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<SEC-DOCUMENT>0001188112-04-001067.txt : 20040713
<SEC-HEADER>0001188112-04-001067.hdr.sgml : 20040713
<ACCEPTANCE-DATETIME>20040713170457
ACCESSION NUMBER:		0001188112-04-001067
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINROSS GOLD CORP
		CENTRAL INDEX KEY:			0000701818
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				650430083
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13382
		FILM NUMBER:		04912484

	BUSINESS ADDRESS:	
		STREET 1:		185 SOUTH STATE STREET
		STREET 2:		STE 400
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84111
		BUSINESS PHONE:		8013639152

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLEXUS RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>t6k-2983e.txt
<DESCRIPTION>6-K
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                        PURSUANT TO RULE 13a-16 OR 15d-16
                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                           For the month of July, 2004
                        Commission File Number: 001-13382
                            KINROSS GOLD CORPORATION
                 (Translation of registrant's name into English)

                  52nd Floor, Scotia Plaza, 40 King Street West
                            Toronto, Ontario M5H 3Y2
                    (Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40F:

                     Form 20-F                  Form 40-F  X
                              -----                      -----

     Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):_____

     Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of
a Form 6-K if submitted solely to provide an attached annual report to security
holders.

     Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_____

     Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of
a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.

     Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                           Yes                         No  X
                              -----                      -----

     If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2b:

<PAGE>

                                                                          Page 2

This report on Form 6-K is being filed for the sole purpose of providing the
technical report dated April, 2003 with respect to the Crixas Mine as of
December, 2002.


                                  EXHIBIT INDEX

99.1     Crixas Mine Technical Report dated April, 2003
99.2     Consent of Expert - Ken Reipas, P. Eng. Dated June 25, 2004

<PAGE>

                                                                          Page 3
                                   SIGNATURES

     Pursuant to the requirements of Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                         KINROSS GOLD CORPORATION


                                             Signed: /s/ Shelley M. Riley
                                                    ----------------------------
                                             Corporate Secretary


July  12, 2004

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tex99_1-2983e.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>






                                                        KINROSS GOLD CORPORATION



                                                INDEPENDENT TECHNICAL REPORT FOR
                                                             CRIXAS MINE, BRAZIL
- --------------------------------------------------------------------------------
                                                            REPORT NO. 3CK005.02

                                                                      APRIL 2003



            [PICTURE]




                           [PICTURE]



                                                                    PREPARED BY:


                                                           [LOGO] SRK CONSULTING
                                                        Engineers and Scientists

<PAGE>

                        INDEPENDENT TECHNICAL REPORT FOR
                               CRIXAS MINE, BRAZIL

                              REPORT NO. 3CK005.02


                                  Prepared for:

                            KINROSS GOLD CORPORATION

                            52nd Floor, Scotia Plaza
                              40 King Street West
                                  Toronto, ON
                                 Canada M5H 3Y2



                                  Prepared by:

                   STEFFEN ROBERTSON AND KIRSTEN (CANADA) INC.

                            Suite 602, 357 Bay Street
                                  Toronto, ON
                                 Canada M5H 2T7

                    Tel: (416) 601-1445 o Fax: (416) 601-9046

               E-mail: toronto@srk.com      Web site: www.srk.com
                       ---------------                -----------

                                   APRIL, 2003


                              [LOGO] SRK CONSULTING
                            Engineers and Scientists

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                   PAGE I
- --------------------------------------------------------------------------------

EXECUTIVE SUMMARY

INTRODUCTION

Steffen, Robertson and Kirsten (Canada) Inc. ("SRK") was retained by Kinross
Gold Corporation ("Kinross"), to complete an independent technical report on the
Crixas underground gold mine of Mineracao Serra Grande ("MSG"), near the city of
Crixas, in the Brazilian state of Goias (260 km northwest of Brasilia).

Access to the area is by paved road, which links the city of Crixas and the
Belem-Brasilia highway 120 km to the southeast. There is an airstrip suitable
for small aircraft outside the city of Crixas.

MSG operates two ramp access underground gold mines at the site in close
proximity to each other, namely Mina III and Mina Nova, with a combined capacity
of 740,000 t/a. The mine employs a total of some 676 workers made up of 526
direct employees of MSG and 150 contractors.

The Crixas Mine was first exploited by garimpeiros as open-pit workings, and it
was in 1973 that geological investigation of the area commenced. Inco began
reconnaissance work in the Crixas region in that year, including mapping,
magnetic surveys and diamond drilling. In 1976, Inco discovered gold
mineralization.

Subsequently, Inco decided to seek a partner to help fund further exploration
and development, and in April 1983, Kennecott Corporation signed an option
agreement to gain a 50% interest in the project. In 1986, Kennecott Corporation
sold its participation in the project to an affiliate of Anglo American, which
continued underground development and exploration and completed a viable
feasibility study in 1987.

By August 1985, drilling had identified underground deposits of gold, and on
October 16, 1987, the decision was taken to proceed with the development of a
mine and associated processing facilities. Mining started in 1987 with ore being
stockpiled. Successful testing of the process plant in the fourth quarter of
1989 produced the initial gold bullion on November 14, 1989.

TVX Gold acquired its interest in the property on January 7, 1991 through a
merger with Inco. TVX Gold was acquired by Kinross Gold Corp in early 2003,
giving Kinross 50% ownership of the property.

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                  PAGE II
- --------------------------------------------------------------------------------

GEOLOGICAL SETTING AND GOLD MINERALIZATION

The gold deposits at Crixas are hosted by a sequence of schists, volcanics and
carbonates occurring in a greenstone belt structural setting within the Upper
Archaean Pilar de Goia's Group (2.7 Ga). The stratigraphy of the belt is
dominated by basic and ultrabasic volcanics grading upwards into a more
volcano-sedimentary dominated environment.

Sediments surrounding the volcanics are metamorphosed to a sequence of schists
and the carbonates have been dolomitized with development of siderite and
ankerite veining. To the north of the city of Crixas lies a narrow band of
graphitic schist, the Allocthon Mina Dos Ingleses, which is host to a number of
Garimperos workings.

Gold at Mina III is associated with massive sulphides and vein quartz oreshoots.
These are linear bodies with long axis lengths in excess of 200m in places and
plunging to the northwest at between 6-35(degree). The Upper and Intermediate
Zone are dominated by massive sulphide bodies whilst the Lower Zone is
subdivided into a disseminated sulphide in the graphitic schist and a high grade
quartz orebody. At Mina Nova, the gold is associated with shallow dipping
(6-10(degree)) tabular bodies of disseminated sulphides.

In Mina Nova mine and in the upper zones at Mina III the predominant sulphide
minerals are arsenopyrite and pyrrhotite. In the Lower Zone at Mina III the
pyrrhotite content increases and minor chalcopyrite can be observed.

The Corpo IV, Corpo V and Corpo Sul orebodies all occur in close proximity to
the Mina III orebody and exhibit similar mineralogical properties to the Lower
Zone at this mine. These orebodies are currently accessed from Mina III although
mining has not commenced at Corpo V.

The Forquilha and Palmeiras orebodies have been intersected by surface diamond
drilling. The latter is high grade but a large proportion of the orebody occurs
within the Metago license boundary. Forquilha is a relatively low-grade deposit.
The current Life of Mine (LoM) Plan does not include either of these orebodies.

MINERAL RESOURCE EVALUATION

The orebodies were originally delineated through surface exploration and
drilling. Subsequent to the commencement of mining, the orebodies at Mina III
and Mina Nova have been extensively developed through underground access.
Sampling is currently carried out

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                 PAGE III
- --------------------------------------------------------------------------------

using a combination of surface drilling, underground drilling and underground
chip sampling.

MSG carries out sample preparation and analysis on site. A detailed QC/QA
protocol is followed by the staff at the mine and internal and external
independent checks are carried out at regular intervals.

The orebodies are subdivided into panels between 50m levels. At Mina III the
panel grades are calculated from the weighted average of all channel samples on
the upper and lower drives and any underground or surface drill holes that
intersect the orebody between the relevant levels. Very little sampling is
carried out within the panels during the mining process and the block grades are
calculated by kriging the samples located around the boundary of the panel. The
available data is kriged into 8x8x4m blocks using ordinary kriging after
structural analysis using relative semi-variograms. This block grade is used for
production scheduling and it is the global panel grade that is used for the
resource statement and LoM resources.

At Mina Nova, the orebody and panel grades are also defined from surface
drilling and underground sampling. However, here the majority of the development
occurs within the orebody and there is therefore significantly more data
available for the initial panel estimates. In addition, grade control channel
sampling is carried out in the production stopes on a 4x5m grid. All data is
used to define the orebody outline on sections using a 2.5g/t Au cut off and a
minimum mining height of 2.5m. Block grades are calculated for 10x10x2.5m blocks
after modeling of relative semi-variograms and ordinary kriging of all available
data.

A panel is considered a Measured Mineral Resource if it the orebody is exposed
in both upper and lower development drives and these drives have been sampled.
In addition the Measured panel will have underground drill intersections and is
likely to have been intersected by surface diamond drilling. Indicated Mineral
Resources are those for which access is only available on one level and the
resource is extrapolated to the next level. Inferred resources are those beyond
the extent of the indicated resource block, i.e. more than one level distant
from the nearest channel sampling. However, Inferred blocks are intersected by
surface drilling and may have underground drill intersections.

Historically, Mineral Resources have been quoted according to the Australasian
Code for the Reporting of Identified Mineral Resources and Ore Reserves (the
JORC Code, 1999) and as

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                  PAGE IV
- --------------------------------------------------------------------------------

of 31stDecember, 2002 the Resource Statement at a 3g/t COG (equates to a
US$350/oz gold price) was 4.5Mt at 8.2g/t Au. Kinross policy is to report
Mineral Resources at a gold price of $325 and exclusive of those Mineral
Resources which are contained in the Mineral Reserves. It was not possible to
re-estimate the Mineral Resource for the purpose of the current report. As a
result, it was decided to report a zero Mineral Resource figure for Crixas. SRK
consider this approach to be conservative

The classification guidelines for the JORC code are essentially identical to
those laid out by the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) in their publication "CIM Standards on Mineral Resources and Reserves -
DEFINITIONS AND GUIDELINES". As a result, the classification categories
currently in use at the Crixas Mine can be regarded as a valid classification
under the CIM guidelines for Resources and Reserves.

Table I summarizes the Mineral Reserve statement for the Crixas operations. The
current LoM prepared by MSG includes some 0.56Mt of inferred material at a grade
of 8.14g/t Au, which is excluded from the table below.

TABLE I: RESERVE STATEMENT DECEMBER 31, 2002


SRK Audited Summary Mineral Reserve Statement - MSG Crixas
================================================================================
   CATEGORY        TONNES (KT)       GRADE (G/T.AU)      CONTAINED GOLD (K.OZ)
    Proven            2,784              7.66                     686
   Probable           1,052              8.04                     272
    TOTAL             3,836              7.76                     957

MINING OPERATIONS

Production is currently sourced from two underground mines, Mina III, and from
Mina Nova which is located 1400m to the north of Mina III. The LoM Plan is based
on a combined production rate of 735,000 tonnes per year. Average reserve grades
are 9.7g/t Au for Mina III and 4.4g/t Au for Mina Nova. For 2003, Mina III will
contribute 456,000 tonnes (63%) and Mina Nova 270,000 tonnes (37%).

Both mines are accessed by decline ramps, sized to accommodate 25 tonne haulage
trucks. Ore and waste are hauled to surface by truck from both mines to a common
stockpile area, to the north of the processing plant.

- --------------------------------------------------------------------------------
Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                   PAGE V
- --------------------------------------------------------------------------------

At Mina III, the orebodies occur in two main ore zones: the Upper/Intermediate
Zone and the Lower Zone. The Upper/Intermediate ore is contained in layers of
massive sulfide or is disseminated in schist rocks of variable composition, with
host rocks generally being dolomite. The Lower Zone ore is contained in a
graphitic schist rock, and the gold is present in quartz veins and in
disseminated sulfides in graphitic schist. Reserves in the Upper Zone and
Intermediate Zone have now been largely depleted, and represent only a small
portion of the production in the LoM Plan.

The overall mining sequence has been from the top, downward. The main ramp has
been advanced down to 550m level, while levels 350 to 450 represent the current
mining horizon. (Figure I)

At Mina III the main mining method is mechanized cut and fill using uncemented
hydraulic backfill to recover the moderately dipping Lower Zone (150to 200)
quartz veins ranging in thickness from 1 meter or less, to several meters. Where
the ore is thicker, pillars are left for support. 7m spans and 4m pillars are
standard practice.

4m cuts are taken successively in an overhand sequence. The mining cycle
includes drilling, blasting, ventilation, dust suppression, scaling, mucking,
rock bolting, and filling. Drilling is done using an electric/hydraulic two-boom
jumbo and blasting utilizes 80% anfo. The blasted ore is loaded into 25 tonne
trucks by LHD or front end loader. Ground support consists of grouted rebar
bolts and the ground conditions were observed to be very good. The hydraulic
backfill consists of classified tailings from the processing plant.

The overall ventilation at Mina III totals 350 cubic meters per second (cms).
Main fans are located on surface and underground. Mine dewatering requirements
average 80 m3 per hour, increasing to 170 m3 per hour during backfilling. The
main underground sump delivers dirty water to one of the thickeners in the mill,
where it is clarified and recycled to the mine. A small maintenance shop is
located underground on 200m level for minor repair work. Major equipment repairs
are completed in the surface shop that serves both mines.

Productivity in the mechanized cut and fill stopes averages 30 to 40 tonnes per
man shift.

- --------------------------------------------------------------------------------
Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                  PAGE VI
- --------------------------------------------------------------------------------

FIGURE I: MINA III SCHEMATIC SECTION









                                   [PICTURE]









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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                 PAGE VII
- --------------------------------------------------------------------------------

Mina Nova is represented by a gently-dipping, tabular shaped orebody, with
approximate dimensions of 130 x 1200m with the lateral sizes varying from 100 to
200m, situated at an average depth of 100m, with an average dip of 10o SW.
Detailed drilling done from underground has outlined 9 smaller deposits at
different depths below deposit 1 (main body).

These deposits occur as a series of elongate, tabular bodies of varying sizes
flat lying in the east and dipping by up to 6(degree)-10(degree) in the west
with a plunge to the west-north-west. The mineralization is in the form of
massive and disseminated sulphides, predominantly pyrrhotite, in a graphitic
schist with abundant quartz mineralization occurring at the base of the
sequence.

Currently, production is sourced from deposit 1 by mechanized room and pillar
(no backfill). Other deposits being developed are 3, 5, and 6. The vertical
thickness of deposit 1 ranges from 5 to 20m. Deposit 1 hosts approximately 60%
of the Mina Nova reserves.

The dimensioning of the room spans and pillar widths varies depending on the
thickness of the deposit. Thicker areas are taken out by an initial cut followed
by two benches to achieve the full height. Ground support installed in the back
consists of 2.4m grouted rebar. In cases where the back will be opened up to 13m
wide, 5.4m grouted cable bolts are installed prior to slashing out to the full
width. Where back heights are expected to exceed the reach of the equipment,
steel mesh is installed on the back.

Total mine ventilation flow is 120 cms, with fresh air entering the mine through
the main ramp. Productivity in the mechanized room and pillar stopes averages 30
tonnes per man shift.

