This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 12 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.

- Gold equivalent production(1) was 526,888 gold equivalent ounces in the first quarter of 2009, compared with 331,784 ounces for the same period last year, an increase of 59%. Consistent with previously stated guidance, the Company remains on track to produce 2.4 - 2.5 million gold equivalent ounces in 2009.

- Revenue was $532.7 million in the first quarter, an increase of 61% over the same period last year. The average realized gold price was $897 per ounce sold compared with $929 per ounce sold in the first quarter of 2008.

- Cost of sales per gold equivalent ounce(2) was $419 in the first quarter, a decrease of 11% compared with cost of sales per gold equivalent ounce of $472 for the same period last year. Cost of sales per gold equivalent ounce is expected to be approximately $390 - $420 for the full year 2009, consistent with previously stated guidance.

- Kinross' attributable margin per ounce sold(3) was a record $478 in the first quarter of 2009, an increase of 5% over the first quarter of 2008 and an increase of 14% over the fourth quarter of 2008.

- Net earnings for the first quarter were $76.5 million, or $0.11 per share, compared with net earnings of $70.9 million, or $0.12 per share, for the first quarter of 2008. Net earnings included a gain of $5.6 million, or $0.01 per share, due to a favourable net foreign exchange impact. Excluding this gain, earnings would have been $70.9 million, or $0.10 per share.

- Cash flow from operating activities before changes in working capital(4) was $214.9 million in the first quarter, or $0.32 per share, double the cash flow per share before changes in working capital in the same period last year. Cash and short-term investment balances were $746.5 million at March 31, 2009 compared with $525.1 million at December 31, 2008.

- The ramp-up in production at the Paracatu expansion is progressing, with continuous improvements in throughput and recovery as the process stabilizes at planned throughput levels. Production is expected to be at design capacity by the second quarter of 2009.

- At Lobo-Marte in Chile, a project scoping study is expected to be completed by mid-year, with a pre-feasibility study scheduled for completion by year-end. At the Fruta del Norte project in Ecuador, the Company expects to receive the necessary permits by mid-year to proceed with a three-month in-fill drilling campaign, intended to upgrade mineral resources and support a pre-feasibility study. A feasibility study of the Cerro Casale project is expected to be completed by the third quarter of 2009. At Maricunga, a pre-feasibility study is commencing this year to explore options to increase production.

- On March 31, 2009, Kinross completed its investment in the Diavik Diamond Mine and Harry Winston Diamond Corporation, representing a 22.5% interest in Harry Winston's 40% joint venture interest in the mine (therefore, a 9% indirect interest in the mine) and a 19.9% equity interest in Harry Winston Diamond Corporation.

- Kinross filed a preliminary shelf prospectus in Canada and a shelf registration statement in the United States (which has not yet become effective) qualifying up to $1 billion of common shares and debt securities. The Company has no current plans to issue securities.

 ----------------------------------------------------------------------- ----- (1) Unless otherwise stated, production figures in this release are based     on Kinross' share of Kupol production (75%). (2) Cost of sales per ounce is defined as cost of sales as per the financial     statements divided by the number of gold equivalent ounces sold, both     reduced for Kupol sales attributable to a third-party 25% shareholder. (3) Attributable margin per ounce sold is defined as average realized gold     price per ounce less attributable cost of sales per gold equivalent     ounce sold. (4) Cash flow before changes in working capital is a non-GAAP measure and     is defined as cash flow provided from operating activities before     changes in operating assets and liabilities. Cash flow per share before     changes in working capital is a non-GAAP measure and is defined as cash     flow provided from operating activities before changes in operating     assets and liabilities divided by the weighted average of common shares     as determined for the calculation of basic earnings per share. 

CEO commentary

Tye Burt, Kinross President and CEO, made the following comments in relation to the first quarter 2009 results.

"We continue to deliver on our strategy of disciplined growth, as costs are trending down and margins are increasing. New ounces from Kupol, Buckhorn, and Paracatu drove our first quarter production up 59% year-over-year, while our cost of sales per ounce declined by 11%. The result was record revenue and margins, and, despite a slightly lower gold price in the quarter, a doubling in cash flow per share before changes in working capital. Operating earnings jumped by 72% year-over-year.

"At Paracatu, the expansion plant process has stabilized, and we are seeing continuous improvement in throughput and recovery. We expect the Paracatu expansion to reach full production in the second quarter, which is expected to lower our cost of sales per ounce in the second half of the year.

