TORONTO, June 20 /CNW/ - Kinross Gold Corporation (TSX-K; NYSE-KGC)
("Kinross" or the "Company") today announced that it has entered into a
definitive agreement with Caledonia Mining (TSX-CAL) ("Caledonia") to exchange
Kinross' Blanket Mine located in Zimbabwe for 20 million common shares of
Caledonia and US$1 million in cash. The sale does not impact Kinross'
production profile or cash flow in the future as the asset was written down in
2002.
Caledonia is a diversified mining company with gold and PGE exploration
in South Africa and base metal and diamond exploration in Zambia.
About Kinross Gold Corporation
Kinross, a world-class gold company based in Canada, has since 1993
become the fourth largest primary gold producer in North America and the
eighth largest in the world. With nine mines in stable countries including
Canada, the United States, Brazil and Chile, Kinross employs more than
4,000 people worldwide.
Kinross' strong balance sheet and no-gold hedging policy allow it to take
full advantage of increasing cash flow, revenues and profit margins per ounce
of gold. 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 New York Stock Exchange (symbol:KGC)
and on the Toronto Stock Exchange (symbol:K).
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