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<ACCEPTANCE-DATETIME>20040713170725
ACCESSION NUMBER:		0001188112-04-001069
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:		04912500

	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>
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<FILENAME>t6k-2983g.txt
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<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 February, 2003 with respect to the Kubaka Mine as of
December, 2002.


                                  EXHIBIT INDEX

99.1     Kubaka Mine Technical Report dated February, 2003.
99.2     Consent of Expert - Robert Falletta dated June 30, 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_1-2983g.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>

                            Kinross Gold Corporation

                     Technical Report on the Kubaka Project








                                    [PICTURE]








                                  FEBRUARY 2003


                           COMPILED BY SCOTT ANDERSON

<PAGE>

Kinross Gold Corporation                                             April, 2003


1.0   EXECUTIVE SUMMARY........................................................1
2.0   INTRODUCTION AND TERMS OF REFERENCE......................................7
      2.1   BASIS OF THE TECHNICAL REPORT......................................7
      2.2   EXCHANGE RATES.....................................................7
      2.3   QUALIFICATIONS OF THE AUTHOR.......................................7
3.0   PROPERTY DESCRIPTION AND LOCATION........................................8
4.0   ACCESSABILITY, LOCAL RESOURCES, INFRASTRUCURE AND PHYSIOGRAPHY..........13
5.0   HISTORY.................................................................17
6.0   GEOLOGICAL SETTING......................................................18
      6.1   STOCKPILES........................................................18
      6.2   RISKS ASSOCIATED WITH PROCESSING THE STOCKPILES...................20
7.0   KUBAKA UNDERGORUND PROJECT..............................................21
      7.1   ESTIMATED OPERATING COSTS.........................................21
      7.2   NORTH HIGH WALL UNDERGROUND PROJECT...............................25
      7.3   CENTRAL ZONE UNDERGROUND PROJECT..................................27
      7.4   NORTH VEIN UNDERGROUND PROJECT....................................29
      7.5   RESOURCE AND RESERVE ESTIMATE.....................................32
      7.6   PRE-MINE DEVELOPMENT ACTIVITIES...................................33
      7.7   MANPOWER..........................................................33
      7.8   COSTS.............................................................33
            7.8.1   CAPITAL COSTS.............................................33
            7.8.2   OPERATING COSTS...........................................34
8.0   BIRKICHAN...............................................................35
      8.1   HISTORY...........................................................35
      8.2   DRILLING SUMMARY..................................................36
            8.2.1   GENERAL STATISTICS........................................37
      8.3   INTRODUCTION......................................................37
      8.4   PROPERTY DESCRIPTION AND LOCATION.................................38
      8.5   LICENSING.........................................................39
      8.6   REGIONAL GEOLOGY..................................................39
      8.7   LOCAL GEOLOGY.....................................................40
            8.7.1   ROCK TYPES................................................41
      8.8   ALTERATION........................................................43
      8.9   STRUCTURE.........................................................45
      8.10  MINERALIZATION....................................................46
      8.11  MULTI-ELEMENT ANALYSIS............................................50
      8.12  DATA DUE DILIGENCE QUALITY CONTROL AND QUALITY ASSURANCE..........50


Technical Report on the Kubaka Project                                         i

<PAGE>

Kinross Gold Corporation                                             April, 2003


      8.13  EXPLORATION POTENTIAL.............................................54
      8.14  METALLURGICAL STUDIES.............................................56
      8.15  ENVIRONMENTAL.....................................................60
      8.16  HYDROLOGY.........................................................61
      8.17  ROCK MECHANICS....................................................62
      8.18  OTHER STUDIES.....................................................64
      8.19  RESOURCE ESTIMATION...............................................64
            8.19.1  MANUAL....................................................64
            8.19.2  MEDSYSTEM.................................................68
      8.20  RISKS OF MINING AT BIRKICHAN......................................71
      9.0   TSOKOL DEPOSIT....................................................72
      9.1   PROPERTY DESCRIPTION AND LOCATION.................................72
      9.2   HISTORY OF THE TSOKOL DEPOSIT.....................................74
      9.3   REGIONAL GEOLOGY..................................................75
      9.4   LOCAL GEOLOGY.....................................................78
      9.5   MINERALIZATION....................................................80
      9.6   EXPLORATION METHODS...............................................82
      9.7   DATA DUE DILIGENCE AND QUALITY CONTROL / QUALITY ASSURANCE........84
      9.8   SPECIFIC GRAVITY..................................................85
      9.9   METALLURGICAL TEST WORK...........................................85
      9.10  ENVIRONMENTAL ISSUES..............................................85
      9.11  RESOURCE AND RESERVE ESTIMATION...................................86
      9.12  MINING METHODS....................................................87


Technical Report on the Kubaka Project                                        ii

<PAGE>

Kinross Gold Corporation                                             April, 2003


LIST OF FIGURES


FIGURE 3-1             Map of Russia showing the Magadan Region                6
FIGURE 3-2             Magadan Oblast showing Kubaka, Tsokol and Birkichan     9
FIGURE 3-3             Kubaka - Birkichan District                            11
FIGURE 4-1             Kubaka Site Plan                                       15
FIGURE 7.1-1           Underground Project Location Plan                      23
FIGURE 7.2-1           North High Wall - Plan View                            26
FIGURE 7.3-1           Center Zone Underground Project - Plan View            28
FIGURE 7.4-1           North Vein Underground Project - Plan View             30
FIGURE 7.4-2           North Vein Underground Project - Cross Section         31
FIGURE 8.19.2-1        Birkichan Cross Section - No. 14                       69
FIGURE 8.19.2-2        Birkichan Long Section                                 70


LIST OF TABLES


TABLE 1-1              Kubaka Historic Production Summary                      1
TABLE 1-2              Mineral Reserve and Resource Statement                  3
TABLE 4-3              Temperatures at Kubaka                                 14
TABLE 6.1-1            Kubaka Stockpile Summary                               19
TABLE 7.1-1            Underground Mining - Cost Estimate                     22
TABLE 9.11-1           Tsokol Resource Summary                                87


Technical Report on the Kubaka Project                                       iii

<PAGE>

Kinross Gold Corporation                                             April, 2003

1.0     EXECUTIVE SUMMARY

The Kubaka Project is owned by the Omolon Gold Mining Company (Omolon), a joint
venture between Kinross Gold Corporation (Kinross) and several Russian
companies. On December 31, 2002, Kinross owned a 54.7% interest in Omolon with
the remaining 45.3% owned by the Russian partners. Kinross was negotiating to
purchase the 45.3% ownership stake from the Russian shareholders early in 2003,
resulting in 100% ownership of Omolon Gold.


