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Kinross Announces Filing of Audited Financial Statements for 2004 and Restated Audited Financial Statements for 2003, Change of Auditors and Court Application to Extend Shareholders Meeting Date
Kinross Announces Filing of Audited Financial Statements for 2004 and Restated Audited Financial Statements for 2003, Change of Auditors and Court Application to Extend Shareholders Meeting Date.
About this update from Kinross Gold Corporation
[{"type":"text","content":"\n\n\n\n\nAll dollar amounts stated in this press release are expressed in U.S. \ndollars\n\nTORONTO, Nov. 30 /CNW/ - Kinross Gold Corporation (\"Kinross\" or the\n\"Company\") (TSX-K; NYSE-KGC) announces that it has filed today its audited\nfinancial statements for the year ended December 31, 2004 which include the\naudited comparative restated financial statements for the year ended\nDecember 31, 2003 and the related management discussion and analysis (\"MD&A\"),\nand that it has also filed its restated quarterly financial statements and\nMD&A for 2004. Kinross expects to file its quarterly financial statements and\nMD&A for the quarters of 2005 by mid December.\nIn finalizing the restated financial statements Kinross has made minor\nadjustments to the preliminary results previously announced in the October 20,\n2005 press release, to reflect updated information related to the size of\ncertain exploration properties acquired in the Echo Bay and TVX acquisition.\nThese changes resulted in an increase in the value of exploration properties\nof $5.4 million, a related decrease in the future income tax liability of\n$0.4 million and a corresponding decrease in goodwill of $5.8 million on the\nacquisition of TVX and Echo Bay, as of January 31, 2003. These changes\nresulted in a decrease in goodwill impairment of $5.7 million and a related\nincrease in the amount of the impairment of Kinross' exploration properties of\n$0.5 million as of December 31, 2003. The reported net loss for 2004 was\nslightly higher due to a $0.2 million tax adjustment; this did not change net\nloss per share.\nKinross also announced that an application (the \"Application\") will be\nmade to the Ontario Superior Court of Justice for an order extending the time\nfor holding the Company's 2005 annual and special meeting of shareholders past\nDecember 31, 2005. The application will seek an order from the Court to extend\nthe meeting deadline until February 28, 2006, although Kinross anticipates\nholding its meeting, together with an investor information update, in late\nJanuary 2006. This meeting will replace the previously scheduled December 21,\n2005 shareholders' meeting.\nKinross hereby notifies its shareholders that a court date to hear the\nApplication has been set for December 13, 2005 at 10:00 a.m. to be heard at\n393 University Avenue, 8th ...