Kinross Completes Acquisition Of Strategic Nevada Assets

TORONTO, ON Kinross Gold Corporation has completed its acquisition of 100% of the Bald Mountain gold mine, which includes a large associated land package, and 50% of the Round Mountain gold mine in Nevada from Barrick Gold Corporation for $610 million in cash1 under the previously announced definitive asset purchase agreement.

"The addition of these quality assets adds to our production profile, delivers free cash flow and is expected to lower costs while preserving our balance sheet strength," said J. Paul Rollinson, Kinross President and Chief Executive Officer. "The acquisition expands our existing portfolio in Nevada, one of the best mining jurisdictions in the world, and provides clear upside potential."

The Bald Mountain property encompasses a 600 km2 prospective land package along the southern extension of the Carlin trend, the most prolific gold producing region in the United States. Kinross will leverage Barrick's area expertise to explore and develop 40% of the land package outside the current core mining area as part of a 50/50 exploration joint venture.