The Kubaka pit operated for six years from 1997 to 2002, producing slightly more
than 430,000 ounces of gold annually. Table 1-1 summarizes the production from
the Kubaka pit during it's six year life. TABLE 1-1 - KUBAKA HISTORIC PRODUCTION

                                                 GOLD           RECOVERED
        YEAR                 TONNES              G/T           GOLD OUNCES
        ----                 ------              ---           -----------

        1997                 464,683            24.66           357,265
        1998                 646,507            24.43           498,711
        1999                 797,663            18.62           468,635
        2000                 856,779            16.28           439,401
        2001                 889,264            15.28           426,893
        2002                 850,321            14.92           398,792

       TOTAL               4,505,217            18.28         2,589,697


Currently, the Kubaka Project consists of mineralized stockpiles and three
small, undeveloped underground projects. The underground projects will be
exploited in 2003 and early 2004. Development of two of the underground projects
will start in early April, 2003 with third scheduled for early third quarter
2003.

The existing infrastructure consists of two exhausted open pits mines, old
underground workings, a processing plant, tailings facility, office complex,
various maintenance shops, access roads, and a fair weather airstrip.


Technical Report on the Kubaka Project                                         1

<PAGE>

Kinross Gold Corporation                                             April, 2003


Through 31 December 2002, the mill has processed 4,505,217 tonnes resulting in
2,589,697 recovered gold ounces.

The gold mineralization at Kubaka is found in near vertical quartz adularia
veins. The wall rocks of the veins consist largely of rhyodacites,
conglomerates, and sandstones both in the hanging wall and the footwall. There
are a few sub-parallel faults to the veins within the mineralized zone.

The original deposit consisted of four distinct veins and these have been
subdivided in 15 sub-veins. The majority of these veins were economic and have
been exploited through open pit mining of the deposit.

The remaining Mineral Reserves at Kubaka consist of:

        1)      Low grade (<5.0 g/t) stockpiles and

        2)      three independent underground mines, known as the Kubaka
                underground project.

The Kubaka Project is also influenced by the presence of two advanced
exploration targets that currently host identified Inferfred Mineral Resources.
These deposits, the Birkachan and Tsokol deposits are located within trucking
distance of the existing Kubaka Mill. The Tsokol deposit actually lies within
the existing mining lease boundary while the Birkachan deposit, located
approximately 28 kilometers to the north would require separate permitting and
licensing

The mineralization at Kubaka extends over a strike length of 3.5 kilometers with
the underground mining operation having a strike length of 2 kilometers. The
Birkichan project has a strike length of 2.5 kilometers and is open along strike
both to the northeast and the southwest.

Table 1-2 shows the summary of the mineral resources and mineral reserves at the
Kubaka Project on 31 December 2002. Reserves are estimated at a gold price of


Technical Report on the Kubaka Project                                         2

<PAGE>

Kinross Gold Corporation                                             April, 2003


$300 US per ounce while resources are estimated at a gold price of $325 US per
ounce.


               Table 1-2 - Mineral Reserve and Resources Statement

                                                          GRADE          GOLD
                                          TONNES          G/T AU        OUNCES
                                          ------          ------        ------

MINERAL RESOURCES
- -----------------

MEASURED - BIRKICHAN OPEN PIT              304,000         11.00       107,000
INDICATED                                        0          0.00             0
TOTAL                                      304,000         11.00       107,000

INFERRED - BIRKICHAN UNDERGROUND         1,468,000         12.10       568,000
INFERRED - TSOKAL ZONE                     587,000         10.50       198,000

TOTAL INFERRED                           2,055,000         11.60       766,000


MINERAL RESERVES
- ----------------

PROVEN - KUBAKA UNDERGROUND                 61,000         22.50        44,000
PROVEN - KUBAKA STOCKPILES               1,621,000          3.80       198,000
PROBABLE - KUBAKA UNDERGROUND               61,000         22.50        44,000


Notes: The Kubaka underground resources include a mining loss of 5% and mining
dilution of 20%.

As compared to the 31 December 2001 mineral resource statement, Tsokol deposit
and Birkichan have been added resulting in an additional 2.055 million tonnes at
11.60 grams of gold per tonne. The potential exists to move a majority of the
mineral resources at Birkichan and Tsokol deposit into a mineral reserve
classification with additional drilling and detailed engineering studies
examining the economics of the projects.

Mill feed in 2003 through the first quarter of 2005 is generated from the
existing mineralized stockpiles and the three independent underground projects.
The undergroun projects, known as the North High Wall, Center Zone and the North
Vein represent extensions of the Kubaka ore zone that could not be recovered
through open pit mining. Both the mineralization and metallurgical properties of
this ore are very well understood based on the operation experience gained from
mining the Kubaka ores over the past six years.


Technical Report on the Kubaka Project                                         3

<PAGE>

Kinross Gold Corporation                                             April, 2003


Approximately, 85% of the mill feed tonnes and 60% of the ounces in 2003 will
come from the stockpiles, with the remaining mill feed being delivered from the
three underground projects.

The mineralized stockpiles are located varying distances from the crusher yard.
Slightly less than half the mill feed for 2003 will come from stockpile 6,
located 1.1 kilometers from the crusher yard. The remaining feed derived from
stockpiles is located 1.9 kilometers from the crusher yard, in stockpile 3. Both
of these stockpiles will be transported to the crusher yard with existing
equipment at site. The stockpiles are frozen and require blasting to loosen the
material for mucking.

Two of the underground mining operations are located in the main Kubaka pit and
the third is situated 100 meters immediately north of the main Kubaka pit rim.

The North High Wall underground mining operation will be partially accessed from
existing adits in the pit high wall. Two additional drifts will be driven on the
bottom of the ore allowing the ore to be mined via a long-hole mining method.

The second underground mining operation, the Center Zone, is located in the
bottom of the pit and will be accessed with a spiral ramp. The ore will be mined
with a long-hole mining method.

The third underground operation, the North Vein, will be accessed from a
existing drift and will be mined utilizing a shrink stoping method. The existing
drift and some of the other development will be slashed to allow access by the
LHD units (load haul dump). One stope is ready to be mined and two additional
stopes, along strike, will be developed.

The Kubaka mill is a conventional gold processing plant and consists of a
primary crushing circuit, fine ore bin, SAG mill, ball mill, screening,
cycloning, CIL and CIP circuits, and a cyanide destruction circuit. Tails are
thickened and pumped uphill to a


Technical Report on the Kubaka Project                                         4

<PAGE>

Kinross Gold Corporation                                             April, 2003


tailings facility located 1400 meters to the west of the mill. The effluent
water from the water retention dam, at the toe of the tailings dike, is pumped
back to the mill and utilized as make up water. Additional process water is
obtained from a fresh water well, 500 meters south of the mill, along with
wastewater from the sewage treatment plant, and water from the Burkot pond,
immediately south of the mill.

