Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Computing
Conference & Expo
November 2-4, 2009 NYC
Register Today and SAVE !..
SYS-CON.TV
Today's Top SOA Links


Kinross Reports 2012 Third-Quarter Results
Company on Track to Meet Full-Year Production and Cost of Sales Forecasts

TORONTO, ONTARIO -- (Marketwire) -- 11/07/12 -- Kinross Gold Corporation (TSX:K)(NYSE:KGC) today announced its results for the third quarter ended September 30, 2012.

(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 seven of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted. The comparative figures have been recast to exclude Crixas due to its disposal.)

Financial and operating highlights:


--  Production(1): 672,173 gold equivalent ounces, compared with 632,432
    ounces in Q3 2011. 
--  Revenue: $1,109.7 million, compared with $1,041.0 million in Q3 2011. 
--  Production cost of sales(2): $677 per gold equivalent ounce, compared
    with $626 in Q3 2011. 
--  Attributable margin(3): $972 per ounce sold, compared with $1,018 in Q3
    2011. 
--  Adjusted operating cash flow(4): $434.4 million, compared with $412.9
    million in Q3 2011. Adjusted operating cash flow per share was $0.38,
    compared with $0.36 in Q3 2011. 
--  Adjusted net earnings(4), (5): $250.4 million, compared with $269.4
    million in Q3 2011. Adjusted net earnings per share were $0.22, compared
    with $0.24 in Q3 2011. 
--  Reported net earnings(5): $224.9 million, or $0.20 per share, compared
    with $207.1 million, or $0.18 per share, for Q3 2011. 
--  Outlook: The Company remains on track to meet its 2012 production
    forecast of approximately 2.5-2.6 million gold equivalent ounces from
    its continuing operations, and its cost of sales forecast of $690-$725
    per gold equivalent ounce. As a result of the cost reduction initiative
    announced in Q2 2012, Kinross has identified approximately $200 million
    in capital expenditure reductions for 2012, and has reduced its full-
    year capital expenditure forecast to $2.0 billion from the previous
    forecast of $2.2 billion. 

Other developments:


--  The Tasiast pre-feasibility study (PFS) remains on schedule to be
    completed in Q1 2013. 
--  Development at Dvoinoye continues to advance and the project remains on
    schedule to deliver first ore to the Kupol mill in the second half of
    2013. 
--  On August 17, 2012 Kinross announced a new three-year unsecured $1.0
    billion term loan and amended its unsecured revolving credit facility to
    increase available credit to $1.5 billion from $1.2 billion and extend
    the maturity date from March 2015 to August 2017. 
--  On October 31, 2012 the Company announced the appointment of Tony S.
    Giardini as Executive Vice-President and Chief Financial Officer,
    effective December 1, 2012. Mr. Giardini will replace Paul H. Barry,
    whose departure was announced on October 10, 2012.  
--  During the third quarter, Kinross was named to the Dow Jones
    Sustainability World Index for the second consecutive year and the Dow
    Jones Sustainability North America Index for the third year in a row. 

CEO Commentary

J. Paul Rollinson, CEO, made the following comments in relation to third-quarter 2012 results:

"We recorded solid results in the third quarter and remain on track to deliver on our full-year guidance for production and costs. In line with our cost reduction initiative announced last quarter, we are reducing our forecast capital expenditures for 2012 by approximately $200 million.

"As we go through our budgeting process for 2013, and looking beyond, we are seeking every available opportunity to control costs, with a focus on margins and free cash flow across our operations.

"To that end, we have launched a systematic, long-term program which we call internally 'The Kinross Way Forward', with the objective of delivering greater value at both our mines and projects. Our focus will be on quality, and not just quantity, in our mine planning, production, exploration and resource strategy, and on margins and free cash flow in all of our business decisions."

Financial results

Summary of financial and operating results


----------------------------------------------------------------------------
                                    Three months ended     Nine months ended
                                         September 30,         September 30,
                                --------------------------------------------
(dollars in millions, except per                                            
 share and per ounce amounts)          2012       2011       2012       2011
----------------------------------------------------------------------------
                                                                            
Total gold equivalent                                                       
 ounces(a)(e) - Produced (c)        678,933    654,820  1,945,014  2,051,930
Total gold equivalent                                                       
 ounces(a)(e) - Sold (c)            672,221    670,386  1,958,173  2,093,410
                                                                            
Gold equivalent ounces from                                                 
 continuing operations (a)(d) -                                             
 Produced (c)                       678,933    639,269  1,914,020  2,006,128
Gold equivalent ounces from                                                 
 continuing operations (a)(d) -                                             
 Sold (c)                           672,221    653,792  1,925,409  2,047,032
                                                                            
Total attributable gold                                                     
 equivalent ounces(a)(e) -                                                  
 Produced (c)                       672,173    647,983  1,924,297  1,967,085
Total attributable gold                                                     
 equivalent ounces(a)(e) - Sold                                             
 (c)                                665,251    663,517  1,937,080  2,010,128
                                                                            
Attributable gold equivalent                                                
 ounces from continuing                                                     
 operations (a)(d) - Produced                                               
 (c)                                672,173    632,432  1,893,303  1,921,283
Attributable gold equivalent                                                
 ounces from continuing                                                     
 operations (a)(d) - Sold (c)       665,251    646,923  1,904,316  1,963,750
                                                                            
Financial Highlights from                                                   
 Continuing Operations (d)                                                  
Metal sales                      $  1,109.7 $  1,041.0 $  3,124.5 $  2,922.7
Production cost of sales         $    455.7 $    410.2 $  1,373.2 $  1,170.7
Depreciation, depletion and                                                 
 amortization                    $    181.6 $    139.7 $    481.3 $    436.7
Operating earnings               $    343.1 $    408.8 $    904.8 $  1,086.7
Net earnings from continuing                                                
 operations attributable to                                                 
 common shareholders             $    224.9 $    207.1 $    440.3 $    697.6
Basic earnings per share from                                               
 continuing operations                                                      
 attributable to common                                                     
 shareholders                    $     0.20 $     0.18 $     0.39 $     0.61
Diluted earnings per share from                                             
 continuing operations                                                      
 attributable to common                                                     
 shareholders                    $     0.20 $     0.18 $     0.38 $     0.61
Adjusted net earnings from                                                  
 continuing operations                                                      
 attributable to common                                                     
 shareholders(b)                 $    250.4 $    269.4 $    602.7 $    663.6
Adjusted net earnings from                                                  
 continuing operations per                                                  
 share(b)                        $     0.22 $     0.24 $     0.53 $     0.58
Net cash flow of continuing                                                 
 operations provided from                                                   
 operating activities            $    368.8 $    289.0 $    822.7 $    976.2
Adjusted operating cash flow                                                
 from continuing operations(b)   $    434.4 $    412.9 $  1,025.6 $  1,208.4
Adjusted operating cash flow                                                
 from continuing operations per                                             
 share(b)                        $     0.38 $     0.36 $     0.90 $     1.06
Average realized gold price per                                             
 ounce from continuing                                                      
 operations                      $    1,649 $    1,644 $    1,620 $    1,470
Consolidated production cost of                                             
 sales from continuing                                                      
 operations per equivalent                                                  
 ounce(c) sold(b)                $      678 $      627 $      713 $      572
Attributable(a) production cost                                             
 of sales from continuing                                                   
 operations per equivalent                                                  
 ounce(c) sold(b)                $      677 $      626 $      713 $      579
Attributable(a) production cost                                             
 of sales from continuing                                                   
 operations per ounce sold on a                                             
 by-product basis(b)             $      594 $      584 $      634 $      518
(a)  Total includes 100% of Kupol and Chirano production.  "Attributable"   
     includes Kinross' share of Kupol (75% up to April 27, 2011, 100%       
     thereafter) and Chirano (90%) production.                              
(b)  "Adjusted net earnings from continuing operations attributable to      
     common shareholders", "Adjusted net earnings from continuing operations
     per share", "Adjusted operating cash flow from continuing operations", 
     "Adjusted operating cash flow from continuing operations per share",   
     "Consolidated production cost of sales from continuing operations per  
     equivalent ounce sold", "Attributable production cost of sales from    
     continuing operations per equivalent ounce sold", and "Attributable    
     production cost of sales from continuing operations per ounce sold on a
     by-product basis" are non-GAAP measures.  The definition and           
     reconciliation of these non-GAAP financial measures is included on page
     nine of this news release.                                             
(c)  "Gold equivalent ounces" include silver ounces produced and sold       
     converted to a gold equivalent based on a ratio of the average spot    
     market prices for the commodities for each period. The ratio for the   
     third quarter of 2012 was 55.44:1, compared with 43.87:1 for the third 
     quarter of 2011 and for the first nine months of 2012 was 53.92:1,     
     compared with 42.36:1 for the first nine months of 2011.               
(d)  The comparative figures have been recast to exclude Crixas' results due
     to its disposal.                                                       
(e)  The total gold equivalent ounces and total attributable gold equivalent
     ounces include Crixas.                                                 
----------------------------------------------------------------------------

The following operating and financial results are based on Q3 2012 attributable gold equivalent production from continuing operations:

Kinross produced 672,173 attributable gold equivalent ounces from continuing operations in the third quarter of 2012, a 6% increase over the third quarter of 2011, mainly due to production increases at Fort Knox and Kupol. Production increased 6% in Q3 2012 compared with Q2 2012, in line with an expected increase in production in the second half of 2012 based on the full-year mining plan.

