EWS RELEASE: Kinross Acquires Strategic Nevada Assets (November 12, 2015)

http://www.kinross.com/

Strengthens Portfolio With Two Quality Mines in World-Class Jurisdiction; Large Prospective Land Package Offers Clear Path to Upside Potential

TORONTO, ON, Nov 12, 2015 (Marketwired via COMTEX) — Kinross Gold Corporation (K) KGC, -2.78% announced today that it has entered into a definitive asset purchase agreement to acquire 100% of the Bald Mountain (“Bald Mountain”) gold mine, which includes a large associated land package, and 50% of the Round Mountain (“Round Mountain”) gold mine in Nevada from Barrick Gold Corporation for $610 million in cash.1

(This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page four of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.)

Strategic Rationale for Acquisition:
— Value Enhancing – Accretive on a number of key per share metrics including production, cash flow, and mineral reserves and resources2. The acquisition will add approximately 430,000 gold equivalent ounces (Au eq. oz.) in annual average forecast production over the first three years and is expected to lower Kinross’ cost profile.

— Unique opportunity – Strengthens portfolio with two quality, free cash flowing mines with mineral resource potential, located in a world-class mining jurisdiction.

— Builds on Nevada and U.S. platform – Consolidates Round Mountain ownership, production in the United States increases by 56%. Strong fit with Kinross’ open-pit heap leach skillset and potential operational synergies.

— Clear exploration upside potential – Promising mine life expansion potential from existing pits, and potential extensions to near-pit historic operations at Bald Mountain.The Bald Mountain property encompasses a 600 km2 prospective land package along the southern extension of the Carlin trend, the most prolific gold producing region in the United States. Kinross will leverage Barrick’s area expertise to explore and develop 40% of the land package outside the current core mining area as part of a 50/50 exploration joint venture.

— Maintains Balance Sheet Strength and Liquidity – All cash transaction increases overall cash flow, lowers costs and enhances credit metrics.

For the rest of this news release, click here: http://www.marketwatch.com/story/kinross-acquires-strategic-nevada-assets-2015-11-12-71733026

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