"We continue to advance the gold projects that will provide Kinross' next wave of high-quality growth, including expansions at two of our existing operations and new development projects at Lobo-Marte, Fruta del Norte, and Cerro Casale. Meanwhile, our aggressive exploration work at La Coipa and Kupol is yielding promising results and is expected to generate new opportunities and extend mine life.

"Amid continued global economic uncertainty, our liquidity and financial position remains strong, with cash, short-term investment balances and available credit in excess of $900 million as of the end of the first quarter."

 Summary of financial and operating results ----------------------------------------------------------------------------                                                          Three months ended                                                               March 31, (dollars in millions, except per share                ----------------------  and per ounce amounts)                                   2009         2008 ---------------------------------------------------------------------------- Total(a) gold equivalent ounces(b) - produced          591,169      331,784 Total gold equivalent ounces - sold                    590,511      356,864 Attributable(c) gold equivalent ounces - produced      526,888      331,784 Attributable(c) gold equivalent ounces - sold          526,807      356,864 Metal sales                                          $   532.7    $   330.2 Cost of sales (excludes accretion and reclamation  expense, depreciation, depletion and amortization)  $   234.5    $   168.3 Accretion and reclamation expense                    $     4.6    $     4.2 Depreciation, depletion and amortization             $   111.2    $    37.8 Operating earnings                                   $   140.6    $    81.8 Net earnings                                         $    76.5    $    70.9 Basic earnings per share                             $    0.11    $    0.12 Diluted earnings per share                           $    0.11    $    0.11 Cash flow provided from operating activities         $   165.4    $    76.3 Cash flow before changes in working capital (d)      $   214.9    $    99.1 Cash flow before changes in working capital  per share (e)                                       $    0.32    $    0.16 Average realized gold price per ounce                $     897    $     929 Consolidated cost of sales per equivalent  ounce sold (f)                                      $     397    $     472 Attributable(c) cost of sales per equivalent  ounce sold                                          $     419    $     472 (a) "Total" includes 100% of Kupol production. (b) "Gold equivalent ounces" include silver ounces produced and sold     converted to a gold equivalent based on the ratio of the average spot     market prices for the commodities for each period. The ratio for the     first quarter of 2009 was 72.08:1, compared with 52.57:1 or the first     quarter of 2008. (c) "Attributable" includes Kinross' share of Kupol production (75%) only. (d) "Cash flow before changes in working capital" is a non-GAAP measure.     It is defined as cash flow provided from operating activities before     changes in operating assets and liabilities. (e) "Cash flow before changes in working capital per share" is a non-GAAP     measure. It is defined as cash flow provided from operating activities     before changes in operating assets and liabilities divided by the     weighted average of common shares as determined for the calculation of     basic earnings per share. (f) "Consolidated cost of sales per ounce" is defined as cost of sales as     per the consolidated financial statements divided by the total number     of gold equivalent ounces sold. ---------------------------------------------------------------------------- 

Kinross produced 526,888 gold equivalent ounces in the first quarter of 2009, a 59% increase over the 331,784 gold equivalent ounces produced in the first quarter of 2008. The year-over-year increase is the result of additional production from Paracatu following the start-up of the expansion project during the fourth quarter of 2008, the first full quarter of production at Kettle River-Buckhorn, and production from Kupol, which did not commence production until the second quarter of 2008. In the first quarter, revenue from metal sales totaled $532.7 million, compared with $330.2 million during the same period in 2008, an increase of 61%. The average realized gold price for the first quarter was $897 per ounce, compared with $929 per ounce for the first quarter in 2008, a decrease of 3%.

Cost of sales per gold equivalent ounce was $419 in the first quarter compared with $472 per ounce for the first quarter of 2008, a decrease of 11%. The year-over-year decrease is due primarily to lower costs of energy and other consumables, the impact of new low cost production from Kupol, and the weakening of the Russian rouble, Brazilian real and Chilean peso against the U.S. dollar.

Kinross' margin per gold equivalent ounce sold was $478 in the first quarter of 2009, an increase of 5% compared with the first quarter of 2008, reflecting lower cost of sales per gold equivalent ounce in the first three months of this year.