Production cost of sales per gold equivalent ounce(2) was $677 compared with $626 for the third quarter of 2011, mainly due to higher costs for energy, labour, and consumables. On a quarter-over-quarter basis, compared with Q2 2012, production cost of sales was reduced by $48 per gold equivalent ounce, or 7%, due primarily to increased production. Production cost of sales per gold ounce on a by-product basis was $594 in the third quarter of 2012, compared with $584 in Q3 2011, based on Q3 2012 attributable gold sales of 613,617 ounces and attributable silver sales of 2,862,528 ounces.

Revenue from metal sales was $1,109.7 million in the third quarter of 2012, compared with $1,041.0 million during the same period in 2011, an increase of 7%, mainly due to increased production. The average realized gold price was $1,649 per ounce in Q3 2012, compared with $1,644 per ounce for Q3 2011.

Kinross' margin per gold equivalent ounce sold(3) was $972 for the third quarter of 2012, a decrease of 5% compared with Q3 2011, due primarily to higher production cost of sales per ounce for the quarter.

Adjusted operating cash flow(4) was $434.4 million for the quarter, or $0.38 per share, compared with $412.9 million, or $0.36 per share, for Q3 2011. Cash and cash equivalents and short-term investments were $2,089.3 million as at September 30, 2012 compared with $1,767.3 million as at December 31, 2011.

Adjusted net earnings(4), (5) were $250.4 million, or $0.22 per share, for Q3 2012, compared with $269.4 million, or $0.24 per share, for Q3 2011. Adjustments included a one-time severance expense of $16.4 million related to the departure of the former CEO.

Reported net earnings(5) were $224.9 million, or $0.20 per share, for Q3 2012, compared with reported net earnings of $207.1 million, or $0.18 per share, for Q3 2011.

Capital expenditures were $451.2 million for Q3 2012, compared with $389.6 million for the same period last year, an increase due mainly to project related expenditures at Tasiast, offset by a decrease at Paracatu.

Operating results

Mine-by-mine summaries for third-quarter 2012 operating results may be found on pages 12 and 16 of this news release. Highlights include the following:

North America: Production from the region was strong during the quarter, and higher than in Q3 2011, primarily as a result of increased production at Fort Knox. All three mines also increased production compared with Q2 2012.

Fort Knox's strong performance relative to Q3 2011 was due to an increase in tonnes of ore mined and processed, as well as higher mill grades, mill recoveries and accelerating heap leach production. Kettle River-Buckhorn's year-over-year increase in production was a result of higher grades and recoveries. Round Mountain's production compared with the same period last year was slightly lower due to lower grades and tonnes processed, but marginally higher than Q2 2012 due to strong heap leach performance. Regional cost of sales per ounce improved both on a year-over-year and quarter-over-quarter basis mainly due to higher production. North America is expected to complete the year at the high end of regional production guidance.

Russia: Production at Kupol increased year-over-year, mainly due to record mill throughput, higher grades and process improvements resulting in higher silver recoveries. Plant throughput has increased to over 3,500 tonnes per day on average, compared with the design throughput of 3,000 tonnes per day, due mainly to Continuous Improvement initiatives. Compared with Q2 2012, production increased due to slightly higher throughput and recoveries. Kupol's strong performance is projected to continue in Q4 2012, with production expected to be at the high end and production cost of sales at the low end of the regional guidance range for full-year 2012.

West Africa: Tasiast Q3 2012 production improved compared with the previous quarter and on a year-over-year basis. However, production was negatively impacted by variability in gold grade that continues to be encountered in the banded iron formation-type ore currently being mined in the Piment pits. In addition, water supply rates continue to have some impact on leach production. Ongoing repairs to the existing pipelines are expected to progressively improve water availability through the remainder of the year. Chirano's production for the quarter was slightly higher than Q2 2012, as a result of improved plant throughput.

Year-to-date operating costs remain high for the region, mainly as a result of lower than expected production. Full-year production and cost guidance for the region remain unchanged.

South America: Regional quarterly results were lower compared with Q3 2011, and the previous quarter, mainly due to lower than expected production at Paracatu. Paracatu encountered lower recoveries at both Plants 1 and 2. A task force has been established to focus on the recovery issue, and the Company expects improvement in the last quarter of the year. Commissioning of Paracatu's fourth ball mill began during the third quarter and is expected to be completed in the fourth quarter.

Due to suspended solids in the leach solution, Maricunga had lower production for the quarter compared with the same period last year. The issue has been addressed, and as a result, production is expected to improve in the fourth quarter. La Coipa's production was higher compared with the previous quarter as a result of stronger silver grades and improved gold recoveries. Full-year production and cost guidance for the region remain unchanged.

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 seven of this news release.

Tasiast expansion project

As previously disclosed, Kinross expects to complete a pre-feasibility (PFS) study for construction of a mid-sized, expandable CIL mill in the 30,000 tonne per day (tpd) range, for the purpose of comparison with a 60,000 tpd mill option, in the first quarter of 2013.

The Company has completed a program of heap leach column testing begun earlier this year to determine the viability of heap leaching sulphide ore at Tasiast. The oxide low grade ores are currently leached successfully on the dump leach pads without crushing. The average gold recovery rate obtained in tests of sulphide samples taken from different representative zones of the ore body (after fine crushing to predominately -8mm) was approximately 60%.

The Company has concluded that based on this recovery level, heap leaching is not an economically attractive alternative to CIL processing for sulphide ore. In addition, capital investment in a fine crush heap leach supplement to CIL production is not justified at this time. Heap leaching is not contemplated in the pre-feasibility study and therefore these test results will not affect the PFS economics.

Work continues on building basic infrastructure improvements, including the permanent camp, tailings facility, truck shop, warehouse facilities, West Branch dump leach pads, main access road, and other infrastructure components. Permitting for a seawater supply system is progressing as expected.

Dvoinoye

Construction at Dvoinoye made good progress through the third quarter of 2012, and the project remains on schedule for expected delivery of first ore to Kupol in the second half of 2013. Underground development is 52% complete and is progressing ahead of plan.

Construction of infrastructure and surface facilities is 45% complete. Construction of the all-season road between Dvoinoye and Kupol has progressed well. All necessary permits for the current scope of underground development and construction activities are in place.

Fruta del Norte

Exploitation and investment protection agreement negotiations with the Ecuadorian government on an enhanced economic, investment and legal package for Fruta del Norte (FDN) continue. Kinross understands that the government intends to make mining and tax legislative reforms to mitigate the effects of the Windfall Profits Tax and to enhance the mining investment climate, which Kinross believes to be critical to the negotiations. The Company expects negotiations with the government to extend into 2013.

In parallel with the negotiation process, Kinross continues to advance the project optimization studies for the project and regional exploration drilling and sampling in the Condor district around FDN. As part of the project optimization, Kinross is exploring alternative processing scenarios including gravity float leach, which could result in lower capital expenditures and reduced operating risk, while improving overall project economics.

