TORONTO, Sept. 20 /CNW/ - Kinross Gold Corporation (TSX: K, NYSE: KGC)
("Kinross") announced today that it has entered into a new revolving and term
credit facility with ScotiaCapital and a group of lenders. The US$300 million
three year revolving credit facility will support Kinross' liquidity and
letter of credit needs. The five and a half year US$200 million term loan will
support the previously announced expansion program at the Paracatu mine in
Brazil.
Other lenders include Export Development Canada, SociDetDe GDenDerale, Royal
Bank of Canada, and other international financial institutions.
"We are very pleased that our relationship banks have firmly supported
the Paracatu expansion project in providing this new term loan," said Thomas
Boehlert, Kinross' CFO. "The project will begin delivering significant new
gold production in two years."
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Cautionary statements regarding forward-looking statements
This news release contains "forward-looking statements", within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and similar Canadian legislation, concerning the business, operations and
financial performance and condition of each of Kinross and Crown. Generally,
these forward looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made, and they are subject to
known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of Kinross and
Crown to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to risks related to:
unexpected variations in ore grade, tonnes mined, crushed or milled; delay or
failure to required approvals; timing and availability of external financing
on acceptable terms; the businesses of Kinross and Crown not being integrated
successfully or such integration proving more difficult, time consuming or
costly than expected; not realizing on the anticipated benefits from the
Kinross/Crown transaction or not realizing on such anticipated benefits within
the expected time frame; risks related to international operations; actual
results of current exploration activities; actual results of current
reclamation activities; conclusions of economic valuations; changes in project
parameters as plans continue to be refined; future prices of gold and
commodities; possible variations in ore reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; delays in the
completion of development activities, as well as those factors discussed in or
referred to in the "Risk Factors" and elsewhere in Kinross' registration
statement on Form F-4 and Kinross' and Crown's other documents filed from time
to time with the United States Securities and Exchange Commission and Canadian
securities regulatory authorities. Although management of each of Kinross and
Crown has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Neither Kinross nor Crown undertakes to update any forward-looking
statements, except in accordance with applicable securities laws.
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About Kinross Gold Corporation
Kinross, a Canadian-based gold mining company, is the fourth largest
primary gold producer in North America and the eighth largest in the world.
With eight mines in Canada, the United States, Brazil and Chile, Kinross
employs more than 4,000 people.
Kinross maintains a strong balance sheet and a no gold hedging policy.
Kinross is focused on a strategic objective to maximize net asset value and
cash flow per share through a four-point plan built on growth from core
operations; expanding capacity for the future; attracting and retaining the
best people in the industry; and driving new opportunities through exploration
and acquisition.
Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and
the New York Stock Exchange (symbol:KGC).
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