PROCESSING

The mineral processing plant at Crixas has historically achieved a gold recovery
very close to 95%. The process is described in point form as follows:

Crushing:

     o    The ore is hauled from the mines in Volvo A-25 trucks and is
          stockpiled close to the feed hopper of the plant according to grade.
     o    The practice is to blend the ores as they are fed by front end loader
          into the circuit.
     o    A vibrating feeder located at the bottom of a hopper feeds the primary
          crusher.
     o    The primary crusher is a jaw crusher operated in open circuit.

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                PAGE VIII
- --------------------------------------------------------------------------------

     o    Ore is discharged onto a primary vibrating screen for a first
          classification.
     o    Secondary crushing is done in a hydrocone unit, operating in open
          circuit.
     o    Its product goes to a secondary screen that operates in closed circuit
          with the tertiary crushing unit.
     o    Crushed ore at minus 10mm is stored in an 1800 tonne silo.

Grinding and Gravity Concentration:

     o    The grinding is single staged, wet, in closed circuit with
          hydrocyclones.
     o    Quick lime is added to the ball mill feed for pH correction.
     o    An Allis-Chalmers 3.65m diameter by 5.2m length steel lined ball mill
          is used, with a 1343 kW motor. The circulating load is approximately
          400%.
     o    15% of the circulating load is directed to a knelson centrifugal
          concentrator. The concentrate is fed to three shaking tables. The
          concentrate from the tables goes to the fusion step.
     o    The hydrocyclones produce two products: the overflow with 25% solids
          and the underflow with 78% solids.
     o    The overflow (final product of grinding stage) feeds the thickener,
          and the underflow returns to the mill, being the circulation load.
     o    The final product of the grinding is approximately 65% passing 200
          mesh (74(mu)m).
     o    The underflow from the thickener at 60% solids is pumped to the
          leaching stage.

Leaching:

     o    The leaching area consists of 16 tanks with 202 m3 capacity each.
     o    The leaching is done in two stages: pre-lime and cyanidation.
     o    Pre-lime takes place in tanks 1, 2 and 3. The contact time at the
          pre-lime is approximately 6 hours.
     o    The actual cyanidation occurs in tanks 4 to 16. The pulp is constantly
          agitated with the reagents in tanks 4 to 16. The free cyanide and the
          pH gradually decrease along the tanks, being controlled at tank 15 at
          200ppm of free cyanide and a pH of 10.
     o    The cyanidation contact time is approximately 26 hours.

Filtration:

     o    The filtration circuit consists of two stages: primary and secondary
          filtration.
     o    There are seven rotary vacuum filters, 4.3m diameter by 5.5m length,
          and three vacuum pumps in the circuit.

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                  PAGE IX
- --------------------------------------------------------------------------------

     o    After primary filtration the cake, containing approximately 16%
          moisture, is fed to a primary repulping vessel, while the filtrate
          (rich solution) is pumped to a receptor tank.
     o    The pulp is pumped from the repulping vessel to the secondary filters.
     o    The process is repeated with two products being obtained: rich
          solution (filtrate), that is pumped to a second receptor tank, and the
          final solid tailings, repulped, and pumped to the tailings pond.

Clarification and Precipitation:

     o    The Merril Crowe process is used consisting of clarification, air
          depletion from solution, gold precipitation with zinc powder, and
          subsequent precipitate separation using press filters.
     o    The precipitation area has 4 press filters, one operating at a time.
          The precipitate has an average gold grade of approximately 20%, and it
          is sent to the smelting building.

Smelting:

     o    The fusion process consists of receiving and fusing the precipitate
          and gold concentrate originating from the press filters and shaking
          tables respectively.
     o    Every fusion produces a bullion weighing approximately 20 kg. The slag
          generated in the fusion is fused again to recover gold and then it
          returns to the crushing plant with a gold grade about 200ppm.
     o    The fusion for bar production is done in an electrical induction
          furnace, where the bullions are fused and transformed into bars
          weighing approximately 10kg each.
     o    Gold bars are sent to Mineracao Morro Velho in Nova Lima-Minas, Gerais
          State, for refining.

ENVIRONMENTAL

The Crixas Mine is exposed to limited environmental liabilities related to the
following infrastructure and practices:

     o    Tailings storage area
     o    Waste rock storage on surface
     o    Industrial plant site
     o    Site water management
     o    Mining lease MM2286/35 (area of historical mining by Garimpeiros)

Potential liabilities related to the tailings dam include dam instability,
contamination of surface and/or ground water, and airborne dust. These aspects
of the tailings facility are

- --------------------------------------------------------------------------------
Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                   PAGE X
- --------------------------------------------------------------------------------

being effectively managed through engineered design, monitoring and control.
There have been no problems with water quality, and the nature of the tailings
material will ensure that the pond does not become acidic.

On surface, in the area northwest of the industrial plant, a large waste
stockpile has been built up from mine development waste. In addition, there is a
20,000 tonne, low-grade material stockpile grading approximately 2g/t Au. There
is an abundance of dolomitic rocks present in these piles, and due to the
content of carbonaceous materials, these piles have not been a concern in terms
of acidic drainage.

The industrial plant site is well organized and exhibits excellent cleanliness.
There is no visual evidence of damaging spills or leaks. In this area, 4
piezometers are used to draw groundwater samples for quality analysis. It was
reported that there have been no water quality issues. The crushing plant has an
effective dust collection system and many of the on site roads are sealed. This
has prevented dust problems.

The Crixas Mine is required to discharge some water, but only during the high
flows of the rainy season. Prior to release, water is treated to reduce arsenic
and cyanide to safe levels. The river "Rio Vermelho" flows through the mine site
area towards the city of Crixas. Water quality in the river is sampled upstream
and downstream of the mine site. SRK was advised that there are no water quality
issues.

Within mining lease MM2286/35, there is an area where local miners, or
Garimpeiros, are conducting small scale mining operations. This mining is
illegal under Brazilian law, and has been ongoing for many years. Mercury has
been used to recover gold, and there is mercury contamination in this area.
These conditions existed when MSG purchased the mining rights. MSG has prepared
a thorough report documenting the existing conditions in the area of the
Garimpeiros. Current agreements state that MSG is not responsible for the
rehabilitation of the existing contamination.

MSG has prepared a closure plan and cost estimate for Crixas Mine.

ECONOMIC ANALYSIS

SRK has reviewed the internal LoM technical and economic model prepared by MSG
for the Crixas Mine. The model details the operations on an annual basis over
the projected mine life.

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

<PAGE>

3CK005.02 - INDEPENDENT TECHNICAL REPORT ON
THE CRIXAS MINE, BRAZIL                                                  PAGE XI
- --------------------------------------------------------------------------------

The MSG LoM production plan and financial forecast are based on a production
rate of 735,000 t/a, and covers the period 2003 through 2008, indicating a
remaining mine life of 6 years starting January 1, 2003.

The MSG Plan is based on proven and probable reserves at Mina III and Mina Nova,
plus some additional "mineable resources" that represent inferred resources with
mining parameters applied.

For the purposes of this report, SRK has revised the MSG Plan by removing the
mineable resources and effectively eliminated the last year of production, 2008.
The resulting LoM Plan, as modified by SRK, is discussed below and is referred
to as the SRK Plan.

The SRK LoM Plan is based on:

     o    Tonnes and grades of the December 31, 2002 proven and probable
          reserves of Mina III and Mina Nova.
     o    A five-year mine life from 2003 through 2007.
     o    A gold price of US$300 per ounce is used, matching the basis of the
          reserves.
     o    Total production costs provided by MSG and reviewed by SRK.
     o    A schedule of sustaining capital provided by MSG totalling US$19.93
          million.
     o    A mine closure cost estimate of US$3.95 million.
     o    Provisions for amortization and depreciation are included.
     o    Profit based taxes are excluded.

The economics of the Crixas Mine are very robust at a gold price of US$300 per
ounce. The economic results of the SRK LoM Plan indicate strong economic
viability, with substantial operating profit throughout the mine life.

CONCLUSIONS

SRK makes the following conclusions:

     o    The Reserve Statement produced by MSG for the Crixas operation is
          appropriate given the resource base from which it is derived.
     o    Geological modelling and resource estimation methodologies are
          appropriate given the current understanding of the geology and grade
          distribution of the individual orebodies.
     o    The classification of the Mineral Resource and Mineral Reserve is, in
          SRK's opinion, conservative given the current level of geological
          understanding and the reconciliation from historic production data.

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     o    The Crixas Mine appears well managed and has modern, well maintained
          facilities exhibiting outstanding housekeeping.
     o    Both underground mines are characterized by good ground conditions,
          stable excavations, and appropriate ground support.
     o    Operating licenses and permits are in good order.
     o    Potential environmental liabilities are being effectively monitored
          and managed.
     o    The overall economics of the operation are robust. The weakening of
          the Brazilian Real against the U.S. Dollar is contributing to the
          financial results being achieved.
     o    The mine site has an excellent safety record.
     o    MSG strives for good community relations and is acting in a socially
          responsible manner as exhibited in its social programs.











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                       INDEPENDENT TECHNICAL REPORT ON THE
                               CRIXAS MINE, BRAZIL


                                TABLE OF CONTENTS


EXECUTIVE SUMMARY .............................................................I
1.0   INTRODUCTION AND TERMS OF REFERENCE .....................................1
1.1   TERMS OF REFERENCE ......................................................1
1.2   SCOPE OF WORK ...........................................................1
1.3   BASIS OF THE TECHNICAL REPORT ...........................................1
1.4   EXCHANGE RATES ..........................................................2
1.5   QUALIFICATIONS AND FIELD INVOLVEMENT OF CONSULTANT ......................2
2.0   DISCLAIMERS .............................................................3
2.1   LIMITATIONS AND RELIANCE ON INFORMATION .................................3
2.2   DISCLAIMERS AND CAUTIONARY STATEMENTS FOR US INVESTORS ..................4
3.0   PROPERTY DESCRIPTION AND LOCATION .......................................5
3.1   DESCRIPTION AND LOCATION ................................................5
3.2   MINING CLAIMS AND INFRASTRUCTURE ........................................7
3.3   POTENTIAL ENVIRONMENTAL LIABILITIES ....................................11
4.0   ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE
      AND PHYSIOGRAPHY .......................................................13
5.0   HISTORY ................................................................14
5.1   PRIOR OWNERSHIP AND PROPERTY DEVELOPMENT ...............................14
5.2   CRIXAS MINE PRODUCTION HISTORY .........................................15
6.0   GEOLOGICAL SETTING .....................................................16
6.1   REGIONAL GEOLOGICAL SETTING ............................................16
6.2   LOCAL GEOLOGY ..........................................................19
6.3   GOLD MINERALIZATION AND OREBODY GEOLOGY ................................19
6.4   SUMMARY ................................................................25
7.0   EXPLORATION ............................................................26

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7.1    UNDERGROUND EXPLORATION ...............................................26
7.2    SURFACE MINE CLAIM EXPLORATION ........................................26
8.0    SAMPLING METHOD AND APPROACH ..........................................27
8.1    SURFACE DRILLING ......................................................28
8.2    UNDERGROUND DRILLING ..................................................28
8.3    UNDERGROUND CHIP SAMPLING .............................................29
8.4    COMMENTS ON SAMPLING ..................................................30
9.0    SAMPLE PREPARATION AND ANALYSIS .......................................31
10.0   QUALITY CONTROL PROCEDURES ............................................34
11.0   MINERAL RESOURCE ESTIMATION ...........................................35
11.1   MINA III ..............................................................36
11.2   MINA NOVA .............................................................36
11.3   CLASSIFICATION ........................................................37
11.4   APPLICATION OF MINING FACTORS .........................................37
12.0   MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES ........................38
13.0   MINERAL PROCESSING ....................................................39
13.1   CRUSHING ..............................................................41
13.2   GRINDING AND GRAVITY CONCENTRATION ....................................42
13.3   THICKENING ............................................................43
13.4   LEACHING ..............................................................43
13.5   FILTRATION ............................................................44
13.6   CLARIFICATION AND PRECIPITATION .......................................45
13.7   SMELTING ..............................................................45
13.8   ANALYTICAL LABORATORY .................................................45
13.9   PHYSICOCHEMICAL LABORATORY ............................................46
13.10  CHEMICAL LABORATORY ...................................................46
14.0   PRODUCTION PROPERTY INFORMATION .......................................47
14.1   MINING OPERATIONS .....................................................47
14.2   MINA III ..............................................................48
14.3   MINA NOVA .............................................................51
14.4   MARKETS AND CONTRACTS .................................................53

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14.5   RECLAMATION AND MINE CLOSURE ..........................................54
14.6   TAXES .................................................................54
14.7   ECONOMIC ANALYSIS .....................................................55
15.0   CONCLUSIONS ...........................................................57
16.0   REFERENCES ............................................................59


                                LIST OF FIGURES

FIGURE I: MINA III SCHEMATIC SECTION .........................................VI
FIGURE 3.1: LOCATION OF THE CRIXAS MINE .......................................6
FIGURE 3.2: MSG CLAIMS MAP ................................................... 8
FIGURE 3.3: CRIXAS MINE SITE PLAN. ...........................................10
FIGURE 6.1: REGIONAL GEOLOGY OF THE CRIXAS AREA, GOIAS STATE, BRAZIL .........18
FIGURE 6.2: MINA III OREBODY ZONES ...........................................20
FIGURE 6.3: MINA III PLAN VIEW OF THE UPPER ZONE OREBODY SHOWING PLUNGE
             DIRECTIONS ......................................................22
FIGURE 6.4: MINA NOVA OREBODIES ..............................................24
FIGURE 9.1: SUMMARY FLOW DIAGRAM - SAMPLE PREPARATION ........................33
FIGURE 13.1: SCHEMATIC PROCESS FLOWSHEET .....................................40
FIGURE 14.1: MINA III SCHEMATIC SECTION ......................................49


                                 LIST OF TABLES


TABLE I: MINERAL RESOURCE AND RESERVE STATEMENT DECEMBER 31, 2002 ............IV
TABLE 5.1: CRIXAS MINE PRODUCTION HISTORY ....................................16
TABLE 12.1: MINERAL RESOURCES AND RESERVES - DECEMBER 31, 2002 ...............39
TABLE 14.1: ADJUSTMENT TO LOM PLAN ...........................................56


                                   APPENDICES

Appendix 1: Licenses and Permits
Appendix 2: Certificates and Letters of Consent

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                       INDEPENDENT TECHNICAL REPORT ON THE
                              CRIXAS MINE, BRAZIL

1.0     INTRODUCTION AND TERMS OF REFERENCE

1.1     TERMS OF REFERENCE

        Steffen, Robertson and Kirsten (Canada) Inc. ("SRK") was retained by
        Kinross Gold Corporation ("Kinross"), to complete an independent
        technical report on the underground gold mining operations of Mineracao
        Serra Grande ("MSG"), near the city of Crixas, in the Brazilian state of
        Goias. MSG operates two underground gold mines, in close proximity to
        each other, namely Mina III and Mina Nova. These are referred to herein
        as the "Crixas Mine".

        The report has been prepared in compliance with National Instrument
        43-101 (Standards of Disclosure for Mineral Projects).

