TORONTO, ONTARIO--(Marketwire - May 30, 2008) - Kinross Gold Corporation ("Kinross")(TSX:K)(NYSE:KGC) today announced the first production of gold and silver from its Kupol project in the Chukotka region of the Far Eastern Federal District of Russia.

Kupol is operated by the Chukotka Mining and Geological Company (CMGC), which is owned 75 per cent by Kinross and 25 per cent by the State Unitary enterprise of the Chukotsky Autonomous Okrug (Chukotsnab).

At approximately 11 a.m., local time, the first bar of gold-silver dore was produced from the Kupol mine.

"We are delighted to announce the first production, on schedule and on budget, from this outstanding, low-cost mine," said Kinross President and CEO Tye Burt. "Our team in Russia deserves credit for successfully bringing Kupol from development to production within a remarkably short time frame, especially given the challenges of its remote arctic location. We would also like to acknowledge the significant support and contribution of our local government partners in making this project a reality."

"We are very pleased that production has begun at Kupol," said Vladimir Vildyakin, Head of Anadyr municipal rayon. "This is an important project for our region which promises to deliver major employment and economic benefits to the people of Chukotka in the years to come.)"

Kinross' share of Kupol's 2008 production is expected to be approximately 365,000 to 390,000 gold equivalent ounces, at an average cost of sales of US$235 to $245 per ounce. Kupol is the first of three major new development projects for Kinross expected to come into production in 2008. The Paracatu expansion project in Minas Gerais province in Brazil is expected to begin commissioning in July 2008, and the Buckhorn project in Washington State, U.S.A., is expected to begin commissioning in October 2008. The three mines are expected to increase Kinross' production to between 2.5 and 2.6 million gold equivalent ounces in 2009, while reducing the Company's average cost of sales per ounce.

The Kupol mine is located north of the Arctic Circle, approximately 220 kilometres southeast of Bilibino, the nearest major city. The project consists of an open pit and underground mine and conventional mill, which is expected to reach its full production rate of 3,000 tonnes per day by October 2008. When Kupol becomes fully operational, it will employ approximately 1200 people.

"Along with our partners, we look forward to Kupol bringing significant employment and economic benefits to a relatively remote and undeveloped part of the Russian Federation," said Mr. Burt.