DELIVERING DISCIPLINED GROWTH
Third largest primary Gold Producer in North America
Message: K Invests in Victoria Gold Corp
| December 19, 2008 |
| Kinross Announces Investment in Victoria Gold Corp. |
| TORONTO, ONTARIO--(Marketwire - Dec. 19, 2008) - Kinross Gold Corporation ("Kinross") (TSX:K)(NYSE:KGC) announced today that it has subscribed for 12,500,000 units of Victoria Gold Corp. ("Victoria") pursuant to a private placement. Each unit consists of one common share and one half of one share purchase warrant. Each warrant allows the holder to purchase one common share at an exercise price of CAD $0.25 during the 24 months following the closing of the private placement, subject to acceleration in certain circumstances. After giving effect to the private placement and the exercise of the warrants, Kinross will hold 18,750,000 common shares which, together with the 24,701,025 common shares and warrants exercisable into 2,567,850 common shares held by its wholly-owned subsidiary EastWest Gold Corp., constitutes 34.4% of Victoria's outstanding common shares. The subscription price for the units is CAD $0.20 per unit for an aggregate purchase price of CAD $2,500,000. The private placement is subject to approval by the TSX Venture Exchange. The investment in Victoria is part of Kinross' strategy to increase its exposure to quality exploration opportunities by investing in high quality junior resource companies. Victoria is a gold-focused, growth-oriented exploration company with 17 exploration properties in Nevada. About Kinross Kinross is a Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Ecuador and Russia, and employs approximately 5,500 people worldwide. Kinross' strategic focus is to maximize net asset value and cash flow per share through a four-point plan built on: generating 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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