1.2     SCOPE OF WORK

        The scope of work undertaken by SRK involved an assessment of the
        following aspects of the Crixas Mine:

        o  Geology
        o  Mineral Resources
        o  Conversion of Mineral Resources to Mineral Reserves
        o  Life-of-Mine (LoM) Plan
        o  Metallurgy and Processing Plant
        o  Tailings/Waste Disposal
        o  Environmental - Including Water Management and Mine Closure
        o  Infrastructure - Capital Expenditures
        o  Economic Analysis - Cash Flow Model

1.3     BASIS OF THE TECHNICAL REPORT

        In summary, this technical report has been based on:

        o  Inspection visits to surface and underground operations, processing
           facilities, surface structures and associated infrastructure at the
           Crixas Mine during March 2003

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        o  Full access to key mine and head office personnel for discussion
           and enquiry

        o  A review of MSG's estimates and classification of Mineral Resources
           and Mineral Reserves, including the methodologies applied by MSG in
           determining such estimates and classifications, including check
           calculations where appropriate

        o  A review and where appropriate, modification of MSG's LoM Plan and
           supporting documentation and the associated technical-economic
           parameters, including assumptions regarding future operating costs,
           capital expenditures and saleable metal for the mining asset.

        Given the extensive operating history of the Crixas Mine, geological
        investigations, reconciliation studies, independent check assaying and
        independent audits, SRK has not found it necessary to independently
        sample and assay portions of the deposit.

1.4     EXCHANGE RATES

        For the purpose of this report the exchange rates are US$1.00 : R$2.92
        for 2002 actual, and US$1.00 : R$3.81 for 2003 and thereafter.

        Further, all assumed costs (unless otherwise stated) including
        operating, capital and environmental costs, are quoted in December 31
        2002 US dollar terms.

1.5     QUALIFICATIONS AND FIELD INVOLVEMENT OF CONSULTANT

        The SRK Group comprises 500 staff, offering expertise in a wide range of
        resource engineering disciplines. The SRK Group's independence is
        ensured by the fact that it holds no equity in any project and that its
        ownership rests solely with its staff. This permits the SRK Group to
        provide its clients with conflict-free and objective recommendations on
        crucial judgment issues. The SRK Group has a demonstrated track record
        in undertaking independent assessments of Mineral Resources and Mineral
        Reserves, project evaluations and audits, technical reports and
        independent feasibility evaluations to bankable standards on behalf of
        exploration and mining companies and financial institutions worldwide.
        The SRK Group has also worked with a large number of major international
        mining companies and their projects, providing mining industry
        consultancy service inputs.

        This technical report has been prepared based on a technical and
        economic review by a team of two consultants sourced from the SRK
        Group's North American, and United Kingdom offices. These consultants
        are specialists in the fields of geology, Mineral Resource and

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        Mineral Reserve estimation and classification, underground and open pit
        mining, infrastructure, and mineral economics.

        Neither SRK nor any of its employees and associates employed in the
        preparation of this report has any beneficial interest in Kinross or in
        the assets of Kinross. SRK will be paid a fee for this work in
        accordance with normal professional consulting practice.

        The individuals who have provided input to this technical report, who
        are listed below, have extensive experience in the mining industry and
        are members in good standing of appropriate professional institutions.

        o  John Arthur, Ph.D., C.Geol., C.Eng;
        o  Ken Reipas, B.Sc, P.Eng.

        Acting as Qualified Persons under National Instrument 43-101, both Mr.
        John Arthur, Senior Resource Geologist, and Mr. Ken Reipas, Principal
        Mining Engineer, conducted personal inspections of the Crixas Mine
        during March 24 and March 25, 2003.

2.0     DISCLAIMERS

2.1     LIMITATIONS AND RELIANCE ON INFORMATION

        SRK's opinion contained herein and effective March 31 2003, is based on
        information provided to SRK by MSG throughout the course of SRK's
        investigations as described in Section 1.2, which in turn reflect
        various technical and economic conditions at the time of writing. Given
        the nature of the mining business, these conditions can change
        significantly over relatively short periods of time.

        The achievability of LoM Plans, budgets and forecasts are inherently
        uncertain. Consequently actual results may be significantly more or less
        favorable.

        This report includes technical information, which requires subsequent
        calculations to derive sub-totals, totals and weighted averages. Such
        calculations inherently involve a degree of rounding and consequently
        introduce a margin of error. Where these occur, SRK does not consider
        them to be material.

        SRK is not an insider, associate or affiliate of Kinross, and neither
        SRK nor any affiliate has acted as advisor to Kinross or its affiliates
        in connection with the Crixas Mine. The results

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        of the technical review by SRK are not dependent on any prior agreements
        concerning the conclusions to be reached, nor are there any undisclosed
        understandings concerning any future business dealings.

        SRK reviewed a limited amount of pertinent maps and agreements to assess
        the validity and ownership of the mining concessions. However, SRK did
        not conduct an in-depth review of mineral title and ownership.

2.2     DISCLAIMERS AND CAUTIONARY STATEMENTS FOR US INVESTORS

        In considering the following statements SRK notes that the term "ore
        reserve" for all practical purposes is synonymous with the term "Mineral
        Reserve".

        The United States Securities and Exchange Commission (the "SEC") permits
        mining companies, in their filings with the SEC, to disclose only those
        mineral deposits that a company can economically and legally extract or
        produce from. Certain items are used in this report, such as
        "resources," that the SEC guidelines strictly prohibit companies from
        including in filings with the SEC.

        Ore reserve estimates are based on many factors, including, in this
        case, data with respect to drilling and sampling. Ore reserves are
        determined from estimates of future production costs, future capital
        expenditures, future product prices and the exchange rate between the
        Brazilian Real ("R$") and the United States Dollar ("US$"). The Mineral
        Reserve estimates contained in this report should not be interpreted as
        assurances of the economic life of the Mining Asset or the future
        profitability of operations. Because ore reserves are only estimates
        based on the factors described herein, in the future these ore reserve
        estimates may need to be revised. For example, if production costs
        decrease or product prices increase, a portion of the Mineral Resources
        may become economical to recover, and would result in higher estimated
        Mineral Reserves.

        The LoM Plan and the technical economic projection include
        forward-looking statements that are not historical facts and are
        required in accordance with the reporting requirements of the Ontario
        Securities Commission (OSC). These forward-looking statements are
        estimates and involve a number of risks and uncertainties that could
        cause actual results to differ materially.

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        SRK has been informed by Kinross that there is no current litigation
        that may be material to the Crixas Mine, and that Kinross is not aware
        of any pending litigation that may be material to the mining asset.

3.0     PROPERTY DESCRIPTION AND LOCATION

3.1     DESCRIPTION AND LOCATION

        The Mineracao Serra Grande mines are situated 3 km south of the city of
        Crixas in the Goias State of Central Brazil (Figure 3.1) at Latitude
        14(degree)59'S and Longitude 50(degree)59'W. This location is 260 km
        northwest of Brasilia, the country's capital.

        The Crixas Mine constitutes two currently operating underground gold
        mines accessed by decline, Mina III and Mina Nova; three orebodies that
        have been accessed by underground development, Corpo SUL, Corpo IV, and
        Corpo V; and two orebodies under evaluation, Forquilha and Palmeiras.
        The maximum production capacity of the mining complex is 740,000 ore
        tonnes treated per year, constrained by the single ball mill in the
        grinding circuit.

        The Crixas Mine is 50% owned by Kinross. AngloGold holds the other 50%
        interest and is the mine operator. MSG does not pay any third party
        royalties on production or sales.

        There are no adjacent or nearby properties that have any bearing on the
        potential of the Crixas Mine property.



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FIGURE 3.1: LOCATION OF THE CRIXAS MINE










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3.2     MINING CLAIMS AND INFRASTRUCTURE

        In Brazil, mining licenses are issued by Departamento Nacional da
        Producao Mineral (DNPM). A Brazilian mining license is called a "Decreto
        de Lavra". Once certain obligations have been satisfied, DNPM issues
        such a mining license that is renewable annually, and has no set expiry
        date. Each year MSG is required to provide information to DNPM
        concerning mineral production and related matters.

        MSG holds two mining licenses that cover the area (1,946.89 hectares) of
        the two producing mines and the other five orebodies described above.
        (Figure 3.2) These are: DNPM No. 860.352/79 DNPM No. 860.824/79

        SRK has reviewed these licenses and obtained copies from MSG.

        One of the initial conditions that was satisfied by MSG in obtaining a
        mining license was that an Environmental Impact Assessment (EIA) was
        successfully filed with the State of Goias environmental agency called
        Agencia Ambiental de Goias. During the time that the mining license is
        effective, the EIA must be renewed every two years.

        SRK has reviewed this license and obtained a copy from MSG. It grants
        the right to operate the mine and the processing plant. The license
        reference numbers are: Processo No. 5702.01034/1986-1 Licenca Dus No.
        376/2002

        MSG also holds 15 exploration permits know as "Alvara de Pesquisa" for
        the claims shown in yellow in Figure 3.2 These cover a combined area of
        10,522.24 hectares. Generally, these permits are valid for 3 years,
        extendable for an additional 2 years.

        Finally regarding claims, the large green colored claim in Figure 3.2 is
        number MM2286/35 with an area of 4,534.79 hectares. When purchased by
        MSG, this claim had an existing "Decreto de Lavra" (mining license). MSG
        has not obtained any production from this claim, but local miners
        referred to as "Garimpeiros " are conducting some small scale mining in
        the area, as they have historically done.

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FIGURE 3.2: MSG CLAIMS MAP










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        While SRK have not conducted a full legal due diligence on the claims
        discussed above, SRK are confident that the mineral rights of the Crixas
        Mine are secure.

        The mine's surface infrastructure and mineralization are shown in Figure
        3.3 relative to the boundaries of the surface property rights and the
        mining licence (mineral rights). Major infrastructure consists of
        underground workings at Mina III and Mina Nova, a backfill plant, a
        mineral processing plant recovering gold, ore and waste stockpiles, a
        tailings dam, and tailings storage area.

        Figure 3.3 shows that the Corpo V orebody extends beyond the boundary of
        MSG's surface property rights. A royalty would have to be negotiated
        with the land owner to proceed with the mining of this entire orebody.
        Corpo V contains approximately 158,000 tonnes classified as inferred.
        The mining of Corpo V has no impact on the LoM Plan analysis undertaken
        herein by SRK, which is based solely on Proven and Probable Reserves.

        The Palmeiras orebody shown in Figure 3.3 is also located outside of
        MSG's surface rights, and extends beyond the boundary of MSG's mineral
        rights. This deposit is near surface, and the ideal portal location is
        in the area of mineral rights held by Metago, the State government of
        Goias. The Palmeiras deposit is not part of the LoM Plan, and represents
        an opportunity for the future if negotiations between MSG and Metago are
        successful.





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FIGURE 3.3: CRIXAS MINE SITE PLAN









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3.3     POTENTIAL ENVIRONMENTAL LIABILITIES

        The Crixas Mine is exposed to limited environmental liabilities related
        to the following infrastructure and practices:

          o   Tailings storage area
          o   Waste rock storage on surface
          o   Industrial plant site
          o   Site water management
          o   Mining lease MM2286/35 (area of historical mining by Garimpeiros)

        The potential liabilities and control measures for each item are
        discussed below.

        Tailings Dam:
        Potential liabilities related to the tailings dam include dam
        instability, contamination of surface and/or ground water, and airborne
        dust.

        The tailings dam, started in 1991, is being constructed according to an
        engineered design and has remained stable since the early 1990's.
        Piezometers have been installed for monitoring pore water pressure.
        Survey monitoring points have been established to track any settling or
        movement. The tailings facility is audited 4 times per year by "AGMARN",
        a state operated agency. The mine operating partner, AngloGold, has the
        dam inspected once per year by one of its "in-house" experts from South
        Africa.

        Any water leaking through the main dam is collected in a seepage
        collection facility at the toe of the main dam, and returned to the
        tailings pond. Three piezometers at the tailings facility are used also
        for sampling ground water quality, one upstream and two downstream.
        Crixas Mine staff advised SRK that there have been no problems with
        water quality, and that the nature of the tailings material will ensure
        that the pond does not become acidic. Water quality analyses are
        performed on site, with checks using independent laboratories. A water
        reclaim system recycles water to the process plant and no water is
        discharged from the tailings facility. A water diversion ditch exists on
        the original ground above the tailings pond to divert excess clean
        surface water away from the containment area.

        To control dust during the dry season, the surface of the dam has been
        covered with a layer of waste rock, covering the sand material used in
        dam construction. Airborne dust sampling is conducted in the area of the
        tailings pond.

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        SRK holds the opinion that the tailings facility is being well managed.

        Waste Rock Storage:
        On surface, in the area northwest of the industrial plant, a large waste
        stockpile has been built up from mine development waste. In addition,
        there is a 20,000 tonne, low-grade material stockpile grading
        approximately 2g/t Au. There is an abundance of dolomitic rocks present
        in these piles, and due to the content of carbonaceous materials, these
        piles have not been a concern in terms of acidic drainage.

        Industrial Plant Site:
        The industrial plant site is well organized and exhibits excellent
        cleanliness. It is designed for the climate, spread out enough for easy
        maintenance of components and space for potential expansion. Vegetation
        is being cultivated within the industrial area, between the individual
        structures. There is no visual evidence of damaging spills or leaks. In
        this area, 4 piezometers are used to draw groundwater samples for
        quality analysis. It was reported that there have been no water quality
        issues.

        The crushing plant has an effective dust collection system and many of
        the on site roads are sealed. This has prevented dust problems.

        Site Water Management:
        The Crixas Mine is required to discharge some water, but only during the
        high flows of the rainy season. Prior to release, water is treated in a
        plant capable of 120 cubic meters per hour, to reduce arsenic and
        cyanide to safe levels below the regulated limit of 0.2 ppm for both
        contaminants.

        As shown in Figure 3.3, the river "Rio Vermelho" flows through the mine
        site area towards the city of Crixas. Water quality in the river is
        sampled upstream and downstream of the mine site. SRK was advised that
        there are no water quality issues.

        Mining Lease MM2286/35:
        In a portion of this mining lease, there is an area where currently,
        approximately 100 local miners, or Garimpeiros, are conducting small
        scale mining operations. This mining is illegal under Brazilian law, and
        has been ongoing for many years. Mercury has been used to recover gold,
        and there is mercury contamination in this area.

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        These conditions existed when MSG purchased the mining rights. MSG has
        prepared a thorough report documenting the existing conditions in the
        area of the Garimpeiros. Current agreements state that MSG is not
        responsible for the rehabilitation of the existing contamination. The
        cost of rehabilitation has not been studied.

4.0     ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

        Access to the mine area is by paved road, which links the city of Crixas
        and the Belem-Brasilia highway 120 km to the southeast. There is an
        airstrip suitable for small aircraft outside the city of Crixas.

        The elevation of the mine office is 385m.a.s.l., while the Mina III mine
        portal is at 384m.a.s.l .

        In the area of the Crixas Mine, the topography is slightly undulated
        with vegetation close to savannah type ("cerrado") with medium to small
        trees.

        The climate is characterized by two well defined seasons; the rainy
        season with heavy precipitation and the dry season with low humidity
        values. The rainy season is from October to March, with the remaining
        months hot and dry. Annual rainfall is approximately 1,500 mm.
        Operations run year round, with minimal disruptions due to weather.

        Most of the labour force resides in company houses located in Crixas, 3
        km from the mine site. The mine employs a total of some 676 workers made
        up of 526 direct employees of MSG and 150 contractors. Generally, the
        contracted services include employee transportation (by road),
        housekeeping and meals, backfill haulage, exploration and site security.