The loaded carbon is stripped utilizing hot cyanide and caustic solution under
pressure in specially designed vessels. The resultant pregnant solution is
pumped to the electrowinning cells and the gold and silver is plated on the
stainless wire mesh cathodes. The cathodes are then removed from the
electrowinning cells and taken to wash tanks where the gold and silver is washed
from the cathodes. The gold and silver is deposited as a sludge where is it
collected, dried, and smelted.

Gold is shipped from site as a dore' and additional processing is completed
offsite.

The Kubaka operations maintain the highest standards related to environmental
compliance and monitoring. An environmental engineer supported by staff in the
Magadan office and in the Kinross Technical Services Department, conducts
various daily, weekly, and monthly monitoring activities in and around the
project site to assure environmental compliance. Omolon and Kinorss
representatives along with Russian and North American environmental
professionals conduct audits related to licensing, monitoring, planning,
reclamation, and closure.

Reclamation activities started in the second year of production, 1998. Areas are
actively reclaimed and seeded as mining progresses. Through 2002, 60 hectares
had been fully reclaimed and an additional 51.4 hectares have been partially
reclaimed (top soil is placed, but it has not been seeded). In 2003 the plan is
to fully reclaim an additional 30 hectares.


If the exploration is not successful, the tailings facility will be capped in
spring of 2005. The remainder of the reclamation actives will be completed in
the spring and summer


Technical Report on the Kubaka Project                                         5

<PAGE>

Kinross Gold Corporation                                             April, 2003


of 2005. The final closure plan of the tailings facility is under review by both
North American and Russian consulting firms.

The Life of Mine Plan (LoMP) shows that the mineralized stockpiles will be
depleted in first quarter 2005. The Kubaka underground operations, consisting of
three independent projects, the North High Wall, the Central Zone, and the North
Vein, will be started at the beginning of second quarter 2003 and be exhausted
in January 2004. The current LoMP indicates a positive cash flow and therefore,
supports the 2002 Mineral Reserve estimate.

Kinross considers the financial models and detailed cost estimates to be
confidential information and therefore this information is not publicly
available. Access to this information can be obtained by contacting Kinross Gold
Corporation to obtain and agree to a Confidentiality Agreement concerning this
information.

Additional resources, currently classified as Inferred, exist at the nearby
Tsokol and Birkichan deposits that have been partially defined with drilling.
There are no underground openings on either project. Omolon currently plans to
complete a feasibility report examining the economics of these projects in
greater detail, augmented by additional exploration and infill drilling of both
deposits. Omolon anticipates that this study will be presented to senior Kinross
management. It is envisioned that these resources will be mined utilizing both
open pit and underground mining methods. The open pitable resources for these
two projects will extract 10 to 25% of the recoverable gold ounces. Majority of
the resource, if proven to be profitable to be exploited, is likely to be mined
via an undetermined underground mining method.


Technical Report on the Kubaka Project                                         6

<PAGE>

Kinross Gold Corporation                                             April, 2003


2.0     INTRODUCTION AND TERMS OF

        REFERENCE

This report has been prepared in compliance with National Instrument 43-101
(Standards of Disclosure for Mineral Projects) and is the supporting documents
for the 31 December 2002 Kubaka Resource and Reserve Statement.

The Mineral Reserve and Resource estimates cited in this report were classified
according to the system described by the Canadian Institute of Mining,
Metallurgy, and Petroleum CIM Standards on Mineral Resources and Reserves
DEFINITIONS AND GUIDELINES.

2.1     BASIS OF THE TECHNICAL REPORT

This technical report is based on work performed by employees of Omolon Gold
Mining Company and Kinross Gold Mining Company.

2.2     EXCHANGE RATES

The majority of the transactions at Kubaka are conducted in Russian Rubles,
however, all currency references in this document are stated in terms of US
dollars. As of January 1 2003, the exchange rate for the Russian Ruble was 31.6
to the one US Dollar.

2.3     QUALIFICATIONS OF THE AUTHOR

The author has been employed in the metal mining business since 1979 in mainly
technical roles. He is a graduate Mine Engineer.


Technical Report on the Kubaka Project                                         7

<PAGE>

Kinross Gold Corporation                                             April, 2003


3.0     PROPERTY DESCRIPTION AND LOCATION

The Kubaka Project is located in the Northern Evensk District of the Magadan
Oblast in far east Russia and is situated in the mountainous area of the Kolyma
Range, about 300-kilometers south of the Arctic Circle. Figure 3-1 shows the
general location of the Magadan region in Far East Russia.


      FIGURE 3-1 - MAP OF RUSSIA SHOWING THE LOCATION OF THE MAGADAN REGION






                                    [PICTURE]






The mine site is located 285-kilometers north of the district center, the
village of Evensk on the sea of Okhotsk and 362-kilometers northeast of the
silver mining town of Omsukchan. It is 938 kilometers northeast of the regional
capital city of Magadan. Figure 3-2 shows the Magadan Oblast and the location of
the Kubaka, Tsokol and Birkichan deposits.


Technical Report on the Kubaka Project                                         8

<PAGE>

Kinross Gold Corporation                                             April, 2003


        FIGURE 3-2 - MAGADAN OBLAST SHOWING KUBAKA, TSOKOL AND BIRKICHAN











                                    [PICTURE]











Technical Report on the Kubaka Project                                         9

<PAGE>

Kinross Gold Corporation                                             April, 2003


The site is located at latitude 63 degrees 40 minutes 25 seconds north and
longitude 159 degrees 58 minutes 24 seconds east. It is accessible by a
362-kilometer winter road from Omsukchan from mid-December to early April. There
is a 576-kilometer all weather road from Magadan to Omsukchan. All of the fuel,
blasting agents, reagents, grinding media, spare parts, tires and food is hauled
from Magadan on the winter road.

Kubaka is a fly in / fly out operation and personnel arrive and depart from the
site on a chartered AN-28. This is a Russian two engine aircraft capable of
carrying 16 passengers or 1.1 tonnes of freight. These flights are scheduled
several times per week and ferry employees, contractors, regulators, visitors,
spare parts, and fresh food. Less frequent flights to and from Evensk and
Omsukchan ferry employees back and forth to Kubaka.

The Birkichan project is located 28-kilometers north of the Kubaka project site.
It is accessed in the winter via a 54-kilometer ice road. During the summer,
when the river is low, access to the site is with 4x4 vehicles. During the
spring melt and rainy periods, when the Omolon River is high, a Russian M,,I8
helicopter, is utilized to transport personnel, supplies, and samples. The
helicopter can carry 22 passengers or up to 2.8 tonnes of cargo. Figure 3-3 is a
plan showing the location of the Kubaka, Tsokol and Birkachan deposits that
comprise the Kubaka Project.