Other developments

Term loan and revolving credit facility: On August 17, 2012, Kinross closed a three-year, $1.0 billion term loan that will mature on August 10, 2015, and has no mandatory amortization payments. Kinross also announced that it amended its unsecured revolving credit facility to increase available credit to $1.5 billion from $1.2 billion, and extended the term to August 10, 2017 from March 31, 2015.

Exploration update

Total exploration expenditures for the third quarter of 2012 were $51.0 million, including $40.0 million for expensed exploration and $11.0 million for capitalized exploration. Exploration expenditures for the third quarter of 2011 totaled $57.5 million.

Kinross was active on 34 mine site, near-mine and greenfield initiatives in the third quarter of 2012, with drilling across all projects totalling 136,991 metres. Highlights include:

- Tasiast: District drilling outside of the Tasiast deposit footprint has been accelerated in 2012, with approximately 2,400 holes (200,000 metres) completed year-to-date up and down the 80-kilometre belt (Figure 1: www.kinross.com/media/239677/figure%201%20tasiast%20exploration%20kinros...). Drilling, mapping and sampling in the third quarter has encountered encouraging results at seven new targets, along with positive results in follow-up drilling at C67 and C68. A total of 11 district targets have been prioritized for additional work, with the expectation of providing further confirmation that the Tasiast district has additional development potential.

- La Coipa: The infill drilling program at Pompeya was completed during the quarter, along with metallurgical, geotechnical and condemnation work. The Company is currently in the process of transitioning Pompeya from Exploration to the Projects team.

- Kupol: Drilling on the Kupol West licence to follow up results in previous holes completed at Moroshka (located four kilometres east of Kupol) has encountered further precious metals mineralization along strike and at depth.

- Chirano: Follow-up drilling under the open pits during the quarter has returned positive results, and reinforces the potential for mineralization to continue at depth.

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 seven of this news release.

Kinross expects to be toward the higher end of both its 2012 production forecast of approximately 2.5-2.6 million gold equivalent ounces from its continuing operations, and its 2012 cost of sales forecast of $690-$725 per gold equivalent ounce.

The Company has reduced its forecast 2012 capital expenditures to approximately $2.0 billion, compared with the previous forecast of $2.2 billion. This is the result of approximately $200 million in cost reductions, deferrals, and eliminations, approximately two-thirds of which is related to development capital, and one-third of which is related to sustaining capital.

The Company's depreciation, depletion and amortization is forecast to be approximately $255 per gold equivalent ounce, compared with the previously-stated guidance of $235 per gold equivalent ounce.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on Thursday, November 8, 2012 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' unaudited third-quarter 2012 Financial Statements and Management's Discussion and Analysis report at www.kinross.com. Kinross' unaudited third-quarter 2012 financial 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 financial 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 8,000 people worldwide. 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", "expects", "indicative", "scheduled", "timeline", "estimates", "forecasts", "guidance", "opportunity", "outlook", "potential", "projected", "seek", "strategy", "targets", "models", or "believes", or variations of or similar such words and phrases or statements that certain actions, events or results "may", "could", "would", or "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) the viability, permitting and development of the Fruta del Norte deposit, and its continuing ownership by the Company, being consistent with Kinross' current expectations; (4) 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 mining and investment laws (and prospective amendment to these laws) and related regulations and policies, being consistent with Kinross' current expectations, and the unenforceability of any new law in Brazil requiring that all Paracatu tailings facilities have an impermeable liner; (5) negotiation of an exploitation contract and an investment protection contract for Fruta del Norte with the Ecuadorian government being consistent with Kinross' current expectations, including but not limited to Kinross requesting and the government declaring a phase change from economic evaluation to exploitation in Q1, 2013 (or any government approved extension of up to two years) and entering into an exploitation agreement with the government within six months of such declared phase change, the failure of which will likely result in forfeiture of the FDN concession and related project infrastructure to the government; (6) 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;

(7) certain price assumptions for gold and silver; (8) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (9) 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; (10) the accuracy of the current mineral reserve and mineral resource estimates of the Company (including but not limited to ore tonnage and ore grade estimates) and any entity in which it now or hereafter directly or indirectly holds an investment; (11) labour and materials costs increasing on a basis consistent with Kinross' current expectations; (12) the development of the Dvoinoye deposit being consistent with Kinross' expectations; (13) the viability of the Tasiast and Chirano mines (including but not limited to, at Tasiast, the impact of ore tonnage and grade variability reconciliation analysis) as well as permitting, development and expansion (including but not limited to, at Tasiast, expansion optimization initiatives leading to changes in processing approach and maintenance and, as required, conversion of exploration licences to mining licences) of the Tasiast and Chirano mines being consistent with Kinross' current expectations; (14) the terms and conditions of the legal and fiscal stability agreements for the Tasiast and Chirano operations being interpreted and applied in a manner consistent with their intent and Kinross' expectations; (15) goodwill and/or asset impairment potential; and (16) access to capital markets, including but not limited to maintaining an investment grade debt rating and 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); increases in the discount rates applied to present value net future cash flows based on country-specific real weighted average cost of capital; declines in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; 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 (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, royalty, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), 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; commencement of litigation against the Company including, but not limited to, securities class action in Canada and/or the U.S.; 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, including but not limited to resulting in an impairment charge on goodwill and/or assets. 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 full-year 2011 and Q3 2012 Management Discussion and Analysis. 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 $5 impact in production cost of sales per ounce.(6)

A $10 per barrel change in the price of oil could result in an approximate $2 impact on production cost of sales per ounce.

The impact on royalties of a $100 change in the gold price could result in an approximate $4 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 exploration activities) contained in this news release has been prepared under the supervision of Mr. Jim Fowler, 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.


                                                                            
----------------------------------------------------------------------------
(1)  Unless otherwise stated, production figures in this news release are   
     based on Kinross' 90% share of Chirano production. Prior year          
     production figures have been adjusted to exclude Crixas due to its sale
     in Q2 2012.                                                            
(2)  "Production cost of sales per gold equivalent ounce" is a non-GAAP     
     measure defined as production cost of sales per the financial          
     statements divided by the attributable number of gold equivalent ounces
     sold, both reduced to reflect a 90% ownership interest in Chirano      
     sales. Production cost of sales is equivalent to total cost of sales   
     (per the financial statements), less depreciation, depletion,          
     amortization, and impairment charges.                                  
(3)  "Attributable margin per ounce sold" is a non-GAAP measure and is      
     defined as "average realized gold price per ounce" less "attributable  
     production cost of sales per gold equivalent ounce sold".              
(4)  Reconciliation of non-GAAP measures are provided on page nine of this  
     news release.                                                          
(5)  "Net earnings" figures in this release represent "net earnings from    
     continuing operations attributable to common shareholders."            
(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. These measures are not defined under IFRS and should not be considered in isolation. The Company believes that these measures, together with measures determined in accordance with IFRS, 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 IFRS. These measures are not necessarily standard and therefore may not be comparable to other issuers.

Adjusted net earnings attributable 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 for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges, gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures are not necessarily indicative of net earnings and earnings per share measures as determined under IFRS.

The following table provides a reconciliation of net earnings from continuing operations to adjusted net earnings from continuing operations for the periods presented:


----------------------------------------------------------------------------
                                             GAAP to Adjusted Earnings from 
                                       Continuing Operations Reconciliation 
                                    ----------------------------------------
(in US$ millions)                    Three months ended   Nine months ended 
                                          September 30,       September 30, 
                                    ----------------------------------------
                                         2012      2011      2012      2011 
                                    ----------------------------------------
                                                                            
Net earnings from continuing                                                
 operations attributable to common                                          
 shareholders - as reported          $  224.9  $  207.1  $  440.3  $  697.6 
                                    ----------------------------------------
                                                                            
Adjusting items:                                                            
  Foreign exchange (gains) losses        (3.5)      9.1       2.7     (12.8)
  Non-hedge derivatives (gains)                                             
   losses - net of tax                    7.1       3.1      (6.4)    (45.5)
  (Gains) losses on                                                         
   acquisition/disposition of assets                                        
   and investments - net of tax           0.1      (0.2)      0.4     (31.4)
  Foreign exchange (gain) loss on                                           
   translation of tax basis and                                             
   foreign exchange on deferred                                             
   income taxes within income tax                                           
   expense                               (0.8)     47.6      11.3      46.0 
  Change in deferred tax due to a                                           
   change in statutory corporate                                            
   income tax rate                        6.2         -     116.5         - 
  Taxes in respect of prior years           -         -       1.3         - 
  Impairment of investments                 -         -      20.2         - 
  Inventory fair value adjustment -                                         
   net of tax                               -       2.7         -       9.7 
  Severance expense                      16.4         -      16.4         - 
                                    ----------------------------------------
                                         25.5      62.3     162.4     (34.0)
                                    ----------------------------------------
Net earnings from continuing                                                
 operations attributable to common                                          
 shareholders - Adjusted             $  250.4  $  269.4  $  602.7  $  663.6 
                                    ----------------------------------------
Weighted average number of common                                           
 shares outstanding - Basic           1,139.4   1,136.7   1,138.8   1,135.5 
                                    ----------------------------------------
Net earnings from continuing                                                
 operations per share - Adjusted     $   0.22  $   0.24  $   0.53  $   0.58 
----------------------------------------------------------------------------

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. The Company uses adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, adjusted operating cash flow and adjusted operating cash flow per share measures are not necessarily indicative of net cash flow from operations as determined under IFRS.