        The direct employees of MSG are distributed in the following
        departments:

        Geology                       32
        Mining                       261
        Plant                         68
        Maintenance                  103
        Administration/Finances       62
        --------------------------------
        Total                        526

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        Domestic water for the mine is supplied from wells. These wells also
        supply the small amount of process make up water that is required. Due
        to the high amount of annual rainfall, water recycling practices, and
        system of water holding tanks on surface and underground, very little
        make up water is needed for the process plant or the underground mines.

        Electrical power is supplied to the site by a 135 km power line
        connected to the national grid.

        The mine has established surface areas for tailings disposal, waste
        disposal and for mineral processing. These are all sufficient to meet
        the future needs as defined by the LoM Plan. In the case of the tailings
        storage, the impoundment dam will be raised an additional 5 vertical
        meters.

5.0     HISTORY

5.1     PRIOR OWNERSHIP AND PROPERTY DEVELOPMENT

        The Crixas Mine was first exploited by garimpeiros as open-pit workings,
        and it was in 1973 that geological investigation of the area commenced.
        Inco first began geological, geochemical and geophysical reconnaissance
        work in the Crixas region in that year. Detailed geological mapping and
        ground magnetic surveys were completed, and diamond drilling was
        conducted from 1973 to 1976. In 1976, Inco discovered gold
        mineralization below a group of excavations known as the Mina III Old
        Workings, and began concentrating its efforts in that area.

        Subsequently, Inco decided to seek a partner to help fund further
        exploration and development, and in April 1983, Kennecott Corporation
        signed an option agreement to gain a 50% interest in the project. This
        agreement required the submission to the corporation of a feasibility
        study and the commitment to spend US$21 million. In 1986, Kennecott
        Corporation sold its participation in the project to an affiliate of
        Anglo American, which continued underground development and exploration
        and completed a viable feasibility study in 1987.

        By August 1985, drilling had identified underground deposits of gold,
        and ramp access was developed to enable bulk sampling of the deposits in
        Mine III of the project. On October 16, 1987, the decision was taken to
        proceed with the development of a mine and associated

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        processing facilities having an annual throughput of 400,000 tonnes at a
        total capital cost of US$73 million. Mining started in 1987 with ore
        being stockpiled on surface. Development was largely completed by the
        end of 1989, enabling successful testing of the metallurgical circuit to
        take place through the fourth quarter of 1989. Initial gold bullion
        associated with this testing was poured on November 14, 1989. Initial
        gold sales from the project occurred in January 1990.

        TVX Gold acquired its interest in the property on January 7, 1991
        through a merger with Inco.

        At Mina Nova, a satellite orebody located about 2 km from the existing
        mine, geological exploration work was begun in 1984. In 1993, the
        opening of an access ramp was initiated, and in June 1994, the
        mineralized zone was reached.

        In 1995, the annual site throughput was increased from 450,000 to
        485,000 tonnes. The maximum annual throughput has subsequently been
        increased to 740,000 tonnes by feeding finer material to the ball mill.

        TVX Gold was acquired by Kinross Gold Corp in early 2003, giving Kinross
        50% ownership of the property.

5.2     CRIXAS MINE PRODUCTION HISTORY

        Table 5.1 shows the ore tonnes (thousands) and grades treated each year
        since 1990, the overall metallurgical recovery (including the refinery),
        and the annual gold production in kilograms.



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TABLE 5.1: CRIXAS MINE PRODUCTION HISTORY

- -----------------------------------------------------------
                       CRIXAS MINE
                    PRODUCTION HISTORY

          TONNES       FEED      METALLURGICAL      GOLD
YEAR      TREATED     GRADE        RECOVERY       PRODUCED

            KT        AU G/T           %             KG
- -----------------------------------------------------------

1990       327.7       9.63          95.2%          3,005
1991       372.9       9.58          95.4%          3,409
1992       426.6       9.04          95.2%          3,673
1993       453.7       8.99          95.7%          3,901
1994       453.1       9.08          95.5%          3,928
1995       508.3       8.11          95.4%          3,935
1996       537.8       7.56          95.2%          3,874
1997       558.6       7.51          95.0%          3,984
1998       602.0       7.83          95.1%          4,486
1999       620.0       8.19          95.2%          4,835
2000       735.7       8.58          95.0%          5,998
2001       740.3       8.52          94.8%          5,982
2002       742.9       8.23          95.3%          5,826
- -----------------------------------------------------------

6.0     GEOLOGICAL SETTING

        The Mineracao Serra Grande (MSG) operations are all located within 5km
        of the city of Crixas, Goias State, central Brazil. The mine is host to
        a number of orebodies although only two, the Mina III and Mina Nova are
        currently exploited. The gold deposits are hosted by a sequence of
        schists, volcanics and carbonates, which occur in a typical greenstone
        belt structural setting. Gold is associated with massive sulphides and
        also with vein quartz material. The oreshoots plunge to the northwest at
        between 6(degree) and 35(degree). The current understanding of the
        regional geology indicates that the stratigraphy in the area of the mine
        has been overturned and thrust to the east.

6.1     REGIONAL GEOLOGICAL SETTING

        The deposits occur within the Rio Vermelho and Ribeirao das Antes
        formations of the Upper Archaean Pilar de Goia's Group (~2.7 Ga).
        Together, these formations account for a

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        large proportion of the Crixas Greenstone Belt (Figure 6.1). The
        stratigraphy of the belt is dominated by basics and ultrabasics in the
        lower sequences with volcano-sedimentary units forming the upper
        successions.

        Archaean tonalitic gneiss and granodiorite units surround the Greenstone
        belt lithologies. The sedimentary units have been metamorphosed to a
        series of schists with characteristics defined by the mineralogy of the
        original rockmass. The schists are variously quartz, chloritic,
        sericitic, graphitic and garnetiferous. The carbonates have been
        metamorphosed to ferroan dolomite marble with associated development of
        siderite and ankerite veining. The basalts are relatively unaltered but
        do show pronounced stretching with elongation of pillow structures. The
        ultrabasics form the western edge of the belt while the basic volcanics
        and sediments form the core. The northern edge of the belt is in contact
        with a series of laminated quartzites and quartz sericite schists of the
        Lower Proterozoic Araxa Group and a narrow band of graphitic schists and
        intermediate to ultrabasic volcanics. These graphitic schists are known
        as "Allocthon Mina Dos Ingleses" (AMDI) and are currently host to
        Garimperos workings to the northwest of the city of Crixas. The general
        stratigraphy of this group is similar to that seen in the main
        greenstone belt to the south but with a higher degree of base metal
        mineralization with abundant sphalerite and galena.



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FIGURE 6.1: REGIONAL GEOLOGY OF THE CRIXAS AREA, GOIAS STATE, BRAZIL









                                   [PICTURE]









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6.2     LOCAL GEOLOGY

        The main structures observed in the area are a sequence of sinistral
        shear faults in the central west portion of the belt, striking to the
        northwest. A dextral fault system, striking to the north, occurs in the
        region of Crixas city and intersects the sinistral belt in the area of
        the MSG workings. A series of shallow thrust faults occur in the eastern
        central part of the belt with thrusting initiated from the west towards
        the southeast. The intersection of the two fault systems would have set
        up an extensional stress regime in a northwesterly direction, which is
        coincident with the plunge direction of the main orebodies at MSG. It is
        thought likely that these structures are having a controlling influence
        on the mineralization seen at MSG. The tectonic processes created a
        series of tight folds with axes striking and plunging to the northwest.
        Mineralization appears to be concentrated in the limbs of these folds
        and the fold axes are strongly sheared. The mineralization is,
        essentially, stratabound within the chemical and argillaceous
        sedimentary units with only minor mineralization in the volcanics and
        dolomite units with the latter commonly forming the hangingwall to the
        orebodies.

        There are currently seven individual orebodies recognized at Crixas
        (Figure 3.3) with the largest, Mina III containing some 70% of the LOM
        Gold resources, Corpo IV and V combined account for 12% of the LOM
        resources and Mina Nova contains the remaining 18% of the LOM resources.
        The Corpo Sul orebody is included with Mina III. The Forquilha and
        Palmeiras orebodies are classified as inferred and are not included in
        the current LOM.

6.3     GOLD MINERALIZATION AND OREBODY GEOLOGY

6.3.1   Mina III

        The orebodies at Mina III can be subdivided into four distinct zones,
        each of which consists of a number of discrete oreshoots and which can
        be characterized by a distinctive mineralization style and host rock
        assemblage. These units are the Upper (Superior), Intermediate, Lower
        (Inferior) and Corpo IV (Figure 6.2).

        The orebodies plunge to the west-northwest at 15-25(degree) and, in the
        upper levels, are separated by 150m vertically. With increasing depth,
        the plunge of the Upper zone steepens and at the 500 level, the
        orebodies are separated by only 25m vertically.

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FIGURE 6.2: MINA III OREBODY ZONES









                                   [PICTURE]










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        The Upper Zone is characterized by massive and disseminated sulphide
        mineralization consisting of arsenopyrite and pyrrhotite associated with
        magnetite biotite schists, sericite and sericite/chlorite schists,
        chlorite/garnet schists and dolomites. The latter tend to form the
        hangingwall but occasionally contain minor disseminated style
        mineralization. The schists are basic volcanics and greywacke, which
        have undergone intense sericitization and carbonatization. Individual
        oreshoots are discontinuous and elongated in the down plunge direction
        (Figure 6.3)

        The intermediate Zone is analogous with the Upper zone in terms of
        mineralogy, however, the mineralization is hosted by dolomitc sequences
        and continuity of individual orebodies is poor.

        The lower Zone can be sub-divided into disseminated sulphide
        mineralization and high-grade quartz mineralization with only minor
        sulphides. The host rocks for the lower Zone are a sequence of
        graphitic, carbonate, sericite schists. The Sulphide orebodies are
        characterized by fine to medium scale banding of graphitic schist and
        carbonate (siderite) veining. Zones of intense silicification are common
        with associated thrusting, shearing and hydrothermal brecciation.

        The sulphide mineralization of the Lower Zone contains a higher
        proportion of pyrrhotite than the Upper Zone and also contains minor
        chalcopyrite. The Quartz Vein mineralization occurs on the northern and
        southern extremities of the sulphide orebodies and the proportion of
        these orebodies is increasing with depth. The quartz veins are generally
        higher grade than the sulphide orebodies and hosts coarse grained free
        gold.

        Structures observed underground testify to the ductile nature of the
        deformation with development of ductile thrusting, boudinage structures
        and development of garnetiferous schists. Graphitic zones within the
        host schist have appeared to act planes of dislocation and there may a
        degree of bedding plane faulting which cannot be clearly seen.

        Corpo Sul lies approximately 150m southeast of Mina III and is analogous
        with the Lower Zone of that orebody and is dominated by disseminated
        sulphide mineralization with only minor quartz veining. The host
        lithologies are graphitic schists at the contact with hangingwall
        dolomites

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FIGURE 6.3: MINA III PLAN VIEW OF THE UPPER ZONE OREBODY SHOWING PLUNGE
DIRECTIONS









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        Corpo IV is located in the hangingwall sequence of the Mina III orebody
        to the southwest. It is currently intersected in a development drive
        from the 250 level at Mina III. The geology is analogous with the Lower
        Zone at Mina III although it is stratigraphically higher. Mineralogy
        consists of disseminated sulphides, mainly pyrrhotite, hosted in a thin
        band of sericite schists within graphitic schist and acidic
        metavolcanics.

        Corpo V lies 200m to the south of Corpo IV at a similar level in the
        stratigraphy. It has been intersected by surface drilling and an
        exploration drive driven from the 250 level in Mina III. The orebody is
        between 1-5m thick and averages 2m. Due to the limited number of samples
        from this orebody it is currently classified as inferred.

6.3.2   Mina Nova

        The Mina Nova orebody lies some 2km north of Mina III and occurs as a
        series of elongate tabular bodies, horizontal in the east and dipping by
        6-10(degree) in the west. The orebody is plunging to the west-northwest.
        A total of 23 individual oreshoots were originally defined at Mina Nova.
        However, only 10 of these are currently defined as resources (Figure
        6.4).

        Mineralization occurs as disseminated sulphides, predominantly
        Pyrrhotite, hosted in graphitic schist. Abundant quartz mineralization
        occurs at the base of the mineralized sequences. The hangingwall is well
        defined marked by a sharp increase in the percentage of arsenopyrite
        present. The basal quartz mineralization carries fine grained free gold
        and during the mining process this unit is preferentially mined as
        dilution over the hangingwall although both hangingwall and footwall
        sequences carry grades of up to 2.5g/t Au. Minor quartz carbonate
        veining occurs with pyrrhotite and indicates areas of elevated grade.


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FIGURE 6.4: MINA NOVA OREBODIES









                                   [PICTURE]










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6.3.3   Palmeiras

        The Palmeiras orebody is currently excluded from the LoM (Level 1). The
        orebody occurs to the south of the Mina III orebody and has been
        intersected by surface drilling only at this stage. Mineralization is
        contained within a sequence of garnet-chlorite-magnetite-sericite
        schists associated with pyrrhotite and minor arsenopyrite and quartz
        veinlets. The mineralization here appears to be similar to that seen in
        the Upper Zone at Mina III. The orebody is made up of a number of small,
        separate bodies striking and plunging to the northwest. The orebody
        occurs at the southern boundary of the MSG Mining License and extends
        into the area held by Metago. The current resource at Palmeiras is
        quoted at 0.9Mt at 8.79g/t Au. Tonnage was calculated using an assumed
        SG of 2.9t/m3 and by digitizing orebody outlines at a 1g/t Au cut off.
        The resource at Palmeiras is currently classified as inferred and there
        are no plans to carry out any additional evaluation drilling at the
        current time.

6.3.4   Forquilha

        The Forquilha orebody occurs northwest of the Mina III orebody and is
        located within the same structure as Orebodies IV and V. Evaluation
        drilling has been carried out on a 100x50m grid and a total of eleven
        holes have intercepted the orebody. The resource has been calculated
        from five section lines and currently totals 0.3Mt at a grade of 6.2g/t
        Au. The resource is currently classified as inferred and is not included
        in the current LoM.

6.4     SUMMARY

        The regional geological setting is well documented and the lithology in
        the area around and within the mine is well understood. However, the
        structural regime which led to the development of the greenstone belt
        and the specific controls on the location of the mineralization is less
        well understood. Assumptions are made that the mineralization is
        controlled by lithology and the mineralization event was initiated
        during a period of thrusting and overfolding. There is evidence from
        deeper drilling and production from the deeper levels, that the
        orebodies are thinning, steepening and the distance between the Upper
        and Lower Zones is diminishing with depth.

        The structure and form of the individual orebodies is relatively well
        understood. This is particularly true of the Mina III and Mina Nova
        orebodies, where the underground development has, generally, confirmed
        the original orebody models and has provided confidence in the results
        obtained from surface drilling.

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        The lack of geological understanding as to the nature and mode of
        formation of the orebodies has been highlighted by the relatively poor
        results from the exploration drilling based on the target identification
        from the geophysical surveys. A better understanding of the role of the
        structures in controlling the mineralization is required particularly to
        the west (down dip) of the current mining operations.

7.0     EXPLORATION

7.1     UNDERGROUND EXPLORATION

        At Mina III, underground drilling is carried out from development
        drives. Fan drilling is carried out using AW rods with a maximum hole
        length of approximately 150m. Drill sections are spaced at 15-20m and
        the purpose of this drilling is to increase confidence in the orebody
        continuity and provide information of the lateral extents of
        mineralization for mine planning purposes. The underground drilling is
        effectively providing grade control information for the Superior and
        Intermediate orebodies as these are not routinely sampled during
        production other than in the development drives at the upper and lower
        extents of the panels (see following section "Sampling Method and
        Approach").