Technical Report on the Kubaka Project                                        10

<PAGE>

Kinross Gold Corporation                                             April, 2003


                     FIGURE 3-3 - KUBAKA/BIRKICHAN DISTRICT












                                    [PICTURE]















Technical Report on the Kubaka Project                                        11

<PAGE>

Kinross Gold Corporation                                             April, 2003


The Kubaka property is situated on the south side of low mountains. The valley
floor is 500-meters ASL (above mean sea level), with the man camp at 610-meters
ASL, the entrance into the pit is 658-meters ASL, and the top of the ridge to
the north of the pit is 934-meters ASL

The Kubaka mine is wholly owned and operated by Omolon Gold Mining Company
(Omolon). Kinross owns 54.7% of Omolon and is in the process of purchasing the
remaining shares of owned by the Russian shareholders. It is expected that this
transaction will be completed in late first quarter 2003 resulting in Kinross
owning 100% of Omolon

The original Kubaka mining license was granted on 17 January 1995. An extension
to the license was signed on 21 November 2000 and expires in 2008.

The exploration and mining license for Birkichan has been applied for and it
expected to be approved in March 2003.

The stockpiles, the Kubaka underground mining operations, and the Tsokol deposit
are located on the original land allotment for the Kubaka project. The "Right to
Use Mineral Resources", MA,,C 0I257-,,B,,^ , was issued on 5 December 1995 and
expires on 1 December 2015. The original land allotment approved was 885
hectares; with the addition of the explosive storage area, the airstrip, the
access road to the airstrip, and other minor adjustments to the land allotted
near the overburden stockpiles, the land allotment as of 31 December 2002 is
927.8 hectares.

The Birkichan project is not included in the Kubaka land allotment. A separate
license has been applied for and is expected to be approved in first quarter of
2003.


Technical Report on the Kubaka Project                                        12

<PAGE>

Kinross Gold Corporation                                             April, 2003


4.0     ACCESSABILITY, LOCAL RESOURCES,

        INFRASTRUCURE AND PHYSIOGRAPHY

The terrain around the project consists of hilly to small mountains and lies
between 500-meters ASL in the valley floor to 932-meters ASL at the top of the
hill immediately north of the exhausted open pit.

Flora around Kubaka consists of small tamarack trees, willows, cedar shrubs,
various small low-to-the-ground shrubs, and grasses. Fauna includes caribou,
reindeer (domesticated caribou), moose, bear, artic wolf, fox, hare, and ravens.
During the summer months, sea gulls, songbirds, gophers, and ground squirrels
are seen at the site.

The artic climate at Kubaka is characterized by long bitter cold winters,
lasting six months or more. Summers varying between rainy and cool to very warm
and dry. Snow has fallen in all 12 months of the year. The last snowfall of the
year is in May or June and the first in August or September.

The temperatures in winter drop to minus 52 degrees Celsius and in the summer up
to 32 degrees Celsius. In 2002, the precipitation was slightly more than 300 mm
and the calculated evaporation rate was 425 mm. Table 4-3 shows the average
temperatures at Kubaka 1994 through 2002.


Technical Report on the Kubaka Project                                        13

<PAGE>

Kinross Gold Corporation                                             April, 2003


                       TABLE 4-3 - TEMPERATURES AT KUBAKA

                                           AVERAGE      AVERAGE
                                           EXTREME      EXTREME
                               AVERAGE      HIGH         LOW
                               -------      ----         ---

        JANUARY                 -32.7       -10.5        -48.7
        FEBRUARY                -31.4       -13.8        -47.8
        MARCH                   -20.4        -5.2        -39.4
        APRIL                   -11.4         1.6        -32.5
        MAY                      -0.2        14.7        -16.4
        JUNE                     10.2        26.0         -2.3
        JULY                     13.3        26.8          1.0
        AUGUST                    8.9        21.9         -4.8
        SEPTEMBER                 1.8        16.6        -13.1
        OCTOBER                 -10.3         4.1        -28.6
        NOVEMBER                -23.8        -6.5        -40.7
        DECEMBER                -31.0        -9.3        -47.3

        AVERAGE                 -10.6         5.5        -26.7


The mining and milling activities are operated continuous throughout the year.
The extreme temperatures generally due not cause operational problems however
accelerated wear loader teeth, adaptors, bucket lips, bucket liners, bed linings
on the haul trucks, and crusher liners occurs.

The mine's surface infrastructure is shown in Figure 4-1 - Kubaka Site Plan and
consists of open pit workings, underground workings, office, shops, explosive
storage area, processing plant, tailing dam, and a man camp. The fair weather
airstrip, located 8.5-kilometers north of Kubaka, is accessed in the winter on a
15-kilometers winter road and in the summer on a 10.7-kilometers road over the
hill to the northwest of the project site.


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Kinross Gold Corporation                                             April, 2003


                          FIGURE 4-1 - KUBAKA SITE PLAN













                                    [PICTURE]














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Kinross Gold Corporation                                             April, 2003


                          FIGURE 4-1 - KUBAKA SITE PLAN















                                    [PICTURE]















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Kinross Gold Corporation                                             April, 2003


There are nine departments at the Kubaka Project and include transport (remnant
of the open pit mining group), underground mining, milling, engineering, mobile
maintenance, site services, site administration, Magadan office, and catering.
The caterer is contracted to manage the man camp including food service and
janitorial services.

Process and domestic water is delivered from a well near the Kubaka River, 500
meters up stream of the mill. Additional make up water for the mill is added
from the water retention pond, sewage treatment plant, and the Burkot pond.

Both 50 and 60 hertz electrical power is generated at site. The 50-hertz system
electrifies the man camp and the mill shops while the 60-hertz system
electrifies the mill and the office complex. The 50-hertz system consists of
three Russian ,,C72 gensets while the 60-hertz system consists of seven
Caterpillar 3516B gensets. Typically one of the Russian gensets is required
while four of the Caterpillar gensets are required in the summer and five in the
winter.

Tailings are deposited in the tailing facility, located 1400 meters west of the
processing plant. There is two years of capacity remaining in the existing
tailings facility. The tailings dike is to the final engineered design elevation
and was constructed in one-meter lifts from sorted run-of-mine waste. The dike
is constructed to allow water to drain away from the tails reducing the pore
pressure and increasing the density of the deposited tails. The excess water
drains into the water retention reservoir. The core of the water retention dam
is constructed of clay and has a large buttress on the downstream side of the
structure. A system of 120 thermosyphons pulls the permafrost into the water
retention dam by radiating heat into the atmosphere.


