Kinross Agrees in Principle to Sell Diavik Interest (KGC, HWD)

Kinross Gold CorporationKGC announced today that it has reached an agreement in principle with Harry Winston Diamond CorporationHWD, pursuant to which Kinross will sell its 22.5% interest in the partnership holding Harry Winston's 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$220 million, comprised of US$50 million cash, approximately 7.1 million Harry Winston common shares with a value of approximately US$100 million, and a note payable in the amount of US$70 million. The completion of the transaction is subject to execution of definitive binding documentation, as well as the approval of the boards of both Harry Winston and Kinross, the receipt of all required third party consents, the receipt of required regulatory approvals and other customary conditions of closing.