The following table provides a reconciliation of adjusted operating cash flow from continuing operations for the periods presented:


----------------------------------------------------------------------------
                                       GAAP to Adjusted Operating Cash Flow 
                                                 from Continuing Operations 
                                    ----------------------------------------
(in US$ millions)                    Three months ended   Nine months ended 
                                          September 30,       September 30, 
                                    ----------------------------------------
                                         2012      2011      2012      2011 
                                    ----------------------------------------
                                                                            
Net cash flow of continuing                                                 
 operations provided from operating                                         
 activities - as reported            $  368.8  $  289.0  $  822.7  $  976.2 
                                    ----------------------------------------
                                                                            
Adjusting items:                                                            
  Close out and early settlement of                                         
   derivative instruments                   -     112.8     (48.7)    112.8 
  Working capital changes:                                                  
    Accounts receivable and other                                           
     assets                             (30.6)    (26.1)     54.8     141.8 
    Inventories                         110.0      93.9     158.6      96.4 
    Accounts payable and other                                              
     liabilities, including taxes       (13.8)    (56.7)     38.2    (118.8)
                                    ----------------------------------------
                                         65.6     123.9     202.9     232.2 
                                    ----------------------------------------
Adjusted operating cash flow from                                           
 continuing operations               $  434.4  $  412.9  $1,025.6  $1,208.4 
                                    ----------------------------------------
Weighted average number of common                                           
 shares outstanding - Basic           1,139.4   1,136.7   1,138.8   1,135.5 
                                    ----------------------------------------
Adjusted operating cash flow from                                           
 continuing operations per share     $   0.38  $   0.36  $   0.90  $   1.06 
----------------------------------------------------------------------------

Consolidated production cost of sales per gold equivalent ounce sold is a non-GAAP measure and is defined as production cost of sales as per the consolidated financial statements divided by the total number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production.

Attributable production cost of sales per gold equivalent ounce sold is a non-GAAP measure and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production.

Management uses these measures to monitor and evaluate the performance of its operating properties.


----------------------------------------------------------------------------
                                Consolidated and Attributable Cost of Sales 
                            from Continuing Operations Per Equivalent Ounce 
                                                                       Sold 
                                                                            
                            ------------------------------------------------
(in US$ millions)                Three months ended       Nine months ended 
                                      September 30,           September 30, 
                            ------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                                                            
Production cost of sales                                                    
 from continuing operations  $    455.7  $    410.2  $  1,373.2  $  1,170.7 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(1)                          -           -           -       (21.0)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                          (5.1)       (5.0)      (15.4)      (13.6)
                            ------------------------------------------------
Attributable production cost                                                
 of sales from continuing                                                   
 operations                  $    450.6  $    405.2  $  1,357.8  $  1,136.1 
                            ------------------------------------------------
                                                                            
Gold equivalent ounces sold                                                 
 from continuing operations     672,221     653,792   1,925,409   2,047,032 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(1)                          -           -           -     (63,802)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                        (6,970)     (6,869)    (21,093)    (19,480)
                            ------------------------------------------------
Attributable gold equivalent                                                
 ounces sold                    665,251     646,923   1,904,316   1,963,750 
                            ------------------------------------------------
Consolidated production cost                                                
 of sales from continuing                                                   
 operations per equivalent                                                  
 ounce sold                  $      678  $      627  $      713  $      572 
Attributable production cost                                                
 of sales from continuing                                                   
 operations per equivalent                                                  
 ounce sold                  $      677  $      626  $      713  $      579 
----------------------------------------------------------------------------
                                                                            
(1)  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%.        

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 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 from Continuing 
                            Operations Per Ounce Sold on a By-Product Basis 
                            ------------------------------------------------
(in US$ millions)                Three months ended       Nine months ended 
                                      September 30,           September 30, 
                            ------------------------------------------------
                                   2012        2011        2012        2011 
                            ------------------------------------------------
                                                                            
Production cost of sales                                                    
 from continuing                                                            
 operations(1)               $    455.7  $    410.2  $  1,373.2  $  1,170.7 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(2)                          -           -           -       (21.0)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                          (5.1)       (5.0)      (15.4)      (13.6)
Less: attributable silver                                                   
 sales                            (86.3)      (61.9)     (244.5)     (227.4)
                            ------------------------------------------------
Attributable production cost                                                
 of sales from continuing                                                   
 operations net of silver                                                   
 by-product revenue          $    364.3  $    343.3  $  1,113.3  $    908.7 
                            ------------------------------------------------
                                                                            
Gold ounces sold                620,567     595,001   1,777,374   1,821,924 
Less: portion attributable                                                  
 to Kupol non-controlling                                                   
 interest(2)                          -           -           -     (49,299)
Less: portion attributable                                                  
 to Chirano non-controlling                                                 
 interest                        (6,950)     (6,836)    (21,035)    (19,388)
                            ------------------------------------------------
Attributable gold ounces                                                    
 sold                           613,617     588,165   1,756,339   1,753,237 
                            ------------------------------------------------
Attributable production cost                                                
 of sales from continuing                                                   
 operations per ounce sold                                                  
 on a by-product basis       $      594  $      584  $      634  $      518 
                            ------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(1)  "Production cost of sales" is equivalent to "Total cost of sales" per  
     the consolidated financial statements less depreciation, depletion and 
     amortization and impairment charges.                                   
(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%.        
----------------------------------------------------------------------------

Review of Operations


----------------------------------------------------------------------------
Three months ended September 30,            Gold equivalent ounces          
                                  ------------------------------------------
                                        Produced                Sold        
                                  ------------------------------------------
                                      2012       2011       2012       2011 
                                  ------------------------------------------
                                                                            
Fort Knox                          106,698     76,261    100,172     75,611 
Round Mountain                      53,205     54,588     53,237     52,658 
Kettle River - Buckhorn             43,942     41,200     44,049     42,109 
                                  ------------------------------------------
North America Total                203,845    172,049    197,458    170,378 
                                                                            
Kupol (100%)                       155,533    124,912    164,025    138,278 
                                  ------------------------------------------
Russia Total                       155,533    124,912    164,025    138,278 
                                                                            
Paracatu                           111,558    135,099    104,937    133,827 
La Coipa                            41,585     38,539     42,240     35,566 
Maricunga                           46,971     53,123     45,818     58,591 
                                  ------------------------------------------
South America Total                200,114    226,761    192,995    227,984 
                                                                            
Tasiast                             51,842     47,175     48,045     48,455 
Chirano (100%)                      67,599     68,372     69,698     68,697 
                                  ------------------------------------------
West Africa Total                  119,441    115,547    117,743    117,152 
                                  ------------------------------------------
                                                                            
Continuing operations              678,933    639,269    672,221    653,792 
Discontinued operations(2)               -     15,551          -     16,594 
                                                                            
                                  ------------------------------------------
Operations Total                   678,933    654,820    672,221    670,386 
Less Chirano non-controlling                                                
 interest (10%)                     (6,760)    (6,837)    (6,970)    (6,869)
                                  ------------------------------------------
Attributable - Continuing                                                   
 operations                        672,173    632,432    665,251    646,923 
                                  ------------------------------------------
Attributable Total                 672,173    647,983    665,251    663,517 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------