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Kinross Gold Corporation                                             April, 2003

5.0     HISTORY

The Kubaka deposit was discovered in 1979 by a Severostokgeologia expedition.
Initial sampling of the deposit took place in 1982 and the first trenching in
1984. Detailed sampling, mapping, drilling, underground development continued
until 1992. In 1987, the state-owned Dukat Mining Company (GOK) was given the
responsibility to start gold mining. More than 80,000 tonnes of gold bearing
material was mined from the project and processed at the Ducat and Karamken
operations, approximately 400 and 800 kilometers south of the Kubaka project
site, respectively.

On February 1993, Cyprus Amax, a USA corporation, and joint venture partners
Geometal, Magadan Gold and Silver Company, Dukat GOK, and Northern Native People
Association established Omolon Gold Mining Company. On 1 July 1993, Omolon Gold
Mining Company was the successful bidder for the development of Kubaka mine. On
August 12, 1993, Omolon Gold was issued a mining license that granted it the
right to develop the Kubaka resource including the Tsokol Deposit.

Construction of the project started in 1994 and continued through the first
quarter of 1997. The mill achieved commercial production in June 1997.

Development of the Kubaka open pit began with pre-production stripping in June
1996. Startup of the milling operations started in first quarter 1997. The mine
and mill have continued operation since then except for a short period in
September 1998.

Kinross Gold Mining Company merged with the Amax Gold Mining Company, a
subsidiary of Cyprus Amax Mining Company, during second quarter 1998 resulting
in Kinross having controlling interest of Kubaka. As of 31 December 2002,
Kinross owned 54.7% of Omolon. Currently, Kinross is in the process of
purchasing the remaining Omolon shares from their Russian partners. This
transaction is expected to be complete by the end of first quarter 2003.


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Kinross Gold Corporation                                             April, 2003


6.0     GEOLOGICAL SETTING

The Kubaka gold deposit is located in an area of highly weathered Paleozoic
volcanic rocks resting on a Precambrian crystalline basement. The deposit is an
epithermal quartz-adularia vein system hosted in volcanic rocks. The veins are
steeply dipping and outcrop at the surface. They consist of massive to finely
banded quartz. Gold and silver (electrum and other minerals) occurs in the
quartz. The gold to silver ratio is one to one.

6.1     STOCKPILES

Table 6.1-1 shows the stockpile inventories as of 31 December 2002. The majority
of the mill feed for remaining project life will come from these stockpiles.

The active stockpiles are surveyed each month. The timing of the surveys are
dependent on when the stockpiles are relatively clean and do not always
correspond to reporting periods, i.e., month end. In October 2002, immediately
after the open pits were exhausted, all the overburden and the mineralized
stockpiles were surveyed.

Once the stockpiles are surveyed, the data is reduced and ran through the Surfer
program. The volumes are calculated three different ways and then averaged,
these methods include cross sectional, horizontal slices, and surface to
surface.


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Kinross Gold Corporation                                             April, 2003


                         TABLE 6.1-1 - KUBAKA STOCKPILES


                      KUBAKA STOCKPILES AT THE END OF 2002
            BASED ON ACTUAL STOCKPILE VOLUMES AS OF 31 DECEMBER, 2002

<TABLE>
<CAPTION>

                                              CONTAINED   CONTAINED   RECOVERED    RECOVERED
                                                OUNCES      OUNCES     OUNCES       OUNCES
                 TONNES   AU, G/T    AG, G/T     GOLD       SILVER      GOLD        SILVER

STOCKPILE
<S>             <C>       <C>       <C>       <C>         <C>        <C>         <C>
   CRUSHER            0     0.00       0.00       0.0          0.0        0.0          0.0
        10       28,794     8.29      12.57     7,674       11,637      7,483        9,309
        11            0     0.00       0.00         0            0          0            0
        12            0     0.00       0.00         0            0          0            0
        13       44,859     5.38      10.61     7,759       15,302      7,565       12,242
        14       14,717     5.07      17.74     2,399        8,394      2,339        6,715


         2            0     0.00       0.00         0            0          0            0
         3      378,763     4.28      12.18    52,120      148,322     50,817      118,658
         4       66,350     3.39      13.79     7,232       29,417      7,051       23,533
         6      366,469     5.34      10.54    62,917      124,185     61,344       99,348
        6B       20,003     5.72      13.52     3,679        8,695      3,587        6,956

       1_B            0     0.00       0.00         0            0          0            0
       1_D       27,030     5.25       9.63     4,562        8,369      4,448        6,695
       1_N       20,110     4.22       6.21     2,728        4,015      2,660        3,212

         5      392,876     2.37       7.39    29,936       93,345     29,188       74,676
       5_A      221,417     2.22      12.11    15,804       86,208     15,408       68,966
       5_B       39,616     2.77      11.83     3,528       15,068      3,440       12,054


TOTALS        1,621,004     3.84      10.61   200,338      552,955    195,330      442,364


                967,095     4.86           END 2002 - STKPLS - NOT INCLUDING STKPL 5
                815,000     5.44           END 2001 - STKPLS - NOT INCLUDING STKPL 5
                152,095     1.74           DIFFERENCE

ASSUMPTIONS AND NOTES:
        1)      ONE OUNCE = 31.1035 GRAMS
        2)      GOLD RECOVERY IS 97.5%
        3)      SILVER RECOVERY IS 80.0%
        4)      STOCKPILE INFORMATION PROVIDED BY SITE GEOLOGISTS ON 31 DECEMBER
                2002.
        5)      BURKOT ORE HAS BEEN REMOVED ORE RESERVE STATEMENT - THERE IS
                SOME QUESTION OF OWNERSHIP.

       1_B       46,904      5.72     13.52     8,626       20,388      8,410       16,311
</TABLE>


These volumes are then given to the Kubaka geologists and tonnes are calculated
by multiplying the volume by 1.8 tonnes per cubic meter. The reported stockpile
tonnages are adjusted up or down based on this calculated tonnage.


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Kinross Gold Corporation                                             April, 2003


Grades of the stockpiles are calculated based on weight averages of the number
oftrucks that are dumped into the stockpile or mined from the stockpile. The
tonnage factor for the trucks is 55 tonnes per truck.

6.2     RISKS ASSOCIATED WITH PROCESSING THE STOCKPILES

The reconciliation of the delivered-to-the-mill (from the geologists based on
blast hole sampling, truck count, and survey measurements) as compared to the
received-at-the-mill (the official numbers), the project-to-date information
shows a net gain of 0.31% on tonnes and 3.07% on gold ounces. Although we do not
have experience of processing mainly stockpile material, history does show a
close correlation between the geologist's estimates and what the mill actual
reports.



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Kinross Gold Corporation                                             April, 2003

7.0     KUBAKA UNDERGORUND PROJECT

The Kubaka underground project consists of three small independent underground
mining projects, two associated with the exhausted Kubaka pit, the Central Zone
and the North High Wall, with the third adjacent to the pit, the North Vein.

