Kinross acquired the Lobo-Marte gold project in northern Chile on January 8, 2009 from Teck Cominco Limited and certain subsidiaries of Anglo American plc.

Close to 30,000 hectares in size, Lobo-Marte is located in the Maricunga mining district, roughly midway between Kinross' Maricunga and La Coipa mines. Teck reported Indicated Resources of 97,680,000 tonnes grading 1.72 g/t gold (approximately 5.4 million ounces of gold) and Inferred Resources of 9,250,000 tonnes grading 1.56 g/t gold (approximately 0.5 million ounces of gold) at Lobo-Marte on a 100% basis as at December 31, 2007 (see page 75 of Teck's 2007 Annual Report).

Lobo-Marte allows Kinross to further increase its presence in the Maricunga district and offers potential cost savings by using existing administration and operations at neighbouring Kinross operations to help develop the project. As well, Kinross' experience in cold-weather, heap leach mining at high altitudes will be relied on.

Kinross has completed a pre-feasibility study on Lobo-Marte based on drill hole information obtained at the time of acquisition and the metallurgical drill program completed in 2009. The pre-feasibility study confirms the viability of a 47,000 tonne per day open pit heap leach operation incorporating SART (Sulphidization, Acidification, Recycling and Thickening) technology, and identifies proven and probable mineral reserves of approximately 5.6 million ounces of gold at an average grade of 1.22 grams of gold per tonne. Annual gold production is estimated to be approximately 350,000 - 400,000 gold equivalent ounces for the first five years of full production.

Mineral Reserve and Resource Summary

As at December 31, 2009