--------------------------------------------------------------------------
Three months ended September 30,                                          
                                                                          
                                           Production           Production
                                              cost of              cost of
                                            sales(1)             sales(1) 
                                          ($millions)                  /oz
                                ------------------------------------------
                                      2012       2011       2012      2011
                                ------------------------------------------
                                                                          
Fort Knox                        $    64.9  $    53.8  $     648 $     712
Round Mountain                        32.2       35.2        605       668
Kettle River - Buckhorn               20.7       19.5        470       463
                                ------------------------------------------
North America Total                  117.8      108.5        597       637
                                                                          
Kupol (100%)                          76.5       58.4        466       422
                                ------------------------------------------
Russia Total                          76.5       58.4        466       422
                                                                          
Paracatu                              92.0       89.7        877       670
La Coipa                              45.9       32.1      1,087       903
Maricunga                             40.0       30.2        873       515
                                ------------------------------------------
South America Total                  177.9      152.0        922       667
                                                                          
Tasiast                               32.2       40.8        670       842
Chirano (100%)                        51.3       50.5        736       735
                                ------------------------------------------
West Africa Total                     83.5       91.3        709       779
                                ------------------------------------------
                                                                          
Continuing operations                455.7      410.2        678       627
Discontinued operations(2)               -       15.3          -       922
                                                                          
                                ------------------------------------------
Operations Total                 $   455.7  $   425.5  $     678 $     635
Less Chirano non-controlling                                              
 interest (10%)                       (5.1)      (5.0)                    
                                ------------------------------------------
Attributable - Continuing                                                 
 operations                      $   450.6  $   405.2  $     677 $     626
                                ------------------------------------------
Attributable Total               $   450.6  $   420.5  $     677 $     634
--------------------------------------------------------------------------
                                                                          
--------------------------------------------------------------------------
(1)  "Production cost of sales" is equivalent to "Total cost of sales" per  
     the consolidated financial statements less depreciation, depletion and 
     amortization and impairment charges.                                   
(2)  On June 28, 2012, the Company completed the sale of its 50% interest in
     the Crixas gold mine.                                                  
----------------------------------------------------------------------------


                                                                            
----------------------------------------------------------------------------
Nine months ended September                                                 
 30,                                      Gold equivalent ounces            
                              ----------------------------------------------
                                     Produced                  Sold         
                              ----------------------------------------------
                                   2012        2011        2012        2011 
                              ----------------------------------------------
                                                                            
Fort Knox                       240,366     219,035     232,515     217,546 
Round Mountain                  151,110     143,860     149,221     141,154 
Kettle River - Buckhorn         122,545     133,289     123,724     135,180 
                              ----------------------------------------------
North America Total             514,021     496,184     505,460     493,880 
                                                                            
Kupol (100%)                    431,717     514,653     447,476     541,389 
                              ----------------------------------------------
Russia Total                    431,717     514,653     447,476     541,389 
                                                                            
Paracatu                        334,595     335,419     333,853     337,557 
La Coipa                        115,438     143,852     116,277     155,403 
Maricunga                       171,801     181,968     176,248     177,841 
                              ----------------------------------------------
South America Total             621,834     661,239     626,378     670,801 
                                                                            
Tasiast                         139,283     145,745     135,168     146,161 
Chirano (100%)                  207,165     188,307     210,927     194,801 
                              ----------------------------------------------
West Africa Total               346,448     334,052     346,095     340,962 
                              ----------------------------------------------
                                                                            
Continuing operations         1,914,020   2,006,128   1,925,409   2,047,032 
Discontinued operations(3)       30,994      45,802      32,764      46,378 
                                                                            
                              ----------------------------------------------
Operations Total              1,945,014   2,051,930   1,958,173   2,093,410 
Less Kupol non-controlling                                                  
 interest (25%)(2)                    -     (66,014)          -     (63,802)
Less Chirano non-controlling                                                
 interest (10%)                 (20,717)    (18,831)    (21,093)    (19,480)
                              ----------------------------------------------
Attributable - Continuing                                                   
 operations                   1,893,303   1,921,283   1,904,316   1,963,750 
                              ----------------------------------------------
Attributable Total            1,924,297   1,967,085   1,937,080   2,010,128 
----------------------------------------------------------------------------
                                                                            

                                                                           
---------------------------------------------------------------------------
                                         Production                        
                                            cost of              Production
Nine months ended September               sales(1)                  cost of
 30,                                    ($millions)             sales(1)/oz
                                                                           
                                                                           
                            -----------------------------------------------
                                   2012        2011        2012        2011
                            -----------------------------------------------
                                                                           
Fort Knox                    $    171.4  $    146.8  $      737  $      675
Round Mountain                    104.1       102.8         698         728
Kettle River - Buckhorn            60.2        55.7         487         412
                            -----------------------------------------------
North America Total               335.7       305.3         664         618
                                                                           
Kupol (100%)                      210.9       193.0         471         356
                            -----------------------------------------------
Russia Total                      210.9       193.0         471         356
                                                                           
Paracatu                          305.6       241.3         915         715
La Coipa                          126.1       110.1       1,084         708
Maricunga                         128.2        83.3         727         468
                            -----------------------------------------------
South America Total               559.9       434.7         894         648
                                                                           
Tasiast                           112.6       101.0         833         691
Chirano (100%)                    154.1       136.7         731         702
                            -----------------------------------------------
West Africa Total                 266.7       237.7         771         697
                            -----------------------------------------------
                                                                           
Continuing operations           1,373.2     1,170.7         713         572
Discontinued operations(3)         27.4        39.0         836         841
                                                                           
                            -----------------------------------------------
Operations Total             $  1,400.6  $  1,209.7  $      715  $      578
Less Kupol non-controlling                                                 
 interest (25%)(2)                    -       (21.0)                       
Less Chirano non-controlling                                               
 interest (10%)                   (15.4)      (13.6)                       
                            -----------------------------------------------
Attributable - Continuing                                                  
 operations                  $  1,357.8  $  1,136.1  $      713  $      579
                            -----------------------------------------------
Attributable Total           $  1,385.2  $  1,175.1  $      715  $      585
---------------------------------------------------------------------------
                                                                           
----------------------------------------------------------------------------
(1)  "Production cost of sales" is equivalent to "Total cost of sales" per  
     the consolidated financial statements less depreciation, depletion and 
     amortization and impairment charges.                                   
(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)  On June 28, 2012, the Company completed the sale of its 50% interest in
     the Crixas gold mine.                                                  
----------------------------------------------------------------------------

Consolidated balance sheets

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


----------------------------------------------------------------------------
                                                                            
                                                         As at              
                                            --------------------------------
                                              September 30,    December 31, 
                                                       2012            2011 
                                            --------------------------------
                                                                            
Assets                                                                      
  Current assets                                                            
    Cash and cash equivalents                $      1,339.7  $      1,766.0 
    Restricted cash                                    61.1            62.1 
    Short-term investments                            749.6             1.3 
    Accounts receivable and other assets              327.7           309.4 
    Inventories                                     1,123.3           976.2 
    Unrealized fair value of derivative                                     
     assets                                            17.1             2.8 
                                            --------------------------------
                                                    3,618.5         3,117.8 
                                            --------------------------------
  Non-current assets                                                        
    Property, plant and equipment                   9,874.0         8,959.4 
    Goodwill                                        3,382.3         3,420.3 
    Long-term investments                              75.7            79.4 
    Investments in associates                         514.5           502.5 
    Unrealized fair value of derivative                                     
     assets                                            12.4             1.1 
    Deferred charges and other long-term                                    
     assets                                           482.3           406.4 
    Deferred tax assets                                33.3            21.9 
                                            --------------------------------
Total assets                                 $     17,993.0  $     16,508.8 
                                            --------------------------------
                                                                            
Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable and accrued liabilities $        591.5  $        575.3 
    Current tax payable                                78.3            82.9 
    Current portion of long-term debt                 512.0            32.7 
    Current portion of provisions                      33.2            38.1 
    Current portion of unrealized fair value                                
     of derivative liabilities                         33.6            66.7 
                                            --------------------------------
                                                    1,248.6           795.7 
                                            --------------------------------
  Non-current liabilities                                                   
    Long-term debt                                  2,117.5         1,600.4 
    Provisions                                        591.2           597.1 
    Unrealized fair value of derivative                                     
     liabilities                                       18.3            32.7 
    Other long-term liabilities                       134.2           133.1 
    Deferred tax liabilities                          970.7           879.1 
Total liabilities                                   5,080.5         4,038.1 
                                            --------------------------------
                                                                            
