Kinross Receives Pre-Approval to Increase Kupol Ownership to 100%

Kinross Gold Corporation KGC announced today that according to the Russian Federation's State Commission for the Control of Foreign Investments , Kinross' 100%-owned subsidiary, Kupol Ventures Limited, has received pre-approval from the Commission to increase its ownership in the Chukotka Mining and Geological Company - owner of the Kupol Mine and Kupol East-West exploration licences - to 100% from the current 75%. Kupol Ventures applied for and obtained the Commission's pre-approval further to discussions with the State Unitary Enterprise of the Chukotka Autonomous Okrug or "CUE" to repurchase the shares of CMGC currently held by CUE. Kinross will provide further details upon completion of final documentation, including a share purchase agreement.