Kinross Announces Record Quarterly Production and Revenue

Kinross Gold Corporation (CA:K: news, chart, profile) (KGC:
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, , ) ("Kinross" or the "Company") today announced its unaudited results for the three and nine months ended September 30, 2008.
(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 14 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)
- Gold equivalent production(1) was 551,510 gold equivalent ounces in the third quarter of 2008, an increase of 47% over the third quarter of 2007 and 36% over the second quarter of 2008, representing a new quarterly record for Kinross. Consistent with previously stated guidance, the Company remains on track to produce approximately 1.8-1.9 million gold equivalent ounces in 2008.
- Revenue was $503.7 million in the third quarter, an increase of 83% over the same period last year, also representing a new quarterly record for Kinross. Revenue was $1.13 billion for the nine months ended September 30, a year-over-year increase of 40%. The average realized gold price was $857 per ounce sold, compared with an average realized gold price of $686 per ounce in the third quarter of 2007, an increase of 25%.
- Cost of sales per gold equivalent ounce(2) was $406 in the third quarter, compared to $383 per ounce in the third quarter of 2007, and was $60 per ounce, or 13%, lower than the second quarter of 2008. Cost of sales per gold equivalent ounce is expected to be approximately $425-445 for the full year 2008, consistent with previously stated guidance.
- Kinross' margin per ounce sold was $451 in the third quarter of 2008, compared with $303 for the third quarter of 2007, an increase of 49%.

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