Equity                                                                      
  Common shareholders' equity                                               
    Common share capital and common share                                   
     purchase warrants                       $     14,686.0  $     14,656.6 
    Contributed surplus                                85.4            81.4 
    Accumulated deficit                            (1,948.0)       (2,249.9)
    Accumulated other comprehensive income                                  
     (loss)                                            16.1           (97.7)
                                            --------------------------------
Total common shareholders' equity                  12,839.5        12,390.4 
                                            --------------------------------
  Non-controlling interest                             73.0            80.3 
                                            --------------------------------
Total equity                                       12,912.5        12,470.7 
                                            --------------------------------
Commitments and contingencies                                               
                                            --------------------------------
Total liabilities and equity                 $     17,993.0  $     16,508.8 
                                            --------------------------------
                                                                            
Common shares                                                               
  Authorized                                      Unlimited       Unlimited 
  Issued and outstanding                      1,139,703,976   1,137,732,344 
----------------------------------------------------------------------------

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, September 30, September 30, 
                             2012          2011          2012          2011 
                    --------------------------------------------------------
                                                                            
Revenue                                                                     
  Metal sales        $    1,109.7  $    1,041.0  $    3,124.5  $    2,922.7 
                                                                            
Cost of sales                                                               
  Production cost of                                                        
   sales                    455.7         410.2       1,373.2       1,170.7 
  Depreciation,                                                             
   depletion and                                                            
   amortization             181.6         139.7         481.3         436.7 
                    --------------------------------------------------------
Total cost of sales         637.3         549.9       1,854.5       1,607.4 
                    --------------------------------------------------------
Gross profit                472.4         491.1       1,270.0       1,315.3 
                    --------------------------------------------------------
  Other operating                                                           
   costs                     20.1           8.6          42.4          21.6 
  Exploration and                                                           
   business                                                                 
   development               56.9          37.5         186.8          87.4 
  General and                                                               
   administrative            52.3          36.2         136.0         119.6 
                    --------------------------------------------------------
Operating earnings          343.1         408.8         904.8       1,086.7 
                    --------------------------------------------------------
  Other income                                                              
   (expense) - net           (2.7)         (9.1)        (18.9)         96.0 
  Equity in losses                                                          
   of associates             (1.8)         (1.4)         (4.7)         (1.4)
  Finance income              1.5           1.7           3.6           5.4 
  Finance expense           (13.4)        (22.9)        (32.2)        (55.2)
                    --------------------------------------------------------
Earnings before                                                             
 taxes                      326.7         377.1         852.6       1,131.5 
  Income tax expense                                                        
   - net                   (100.5)       (167.2)       (419.6)       (376.3)
                    --------------------------------------------------------
Earnings from                                                               
 continuing                                                                 
 operations after                                                           
 tax                        226.2         209.9         433.0         755.2 
Earnings from                                                               
 discontinued                                                               
 operations after                                                           
 tax                            -           5.5          43.9          12.5 
                    --------------------------------------------------------
Net earnings         $      226.2  $      215.4  $      476.9  $      767.7 
                    --------------------------------------------------------
                                                                            
Net earnings from                                                           
 continuing                                                                 
 operations                                                                 
 attributable to:                                                           
  Non-controlling                                                           
   interest          $        1.3  $        2.8  $       (7.3) $       57.6 
                    --------------------------------------------------------
  Common                                                                    
   shareholders      $      224.9  $      207.1  $      440.3  $      697.6 
                    --------------------------------------------------------
Net earnings                                                                
 attributable to:                                                           
                    --------------------------------------------------------
  Non-controlling                                                           
   interest          $        1.3  $        2.8  $       (7.3) $       57.6 
                    --------------------------------------------------------
  Common                                                                    
   shareholders      $      224.9  $      212.6  $      484.2  $      710.1 
                    --------------------------------------------------------
                                                                            
Earnings per share                                                          
 from continuing                                                            
 operations                                                                 
 attributable to                                                            
 common shareholders                                                        
                                                                            
  Basic              $       0.20  $       0.18  $       0.39  $       0.61 
  Diluted            $       0.20  $       0.18  $       0.38  $       0.61 
Net earnings per                                                            
 share attributable                                                         
 to common                                                                  
 shareholders                                                               
                                                                            
  Basic              $       0.20  $       0.19  $       0.43  $       0.63 
  Diluted            $       0.20  $       0.19  $       0.42  $       0.62 
                                                                            
Weighted average                                                            
 number of common                                                           
 shares outstanding                                                         
 (millions)                                                                 
  Basic                   1,139.4       1,136.7       1,138.8       1,135.5 
  Diluted                 1,145.6       1,142.4       1,145.0       1,141.3 
----------------------------------------------------------------------------

Consolidated statements of cash flows

(expressed in millions of United States dollars)


----------------------------------------------------------------------------
                             Three months ended           Nine months ended 
                    --------------------------------------------------------
                    September 30, September 30, September 30, September 30, 
                             2012          2011          2012          2011 
                    --------------------------------------------------------
Net inflow (outflow)                                                        
 of cash related to                                                         
 the following                                                              
 activities:                                                                
                                                                            
Operating:                                                                  
Net earnings from                                                           
 continuing                                                                 
 operations          $      226.2  $      209.9  $      433.0  $      755.2 
Adjustments to                                                              
 reconcile net                                                              
 earnings from                                                              
 continuing                                                                 
 operations to net                                                          
 cash provided from                                                         
 (used in) operating                                                        
 activities:                                                                
  Depreciation,                                                             
   depletion and                                                            
   amortization             181.6         139.7         481.3         436.7 
  (Gains) losses on                                                         
   acquisition/                                                             
  disposition of                                                            
   assets and                                                               
   investments - net          0.2          (0.3)          0.7         (31.7)
  Equity in losses                                                          
   of associates              1.8           1.4           4.7           1.4 
  Non-hedge                                                                 
   derivative                                                               
   (gains) losses -                                                         
   net                        7.1           3.4          (6.4)        (44.7)
  Settlement of                                                             
   derivative                                                               
   instruments               (0.2)       (112.8)         48.5        (112.8)
  Share-based                                                               
   compensation                                                             
   expense                    9.9           8.8          28.8          27.2 
  Accretion expense           9.0          13.9          19.7          40.4 
  Deferred tax                                                              
   expense                    1.9          33.3          85.4          21.2 
  Foreign exchange                                                          
   (gains) losses                                                           
   and other                 (3.1)          2.8         (21.4)          2.7 
  Changes in                                                                
   operating assets                                                         
   and liabilities:                                                         
    Accounts                                                                
     receivable and                                                         
     other assets            30.6          26.1         (54.8)       (141.8)
    Inventories            (110.0)        (93.9)       (158.6)        (96.4)
    Accounts payable                                                        
     and accrued                                                            
     liabilities            100.2         136.3         240.3         381.3 
                    --------------------------------------------------------
Cash flow provided                                                          
 from operating                                                             
 activities                 455.2         368.6       1,101.2       1,238.7 
                    --------------------------------------------------------
  Income taxes paid         (86.4)        (79.6)       (278.5)       (262.5)
                    --------------------------------------------------------
Net cash flow of                                                            
 continuing                                                                 
 operations provided                                                        
 from operating                                                             
 activities                 368.8         289.0         822.7         976.2 
                    --------------------------------------------------------
Net cash flow of                                                            
 discontinued                                                               
 operations provided                                                        
 from (used in)                                                             
 operating                                                                  
 activities                 (62.4)         13.4         (47.6)         22.6 
                    --------------------------------------------------------
                                                                            
