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The Fruta del Norte (FDN) project is located within a 95,000 hectare land package in southeastern Ecuador, in the province of Zamora-Chinchipe. Kinross acquired 100% of the project on September 30, 2008, through the acquisition of Aurelian Resources Inc.

The Condor project is about 80 kilometres northeast of Loja, one of the largest cities in southern Ecuador. Due to its proximity to the equator and elevation of approximately 1,400 metres, the climate around FDN is tropical rain forest, and the temperature hovers between 21 to 24 degrees Celsius year round.

FDN is a high grade, intermediate sulphidation epithermal gold-silver system, hosted in andesitic volcanics. The FDN discovery drill hole was reported on April 5, 2006.

Kinross has prepared a pre-feasibility study and technical report for FDN, incorporating reserve and resource information as of year-end 2010. Proven and probable mineral reserves are estimated at 6.8 million ounces of gold and 9.1 million ounces of silver. The study is based on a mine life of approximately 16 years, with life of mine gold production of 6.3 million ounces and silver production of 6.7 million ounces. Annual production is expected to average approximately 410,000 gold equivalent ounces per annum over the life of mine.

The Company expects to submit Environmental Impact Assessments to build and operate the mine and processing facilities by mid-2011. Kinross expects to complete a feasibility study in the second half of 2011, and is targeting start up in late 2014.

Kinross has commenced negotiations with the Ecuadorian government on an exploitation agreement for FDN.



Mineral Reserve and Resource Summary

As at December 31, 2010