q4 2010        100      1,942    2.32        87%     47,758
                 Q3 2010        100        117    2.51        94%      8,853
 ---------------------------------------------------------------------------
                 Q3 2011         90        949    2.45        91%     68,372
                ------------------------------------------------------------
                 Q2 2011         90        858    2.28        91%     57,898
 Chirano -                                                                  
  100%(8)        Q1 2011         90        848    2.42        91%     62,037
                 Q4 2010         90        930    2.72        91%     76,570
                 Q3 2010         90        212    2.07        90%     12,650
 ---------------------------------------------------------------------------
                 Q3 2011         90        949    2.45        91%     61,535
                ------------------------------------------------------------
                 Q2 2011         90        858    2.28        91%     52,108
 Chirano (7)(8)  Q1 2011         90        848    2.42        91%     55,833
                 Q4 2010         90        930    2.72        91%     68,913
                 Q3 2010         90        212    2.07        90%     11,385
----------------------------------------------------------------------------


                                             Production                    
                                  Production    cost of                    
                          Gold Eq   costs of      sales                    
                            Sales      sales (10)(11) /    Cap Ex    D D &A
Mine              Period      (9)   (10)(11)     degree      (11)      (11)
---------------------------------------------------------------------------
                         (ounces)         ($  ($/ounce)        ($        ($
                                   millions)            millions) millions)
---------------------------------------------------------------------------

North America
                 ----------------------------------------------------------
                 Q3 2011   75,611       53.8        712      26.8      15.4
                 ----------------------------------------------------------
                 Q2 2011   77,269       52.4        678      26.2      17.2
 Fort Knox(3)    Q1 2011   64,666       40.6        628      22.1      15.0
                 Q4 2010   85,848       45.4        529      24.9      14.9
                 Q3 2010  112,797       56.5        501      24.5      19.7
---------------------------------------------------------------------------
                 Q3 2011   52,658       35.2        668       9.6       8.8
                 ----------------------------------------------------------
                 Q2 2011   46,941       34.7        739       7.9       7.2
 Round Mountain  Q1 2011   41,555       32.9        792       8.5       6.6
                 Q4 2010   43,631       33.1        759       9.5       4.9
                 Q3 2010   49,892       31.2        625       7.7       5.9
 --------------------------------------------------------------------------
                 Q3 2011   42,109       19.5        463       3.9      17.5
                 ----------------------------------------------------------
                 Q2 2011   45,442       18.3        403       3.4      20.0
 Kettle River    Q1 2011   47,629       17.9        375       3.1      21.8
                 Q4 2010   49,842       19.7        395       2.9      24.3
                 Q3 2010   46,996       17.3        368       1.5      23.2
---------------------------------------------------------------------------

Russia                 
                 ----------------------------------------------------------
                 Q3 2011  138,278       58.4        422       8.0      25.7
                 ----------------------------------------------------------
                 Q2 2011  199,773       69.1        346      16.1      37.0
 Kupol - 100%    Q1 2011  203,338       65.5        322       5.8      39.5
                 Q4 2010  163,909       51.3        313      14.3      34.1
                 Q3 2010  164,392       57.0        347      16.7      34.8
---------------------------------------------------------------------------
                 Q3 2011  138,278       58.4        422       8.0      25.7
                 ----------------------------------------------------------
                 Q2 2011  186,805       65.0        348      15.2      35.4
 Kupol (5)(6)    Q1 2011  152,504       48.6        319       4.4      32.4
                 Q4 2010  122,933       38.5        313      10.7      25.6
                 Q3 2010  123,294       42.8        347      12.5      26.1
---------------------------------------------------------------------------

South America                
                 ----------------------------------------------------------
                 Q3 2011  133,827       89.7        670     105.9      16.9
                 ----------------------------------------------------------
                 Q2 2011   95,773       77.1        805      65.2      14.3
 Paracatu        Q1 2011  107,957       74.5        690      36.7      14.4
                 Q4 2010  112,523       63.0        560      67.0      12.0
                 Q3 2010  134,702       68.1        505      43.2      18.4
---------------------------------------------------------------------------
                 Q3 2011   16,594       15.3        922       5.4       3.7
                 ----------------------------------------------------------
                 Q2 2011   16,165       13.6        841       6.9       3.6
 Crixas          Q1 2011   13,619       10.1        741       2.9       2.4
                 Q4 2010   19,078        9.8        514       8.0       5.0
                 Q3 2010   20,743       10.0        482       6.1       5.3
---------------------------------------------------------------------------
                 Q3 2011   35,566       32.1        903      17.4       6.6
                 ----------------------------------------------------------
                 Q2 2011   56,906       40.5        712      15.3       8.1
 La Coipa(4)     Q1 2011   62,931       37.5        596       8.7      10.5
                 Q4 2010   59,528       36.1        606       9.4      12.4
                 Q3 2010   46,747       34.1        729       5.0       8.1
---------------------------------------------------------------------------
                 Q3 2011   58,591       30.2        515      29.9       5.5
                 ----------------------------------------------------------
                 Q2 2011   63,407       26.2        413      44.3       7.1
 Maricunga       Q1 2011   55,843       26.9        482      41.1       1.8
                 Q4 2010   30,825       31.0      1,006      29.9       3.1
                 Q3 2010   31,215       27.1        868      18.1       3.5
---------------------------------------------------------------------------