        At Mina III only 10% of development is carried out in the orebody and
        therefore there is a strong reliance on the fan drilling to provide
        information on the continuity of the orebody. At Mina Nova, some 90% of
        development is carried out in the orebody and therefore there is a
        reduced reliance on underground drilling. The relatively flat lying
        nature of the orebodies means that underground drilling cannot be used
        for extensive underground exploration or evaluation of the orebody at
        depth without the need for significant exploration development, and it
        is currently cost effective to carry out the majority of evaluation
        drilling from surface.

        In SRK's opinion, the current level of underground sampling and drilling
        is appropriate for delineating the Measured and Indicated resources. The
        Inferred resources are generally defined from surface drilling results.

7.2     SURFACE MINE CLAIM EXPLORATION

        In Brazil the mineral licenses for exploration are valid for a three
        year period and can be extended for an additional two or three years.
        MSG has several licenses with the oldest one expiring on September,
        2003. However, all of them can be extended for up to three years.

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        The mining licenses currently held by MSG have been extensively sampled
        from surface drilling. Exploration over the current mining operations is
        carried out on 25m spaced drill lines. However, drillhole spacing along
        these lines generally carried out at 100m intervals with some closer
        spaced drilling down to 25m spacing in areas. Surface drilling is
        carried out using NQ (60mm) and BQ (46mm) core barrels.

        SRK consider this level of drilling to be adequate for defining the
        orebody limits in terms of classifying the resource as inferred.

        In 2002 a SPECTREM geophysical survey was carried out over the MSG Lease
        area and a portion of the adjoining Metago property. This is an airborne
        EM (electromagnetic) survey, which is particularly useful in identifying
        areas of elevated electrical conductivity in the rockmass. Areas of
        massive sulphide mineralization are, therefore, particularly susceptible
        to this method. As a result of the survey some twenty targets were
        defined as potential mineralized zones and an exploration program based
        on intersecting a number of these targets was initiated.

        The current exploration budget for 2003 is US$2.2M for 22,000m of
        drilling. Of this, some 14,000m was originally planned for evaluation of
        the anomalies indicated by the SPECTREM survey. The remaining 8,000m is
        planned for testing the extensions of the current production orebodies.
        Of particular interest is the continuity of the Mina Nova orebody, which
        appears to be thinning to the northwest. In addition some of this
        drilling will be used to better delineate the Forquilha orebody.

        The drilling program for testing of the SPECTREM targets has commenced
        but results are inconclusive and no additional resources have been
        identified as a result of this exercise.

8.0     SAMPLING METHOD AND APPROACH

        The sampling methodology employed by MSG is dependent on the particular
        orebody being investigated and has a direct influence on the
        classification category applied to the orebody. There are three primary
        sources of information, namely:

         o    Surface diamond drilling

         o    Underground diamond drilling

         o    Underground chip sampling

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        The surface drilling is used, primarily, for exploration and delineation
        of the orebody at depth. Underground drilling is used for improving
        confidence in the location and form of the orebody and for definition of
        inferred and indicated resources. The chip sampling is used, along with
        the drilling results, for calculation of grade of the measured and
        indicated resources and for locating the hangingwall and footwall
        contacts for mining.

8.1     SURFACE DRILLING

        Surface drilling is carried out by conventional diamond core drilling
        using NQ and BQ barrels. Drill samples are taken at 1m intervals with a
        20% variance in sample length to take account of significant geological
        contacts. The average recovery is quoted as 99%, but the core storage
        area was not observed by SRK during the site visit and this value
        cannot, therefore, be confirmed. However, given the competency of the
        rock and the general ground conditions observed underground there is
        unlikely to be significant core loss when drilling in the vicinity of
        the orebody.

        Drilling is carried out at 25-50m spaced intervals along drill lines
        spaced approximately 100m apart. Drilling is generally carried out with
        orientations to the east-southeast in order to provide the best
        intersection with the orebodies. Downhole surveys are carried out at 15m
        intervals using Sperry Sun and Tropari instruments. All core is sawn in
        half with one half provided for assay and the remaining half retained
        for data verification work.

8.2     UNDERGROUND DRILLING

        AX core is obtained from underground drilling and is used for sampling
        of indicated panels in order to bring them into the measured category.
        As for the surface drilling, the sampling is carried out at 1m
        intervals. The whole core sample is crushed for sampling owing to the
        small diameter of the AX core and therefore detailed geological logging
        is necessary prior to crushing.

        At the Upper Zone in Mina III, the drilling is carried out in a
        360(degree) fan pattern in order to define the lateral extent of the
        sulphide orebodies. These bodies are pod like and discontinuous and
        drill sections are spaced at 15-20m intervals along development drives.
        The mineralization in the Lower Zone tends to be more continuous and
        drilling is carried out on drill lines 30m apart. Drilling is carried
        out from development drives parallel to the plunge direction.

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8.3     UNDERGROUND CHIP SAMPLING

        MSG state that the majority of their underground sampling is carried out
        by channel sampling. However, the method described and observed
        underground should be more accurately described as chip sampling.

        The sampling is carried out at 2m intervals along development drives and
        in raises developed through the orebody between levels. Samples are
        collected in 1m intervals starting approximately 1m in the footwall. The
        footwall can generally be defined visually in the drives and stopes and
        the quartz orebodies, in particular, are easily identifiable. The
        sampling is carried out along the circumference of the drive outline
        after the rock face has been washed down and the sample line located by
        the survey.

        Sampling occurs across the dip of the orebody and, where the full
        thickness of the orebody is not exposed, short diamond holes are drilled
        horizontally into the hangingwall and/or footwall to provide a full
        intersection. All samples collected in this way are transformed to a
        horizontal length and plotted at a point 3m above the floor of the
        development. The final composite value is, therefore, a length weighted
        average across the horizontal thickness of the orebody. At Mina Nova,
        where the orebody is flat lying, the samples are transformed to a
        vertical length weighted sample value.

        The methodology involves the use of a hammer and chisel to cut a
        continuous series of chips along the marked channel. The material is
        collected on an American cloth, which is lain on the floor of the drive
        prior to the collection. After every 1m has been collected the sample is
        bagged and tagged with an aluminum tag recording the number and
        location, which is placed in the bag along with the sample. All material
        that is dislodged during the sampling process is collected. The only
        exception is any large blocks that may be loosened by the chiseling. The
        size of the resulting chips varies from fine material to chips between
        1-5cm in length and the average sample weight is 1.6kg per 1m sample.

8.3.1   Mina III

        Channel sampling is currently carried out in the development drives on
        the levels and in the raises driven through the orebody prior to mining.
        There is no production sampling carried out in the stopes until the
        planned maximum stope extent is reached, at which point, channel samples
        are taken to determine whether there is any additional material which
        could be mined as ore. The lack of any regular production sampling is a
        concern and there is no effective grade control being carried out during
        the mining process. In effect, if there is

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        additional material at the edges of the stopes this will be identified
        and mined, but if there are areas of low grade within the stope these
        will not be identified and will be mined as dilution.

        A small amount of grade control sampling is carried out in the quartz
        orebodies where they are thin and where the percentage of contained
        sulphides decreases. However, this is not done on a regular basis.

8.3.2   Mina Nova

        At Mina Nova, the lower grade of the orebody and the more diffuse nature
        of the mineralization require that grade control sampling be carried out
        in addition to the original panel sampling. This grade control sampling
        is performed by cutting vertical channel samples in the face at 4m
        intervals. As at Mina III, the samples are taken at 1m intervals along
        the channels and collection is carried out using hammer and chisel. The
        faces are sampled, on average, every 2-3 blasts which gives a sample
        coverage of approximately 4x5m.

8.4     COMMENTS ON SAMPLING

        The sampling procedure observed at MSG highlights a number of issues,
        namely:

          o    The recovery from the diamond core drilling is very good and,
               given the relatively continuous nature of the orebodies along
               plunge, the surface drilling is defining the extents of the
               current orebodies to a level of detail, which allows underground
               development to be planned.

          o    The underground drilling appears to be adequately defining the
               lateral extent of the orebodies for the purposes of production
               planning and the spacing between drill lines is appropriate.

          o    The channel sampling described and observed is, in actuality,
               chip sampling and as such is liable to a degree of inaccuracy due
               to loss of sample chips, during the chiselling operation.

          o    Potential contamination may be a problem if the surface is not
               adequately cleaned prior to the sample collection and also if
               chips are allowed to fall on the floor prior to being bagged, or
               if the cloth used to collect the sample is not adequately cleaned
               between each sample. The sampling protocol described by MSG and
               the chip sample locations observed by SRK appear to be adequately
               addressing the issues of

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               contamination. However, the sampling procedure was not observed
               during the site visit and therefore the quality of the collection
               practices cannot be qualified by SRK.

          o    The hammer and chisel method does not guarantee a continuous
               sample and there is potential for the introduction of bias,
               particularly where differences in rock competency are
               encountered. The use of a rock saw would produce a larger sample
               with a constant volume, which would help to reduce potential
               bias.

          o    Bias may also be introduced due to the relatively small sample,
               which will be affected by a small loss of material.

          o    At Mina III, production sampling is only carried out at the
               extremities of the stope in order to assess the availability of
               additional material in the wall of the planned stope. However,
               with no grade control sampling during the mining there is no way
               of knowing whether barren or low-grade areas have already been
               mined.

          o    Raise sampling is carried out but this data is not used for
               evaluation of the panel through which the raise is driven. The
               panel estimate is based solely on wide spaced drillhole
               intersections and the channel samples taken on the upper and
               lower levels. The raise samples would provide additional data to
               allow the variability of the orebody grades to be better defined
               and, if this data is not used for grade estimation, there is no
               obvious reason why these samples are collected in the first
               place.

          o    Anglo American have carried out a study of the samples from Mina
               III and have shown that the samples from the underground and
               surface drilling along with the channel sample data can be
               combined for the purposes of panel grade estimation. However,
               this report was not viewed by SRK during the site visit.

9.0     SAMPLE PREPARATION AND ANALYSIS

        All sample preparation and analysis is carried out at the laboratory
        facilities situated at the MSG metallurgical plant at the Crixas Mine.
        The staff are employed by MSG and quality checks are carried out
        internally and externally with a round robin exercise conducted with
        laboratories at Morro Velho (AngloGold), Lakefield- Geosol , Bondar
        Clegg and CRVD. It should be noted that the Morro Velho laboratory
        cannot be considered to be completely independent of the MSG operation
        owing to the involvement of AngloGold at Morro Velho.

        The laboratory at MSG is responsible for analysis of all samples
        originating from the metallurgical plant, tailings and underground
        sampling (drilling and channel samples). Exploration samples are
        analyzed by the MSG laboratory in addition to the Geosol-

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        Lakefield Laboratory in Brazil and Bondar Clegg in Canada. Samples from
        the various sources are kept separate and analyzed in separate batches
        and, in some cases, dedicated equipment is reserved for particular
        sample types.















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FIGURE 9.1: SUMMARY FLOW DIAGRAM - SAMPLE PREPARATION




                                   [PICTURE]




        The sample collection was described previously. Samples are obtained
        directly from the department responsible for the sample collection and
        placed in drying oven operating at between 110(degree) to 115(degree).
        Three separate ovens are used for geological samples, metallurgical
        plant input samples and processing plant samples in order to avoid
        potential contamination. A detailed sample protocol was obtained by SRK
        and is summarized here and in Figure 9.1.

        Original samples from the underground sampling are between 1.5-5Kg
        depending on the sampling method employed (core or channel sample).
        After drying the samples are crushed in a jaw crusher to 100% passing
        1/4 inch and then placed in a roll crusher to further reduce to 100%
        passing inch. There are two jaw crushers and one is reserved exclusively
        for exploration samples. In addition, a "sterile" sample from a batch
        sample provided by the geology department, is also crushed and assayed
        with each batch of samples to check for contamination during the
        crushing process. The coarse reject is then passed through a Jones
        riffle splitter in order to reduce the sample to 500g. This is then
        pulped to 75% 200 mesh using a disc pulverizer.

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        All assaying is carried out using fire assay with an Atomic Absorption
        finish or gravimetrically. A 50g aliquot is used for the initial fusion.
        The crucibles used for the initial fusion are used a maximum of three
        times and cupels are used only once.

        The assay is carried out in batches of forty samples. For the plant
        samples each sample is assayed three times. For the geological samples a
        repeat assay is carried out for every fifteen samples and in addition
        two standards and three blanks are inserted into each batch of forty.
        Screen fire assay is occasionally carried out for plant and tailings
        samples but this is not routine and is not performed on geology samples.

        Compressed air is used throughout the crushing and grinding process to
        clean the equipment between each sample, in addition, silica sand is run
        through the pulping mills between each batch of sample. The laboratory
        is fully equipped with dust extraction facilities in all areas. This
        extracts dust to a unit outside the laboratory building where it is
        treated through filters and collected for later disposal.

        The assay protocol used at MSG employs a standard methodology. In SRK's
        opinion the levels of cleanliness and thoroughness observed indicate a
        professionally run laboratory, which operates at a high standard. The
        staff appeared competent and understanding of the issues related to
        obtaining a high degree of both accuracy and precision.

10.0    QUALITY CONTROL PROCEDURES

        The following describes the checks carried out for quality control on
        the sample assay procedure at MSG.

        The standard currently used at MSG is produced on site from a
        combination of plant and tailings feed material. This has been
        homogenized and assayed by the MSG laboratory.

        For the exploration samples MSG have acquired a suitable standard, which
        is inserted as two per batch of forty assays. The standard is produced
        by Rocklabs Ltd (Rocklabs Ltd P O Box 18 142 , Auckland New Zealand -
        Certification by Marcolm Smith BSc, FNZIC - Malcolm Smith Reference
        Materials Ltd, 2 Morriggia Place , Auckland 10 New Zealand).

        A series of blanks are inserted as three per batch of forty assays. In
        addition a sterile sample, prepared by the geology department is assayed
        after crushing along with the true samples. This allows a check on
        contamination to be carried out.

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        If there is a significant difference between the repeat assays the whole
        batch of forty samples will be re-assayed. The sample pulps are retained
        for up to three months. Both coarse rejects and pulps from exploration
        samples are retained indefinitely.

        SRK have discussed the methodology and protocol employed by MSG for
        assay quality control and the implementation of these procedures is
        appropriate. However, SRK have not independently verified the results of
        the check assay and quality control data.

11.0    MINERAL RESOURCE ESTIMATION

        Historically, Mineral Resources have been quoted according to the
        Australasian Code for the Reporting of Identified Mineral Resources and
        Ore Reserves (the JORC Code, 1999) and as of 31st December 2002 the
        Resource Statement at a 3g/t COG (equates to a $350/oz gold price) was
        4.5 Mt at 8.2 g/t Au. Kinross policy is to report Mineral Resources at a
        gold price of $325 and exclusive of those Mineral Resources, which are
        contained in the Mineral Reserves. It was not possible to re-estimate
        the Mineral Resource for the purpose of the current report. As a result
        it was decided to report a zero Mineral Resource figure for Crixas. SRK
        consider this approach to be conservative.