The capital cost of the project is estimated at approximately 2 million USD to
purchase and deliver equipment and supplies to start underground development.
Additionally, it is expected that operating expenditures of 3.3 million USD will
be incurred to mine and recover 79,165 recovered equivalent gold ounces from the
three separate underground developments.

The underground project returns an operating profit over the duration of the
project life.

7.1     ESTIMATED OPERATING COSTS

Table 7.1-1 shows the estimated cost per tonne and cost per equivalent gold
ounce for the Kubaka underground projects. All three projects are grouped
together due to many services and support that will be utilized by two or three
of the projects at the same time.


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Kinross Gold Corporation                                             April, 2003


                     TABLE 7.1-1 - UNDERGROUND COST ESTIMATE

                                                 Cost per           Cost per
                                                 Tonne           Equivalent Gold
                                                 Processed       Ounce Produced
                                                 ---------       --------------

Mining Cost (Note 3)                             $   36.83        $       66.43
Milling Cost (Note 4)                            $   15.36        $       27.71
Site Services Cost (Note 5)                      $    1.71        $        3.08
Site Administration Cost (Note 6)                $    5.80        $       10.46
Magadan Cost                                     $   20.17        $       36.38

Total Cost per Tonne                             $   79.87        $      144.06



Notes:

(1)     INCLUDES MINING LOSSES OF 5%, DILUTION OF 20% FOR TONNES.

(2)     INCLUDES THE CENTRAL ZONE, NORTH HIGH WALL AND NORTH VEIN.

(3)     OPERATING COST (PROJECT OPERATING COSTS DEVELOPED FOR THE PROJECT).

(4)     YTD THROUGH AUGUST 2002 MILLING COST PER TONNE PROCESSED.

(5)     YTD through August 2002 Site Services cost per tonne processed.

(6)     YTD through August 2002 Site Administration cost per tonne processed.

(7)     KTS MODEL INDICATED 87,513 RECOVERED EQUIVALENT GOLD OUNCES.

(8)     NPV CALCULATIONS ASSUME A ONE-YEAR PERIOD WITH CAPITAL SPENT AT THE
        BEGINNING OF PERIOD AND PROFITS REALIZED AT THE END OF PERIOD.




The Kubaka underground project consists of three independent underground mine
projects known as the North High Wall, the Central Zone, and the North Vein.
Figure 7.1-1 shows the general location of the proposed underground projects.


Technical Report on the Kubaka Project                                        22

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Kinross Gold Corporation                                             April, 2003


                FIGURE 7.1-1 - UNDERGROUND PROJECT LOCATION PLAN












                                    [PICTURE]















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Kinross Gold Corporation                                             April, 2003


The first two projects, the North High Wall and the Central Zone, are associated
with mineral outside the Main Kubaka pit limits and are accessible from within
the pit, while the North Vein is north of the pit. See Figure 5 showing the
sites of the underground projects relative to the exhausted open pits.

The pit equipment will be utilized to develop accesses, working areas, and
loading pads for all three underground projects along with delivering the ore to
the crusher yard.

A local Russian engineering and design company, ,,COT (GOT), who is licensed in
Russia to generate `mining project(s)' according to the Russian mining
regulations, was hired to assist in the development of the mine plan and project
design of the Kubaka underground projects. The Moscow Gozgortechnadzor and the
Magadan Gozgortechnadzor approved the Kubaka underground project on 16 October
2002 and 28 November 2002, respectively. As a note, a `mining project' is a
detailed feasibility report and is approved both at the state (oblast) and
federal (Moscow) level.

Exploitation of the underground projects will take nine months to complete with
the North High Wall and the Central Zone starting in early April. Both will be
developed simultaneously, and the North High Wall will be completed well in
advance of the Central Zone, which requires significantly more development.
After completion of the North High Wall, ventilation and other facilities will
be salvaged and installed at the North Vein. Rehabilitation and development work
of the North Vein will take an additional five weeks.

Initially two crews will develop the North High Wall on two different headings.
One additional crew will start the spiral ramp from the pit bottom to the
580-elevation. Development of the North High Wall will be reduced to one crew,
as development work nears completion. At this same time the spiral ramp will be
developed to the 580 elevation and the second crew will be transferred to the
Central Zone to drive the 580 east and west longhole drifts. The spiral ramp
crew will continue to drive the spiral down to the 556-elevation.


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Kinross Gold Corporation                                             April, 2003


After the last of the North High Wall ore is removed, the North Vein development
work will begin. Initially, one drift crew will start the rehabilitation drift
work. As the Central Zone development work is completed, crews will move to the
North Vein. After development work is completed in the North Vein the crews will
be converted to stope mining crews. Each of the three crews will exploit one of
the three ore blocks utilizing a shrink stope mining method.

7.2     NORTH HIGH WALL UNDERGROUND PROJECT

The North High Wall underground project is located within the north to northwest
quadrant of the Kubaka pit high-wall between the 682-meter and 634-meter
elevations. This small underground development consists of two ore zones.
Locally faulted, vein #2 and vein #15, are both clearly visible in the pit
high-wall. The western most vein, #15, containing the highest grade but the
lowest tonnes requires the least development, will be developed first.

Longhole mining is planned for both veins in the North High Wall. It was
originally thought that the greatest chance for additional resource would be
below the 634-bench elevation, however the results of the in-fill drilling
program during 2001, showed no additional mineralization. The North High Wall
development consists of 325 meters of equivalent drifting including 196 meters
of new drifting and 129 meters of drift slashing.

Figure 7.2-1 shows a plan of the North High Wall underground project.


Technical Report on the Kubaka Project                                        25

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Kinross Gold Corporation                                             April, 2003


                   FIGURE 7.2-1 - NORTH HIGH WALL - PLAN VIEW











                                    [PICTURE]
















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Kinross Gold Corporation                                             April, 2003


7.3     CENTRAL ZONE UNDERGROUND PROJECT

The Central Zone underground project is located in the south to south-central
pit bottom. Development will consist of a 15% decline driven into the east wall
at the 598-bench elevation. Access to the vein is via two short cross cuts at
the 580 and 556 elevations. The development meters totals 765 equivalent meters
as derived from 358 meters of decline, three 10 meter re-muck bays, 10 meters of
raise access, and 363 meters of drifting along the vein at the 580 and 556
elevations. In the Central Zone a long hole mining method will be utilized to
extract the ore. Figure 7.3-1 shows a plan of the Center Zone underground
project.


