Annual General Meeting

Kinross Gold Corporation announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported net earnings from continuing operations attributable to common shareholders of $160.5 million or $0.14 per basic and diluted share compared to $99.6 million or $0.09 per basic and diluted share a year ago. Adjusted net earnings from continuing operations attributable to common shareholders were $170.5 million or $0.15 per share compared to $196.1 million or $0.17 per share a year ago. Net cash flow of continuing operations provided from operating activities was $358.1 million, adjusted operating cash flow from continuing operations was $411.8 million or $0.36 per share compared to net cash flow of continuing operations provided from operating activities was $380.0 million, adjusted operating cash flow from continuing operations was $319.0 million or $0.28 per basic share a year ago. Metal sales were $1,058.1 million against $1,005.1 million a year ago. Operating earnings were $250.9 million against $301.2 million a year ago. Capital expenditures were $317.8 million compared with $529.3 million for the same period last year, a decrease due mainly to timing of expenditures at the Tasiast expansion project, and the completion of the fourth ball mill at Paracatu and SART plant at Maricunga in 2012. Earnings before taxes were $234.9 million against $304.9 million a year ago. Earnings from continuing operations after tax were $162.1 million against $90.8 million a year ago. Net earnings attributable to common shareholders were $160.5 million or $0.14 per basic and diluted share against $105.7 million or $0.09 per basic and diluted share a year ago. For the first quarter of 2013, the company reported production of 648,897 gold equivalent ounces (Au eq. oz.), compared with 588,358 ounces a year ago. Total attributable gold equivalent ounces produced were 648,897 against 604,247 a year ago. Attributable gold equivalent ounces from continuing operations produced 648,897 against 588,358 a year ago. Gold equivalent ounces from continuing operations were 655,610 against 595,949 a year ago. As previously announced on February 13, 2013, the company expects to produce approximately 2.4 million to 2.6 million gold equivalent ounces for the year 2013, and meet regional production guidance, production cost of sales to be $740 to $790 per gold equivalent ounce, all-in sustaining cost $1,100 to $1,200 per gold ounce sold and capital expenditures to be $1.6 billion. The company reported impairment of investments of $5.6 million for the first quarter of 2013.

Kinross Gold Corporation announced the results of its pre-feasibility study (PFS) for its Tasiast expansion project. Based on these results, the company has decided to proceed with a feasibility study on an expanded Tasiast operation with a 38,000 tonne per day (tpd) mill. The PFS was based on constructing a new 30,000 tonne tpd mill at Tasiast utilizing heavy fuel oil as an energy source. It assumed a $1,500 per ounce gold price for overall project economics and, consistent with the Company's year-end mineral reserve estimates, a $1,200 per ounce gold price for pit design purposes. The PFS estimates are based on a pit design mineral resource estimate of approximately 10 million recovered gold ounces, which does not include additional known resources estimated using a gold price assumption above $1,200 per ounce. In addition, the PFS estimates do not include potential district exploration upside. The study found that during the first five years of production, a 30,000 tpd mill would be expected to have average gold production of approximately 830,000 ounces per year, with average cash costs of approximately $500 per ounce, and average all-in sustaining costs of approximately $735 per ounce. The expected initial capital cost would be approximately $2.7 billion. The PFS indicated an estimated IRR for the project of approximately 11% and an estimated NPV of approximately $1.1 billion. In addition, the PFS incorporated trade-off studies which considered utilizing the existing 8,000 tpd mill capacity at Tasiast in addition to a new 30,000 tpd mill. These studies concluded that a single new 38,000 tpd mill would be expected to provide the optimum economics for an expanded project. Based on these results, the Company is proceeding to a full feasibility study (FS) on an expanded Tasiast operation with a 38,000 tpd mill. The FS work process will begin immediately, and is now scheduled for expected completion in the first quarter of 2014. Following completion of the FS, the Company will make a decision on whether to complete engineering and proceed with construction. The decision will depend on a range of factors, including gold price assumptions and projections, expected economic returns, and various technical and other considerations. The FS will assess construction of a standard carbon-in-leach (CIL) circuit with a primary crusher and SAG mill, in addition to the existing dump leach facilities. The FS will assume an open-pit mining sequence based on developing a series of pushbacks that would allow the mine to encounter expected higher grade ore early in the mine life. A variable cut-off grade strategy is expected to be applied to bring gold production forward and stockpile lower-grade material for processing later in the mine life. The FS will explore a number of opportunities to optimize the project and improve overall economics, including the potential for implementing lower-cost natural gas power. Kinross is currently part of a joint venture which is working to advance the commercialization of power generated by natural gas supply located offshore of Mauritania.