        The orebodies were originally delineated through surface exploration and
        drilling. Subsequent to the commencement of mining, the orebodies at
        Mina III and Mina Nova have been extensively developed through
        underground access. Sampling is currently carried out using a
        combination of surface drilling, underground drilling and underground
        chip sampling.

        MSG carries out sample preparation and analysis on site. A detailed
        QC/QA protocol is followed by the staff at the mine. Internal and
        external independent checks are carried out at regular intervals. In
        August 2002 a detailed interlaboratory exercise was carried out using
        the MSG laboratory along with the AngloGold facility at Morro Velho and
        the independent laboratories of Bondar Clegg, Lakefield Research and
        Chemex. The summary results from this study are available in the
        December 2002 Resource Statement Document produced by MSG and they do
        not indicate any issues with the quality of the laboratory facilities at
        MSG. The results from the various laboratories were generally
        comparable, with the only exception being the overestimation of grade by
        the Lakefield facility relative to the other laboratories used in the
        exercise.

        Specific gravity data was calculated from the core samples obtained
        during the original exploration drilling. The number of samples
        collected is not known exactly although; in

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        conversation it was stated by mine personnel that several samples were
        collected along the length of the core from surface. It is understood
        that no additional SG determination work has been carried out to test
        the adequacy of the original test work. The values currently in use at
        MSG are 3.3t/m3 for the Upper and Intermediate Zones of Mina III,
        2.7t/m3 for the quartz veins and Corpo Sul, and 2.9t/m3 for Mina Nova.

11.1    MINA III

        At Mina III the orebodies are subdivided into panels between the 50m
        levels and panel grades are calculated from the weighted average of all
        channel samples on the upper and lower drives and any underground or
        surface drill holes that intersect the orebody between the relevant
        levels. Very little sampling is carried out within the panels during the
        mining process and the block grades are calculated by kriging the
        samples located around the boundary of the panel. The available data is
        kriged into 8x8x4m blocks using ordinary kriging after structural
        analysis using relative semi-variograms and cutting of high-grade values
        to 120g/t Au. This block grade is used for production scheduling and it
        is the global panel grade that is used for the resource statement and
        LoM resources.

        It is SRK's understanding that raise sampling is carried out by
        obtaining chip samples in a similar manner to that carried out in the
        development drives. However, in discussion with the mine staff it became
        clear that this information is not used for the panel grade estimation.
        The Raises are developed within the orebody and do not intersect the
        full thickness of the orebody. MSG have stated that the resulting
        samples would produce a bias by preferentially sampling individual
        horizons within the orebody and therefore these samples are only used
        for a physical determination of the orebody limits and are not used for
        the grade interpolation. SRK would concur with this approach and
        consider the current estimation methodology protocol to be appropriate
        given the current level of understanding.

11.2    MINA NOVA

        At Mina Nova, the orebody and panel grades are also defined from surface
        drilling and underground sampling. However, here the majority of the
        development occurs within the orebody and there is therefore
        significantly more data available for the initial panel estimates. In
        addition, grade control channel sampling is carried out in the
        production stopes on a 4x5m grid. All data is used to define the orebody
        outline on sections using a 2.5g/t Au cut off and a minimum mining
        height of 2.5m. Block grades are calculated for 10x10x2.5m blocks after
        modeling of relative semi-variograms and ordinary kriging of all
        available data. No high-grade cutting is performed at Mina Nova.

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11.3    CLASSIFICATION

        Classification and resource reporting at MSG is currently carried out
        using the Australasian Code for Reporting of Mineral Resources and Ore
        Reserves (the JORC Code). The classification guidelines for the JORC
        code are essentially identical to those laid out by the Canadian
        Institute of Mining, Metallurgy and Petroleum (CIM) in their publication
        "CIM Standards on Mineral Resources and Reserves - DEFINITIONS AND
        GUIDELINES". As a result, the classification categories currently in use
        at the Crixas Mine can be regarded as a valid classification under the
        CIM guidelines for Resources and Reserves.

        A panel is considered a Measured Mineral Resource if it the orebody is
        exposed in both upper and lower development drives and these drives have
        been sampled. In addition the measured panel will have underground and
        surface diamond drilling intersections. Indicated Mineral Resources are
        those for which access is only available on one level and the resource
        is extrapolated to the next level. Inferred resources are those beyond
        the extent of the indicated resource block, i.e. more than one level
        distant from the nearest channel sampling. However, Inferred blocks are
        intersected by surface drilling and may also have underground drill
        intersections. The orebody continuity is well established and, in the
        opinion of SRK, the current classification is conservative in that a
        proportion of the inferred material could, likely, be upgraded to the
        indicated category with very little additional work. The inferred
        material is not included in the Proven and Probable reserve statement
        but some 0.5Mt is included in the current LoM plan. This has been
        extracted from the SRK audited LoM and no inferred is included in the
        SRK audited statements tabulated in the following section.

11.4    APPLICATION OF MINING FACTORS

        The resource calculation includes intentional dilution in order to
        preserve a degree of continuity between individual levels and sections
        and to allow for a realistic minimum mining width (MMW). In addition to
        this planned dilution, a certain amount of unplanned dilution has to be
        accounted for during the mining process, which can originate from a
        number of areas. The hangingwall is generally competent but there is
        some overbreak which is included in the cut and fill mining process.
        This material is generally mineralized but low grade. There is also a
        small amount of backfill material from the previous lift, which may be
        included during the loading of the ore. Dilution is now set at 5% for
        all operations and methods of mining.

        The Mine Call Factor (MCF) is calculated from the average of samples
        taken from the feed belt to the mill and the results compared to the
        called for grade which is based on the

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        original evaluation sampling. The MCF is consistently around 95%
        indicating either, more dilution than expected or, overestimation of the
        original grade by the development chip sampling. More effective grade
        control sampling at Mina III would indicate where the overestimation of
        grade is occurring or whether the problem is related to unintentional
        dilution.

12.0    MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

        The resource statement provided by MSG is dated 31st December 2002. All
        resources are calculated at a cut off grade of 3g/t Au which equates to
        a gold price of $350/oz. The reserves are calculated using a gold price
        of US$300/oz a dilution factor of 5% at 0.0g/t Au and a mine call factor
        (MCF) of 95%. The MCF has been calculated on an annual basis since the
        production commenced in 1990 and has averaged 95.81% with a range of
        between 93.4% and 99.4%.









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TABLE 12.1: MINERAL RESERVES - DECEMBER 31, 2002

<TABLE>
<CAPTION>

SRK Audited Reserve Statement - MSG Crixas
========================= ================================== ================================== ====================================
                                        PROVEN                            PROBABLE                             TOTAL
- ------------------------- ---------------------------------- ---------------------------------- ------------------------------------
Mine          Method      Tonnes (Kt)   Grade    Contained    Tonnes (Kt)   Grade    Contained   TONNES (KT)   GRADE    CONTAINED
                                         (g/t)  Gold (K.oz)                  (g/t)  Gold (K.oz)                 (G/T)  GOLD (K.OZ)
========================= ================================== ================================== ====================================
<S>                           <C>        <C>        <C>          <C>        <C>         <C>         <C>         <C>         <C>
Mina III     Cut & Fill        959       12.53      386           581       10.03       187         1,540       11.59       574
           Room & Pillar        64       19.36       40            24        9.61         7            88       16.72        47
             Open Pit          242        3.71       29                                               242        3.71        29
             Pillars            46       11.20       17                                                46       11.20        17
- ------------------------- ---------------------------------- ---------------------------------- ------------------------------------
            SUB TOTAL        1,311       11.19      472           605       10.01       195         1,916       10.82       666
========================= ================================== ================================== ====================================
Corpo IV                                                          359        4.72        54           359        4.72        54
Corpo Sul                      144        6.20       29            30       13.78        13           174        7.49        42
Mina Nova  Room & Pillar     1,329        4.34      185            58        5.05         9         1,387        4.37       195
========================= ================================== ================================== ====================================
TOTAL                        2,784        7.66      686         1,052        8.04       272         3,836        7.76       957
========================= ================================== ================================== ====================================
</TABLE>

13.0    MINERAL PROCESSING

        The mineral processing plant at Crixas is described below. Gold recovery
        in the plant has historically been very close to 95%. Refer to sections
        5.2. Figure 13.1 is a schematic process flowsheet.




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FIGURE 13.1: SCHEMATIC PROCESS FLOWSHEET








                                   [PICTURE]








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13.1    CRUSHING

        The ore is hauled from the mines in Volvo A-25 trucks and is stockpiled
        close to the feed hopper of the plant. The piles are distributed
        according to their gold grade. The practice is to blend the ores from
        the piles before introducing the ore into the circuit.

        The ore is fed to the hopper by a front end loader or is dumped directly
        by the trucks. The oversize boulders that are retained on a grizzly
        (0.60m x 0.60m) at the hopper opening are fragmented by a hydraulic
        hammer. A vibrating feeder located at the bottom of the hopper controls
        the feed rate to the primary crusher. Ore discharged by the feeder is
        transported on a 1.2m belt conveyor to the primary crusher.

        The primary crusher is an overhead eccentric jaw crusher, FACO 100 x 80
        model, open circuit operated. A hydraulic hammer 95HD model is located
        close to the primary crusher, to break any boulders that get stuck. This
        practice has reduced lost time due to oversize material.

        Crushed ore is transported on a 0.91m belt conveyor that is weighed
        continuously. An electromagnet extracts any metallic objects from the
        circuit. The ore is discharged onto a primary vibrating screen for a
        first classification. The screen has 2 decks (32mm and 10mm) and is 20o
        inclined.

        The oversize of the 2 decks feeds the secondary crusher while the
        undersize of the 10mm deck goes to an 1800 tonne silo for crushed ore
        (final product of crushing circuit). When the operation is wet crushing,
        this undersize feeds a spiral classifier, and the classifier overflow
        goes to the thickener while the underflow goes to the silo.

        The secondary crushing is done in a hydrocone unit, FACO 10-60 model,
        operating in open circuit. Its product goes to a secondary screening
        unit, with 2 decks, the first with a 20mm screen and the second with a
        10mm screen. This screen operates in closed circuit with the tertiary
        crushing unit, a model FACO 3-60. The undersize of the 10mm deck feeds
        the conveyor belt that discharges in the silo and the oversize of both
        decks returns to the tertiary crusher, closing the circuit. The product
        of the tertiary crusher goes to a new classification step at the
        secondary screen.

        There is a de-dusting system in the circuit consisting of "Water Air
        Jets" that spray onto the feed and into the discharge of the three
        crushers.

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        The plant was automated at the end of 1997, being controlled by a
        computer located in the control room or by a man-machine interface
        installed in the crushing room.

13.2    GRINDING AND GRAVITY CONCENTRATION

        Crushed ore is reclaimed from the silo on a belt feeder that discharges
        onto a belt conveyor that feeds the ball mill. This belt conveyor has an
        integration mass balance that indicates the flow in tonnes/hour and
        totalizes the ore mass processed.

        A sample is collected at this belt conveyor every 30 minutes, with a
        composite sample being completed after 8 hours, providing an analysis of
        the gold grade fed to the mill. This sampling is done using an automatic
        sampler located at the belt discharge.

        Before entering the ball mill the ore receives a metered quantity of
        quick lime for pH correction (pH of approximately 10). The lime controls
        pH and also improves thickening efficiency, the next stage after
        grinding.

        The grinding is single staged, wet, and in closed circuit with
        hydrocyclones. An Allis-Chalmers 3.65m diameter by 5.2m length steel
        lined ball mill is used, with a 1343 kW motor, operating at 75% of
        critical speed (17 rpm). The circulating load is controlled at
        approximately 400% based on new feed.

        The mill operates in closed circuit with 2 hydrocyclones, with two extra
        identical cyclones installed as stand-by. The hydrocyclones produce two
        products: the overflow with 25% solids and the underflow with 78%
        solids.

        The overflow (final product of grinding stage) feeds the thickener, and
        the underflow returns to the mill, being the circulation load. The water
        used in the dilution of ore that feeds the mill is from the thickener
        overflow.

        After introduction of gravity concentration, approximately 15% of the
        cyclone underflow mass flux (circulating load) is directed to a knelson
        centrifugal concentrator located on the top of the smelting building.

        The concentrator tails return to the mill while the concentrate is fed
        to three shaking tables located inside the smelting building. The tails
        of the two primary tables feed a third table and the tail of this table
        returns to grinding. The concentrate from the tables goes to the fusion
        step.

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        The cyclone overflow is passed through a vibrating trash screen to
        remove undesired materials like plastics, wood chips, etc, before going
        to the thickener.

        The final product of the grinding is approximately 65% passing 200 mesh
        (74(mu)m). The typical size distribution of the ore fed to the mill is
        100% minus 10mm.

13.3    THICKENING

        There are two 25m diameter conventional thickeners, denominated primary
        and secondary.

        The secondary thickener does not participate directly in the ore
        treatment, being used to clarify mine water for recycling. Its overflow
        is used as process water in the plant and as water for the mine. Its
        underflow is pumped to the primary thickener or the tailings pond.

        The primary thickener is gravity fed by the cyclone overflow from
        grinding (25% solids by weight) and by the overflow of the spiral
        classifier situated at the crushing area (when it operates in wet mode).
        The underflow of the thickener at 60% solids is pumped to the leaching
        stage. The overflow returns to grinding as process water.

13.4    LEACHING

        The leaching area consists of 16 tanks with 202 m3 capacity each. These
        tanks are mechanically agitated by means of helicoidal rotors and
        compressed air injection. The leaching is done in two stages: pre-lime
        and cyanidation.

        Pre-lime takes place in tanks 1, 2 and 3. The process prepares the pulp
        for the cyanidation process that is initiated in tank 4. The pre-lime
        stage is very important to the leaching process at MSG, because the ore
        has a considerable quantity of cianicide materials derived from the
        pyrrhotite in the ore. The presence of these elements (Fe, Cu, Ni, Zn,
        etc.) at the pH conditions that the process is done, favors the reaction
        of the cyanide causing the formation of ferrocyanide and sulfocyanide,
        increasing considerably the sodium cyanide consumption.

        The lime addition, already initiated at the grinding stage, is repeated
        in tank 2 of leaching. The pH is controlled at 10.5 every 2 hours by pH
        analysis. The contact time at the pre-lime is approximately 6 hours,
        with a pulp containing 60% solids. The actual cyanidation occurs in
        tanks 4 to 16.

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        The sodium cyanide solution is added to tank 4. The solution is
        previously prepared with a concentration of 23% by volume. The free
        cyanide concentration in this tank is controlled at about 500ppm. It is
        important for the process that the ore size distribution is fine enough,
        65% to 70% minus 74 microns.

        The pulp is constantly agitated with the reagents in tanks 4 to 16. The
        free cyanide and the pH gradually decrease along the tanks, being
        controlled at tank 15 at 200ppm of free cyanide and a pH of 10. The
        dissolved oxygen in the pulp is approximately 5 to 7 mg/liter and this
        is essential for efficient leaching. The cyanidation contact time is
        approximately 26 hours.

13.5    FILTRATION

        The MSG filtration circuit consists of two stages: primary and secondary
        filtration. There are a total of seven rotary vacuum filters, 4.3m
        diameter by 5.5m length, and three vacuum pumps in the circuit. Three
        filters are used in the primary filtration and two in the secondary
        filtration and only one of the three pumps. The other two filters and
        the two vacuum pumps are stand-by.