Kinross recorded net earnings of $76.5 million, or $0.11 per share, for the first quarter of 2009, compared with net earnings of $70.9 million, or $0.12 per share, in the first quarter of 2008. Net earnings included a gain of $5.6 million, or $0.01 per share, due to a favourable net foreign exchange impact. Excluding this gain, earnings would have been $70.9 million, or $0.10 per share. Net earnings for the first quarter of 2008 included a gain of $11.5 million or $0.02 per share related to the sale of Kubaka; excluding this gain, first quarter 2008 earnings would have been $0.10 per share.

General and administrative expenses were $24.7 million in the first quarter of 2009, compared with $23.2 million in the first quarter of 2008, a 6% increase year-over-year, but in line with expectations.

Cash flow from operating activities for the first quarter of 2009 was $165.4 million, compared with $76.3 million for the first quarter of 2008, an increase of 117%. Cash and short-term investments were $746.5 million at March 31, 2009 compared with $525.1 million at December 31, 2008. Capital expenditures for the first quarter were $78.3 million, compared with $190.5 million in the first quarter of 2008. The 59% decrease is largely a result of the Company completing its major expenditures at Kupol, Paracatu and Kettle River-Buckhorn during 2008.

 Operations review and update ---------------------------------------------------------------------------- Three months ended March 31,                       Gold equivalent ounces                 -------------------------------      Cost of      Cost of                      Produced          Sold           sales       sales/oz                 --------------- ---------------  -------------- ------------ (in US$ millions)  2009    2008    2009    2008    2009    2008  2009  2008                 --------------- ---------------  -------------- ------------ Fort Knox        48,626  65,394  49,424  76,954  $ 33.2  $ 35.3 $ 672 $ 459 Round Mountain   50,176  63,604  50,986  59,191    26.0    26.0   510   439 Kettle River  - Buckhorn(a)   27,899       -  35,161       -    10.8       -   307     - Kupol (100%)(b) 257,123       - 254,814       -    57.2       -   224     - Paracatu         72,745  43,236  72,093  42,465    48.0    19.2   666   452 Crixas           11,595  20,630  13,548  19,974     5.8     5.9   428   295 La Coipa(c)      66,240  60,893  56,262  80,654    22.0    36.1   391   448 Maricunga        56,765  61,379  58,223  61,800    31.5    34.1   541   552 Julietta(d)           -  16,648       -  15,826       -    11.7     -   739 Other operations      -       -       -       -       -       -     -     - Corporate and  other                -       -       -       -       -       -     -     -                 --------------- ---------------  -------------- ------------ Total           591,169 331,784 590,511 356,864 $ 234.5 $ 168.3 $ 397 $ 472 Less Kupol non-  controlling   interest (25%) (64,281)      - (63,704)      -   (13.6)      -                 --------------- ---------------  -------------- ------------ Attributable    526,888 331,784 526,807 356,864 $ 220.9 $ 168.3 $ 419 $ 472                 --------------- ---------------  -------------- ------------                 --------------- ---------------  -------------- ------------ (a) Kettle River - Buckhorn began operations in the fourth quarter of 2008. (b) Kupol began operations in the second quarter of 2008. (c) Cost of sales per ounce in 2008 includes $76 related to the increase in     inventory volume due to the asset swap transaction. (d) The Julietta mine was disposed of on August 16, 2008. ---------------------------------------------------------------------------- 

At the Fort Knox mine in Alaska, U.S.A., tonnes of ore mined were higher for the first quarter of 2009 compared with 2008 due to the addition of mining equipment and stockpiling of lower grade heap leach ore. Gold equivalent ounces produced were lower than the same period in 2008, due to lower mill throughput resulting from a breakdown of the primary crusher during the quarter, and lower grades resulting from mining transition ore, which led to lower recoveries. Cost of sales decreased due to lower electricity, diesel fuel and consumable costs; however, cost of sales per ounce increased due to lower production. Metal sales decreased primarily due to lower ounces sold. In the month of April, grades, throughput and recovery were back to previous levels.

At the Round Mountain mine in Nevada, U.S.A., tonnes of ore mined were 14% higher compared with the first quarter of 2008, but gold equivalent production, while on plan, was lower than the same period last year. The lower production was due to lower mill tonnage resulting from harder ore, which was partially offset by higher grades, and to fewer tonnes of heap leach ore placed on the pads. The reduction in tonnes placed on the leach pads was due to the planned move of the primary crusher in Q4 2008, which interrupted placing of material to the reusable pad for 10 weeks, until January 2009. Cost of sales was in line with the prior year and cost of sales per ounce was higher due to a decrease in production.

