Kinross Gold Corporation
NYSE : KGC
TSX : K

Kinross Gold Corporation

March 23, 2011 17:07 ET

Kinross Sells Harry Winston Shares

TORONTO, ONTARIO--(Marketwire - March 23, 2011) - Kinross Gold Corporation (TSX:K)(NYSE:KGC) announced today that it has sold its approximate 8.5% equity interest in Harry Winston Diamond Corporation ("Harry Winston"), consisting of approximately 7.1 million Harry Winston common shares, on an underwritten block trade basis, for gross proceeds of CDN$100 million.

On August 25, 2010, Kinross announced that it had completed the sale of its former 22.5% interest in the partnership holding Harry Winston's 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$50 million cash, 7.1 million Harry Winston common shares, and a note payable in the amount of US$70 million maturing 12 months from the date of the sale.

This press release is not an offer of securities for sale in the United States. The Harry Winston common shares to be sold have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Kinross Gold Corporation

Kinross is a Canadian-based gold mining company with mines and projects in Canada, the United States, Brazil, Chile, Ecuador, Russia, Ghana, and Mauritania, and employs approximately 7,000 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).

Contact Information

  • Media Contact: Kinross Gold Corporation
    Steve Mitchell
    Vice-President, Corporate Communications
    416-365-2726
    steve.mitchell@kinross.com
    or
    Investor Relations Contact: Kinross Gold Corporation
    Erwyn Naidoo
    Vice-President, Investor Relations
    416-365-2744
    erwyn.naidoo@kinross.com