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Announces Filing of Fort Knox and Paracatu Technical Reports
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TORONTO, Aug. 9 /CNW/ - Kinross Gold Corporation (TSX: K, NYSE: KGC)
("Kinross") wishes to advise that they have entered into an agreement whereby
X-Cal Resources Ltd. ("X-Cal") has agreed to issue and sell to Kinross, on a
private placement basis, 3.5 million common shares of X-Cal at a price of
C$0.32 per share.
This private placement remains subject to regulatory approval and
completion of certain closing conditions. Upon completion of the private
placement, Kinross will beneficially own a total of 13 million X-Cal common
shares, representing approximately 10.5% of the X-Cal issued and outstanding
common shares. Kinross has agreed to acquire these additional securities for
investment purposes.
Paracatu and Fort Knox technical reports filed
Kinross announced last week that it had approved an investment of
$470 million in its Brazilian subsidiary for an expansion of its Paracatu
mine. Also, along with Crown Resources, it announced that the proxy
statement/circular in respect of the Crown transaction would be mailed to
shareholders and a meeting will be held on August 31, 2006. In connection with
these announcements Kinross has filed with Canadian securities regulators
updated technical reports prepared in accordance with National Instrument
43-101 for its Fort Knox and Paracatu mines. The new technical reports will be
available for review at www.SEDAR.com.
Caution Concerning Forward-Looking Statements
This release and related documents may contain certain "forward-looking
statements" including, but not limited to, completion of the private placement
on the terms announced (if at all), receipt of regulatory approval, and the
number and percentage of X-Cal shares owned by Kinross. Forward looking
statements are statements that are not historical facts and are subject to a
variety of risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking statements,
including, without limitation: regulatory risks, results of due diligence
investigations and transaction risks.
Forward-looking statements contained in this release and related
documents are based on the beliefs, estimates and opinions of management on
the date the statements are made. There can be no assurance that such
statements will prove accurate. Actual results may differ materially from
those anticipated or projected. Kinross undertakes no obligation to update
these forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change.
%SEDAR: 00002968E