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Kinross Gold Corporation                                             April, 2003


           FIGURE 7.3-1 - CENTER ZONE UNDERGROUND PROJECT - PLAN VIEW

















                                    [PICTURE]




















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Kinross Gold Corporation                                             April, 2003


7.4     NORTH VEIN UNDERGROUND PROJECT

The North Vein underground project, located due north of the main Kubaka pit, is
a small partially developed ore body. The North Evensk Mining Company, which was
actively mining prior to the startup of the Kubaka operation, started to develop
this resource. Development of the property will involve rehabilitation of a 270
meter section of existing drift, access and ventilation raise rehabilitation and
development, and draw-point development for two of the three existing ore blocks
A, B, and C. Ore will be mined using a shrink stope mining method. Development
of ore resources will occur after the North High Wall is completed so that
facilities can be salvaged and reinstalled at the North Vein. Figure 7.4-1 shows
the plan view of the North Vein underground project while Figure 7.4-2 shows a
cross sectional view of the project.


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Kinross Gold Corporation                                             April, 2003

            FIGURE 7.4-1 - NORTH VEIN UNDERGROUND PROJECT - PLAN VIEW















                                    [PICTURE]



















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Kinross Gold Corporation                                             April, 2003


          FIGURE 7.4-2 - NORTH VEIN UNDERGROUND PROJECT - CROSSSECTION















                                    [PICTURE]




















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Kinross Gold Corporation                                             April, 2003


7.5     RESOURCE AND RESERVE ESTIMATE

Over the past several years there has been several different geological and
grade models completed on the three underground projects.

In 2001, the Central Zone and North High Wall resources were derived using
Medsystem, with vein definition roughly estimated due to a lack of infill
drilling information. In late 2001 and early 2002, an infill program was
undertaken to confirm the resource. In the Center Zone area, additional
resources were added, while in the North High Wall, resources were lost.

The Reserve for the North High Wall and the Center Zone are based on a Datamine
block model prepared by Kinross. This model was transferred into a Meds format
and utilized for mine planning activities. The Kubaka Ore Control group (Mine
Geologists) confirmed the resources.

The North Vein resource was developed using standard Russian resource estimates,
SVG longitudinal cross section polygon method, by the North Evensk Mining
Company and was verified by the Kubaka Ore Control group.

The North High Wall is broken into the east and west sections for planning
purposes. Also, a mining loss of 5% has been applied to North High Wall and
Center Zones, while a 20% dilution was added to the North Vein.

The Reserves for the Kubaka Underground Project are estimated at:

           PROVEN 61,000 TONNES AVERAGING 22.5 G/T AU AND 23.0 G/T AG

          PROBABLE 61,000 TONNES AVERAGING 22.5 G/T AU AND 23.0 G/T AG

The Mineral Reserve and Resource estimates cited in this report were
classified according to the system described by the Canadian Institute of


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Kinross Gold Corporation                                             April, 2003


Mining, Metallurgy, and Petroleum CIM Standards on Mineral Resources and
Reserves DEFINITIONS AND GUIDELINES.

7.6     PRE-MINE DEVELOPMENT ACTIVITIES

Prior to underground development, a number of pit areas will be cleaned,
backfilled, and a pump station will be installed. Additionally, a retaining wall
will be constructed, and 50-Hertz electric powerline will be constructed.

7.7     MANPOWER

It is estimated that a total labour force, including supervision of 70 personnel
will be required to complete the proposed mine development and meet the planned
production from the underground projects. The Project will require 18 salaried
and 52 hourly employees.

Hourly employees will work a 2x2 week rotation shift schedule rotating between
day and night shift on alternate turnarounds. All other employees will work a
3x3 rotational schedule.

7.8     COSTS

In June and July of 2002, an Engineer from Procon, a underground consulting and
mine contracting company from Canada, reviewed the project scope and assisted in
refining the operating and capital requirements.

7.8.1   CAPITAL COSTS

The high cost items for the project consist of the 3 cubic meter class scoop
trams and the longhole drill. During most of the project life two areas will be
developed at the same time, and one scoop is technically capable of handling the
required material flow requirements. The two-scoop option will provide back up
and improve efficiencies.


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Kinross Gold Corporation                                             April, 2003


Due to the short mine life, a jumbo was not purchased.  All mine development
is scheduled to be completed with jacklegs.

Total capital costs for the project are estimated to be approximately US $2.0
million, primarily related to expenses for equipment and supplies.

7.8.2   OPERATING COSTS

The operating cost estimate for the Kubaka underground project assumed the
underground and surface haulage of waste and ore was assigned a flat rate of
$0.80 per tonne of material. Milling, G&A, taxes, etc., were taken from actual
historic Kubaka operating costs. Other operating costs were derived from first
principles, utilizing consumable material quotes, actual year to date surface
haulage costs, fuel and electric power consumption calculations, and calculated
labor costs.

Total operating costs over the duration of the project are estimated to be US
$3.25 million or $26.90 per tonne. The operating costs are derived from first
principles and utilize the proposed mining schedule developed for the project.


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Kinross Gold Corporation                                             April, 2003


8.0     BIRKICHAN

8.1     HISTORY

The Omolon region had little systematic exploration (unlike the Kolyma region)
until broad Russian government surveys in the 1970's and 1980's. Before that
time a number of small placer operations existed. At the time Kubaka was found
regional magnetics, gravity and radiometrics were flown. Groundwork included
1:200,000 mapping, 1:50,000 mapping, soil geochemistry and stream sediment
sampling. In 1986, the Birkachan area was identified as anomalous and the
geological expedition under I. Pankov drilled 25 holes totaling 3,109 meters on
a hill of altered rhyolites 1.5 kilometers north of the exploration camp and in
the Mezinitz valley. Several assays greater than 5 grams of gold per tonne were
returned from quartz adularia veins/veinlets. Lack of funding precluded further
work.

In the late nineties, Omolon Gold Mining Company returned to drill 137 auger
holes and 2,436 meters in the glacial alluvials of the Mezinitz valley and found
anomalous placers at the overburden bedrock interface. In summer of 1999 a
Prospector Drill completed 47 reverse circulation drills or 5,704 meters and was
used to investigate soil anomalies both in Mezinitz valley and surrounding
hills. The Mezinchik Creek valley 3 kilometers south and the Bolshoi hill, 6
kilometer strike northeast were also tested. Results of this program were
sufficiently encouraging to return to Birkachan in winter 1999/2000 and core
drill a first pass from Profile 9 to Profile 29 on 100 meter spacing by
September 2000. In October, drill hole C-2102 intersected two long intercepts of
high grade gold on profile 21 and prospect status quickly elevated. Step out
drilling on 25-meter centers from these intercepts was started in November of
2000 and continued to yearend.


