Kinross has invested millions in many small exploration companies by investing in private placements... see here...

http://www.kinross.com/operations/exploration.aspx

Sage Gold has recently completed a couple of relatively small private placements yet since acquiring about 8% of the company as a result of the merger with Consolidated Puma (which did not cost Kinross anything), Kinross has not invested 1 red cent in Sage Gold... .. The 8% ownserhip stake is not even enough to get Sage Gold a mention on Kinross website or in their financial statments as a legitimate 'exploration partner'... even though their VP Geoff Gold sits on SGX board of directors... why do you think this is the case?...

red911