TORONTO, July 22 /CNW/ - Kinross Gold Corporation ("Kinross" or the
"Company") (TSX-K; NYSE-KGC) provides a status update on the preparation and
filing of its financial statements and related matters.
As previously disclosed, Kinross has not yet filed its audited financial
statements and related management's discussion and analysis or its annual
information form as a result of the review of the accounting treatment for the
assets acquired in the TVX Gold/Echo Bay merger ("the Merger").
Kinross has submitted a letter to U.S. and Canadian regulators responding
to comments on the registration statement filed by Kinross in connection with
the proposed acquisition of Crown Resources Corporation. Included with the
response letter are the independent valuations of the assets acquired in the
Merger and related documents and opinions from independent advisors and
valuators.
If accepted, the proposed accounting methodology that is being reviewed
by regulators would lead to a significant restatement of Kinross' results for
2003. Kinross has recently been notified by the staff of the enforcement
division of the U.S. Securities and Exchange Commission that it will request
additional documents from Kinross shortly in connection with an informal
inquiry focused on Kinross' accounting for the Merger and the potential
restatement.
Kinross will file audited financial statements after the relevant
regulators have issued their final comments on the accounting treatment for
the assets acquired in the Merger, the auditors have signed off on the
financial statements, and the financial statements have been approved by
Kinross' board of directors.
Kinross will issue bi-weekly updates as to the status and timing which
can be viewed on the website at www.kinross.com. The next update is scheduled
for the week of August 1, 2005.
Kinross will continue to provide bi-weekly status updates to the market
regarding the process relating to the preparation and filing of its financial
statements and related matters, pursuant to the alternative information
guidelines of the Ontario Securities Commission ("OSC") Policy 57-603 and
Canadian Securities Administrators Staff Notice 57-301, until such time as
Kinross is current with its filing obligations under Canadian securities laws.
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