Investing:                                                                  
  Additions to                                                              
   property, plant                                                          
   and equipment           (451.2)       (389.6)     (1,412.6)     (1,051.3)
  Net proceeds from                                                         
   the sale of long-                                                        
   term investments                                                         
   and other assets             -             -           0.2         101.1 
  Additions to long-                                                        
   term investments                                                         
   and other assets          (5.4)        (48.1)        (18.1)       (124.6)
  Net proceeds from                                                         
   the sale of                                                              
   property, plant                                                          
   and equipment              0.2           1.0           0.4           1.8 
  Additions to                                                              
   short-term                                                               
   investments             (749.6)         (0.5)       (748.3)         (1.8)
  Note received from                                                        
   Harry Winston                -          70.0             -          70.0 
  Decrease in                                                               
   restricted cash           (6.3)        (11.9)         (5.0)        (15.8)
  Interest received           1.2           4.5           3.3           6.4 
  Other                       0.1          (0.2)          0.2          (3.2)
Net cash flow of                                                            
 continuing                                                                 
 operations used in                                                         
 investing                                                                  
 activities              (1,211.0)       (374.8)     (2,179.9)     (1,017.4)
                    --------------------------------------------------------
Net cash flow of                                                            
 discontinued                                                               
 operations provided                                                        
 from (used in)                                                             
 investing                                                                  
 activities                     -          (4.2)        198.9         (20.9)
                    --------------------------------------------------------
                                                                            