West Africa                                     
                 ----------------------------------------------------------
                 Q3 2011   48,455       40.8        842      88.3      18.4
                 ----------------------------------------------------------
                 Q2 2011   46,213       33.6        727      92.1      14.5
 Tasiast(8)      Q1 2011   51,493       26.6        517      84.2      15.8
                 Q4 2010   52,336       39.5        755      50.8      22.9
                 Q3 2010    4,761        5.6      1,176       3.4       1.1
---------------------------------------------------------------------------
                 Q3 2011   68,697       50.5        735      19.5      23.6
                 ----------------------------------------------------------
                 Q2 2011   56,558       37.1        656      29.0      19.3
 Chirano -                                                               
  100%(8)        Q1 2011   69,546       49.1        706      17.2      24.1
                 Q4 2010   78,835       45.3        575      13.1      44.2
                 Q3 2010    6,453        6.3        976       0.5       3.8
---------------------------------------------------------------------------
                 Q3 2011   61,828       45.5        735      17.6      21.2
                 ----------------------------------------------------------
                 Q2 2011   50,902       33.4        656      26.1      17.4
 Chirano (7)(8)  Q1 2011   62,591       44.2        706      15.5      21.7
                 Q4 2010   70,952       40.8        575      11.8      39.8
                 Q3 2010    5,808        5.7        976       0.5       3.4
---------------------------------------------------------------------------
(1)  Ore processed is to 100%, production and costs are to Kinross' account.
(2)  Due to the nature of heap leach operations at Round Mountain and M    
     aricunga, recovery rates cannot be accurately measured on a quarterly  
     basis. Fort Knox recovery represents mill recovery only and excludes   
     the heap leach.                                                        
(3)  Includes 5,889,000 tonnes placed on the heap leach pad during the third
     quarter of 2011, and 12,805,000 tonnes for the first nine months. Grade
     and recovery represent mill processing only. Ore placed on the heap    
     leach pad had an average grade of 0.32 grams per tonne for the third   
     quarter of 2011, and 0.35 grams per tonne for the first nine months.   
(4)  La Coipa silver grade and recovery were as follows: Q3 (2011) 65.00    
     g/t, 43%; Q2 (2011) 58.85 g/t, 55%; Q1 (2011) 75.64 g/t, 53%; Q4 (2010)
     77.70 g/t, 57% ; Q3 (2010) 48.84g/t, 57%                               
(5)  Kupol silver grade and recovery were as follows: Q3 (2011) 159.03 g/t, 
     82%; Q2 (2011) 215.21 g/t, 84%; Q1 (2011) 237.90 g/t, 84%; Q4 (2010)   
     213.90 g/t, 84% Q3 (2010) 202.27g/t, 85%                               
(6)  On April 27, 2011, Kinross acquired the remaining 25% of CM GC, and    
     thereby obtained 100% ownership of Kupol. As such, the results up to   
     April 27, 2011 reflect 75% and results thereafter reflect 100%.        
(7)  Includes Kinross' share of Chirano at 90%.                             
(8)  Certain Q3 2010, Q4 2010 and Q1 2011 results have been recast as a     
     result of finalizing the Red Back purchase price allocation.           
(9)  Gold equivalent ounces include silver ounces produced and sold         
     converted to a gold equivalent based on the ratio of the average spot  
     market prices for the commodities for each period. The ratios for the  
     quarters presented are as follows: Q3 2011: 43.87:1, Q2 2011: 39.67:1, 
     Q1 2011: 43.51:1, Q4 2010: 51.93:1, Q3 2010: 64.84.1.                  
(10) " Production cost of sales" is equivalent to " Total cost of sales" per
     the consolidated financial statements less " depreciation, depletion   
     and amortization", and is generally consistent with " Cost of sales" as
     reported under CDN GAAP prior to the adoption of IFRS.                 
(11) Prior year figures have been restated to conform to IFRS.              

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