        The primary filtration is fed by the cyanided pulp coming from leaching
        with 55% solids. During primary filtration, the cake formed along the
        cylindrical body of the filter is washed by barren solution that comes
        from the precipitation stage, and this solution is expelled inside the
        filter.

        After primary filtration, the cake containing approximately 16% moisture
        is fed to a primary repulping vessel via a belt conveyor while the
        filtrate (rich solution) is pumped to a receptor tank. At the primary
        repulper a pulp with 55% solids is made up again by the addition of
        barren solution.

        The pulp is pumped from the repulping vessel to the secondary filters.
        The process is repeated with two products being obtained: rich solution
        (filtrate), that is pumped to a second receptor tank, and the final
        solid tailings of the process that is discharged into a secondary
        repulping vessel via a belt conveyor, where the solids concentration is
        adjusted to 35% solids and the pulp is pumped to the tailings pond. The
        filtration and clarification circuits are next.

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13.6    CLARIFICATION AND PRECIPITATION

        The Merril Crowe process is used consisting of clarification, air
        depletion from solution, gold precipitation with zinc powder, and
        subsequent precipitate separation using press filters.

        The rich solution from the filtration stage feeds two hopper clarifiers
        for the first clarification stage. In sequence, the solution passes to
        the second clarification stage that consists of leaf filters filtration,
        minimizing the quantity of solids particles in the solution. After
        clarification, the oxygen contained in the rich solution is extracted by
        means of two air depletion units. The zinc powder is fed into the
        solution at this stage. A lead nitrate solution is added to catalyze the
        reaction.

        The precipitation reaction takes place on the rotor of the pumps that
        feed the filter presses. The precipitation area has 4 press filters, one
        operating at a time. The precipitate has an average gold grade of
        approximately 20%, and it is sent to the smelting building.

13.7    SMELTING

        The fusion process consists basically of receiving and fusing the
        precipitate and gold concentrate originating from the press filters and
        shaking tables respectively. The fusion is done in a stationary, diesel
        oil fed furnace, with an 80kg capacity, where 150 kg of fusing flux is
        added and the temperature is raised to 1350oC.

        Every fusion produces a bullion weighing approximately 20 kg. The slag
        generated in the fusion is fused again to recover gold and then it
        returns to the crushing plant with a gold grade around 200ppm.

        The fusion for bar production is done in an electrical induction
        furnace, where the bullions are fused and transformed to bars weighing
        approximately 10kg each that are sent to Mineracao Morro Velho in Nova
        Lima-Minas, Gerais State, for refining.

13.8    ANALYTICAL LABORATORY

        This laboratory, built by the Kennecott company, was equipped with a
        fusion furnace, a cupellation furnace, an A.A. spectrophotometer, and
        other equipment. The analyses done were fire-assay and atomic absorption
        for gold determination, size distribution determinations, moisture
        determination, base metal analyses, etc.

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        The analytical laboratory was transferred from Crixas to the Industrial
        Area in October 1989 for the metallurgical plant start-up. It has been
        operating in this location since then and is sub-divided into the
        physicochemical laboratory and chemical laboratory.

        The method of gold analysis by solvent extraction was tested in the
        laboratory in 1996 and 1997 but it was decided to continue using the
        fire-assay method.

        Currently the laboratory has 10 employees, being: 2 leaders and 8
        helpers.

13.9    PHYSICOCHEMICAL LABORATORY

        The physicochemical laboratory offers its services to the Metallurgical
        and Geology Departments. The principal analyses performed at the
        laboratory are: Hydrometallurgical Plant:

          o    Gold analysis using fire-assayed samples for checking the feed
               and the tailings of the plant, solubility curves, samples of
               process test work and metallurgical inventory;
          o    Size analysis determinations;
          o    Moisture determinations.

        Geology Department:

          o    Gold analysis using fire-assayed samples from the mines,
               collected as channel sampling, samples from core drilling and
               geological exploration.

        The laboratory is also responsible for the fabrication of the cupels
        used in the gold determinations by fire-assay.

13.10   CHEMICAL LABORATORY

        The chemical laboratory provides services to the Hydrometallurgical
        Plant, to the Smelting and to Environment Control. The principal
        analyses performed at the laboratory are:

          o    Soluble gold by atomic absorption spectrophotometry;
          o    Total cyanide determination by destilation/potenciometry;
          o    Arsenic determination by adsorption in a silver and piridine
               dietilditiocarbamato complex followed by dosing by colorometry;
          o    pH;
          o    Dissolved oxygen;
          o    Solids in suspension;
          o    Dissolved solids;
          o    Ammoniacal nitrogen by potenciometry;
          o    Metals (Fe, Cu, Pb, Zn) by atomic absorption spectrophotometry;

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          o    Turbidity;
          o    Sulphate by turbidimetry;
          o    Free chlorine determination on the drinking water spots and at
               potable water taps at MSG, at the tank that feed water to the
               Bela Vista residence area and at a few houses;
          o    Gold analysis of the bullion;
          o    Basicity determinations, water hardness, pH and free chlorine for
               water control at Water Treatment Stations and cooling towers.

14.0    PRODUCTION PROPERTY INFORMATION

14.1    MINING OPERATIONS

        The Crixas Mine has been in continuous production since November 1989.
        Production is currently sourced from two underground mines, Mina III,
        and from Mina Nova which is located 1400m to the north of Mina III. The
        LoM Plan is based on a combined production rate of 735,000 tonnes per
        year. For 2003, Mina III will contribute 456,000 tonnes (63%) and Mina
        Nova 270,000 tonnes (37%).

        The operating schedule for both mines is three 8-hour shifts per day, 7
        days per week, with a total of 341 operating days scheduled per year.
        This implies daily production rates of 1364 tpd at Mina III, and 792tpd
        at Mina Nova.

        Both mines are accessed by decline ramps, at gradients of 12 to 15%,
        sized to accommodate 25 tonne haulage trucks. Ore and waste are hauled
        to surface by truck from both mines to a common stockpile area for ore
        and waste, located to the north of the processing plant. Ore is
        stockpiled according to grade to allow blending of the feed to the
        processing plant.

        In terms of lost time accident frequency rate, the mine site has an
        excellent safety record, with annual results in the range of 1 to 6. MSG
        was the first underground gold mine to achieve a NOSA five-star rating
        (National Occupational Safety Association of South Africa).

        The following sections describe each mine.

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14.2    MINA III

        Mining activity began at Mina III in 1985, when the main ramp was
        initiated. During 1987, development of levels 50, 100 and 150m was
        initiated. Production started in 1989 with ore from development and a
        room and pillar stope on the 150m level. In 1990, the mine commenced
        using the cut and fill method, and this is currently the predominant
        method. (Figure 14.1)

        The orebodies occur in two main ore zones: the Upper/Intermediate Zone
        and the Lower Zone. The Upper/Intermediate zone ore is contained in
        layers of massive sulfide or is disseminated in schist rocks of variable
        composition, with host rocks generally being dolomite and having a RMR
        varying predominantly between 45 and 80. The Lower Zone ore is contained
        in a graphitic schist rock with a uniaxial compressive strength of 80
        Mpa, and where the gold is present in quartz veins, the average strength
        is 255 MPa. The RMR of the quartz vein varies from 70 to 90, and where
        the roof is graphitic schist, the RMR varies between 45 and 60.

        The stability of underground openings is controlled by foliation planes
        dipping 200 to 300 NW; folding along an axis N700W and dipping 150 to
        200; a faulting/shearing system oriented EW dipping 600N, and a set of
        near vertical joints oriented NS.

        Reserves in the Upper Zone and Intermediate Zone have now been largely
        depleted, and represent only a small portion of the production in the
        LoM Plan.

        Levels are spaced 50m vertically, which results in a lateral distance of
        approximately 150m between levels, along the dip. The overall mining
        sequence has been from the top, downward. The main ramp has been
        advanced down to 550m level, while levels 350 to 450 represent the
        current mining horizon.




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FIGURE 14.1: MINA III SCHEMATIC SECTION









                                   [PICTURE]








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        At Mina III the main mining method is mechanized cut and fill using
        uncemented hydraulic backfill to recover moderately dipping (150 to 200)
        quartz veins ranging in thickness from 1 meter or less, to several
        meters in the Lower Zone. Where the ore is thicker, pillars are left for
        support. 7m spans and 4m pillars are standard practice.

        Access ramps are established in waste to each cut utilizing grades of up
        to 18%. Before stoping begins, a raise is driven between levels to test
        the continuity of the deposit. This raise establishes a ventilation
        circuit and provides access for the hydraulic backfill line.

        4m cuts are taken successively in an overhand sequence, creating a 5m
        vertical span between the fill floor and the ore back. The mining cycle
        includes drilling, blasting, ventilation, dust suppression, scaling,
        mucking, rock bolting, and filling. Drilling is done using
        electric/hydraulic two-boom jumbos and blasting utilizes 80% anfo. The
        blasted ore is loaded into 25 tonne trucks by LHD or front end loader.
        The truck loading is done within the stope if dimensions permit,
        otherwise the ore is hauled to the main ramp by LHD, where loading takes
        place next to a remuck bay. Ground support consists of grouted rebar
        bolts on a pattern of 1.5 x 1.5m to 2.0 x 2.0m. The ground conditions
        were observed to be very good.

        If pillars have been left due to the ore width, they are assessed by
        geology and rock mechanics personnel to determine if any recovery is
        possible prior to backfilling.

        The extraction rate used in the reserves calculation is 90% for the cut
        and fill mining method. In practical terms, the extraction rates in the
        cut and fill stopes vary from 87% to 92%. In order to achieve a 92%
        extraction rate a few pillars at the hangingwall of the stope are
        recovered after a careful analyses of the geological conditions of the
        stope and also considering the possible interference with drifts, ramps
        and other structures of the mine.

        The hydraulic backfill used is classified tailings from the plant. The
        hydraulic fill flow starts on the surface where a modern computer
        controlled plant prepares density controlled hydraulic fill, delivered
        underground through three vertical boreholes. The backfill plant is
        capable of a maximum 200tph, but the average placement rate is 150tph at
        62% solids. Typically, 48 hours are required for drainage. Drainage is
        facilitated through the barricade built in the ramp accessing the stope
        in the last cut. The drainage water is then directed to the pumping
        stations to be pumped to surface.

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        Stope ventilation is through the ramp, where fresh air enters, and
        through the ventilation raise, where it exhausts. Dust is suppressed by
        using water during drilling and mucking. The overall ventilation at Mina
        III totals 350 cms. Main fans are located on surface and underground.

        Mine dewatering requirements average 80 m3per hour, increasing to 170
        m3per hour during backfilling. The main sump on 150m level is equipped
        with three 112kW slurry pumps in series, capable of a total of 220 m3
        per hour. Each main level has a sump and 93kW slurry pump to deliver
        water to the main sump. The main sump delivers water to one of the
        thickeners in the mill, used to clarify the water. Water from the
        thickener is recycled to the mine.

        A small maintenance shop is located underground on 200m level for minor
        repair work. Major repairs are completed in the surface shop that serves
        both mines.

        The equipment fleet at Mina III consists of:

        5        Electric/hydraulic two boom jumbos
        2        LHD's, 4.6 m3 capacity
        1        LHD's, 3.0 m3 capacity
        3        Front End Loader, 3.1 m3 capacity
        8        Volvo 6x6 Trucks, 25 tonne capacity
        3        Scissor lifts
        3        Tractors
        2        Getman carriers
        3        Pick up truck
        1        Grader

        Productivity in the mechanized cut and fill stopes averages 30 to 40
        tonnes per man shift.

14.3    MINA NOVA

        Mina Nova is represented by a main gently-dipping, tabular shaped
        orebody, with approximate dimensions of 130 x 1200m with the lateral
        sizes varying from 100 to 200m, situated at an average depth of 100m,
        with an average dip of 10o to SW. Detailed drilling done from
        underground has outlined 9 smaller deposits at different depths below
        deposit 1 (main body).

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        These deposits occur as a series of elongate, tabular bodies of varying
        sizes flat lying in the east and dipping by up to 6(degree)-10(degree)
        in the west with a plunge to the west-north-west. The mineralization is
        in the form of massive and disseminated sulphides, predominantly
        pyrrhotite, in a graphitic schist with abundant quartz mineralization
        occurring at the base of the sequence.

        Currently, production is sourced from deposit 1 by mechanized room and
        pillar (no backfill). Other deposits being developed are 3, 5, and 6.
        The vertical thickness of deposit 1 ranges from 5 to 20m. Deposit 1,
        with an average grade of 4.5g/t Au, hosts approximately 60% of the
        mineral reserves.

        The Mina Nova rock complex has RMR values varying between 50 and 60 and
        consists mainly of schistic rocks with intercalations of quartz veins,
        with dolomites at some places. The uniaxial compressive strength
        measured for this rock type varies from 45 MPa to 100 MPa, depending on
        the orientation of the foliation relative to the applied force. A value
        of 80 MPa is considered representative of this rock. Besides the
        foliation, anisotropy is introduced by the presence of fractures and
        shear planes or fault planes. Underground observations indicate the
        presence of at least 2 joint sets that together with the foliation
        determine the dimensions of the potentially unstable blocks.

        Underground access at Mina Nova is through the main ramp, which was
        started in 1993. The ramp was initially driven 475m at a 14 percent
        gradient in waste to its intersection with deposit 1. This point was
        reached in 1994, and from this intersection to the end of the ramp, it
        was driven in the ore within a 12m pillar. The ramp has a section of
        4.5m x 4.2m and was driven to the northeast, following the gradient of
        the deposit.

        The dimensioning of the room spans and pillar widths varies depending on
        the thickness of the deposit. In the thinner areas, rooms incorporate
        spans of 8m and pillar dimensions are 3 x 3m. Where deposit 1 is up to
        20m thick, rooms are dimensioned up to 13m wide with 7 x 7m pillars.
        These thicker areas are taken out by an initial cut followed by two
        benches to achieve the full height. Experience to date shows that the
        13m wide rooms have remained stable.

        Ground support installed in the back consists of 2.4m grouted rebar on a
        pattern of 1.5 x 1.5m to 2.0 x 2.0m. The initial span is 8m wide. In
        cases where the back will be opened up to 13m wide, 5.4m grouted cable
        bolts are installed prior to slashing out to the full width.

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        Where back heights are expected to exceed the reach of the equipment,
        steel mesh is installed on the back.

        The expected room and pillar extraction rate used in the reserves
        calculation is 92.6%, this value being calculated based on a mine layout
        of 3.0m x 3.0m pillars and 8.0m wide stopes. The room and pillar method
        is achieving an ore recovery of at least 85%. It may be possible to
        increase this to 93% by recovering some pillars during the final retreat
        from the mine.

        Mina Nova is a relatively shallow mine, and there is a river flowing
        over it (Rio Vermelho). For this reason the geomechanical design of the
        mine is being carefully engineered and monitored. Extensometer
        monitoring points, designed to measure very small rock movements, have
        been installed in several areas underground. Stress monitoring
        instrumentation has been installed in three of the pillars. No
        instability has been detected. Hydrogeologic studies have been
        undertaken at Mina III and Mina Nova to characterize the permeability of
        the rock. The hydraulic transmissibility is very low due to the presence
        of schist type rocks.

        Total mine ventilation flow is 120 cms, with fresh air entering the mine
        through the main ramp. Auxiliary ventilation underground is distributed
        by 23kW fans and 1.2m diameter ventilation ducting.