Financing:                                                                  
  Issuance of common                                                        
   shares on                                                                
   exercise of                                                              
   options and                                                              
   warrants                   1.2          11.9           4.7          26.8 
  Acquisition of                                                            
   CMGC 25% non-                                                            
   controlling                                                              
   interest                     -             -             -        (335.4)
  Proceeds from                                                             
   issuance of debt       1,140.8       1,136.5       1,437.1       1,329.1 
  Repayment of debt        (145.0)       (167.0)       (467.5)       (382.6)
  Interest paid              (1.7)         (4.6)         (6.5)         (9.7)
  Dividends paid to                                                         
   common                                                                   
   shareholders             (91.2)        (68.0)       (182.3)       (124.8)
  Settlement of                                                             
   derivative                                                               
   instruments                  -         (23.9)            -         (43.6)
  Other                      (4.2)         (0.5)         (5.0)         (6.2)
                    --------------------------------------------------------
Net cash flow of                                                            
 continuing                                                                 
 operations provided                                                        
 from financing                                                             
 activities                 899.9         884.4         780.5         453.6 
                    --------------------------------------------------------
Net cash flow of                                                            
 discontinued                                                               
 operations used in                                                         
 financing                                                                  
 activities                     -          (1.2)         (0.6)         (2.6)
                    --------------------------------------------------------
Effect of exchange                                                          
 rate changes on                                                            
 cash and cash                                                              
 equivalents of                                                             
 continuing                                                                 
 operations                   4.1         (12.3)         (0.3)         (3.5)
                    --------------------------------------------------------
Increase (decrease)                                                         
 in cash and cash                                                           
 equivalents                 (0.6)        794.3        (426.3)        408.0 
Cash and cash                                                               
 equivalents,                                                               
 beginning of period      1,340.3       1,080.3       1,766.0       1,466.6 
                    --------------------------------------------------------
Cash and cash                                                               
 equivalents, end of                                                        
 period              $    1,339.7  $    1,874.6  $    1,339.7  $    1,874.6 
                    --------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Operating Summary                                                           
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                           Ore                       Gold Eq
                                     Processed          Recovery  Production
        Mine       Period  Ownership       (1)   Grade       (2)        (10)
----------------------------------------------------------------------------
                                         ('000                              
                                 (%)   tonnes)   (g/t)       (%)    (ounces)
----------------------------------------------------------------------------
North   Fort       Q3 2012                                                  
 America Knox(3)                 100    16,111    0.76        84%    106,698
                   ---------------------------------------------------------
                   Q2 2012       100    13,084    0.51        85%     71,952
                   Q1 2012       100     4,156    0.46        84%     61,716
                   Q4 2011       100     8,197    0.51        79%     70,759
                   Q3 2011       100     9,415    0.49        77%     76,261
        --------------------------------------------------------------------
        Round      Q3 2012                                                  
         Mountain                                                           
         (4)                      50     6,144    0.72        71%     53,205
                   ---------------------------------------------------------
                   Q2 2012        50     4,674    0.82        74%     53,147
                   Q1 2012        50     5,121    0.92        78%     44,758
                   Q4 2011        50     6,317    0.98        81%     43,584
                   Q3 2011        50     6,989    0.95        74%     54,588
        --------------------------------------------------------------------
        Kettle     Q3 2012                                                  
         River                   100        95   15.23        94%     43,942
                   ---------------------------------------------------------
                   Q2 2012       100       111   11.52        92%     35,985
                   Q1 2012       100       112   12.81        90%     42,618
                   Q4 2011       100       123   12.24        89%     42,003
                   Q3 2011       100       110   13.06        91%     41,200
----------------------------------------------------------------------------
Russia  Kupol -    Q3 2012                                                  
         (6)(7)                  100       332   12.34        94%    155,533
                   ---------------------------------------------------------
                   Q2 2012       100       329   12.23        93%    149,214
                   Q1 2012       100       309   11.76        93%    126,970
                   Q4 2011       100       325   10.81        93%    138,410
                   Q3 2011       100       303   10.39        93%    124,912
----------------------------------------------------------------------------
South   Paracatu   Q3 2012                                                  
 America                         100    13,386    0.38        70%    111,558
                   ---------------------------------------------------------
                   Q2 2012       100    12,988    0.38        74%    118,419
                   Q1 2012       100    12,910    0.35        72%    104,618
                   Q4 2011       100    11,578    0.42        74%    117,977
                   Q3 2011       100    13,202    0.43        74%    135,099
        --------------------------------------------------------------------
        Crixas(12) Q3 2012         0         -       -         -           -
                   ---------------------------------------------------------
                   Q2 2012        50       302    3.43        91%     15,105
                   Q1 2012        50       282    3.82        91%     15,889
                   Q4 2011        50       302    4.58        93%     20,781
                   Q3 2011        50       300    3.49        92%     15,551
        --------------------------------------------------------------------
        La Coipa   Q3 2012                                                  
         (5)                     100     1,297    0.65        79%     41,585
                   ---------------------------------------------------------
                   Q2 2012       100     1,256    0.72        77%     36,113
                   Q1 2012       100     1,467    0.56        78%     37,740
                   Q4 2011       100     1,060    0.58        85%     34,435
                   Q3 2011       100     1,011    0.70        76%     38,539
                   ---------------------------------------------------------
        Maricunga  Q3 2012       100     3,755    0.64        nm      46,971
                   ---------------------------------------------------------
                   Q2 2012       100     3,487    0.65        nm      60,841
                   Q1 2012       100     4,014    0.66        nm      63,989
                   Q4 2011       100     3,960    0.76        nm      54,281
                   Q3 2011       100     3,284    0.80        nm      53,123
        --------------------------------------------------------------------
West    Tasiast(9) Q3 2012                                                  
 Africa                          100     2,530    1.55        92%     51,842
                   ---------------------------------------------------------
                   Q2 2012       100     5,133    1.74        86%     49,807
                   Q1 2012       100     1,597    1.71        89%     37,634
                   Q4 2011       100     4,581    2.33        88%     54,874
                   Q3 2011       100     2,679    2.05        87%     47,175
        --------------------------------------------------------------------
        Chirano -  Q3 2012                                                  
         100%                     90       846    2.67        93%     67,599
                   ---------------------------------------------------------
                   Q2 2012        90       802    2.70        92%     63,660
                   Q1 2012        90       854    2.97        93%     75,906
                   Q4 2011        90       917    2.70        93%     73,539
                   Q3 2011        90       949    2.45        91%     68,372
        --------------------------------------------------------------------
        Chirano(8) Q3 2012        90       846    2.67        93%     60,839
                   ---------------------------------------------------------
                   Q2 2012        90       802    2.70        92%     57,294
                   Q1 2012        90       854    2.97        93%     68,315
                   Q4 2011        90       917    2.70        93%     66,185
                   Q3 2011        90       949    2.45        91%     61,535
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                   Production Production                    
                           Gold Eq   costs of    cost of                    
                             Sales      sales      sales                    
        Mine       Period     (10)       (11)    (11)/oz    Cap Ex      DD&A
----------------------------------------------------------------------------
                                           ($                   ($        ($
                          (ounces)  millions)  ($/ounce) millions) millions)
----------------------------------------------------------------------------
North   Fort       Q3 2012                                                  
 America Knox(3)           100,172 $     64.9 $      648 $    13.7 $    25.7
                   ---------------------------------------------------------
                   Q2 2012  71,978       54.5        757      38.4      11.3
                   Q1 2012  60,365       52.0        861      24.8       9.1
                   Q4 2011  69,973       52.3        747      28.4      10.0
                   Q3 2011  75,611       53.8        712      26.8      15.4
        --------------------------------------------------------------------
        Round      Q3 2012                                                  
         Mountain                                                           
         (4)                53,237       32.2        605      14.4       6.6
                   ---------------------------------------------------------
                   Q2 2012  52,433       34.7        662      19.3       8.4
                   Q1 2012  43,551       37.3        856      13.6       7.8
                   Q4 2011  44,231       26.4        597      22.2       6.1
                   Q3 2011  52,658       35.2        668       9.6       8.8
        --------------------------------------------------------------------
        Kettle     Q3 2012                                                  
         River              44,049       20.7        470       1.0      21.7
                   ---------------------------------------------------------
                   Q2 2012  40,354       20.5        508       3.2      18.2
                   Q1 2012  39,321       18.9        481       0.5      18.9
                   Q4 2011  43,089       19.2        446       3.0      21.6
                   Q3 2011  42,109       19.5        463       3.9      17.5
----------------------------------------------------------------------------
Russia  Kupol -    Q3 2012                                                  
         (6)(7)            164,025       76.5        466      17.0      30.1
                   ---------------------------------------------------------
                   Q2 2012 156,716       73.2        467      12.3      29.4
                   Q1 2012 126,735       61.2        483      10.4      23.6
                   Q4 2011 113,936       54.8        481      18.5      21.3
                   Q3 2011 138,278       58.4        422       8.0      25.7
----------------------------------------------------------------------------
South   Paracatu   Q3 2012                                                  
 America                   104,937       92.0        877      81.0      20.0
                   ---------------------------------------------------------
                   Q2 2012 118,389      108.2        914      67.2      19.2
                   Q1 2012 110,527      105.4        954      74.6      14.6
                   Q4 2011 112,048       82.6        737     131.6      15.1
                   Q3 2011 133,827       89.7        670     105.9      16.9
        --------------------------------------------------------------------
        Crixas(12) Q3 2012       -          -          -         -         -
                   ---------------------------------------------------------
                   Q2 2012  15,611       13.6        871       3.6       4.9
                   Q1 2012  17,153       13.8        805       3.8       4.0
                   Q4 2011  17,379       11.3        650       7.1       3.6
                   Q3 2011  16,594       15.3        922       5.4       3.7
        --------------------------------------------------------------------
        La Coipa   Q3 2012                                                  
         (5)                42,240       45.9      1,087      25.9      12.2
                   ---------------------------------------------------------
                   Q2 2012  30,325       35.7      1,177      22.2       6.2
                   Q1 2012  43,712       44.5      1,018      15.3       4.5
                   Q4 2011  35,629       35.4        994      23.2       3.3
                   Q3 2011  35,566       32.1        903      17.4       6.6
                   ---------------------------------------------------------
        Maricunga  Q3 2012  45,818       40.0        873      33.9       4.9
                   ---------------------------------------------------------
                   Q2 2012  61,367       44.5        725      50.7       5.5
                   Q1 2012  69,063       43.7        633      35.6       6.3
                   Q4 2011  52,987       22.2        419      34.0       4.8
                   Q3 2011  58,591       30.2        515      29.9       5.5
        --------------------------------------------------------------------
West    Tasiast(9) Q3 2012                                                  
 Africa                     48,045       32.2        670     190.4      18.6
                   ---------------------------------------------------------
                   Q2 2012  46,296       44.5        961     124.3      19.9
                   Q1 2012  40,827       35.9        879     260.0      13.8
                   Q4 2011  50,800       37.2        732     204.6      14.8
                   Q3 2011  48,455       40.8        842      88.3      18.4
        --------------------------------------------------------------------
        Chirano -  Q3 2012                                                  
         100%               69,698       51.3        736      15.9      39.5
                   ---------------------------------------------------------
                   Q2 2012  62,978       49.1        780      20.6      36.9
                   Q1 2012  78,251       53.7        686      22.5      41.8
                   Q4 2011  67,876       45.3        667      28.6      28.4
                   Q3 2011  68,697       50.5        735      19.5      23.6
        --------------------------------------------------------------------
        Chirano(8) Q3 2012  62,728       46.2        736      14.3      35.6
                   ---------------------------------------------------------
                   Q2 2012  56,680       44.2        780      18.5      33.2
                   Q1 2012  70,426       48.3        686      20.3      37.6
                   Q4 2011  61,086       40.8        667      25.7      25.6
                   Q3 2011  61,828       45.5        735      17.6      21.2
----------------------------------------------------------------------------
(1)  Ore processed is to 100%, production and costs are to Kinross' account.
(2)  Due to the nature of heap leach operations, recovery rates at Maricunga
     cannot be accurately measured on a quarterly basis. Recovery rates at  
     Fort Knox, Round Mountain and Tasiast represent mill recovery only.    
(3)  Includes 12,873,000 tonnes placed on the heap leach pad during the     
     third quarter of 2012, and 23,420,000 tonnes for the first nine months 
     of 2012. Grade and recovery represent mill processing only. Ore placed 
     on the heap leach pad had an average grade of 0.30 grams per tonne for 
     the third quarter of 2012 and 0.31 for the nine months ended September 
     30, 2012.                                                              
(4)  Includes 5,118,000 tonnes placed on the heap leach pad during the third
     quarter of 2012, and 13,180,000 tonnes for the first nine months of    
     2012. The presentation has been amended to reflect mill grade and      
     recovery only, with heap leach grade disclosed separately, rather than 
     a blended rate for mill and heap leach grades. Ore placed on the heap  
     leach pad had an average grade of 0.44 grams per tonne for the third   
     quarter of 2012 and the first nine months of 2012. In addition, the    
     presentation has been amended to exclude tonnes transferred between    
     heap leach pads.                                                       
(5)  La Coipa silver grade and recovery were as follows: Q3 (2012) 55.58    
     g/t, 45%; Q2 (2012) 42.04 g/t, 46%; Q1 (2012) 38.78 g/t, 51%; Q4 (2011)
     56.82 g/t, 54%; Q3 (2011) 65.00 g/t, 43%.                              
(6)  The Kupol segment excludes Dvoinoye capital expenditures.              
(7)  Kupol silver grade and recovery were as follows: Q3 (2012) 163.68 g/t, 
     85%; Q2 (2012) 187.49 g/t, 87%; Q1 (2012) 171.8 g/t, 85%; Q4 (2011)    
     170.52 g/t, 85%; Q3 (2011) 159.03 g/t, 82%.                            
(8)  Includes Kinross' share of Chirano at 90%.                             
(9)  Includes 1,887,000 tonnes placed on the heap leach pad during the third
     quarter of 2012, and 7,366,000 tonnes for the first nine months of     
     2012. Grade and recovery represent mill processing only. Ore placed on 
     the heap leach pad had an average grade of 0.51 grams per tonne for the
     third quarter of 2012, and 0.50 grams per tonne for the first nine     
     months of 2012.                                                        
(10) 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 2012: 55.44:1, Q2 2012: 54.77:1, 
     Q1 2012: 51.82:1, Q4 2011: 52.64:1, Q3 2011: 43.87:1.                  
(11) "Production cost of sales" is equivalent to "Total cost of sales" per  
     the consolidated financial statements less depreciation, depletion and 
     amortization and impairment charges.                                   
(12) On June 28, 2012, the Company completed the sale of its 50% interest in
     the Crixas gold mine.                                                  

For more information, please see Kinross' 2012 third quarter Financial Statements and MD&A at www.kinross.com.

Contacts:
Media Contact: Kinross Gold Corporation
Steve Mitchell
Vice-President, Corporate Communications
416-365-2726
steve.mitchell@kinross.com

Investor Relations Contact: Kinross Gold Corporation
Tom Elliott
Vice-President, Investor Relations
416-365-3390
tom.elliott@kinross.com
www.kinross.com

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021

SYS-CON Featured Whitepapers
ADS BY GOOGLE