At the Kettle River-Buckhorn mine in Washington, U.S.A., production ramped up as planned as the mine completed its first full quarter of operations, producing and selling 27,899 and 35,161 gold equivalent ounces respectively. Ounces sold were higher than ounces produced in the quarter due to the timing of shipments, as production in inventory at the end of 2008 was sold at the beginning of 2009.

At the Kupol mine in the Russian Federation, tonnes mined and processed were as planned for the first quarter of 2009. For the quarter, Kinross' share of production was 192,842 gold equivalent ounces, including 169,292 ounces of gold and 1,697,485 ounces of silver. Gold equivalent ounces sold were lower than ounces produced due to timing of shipments.

At the Paracatu mine in Brazil, tonnes of ore mined and processed were significantly higher than the prior year due to the ramp-up of the expansion project. Gold equivalent ounces produced were higher in the first quarter of 2009 compared with 2008 due to a combination of increased throughput and a 14% increase in grades. Revenue from metal sales increased 66% due to higher production. Cost of sales increased due to higher operating costs associated with the ramp-up of the expansion plant. Production for the quarter was below plan, which resulted in a higher cost of sales per ounce.

At the Crixas joint venture mine in Brazil, lower grade areas were mined, consistent with the mine plan for the quarter. As a result, gold equivalent ounces produced and sold, as well as metal sales, decreased in the first quarter of 2009 compared with 2008. Cost of sales was in line with the previous year, but cost of sales per ounce was higher due to lower production.

At the La Coipa mine in Chile, tonnes of ore mined and gold grades were higher in the first quarter of 2009 compared with 2008. Gold equivalent ounces produced were higher as a result of higher throughput and higher grades, but ounces sold were lower compared with prior year due to the timing of shipments. Cost of sales decreased primarily due to the 2008 impact of the fair value of the cost of inventory acquired in the asset swap with Goldcorp, and the benefit of a weaker Chilean peso.

At the Maricunga mine in Chile, tonnes of ore mined were lower for the first quarter of 2009 compared with the same period last year due to a decrease in plant availability. Gold equivalent ounces produced were also lower, reflecting the increasingly refractory nature of the ore. Metal sales decreased as a result of lower volume, while cost of sales decreased due to lower costs of energy. Pre-stripping at the new Pancho pit is now underway, and development of the pit will continue throughout 2009. Pancho is expected to provide approximately one-quarter of the total feed to the Maricunga mill in 2009, which will gradually increase to 100% by 2012.

Production and cost of sales per ounce guidance for all Kinross operating regions remain as previously stated.

Project updates

The forward-looking information contained in this section of the release is subject to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on page 12 of this news release.

Projects near completion

Paracatu expansion

The ramp-up in production at the Paracatu expansion is progressing, with continuous improvements in throughput and recovery as the process stabilizes at planned throughput levels. Mining operations are at full production. The SAG mill, crusher and flotation circuits are operating at expected levels of throughput. The focus is now on improving plant availability to design parameters, and on fine-tuning the plant to operate at the planned levels of production. Production is expected to be at design capacity by the end of the second quarter of 2009. In respect of the proposed new tailing dam at Paracatu, Kinross has already obtained the required environmental permit, and is continuing its efforts to obtain the necessary construction permit. In addition to seeking an agreement with Brazilian state and federal public attorneys to set aside injunctions they recently obtained to prevent the relevant state agency from proceeding with a hearing to grant the construction permit, Kinross appealed the injunctions. Kinross' appeal of the state injunction was successful and that injunction has now been set aside. Kinross expects to obtain a judicial decision on its appeal of the federal injunction in May 2009. State and federal authorities support the new tailing dam, and the state authorities have indicated they will appeal the federal injunction. As a back-up plan, Kinross has developed alternatives to the proposed new tailing dam, including expanding the current dam under the existing permits, and an alternative dam location. Kinross will need to proceed with one of these alternatives in the current quarter if the construction permit is not obtained. For additional detail, please refer to the Company's recently filed 2008 year-end documents including the Annual Information Form and Management's Discussion and Analysis.

Fort Knox project

With the onset of spring in Alaska, Kinross is gearing up construction activities on the heap leach project.