        The equipment fleet at Mina Nova consists of:
        2            Electric/hydraulic single boom jumbos
        2            LHD's, 1.7 m3 capacity
        1            Front End Loader, 3.1 m3 capacity
        1 to 2       Volvo 6x6 Trucks, 25 tonne capacity
        2            Tractors
        1            Getman service truck
        1            Pick up truck

        Productivity in the mechanized room and pillar stopes averages 30 tonnes
        per man shift.

14.4    MARKETS AND CONTRACTS

        Mineracao Serra Grande sells the refined gold from Crixas at spot prices
        and provides a dividend to Kinross Gold Corporation.

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14.5    RECLAMATION AND MINE CLOSURE

        MSG has an up to date closure plan including a closure cost estimate. In
        July 2000, MSG prepared a reclamation cost estimate for CONAMA (Conselho
        Nacional de Meio Ambiente), the National Government Environmental
        Institution. At that time the cost estimate was US$8.2 million, minus
        US$1.9 million residual value, for a net closure cost of US$6.3 million.

        The reclamation cost estimate has since been updated in November 2002 to
        a revised cost of US$3.95 million. The reduction in the estimate is
        mainly due to the devaluation of the Brazilian currency (Real).

        Currently in Brazil there are no laws requiring the posting of a
        reclamation bond. MSG is making a financial provision of US$0.50 per
        tonne. This is an accrual only, not an actual expense.

14.6    TAXES

        The following four types of taxation apply to MSG's mining operation at
        Crixas.

        (1)
        CFEM (Financial Compensation for Mineral Extraction) mining tax equal to
        1% of net sales. It is distributed 65% to the municipality, 23% to the
        state, and 12% to the Division of Mines.

        (2)
        A tax on profit equal to the greater of:
        (a)     based on actual profit
                34% of actual profit (25% federal and 9% social contribution)
        (b)     based on a presumed profit
                3% of net sales (same distribution to federal and social
                contribution)
        NOTE: MSG is under option (b), paying 3% of net sales from 2000 to 2004,
        then it will begin paying tax under option (a), 34% of profits.

        (3)
        CPMF (Tax on Financial Movement) Every movement of funds between banks
        is taxed at 0.38%. This is a federal tax.

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        (4)
        Property taxes. MSG must pay property tax on its mining land and housing
        in Crixas. This tax amounts to less than US$20,000. It is distributed to
        rural (county) and municipal (city) governments.

14.7    ECONOMIC ANALYSIS

14.7.1  Introduction

        SRK has reviewed the internal LoM technical and economic model prepared
        by MSG for the Crixas Mine. The model details the operations on an
        annual basis over the projected mine life.

        The LoM Plan, and the technical and economic projections in the MSG
        model, include forward-looking statements that are not historical facts
        and are required in accordance with the reporting requirements of the
        OSC. These forward-looking statements are estimates and involve risks
        and uncertainties that could cause actual results to differ materially.

        SRK's review of the MSG model is presented in this section.

14.7.2  LoM Plan and Economics

        The MSG LoM production plan and financial forecast are based on a
        production rate of 735,000 t/a, and covers the period 2003 through 2008,
        indicating a remaining mine life of 6 years starting January 1, 2003.

        The MSG Plan is based on proven and probable reserves at Mina III and
        Mina Nova, plus some additional "mineable resources" that represent
        inferred resources with mining parameters applied.

        For the purposes of this report, SRK has revised the MSG Plan by
        removing the mineable resources and effectively eliminating the last
        year of production, 2008. The resulting LoM Plan, as modified by SRK, is
        discussed below and is referred to as the SRK Plan.

        Table 14.1 below compares the December 31, 2002 proven and probable
        reserves to the total tonnage scheduled in each of the LoM Plans
        introduced above.

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TABLE 14.1: ADJUSTMENT TO LOM PLAN

<TABLE>
<CAPTION>
                                                  ------------ ------------- --------------
                                                   MINA III(1)   MINA NOVA       TOTAL
- ------------------------------- ----------------- ------------ ------------- --------------
<S>                             <C>                 <C>          <C>           <C>
DEC.31.2002 RESERVES            Tonnes              2,448,786    1,387,135     3,835,921
PROVEN AND PROBABLE             Au g/t                   9.68         4.37          7.76
                                Percent of Gold           100%         100%          100%
- ------------------------------- ----------------- ------------ ------------- --------------

- ------------------------------- ----------------- ------------ ------------- --------------
MSG PLAN TO 2008                Tonnes              3,010,941    1,387,135     4,398,076
INCLUDES MINEABLE RESOURCES     Au g/t                   9.38         4.37          7.80
                                Percent of Gold         119.1%       100.0%        115.2%
- ------------------------------- ----------------- ------------ ------------- --------------

- ------------------------------- ----------------- ------------ ------------- --------------
SRK PLAN TO 2007                Tonnes              2,325,000    1,350,000     3,675,000
PROVEN AND PROBABLE ONLY        Au g/t                   9.68         4.37          7.73
                                Percent of Gold          94.9%        97.3%         95.4%
- ------------------------------- ----------------- ------------ ------------- --------------
          (1) Note: Corpo IV and Corpo Sul are included with Mina III.
</TABLE>

        As seen in Table 14.1, the SRK Plan does not completely deplete the
        December 31, 2002 proven and probable reserves, but the approximation is
        good, and slightly conservative.

        The SRK LoM Plan is based on:

          o    Tonnes and grades of the December 31, 2002 proven and probable
               reserves of Mina III and Mina Nova.
          o    A five-year mine life from 2003 through 2007.
          o    The average metallurgical gold recovery planned is 95.1%, which
               represents historical achievements as shown in Table 5.1. The
               actual recovery in 2002 was 95.3%.
          o    A gold price of US$300 per ounce is used, matching the basis of
               the reserves.
          o    The State Tax, or production tax of 1% of sales is deducted from
               gross revenue. This is tax (1) described in section 14.6.
          o    Other profit based taxes and property taxes are not included.
          o    A planned average cash operating cost of US$23.25 per tonne,
               compared to the actual for 2002 of US$24.09 per tonne.
          o    The total production cost in the SRK Plan is US$40.28 per tonne,
               compared to the actual in 2002 of US$39.87 per tonne.
          o    A schedule of sustaining capital costs provided by MSG totalling
               US$19.93 million over the mine life of 5 years. (actual 2002
               capital expenditures totalled US$5.9 million)

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          o    The mine closure cost estimate of US$3.95 million is from the
               closure plan, revision November 2002.
          o    It is assumed that salvage value at closure will cover severance
               costs.
          o    Both the MSG Plan and the SRK plan are based on an exchange rate
               of R$3.81 = US$1.00. The actual 2002 exchange rate was R$2.92 =
               US$1.00.
          o    Provisions for amortization and depreciation are included.

        The economics of the Crixas Mine are very robust at a gold price of
        US$300.00 per ounce. The economic results of the SRK LoM Plan indicate
        strong economic viability, with substantial operating profit throughout
        the mine life.

        The technical and economic models used in this analysis are considered
        to contain privileged and confidential information. However, Kinross has
        made these data available to SRK for review. Based on this review SRK
        concludes that the model prepared by MSG generally follows practices
        accepted by industry.

        It is not unusual for mining companies to include some inferred
        resources (a small amount in this case) in LoM Plans for internal
        planning when there is a good history of converting them to reserves.
        For the purposes of public reporting, SRK has considered a modified LoM
        Plan based only on proven and probable reserves.

15.0    CONCLUSIONS

        SRK makes the following conclusions:

          o    The Reserve Statement produced by MSG for the Crixas operation is
               appropriate given the resource base from which it is derived.
          o    Geological modelling and resource estimation methodologies are
               appropriate given the current understanding of the geology and
               grade distribution of the individual orebodies.
          o    The classification of the Mineral Resource and Mineral Reserve
               is, in SRK's opinion, conservative given the current level of
               geological understanding and the reconciliation from historic
               production data.
          o    The Crixas Mine appears well managed and has modern, well
               maintained facilities exhibiting outstanding housekeeping.
          o    Both underground mines are characterized by good ground
               conditions, stable excavations, and appropriate ground support.
          o    Operating licenses and permits are in good order.

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                                                                     APRIL, 2003

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          o    Potential environmental liabilities are being effectively
               monitored and managed.
          o    The overall economics of the operation are robust. The weakening
               of the Brazilian Real against the U.S. Dollar is contributing to
               the financial results being achieved.
          o    The mine site has an excellent safety record.
          o    MSG strives for good community relations and is acting in a
               socially responsible manner as exhibited in its social programs.





This report, 3CK005.02, INDEPENDENT TECHNICAL REVIEW ON THE CRIXAS MINE, BRAZIL,
April 2003, has been prepared by:

STEFFEN. ROBERTSON AND KIRSTEN (CANADA) INC.


"signed"                                   "signed"


John Arthur, C.Geol., C.Eng.               Ken Reipas, P.Eng.
Senior Resource Geologist                  Principal Mining Engineer


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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

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16.0    REFERENCES

        The following reports and documents were used as references in this
        technical report:

        TVX Newmont Americas, 2003 BUDGET, December 2002.

        Mineracao Serra Grande, CRIXAS GOLD MINE, 2002.

        AngloGold, RECLAMATION COST, November 2002.

        TVX Gold Inc., MINERAL RESOURCE/RESERVE INVENTORY, December 31, 2000

        Mineracao Serra Grande, Department de Metalurgia, PROCESSO DE
        BENEFICIAMENTO DE MINERIO DE OURO, 2002.

        Mineracao Serra Grande, RELATORIO SEMESTRAL CONTROLE AMBIENTAL, July
        2002.

        Mineracao Serra Grande, MONTHLY REPORT, December 31, 2002.

        Mineracao Serra Grande S.A - RESOURCES AND RESERVES EVALUATION, December
        2001

        Mineracao Serra Grande S.A - RESOURCES AND RESERVES EVALUATION, December
        2002

        Crixas Life of Mine Plan

        Expansion Plan/Optimization Program

        Reserves and Resources Tabulation, December 2002


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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

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                                   APPENDIX 1
                          CRIXAS LICENSES AND PERMITS

















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                                                                     APRIL, 2003

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                                   APPENDIX 2
                        CERTIFICATE AND CONSENT LETTERS























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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

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                             CERTIFICATE AND CONSENT

    TO ACCOMPANY THE INDEPENDENT TECHNICAL REPORT ON THE CRIXAS MINE, BRAZIL

I JOHN ARTHUR with a business address at Steffen, Robertson and Kirsten (UK)
Limited, Windsor Court, 1-3 Windsor Place, Cardiff, CF10 3BX hereby state that:
1.   I am a Senior Consulting Mining Geologist with the firm Steffen, Robertson
     and Kirsten (UK) Limited (SRK).
2.   I am a graduate of the University of Newcastle upon Tyne, UK, with an
     honours degree in Geology gained in 1987.
3.   I obtained an M.Sc in Mining Geology and Mineral Exploration from Leicester
     University, UK in 1989.
4.   I obtained a PhD in Mineral Resource Evaluation from Cardiff University, UK
     in 1994.
5.   I have practiced my profession continuously for some 16 years since
     graduating, have variously managed, authored and co-authored over twenty
     mining feasibility studies, feasibility audits and due diligence review
     reports for a variety of mineral deposit types in many different countries
     and am a "qualified person" for the purpose of National Instrument 43-101.
6.   I am a Chartered Engineer (UK), a member of the Institute of Materials,
     Minerals and Mining (UK), a Chartered Geologist and a Fellow of the
     Geological Society of London.
7.   I am co-author and reviewer of the report "Independent Technical Report for
     Crixas Mine, Brazil" dated April 2003, which is based on
     o    a study of all available technical reports, geological and sampling
          data on the project provided to SRK;
     o    first hand discussions with the appropriate project geologists and
          other employees currently working on the project;
     o    a visit to site March 2003.
8.   I am not aware of any material fact or material change with respect to the
     subject matter of this report, which is not reflected in this report, the
     omission or disclosure of which makes the technical report misleading.
9.   I do not own or expect to receive any interest (direct, indirect or
     contingent) in the property described herein, nor in the securities of
     Kinross Gold Corporation.
10.  The report has been prepared in compliance with National 43-101 and Form
     43-101F1 and I have read this Instrument and Form.
11.  I hereby consent to use of this report for submission to any Provincial
     regulatory authority.

APRIL 2003

   /s/ John Arthur

DR JOHN ARTHUR CGEOL FGS, CENG MIMM
CONSULTING MINING GEOLOGIST SRK (UK) LTD

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

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THE CRIXAS MINE, BRAZIL                                                  PAGE 63
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                             CERTIFICATE AND CONSENT

    TO ACCOMPANY THE INDEPENDENT TECHNICAL REPORT ON THE CRIXAS MINE, BRAZIL

I, KEN S. REIPAS, residing at 43 Deverell Street, Whitby, Ontario, Canada, do
hereby certify that:

     1)   I am a Principal Mining Engineer with the firm of Steffen Robertson
          and Kirsten (Canada) Inc. (SRK) with an office at Suite 602, 357 Bay
          Street, Toronto, Ontario.

     2)   I am a graduate of Queen's University with a B.Sc in Mining
          Engineering in 1981, and have practiced my profession continuously
          since 1981.

     3)   I am a Professional Engineer registered with the Professional
          Engineers of Ontario (PEO).

     4)   I have not received, nor do I expect to receive, any interest,
          directly or indirectly, in the Crixas Mine or securities of Kinross
          Gold Corporation.

     5)   I am not aware of any material fact or material change with respect to
          the subject matter of the technical report, which is not reflected in
          the technical report, the omission to disclose which makes the
          technical report misleading.

     6)   I, as the qualified person, am independent of the issuer as defined in
          Section 1.5 of National Instrument 43-101.

     7)   I have not had any prior involvement with the property that is subject
          to the technical report.

     8)   I have read National Instrument 43-101 and Form 43-101F1 and the
          technical report has been prepared in compliance with this Instrument
          and Form 43-101F1.

     9)   Steffen Robertson and Kirsten (Canada) Inc. was retained by Kinross
          Gold Corporation to prepare an independent report for the Crixas Mine
          in accordance with National Instrument 43-101. The following report is
          based on our review of project files, discussions with Crixas Mine and
          Kinross Gold Corporation personnel and personal observations made
          during a site visit in March 2003.

     10)  I was a co-author of the report.

     11)  I hereby consent to use of this report for submission to any
          Provincial regulatory authority.

                                                   "signed"



Toronto, Canada                                    Ken S. Reipas, P.Eng.
April, 2003                                        Principal Mining Engineer

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Crixas Mine Technical Report                                      SRK CONSULTING
                                                                     APRIL, 2003

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tex99_2-2983e.txt
<DESCRIPTION>EX-99.2
<TEXT>

<PAGE>

                               CONSENT OF EXPERTS



We hereby consent to the filing of that certain Crixas Technical Report dated
April, 2003, including the identification of us as experts, under cover of Form
6-K with the Securities and Exchange Commission and the incorporation by
reference of that report and information into Kinross Gold Corporation's
registration statements on Form S-8, Registration Nos. 333-05776, 033-93926,
033-82450, 333-08936, 333-09004, 333-12662, 333-13744, and 333-13742.

Steffen Robertson and Kirsten (Canada) Inc.


By:    /s/Ken Reipas/
          Ken Reipas, P.Eng.
Title:    Principal Mining Engineer


Date:    June 25, 2004


</TEXT>
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