Kinross Provides Preliminary 2011 Results and 2012 Outlook

TORONTO, ONTARIO–(Marketwire – Jan. 16, 2012) –¬†Kinross Gold Corporation (TSX:K)(NYSE:KGC) today provided its preliminary operating results for the full-year 2011 and outlook for 2012, and announced a project optimization process to improve capital allocation, project sequencing, and investment returns.

(This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information on page 6 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)

2011 preliminary results

Kinross' 2011 full-year production(1) is expected to be approximately 2.6 million gold equivalent ounces, within the previously-stated guidance range. The Company's average 2011 production cost of sales is expected to be approximately $600 per gold equivalent ounce(2), within the previously-stated guidance range.

2012 outlook

In 2012, Kinross expects to produce approximately 2.6-2.8 million gold equivalent ounces from its current operations. Production cost of sales per gold equivalent ounce is expected to be in the range of $670-715 for 2012.

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