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Kinross Gold Corporation                                             April, 2003


8.2     DRILLING SUMMARY

                                          Holes         Meterage
                                          -----         --------
Year 2000                                   91            21,087
Year 2001                                  116            32,855
Year 2002                                   76            11,003

Direct Field Costs                                     $85 / meter
Total Costs (incl. indirects)                         $115 / meter


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Kinross Gold Corporation                                             April, 2003


8.2.1   GENERAL STATISTICS

                 226 intercepts > 5 g/t au /  1.5 meter corelength
                 median width - 2.5m, average width 3.2m.
                 median grade - 9.60 g/t au,  average grade 13.80 g/t au.
                 best intercept  C-2102      57.29 g/t au / 16.5 m/
                 2nd best intercept  1450-050S   166.81 g/t au / 5.0 m.


In mid-August 2002, exploration and infill drilling was halted due to problems
associated with the gold loan issue. Once the mining license is obtained, the
project will be restarted.

8.3     INTRODUCTION

Over the last 40 months systematic but wide spaced exploration drilling at the
Birkachan gold prospect has partially defined a resource that appears to have
potential to produce in excess of 1,000,000 ounces of gold as narrow high grade
structures. Detailed drilling in the central Mezinitz valley has outlined
several near surface subparallel zones with open pittable potential. The
low-grade mineralized zone hosting the higher-grade structures remains open in 2
directions and the overall potential to expand resource is good.

The perceived potential has grown to a point where, in spite of difficult
logistics, conceptual mining method, high fixed onsite costs, project
development may make economic sense because of available milling capacity at
Kubaka, an existing infrastructure, and a trained workforce.


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Kinross Gold Corporation                                             April, 2003


8.4     PROPERTY DESCRIPTION AND LOCATION

The Birkichan prospect is located near the existing Kubaka facilities in far
east region of the Russian Federation about 248 kilometers north of the port
village of Evensk.

The Birkachan prospect is located 28 kilometers due north of the Kubaka mine,
along Mezinitz Creek, a small tributary of Birkachan Creek, 63 degrees 56 minute
North latitude, 159 degrees 53 minutes E longitude.

Winter access is by two routes. A 53 kilometers exploration trail starts from
the Omolon winter road near the Kubaka airport, follows Munugudjak Creek to the
old Somnityelny placer workings, then over uplands to the Mezinitz Valley
watershed. Transit time is at best 90 minutes by bus and the road experiences
considerable snow drifting.

An alternate route, 35 kilometers in length, follows the Omolon River downstream
to the Birkachan confluence, then 10 kilometers upstream along the Birkachan to
Mezinitz Creek. The road requires 5 ice bridges but is easily constructed with
river gravels. Transit time from Kubaka is 50 minutes and with road improvements
is estimated to be reduced to a 35 - 40 minute trip. This route has ecological
sensitivities along the river but is far superior especially for heavier
equipment.

Helicopter access is required during spring thaw, fall freeze-up and summer high
water periods. During the dryer periods in the summer months, access to the site
is by 4 x 4 vehicles.

Terrain is similar to the Kubaka project. The prospect follows an elongate
northeast trending valley bottom and is buried under 20 meters of alluvium.
There are no outcrops or direct surface gold indications. A 500-meter high ridge
bounds the valley two kilometers to the south-southeast. A prominent


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Kinross Gold Corporation                                             April, 2003


table like mountain (1150 meters ASL) comprises the western horizon. A broad
valley, the Mariaj Creek, and rolling hills extend to the north. Drainage is to
the east-southeast. From the air the Mezinitz forms a distinctive glacial basin
and topographic low relative to the surrounding countryside. The Birkachan
valley to the east is wide, flat and full of construction gravel. An airstrip
could be constructed for minimal cost.

A sixty-man exploration camp is situated at the confluence of the Mezinitz and
Birkachan Creeks.

Although elevations are the same as Kubaka (650 meters ASL) temperatures are
several degrees cooler and winds stronger probably due to the open prevailing
windward side to the north-northwest.

8.5     LICENSING

The license allowing exploration and mining activities expired on 31 December
2002. An application for a renewal of this license has been submitted and is
expected to be approved in late March 2003. The license requires a full
feasibility, including ore reserves, mine plan, EIS, economic study, and
schedule.

Since much of the exploration was funded by public money (Geolkom replenishment
tax rebate), failure to comply with exploration evaluation and study would open
the mineral rights to public bid.

8.6     REGIONAL GEOLOGY

Birkachan is situated in the lower third of the uplifted Omolon massif north of
the Cretaceous Othotsk - Chukotka mobile belt. It lies directly on the north
south line of the Verkhalam gold silver mineralization trend inferred to extend
from Evensk on the Othotsk coastline and Sopka Kvartsevaya to Tumanni -
Malavodny in the north. It has similarities to Kubaka in that it's main host
stratigraphy is upper Devonian rhyolites and rhyodacites. Tectonically it lies


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protected on the footwall side or north of regional northeast striking
Cretaceous thrusts, and on the perimeter of the Munugudjak Jurassic
volcanotectonic depression or basin. Main gold bearing structures (northeast
strike) are radial to the basin center same as Kubaka (northwest strike). Barren
lower Carboniferous Korba shale caprock have provided erosional protection for
both Birkachan and Kubaka. Regional gabbroic - diorite -syenitic sills intruding
along Korba carbonaceous strata also provided protection cover and often form
the distal mesa-like hills. Proto- or low grade ore mineralization appears to be
of late Devonian age while clock resetting due to late local enrichments dates
to late Jurassic - early Cretaceous, similar to the Munugudjak volcanic calderic
basin collapse and Labazny granodioritic stock intrusion.

8.7     LOCAL GEOLOGY

In epithermal terminology, the Birkachan deposit would be classified primarily
as a high level, low temperature, low sulfidation neutral pH geothermal system
with structural roots characteristic of an intermediate sulfidation volcanic
hydrothermal system. The distal association of several early Cretaceous high
molydenite porphyries and basinal collapse to the west suggests a spatial
temporal relationship in the traditional epithermal porphyry models.
Mineralization is focused along a tensional structural system (south grabened
limb of a broad anticline) and preferential strata with a preserved argillic
cap, high silica adularia hydromica (sericite) core and broad peripheral
propylitic alteration. Gold occurs as disseminations in shallow dipping
permeable lithologies, with subvertical quartz adularia stockworks, in
traditional gash filling colloform quartz adularia vein cores and contacts, in
fault related ductile or sheared hydromica tectonic breccias and in deeper
silica pyrite breccias of hydrothermal nature. Fluid inclusion studies indicate
a very complex gold precipitation and quenching history with rapid structural
dislocation along strike and over a large elevation range.


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Due to intensity of alteration underlying the alluvials of the Mezinitz valley,
early logging often failed to recognize the stratigraphic pattern. More
consistent drilling and perimeter drilling of the mineralized envelope has
identified a relatively consistent volcanogenic stratigraphic pattern for at
least 2.5-kilometer strike length of the valley.

8.7.1   ROCK TYPES

From lower Carboniferous Korba shale at the top, through Gurnikskaya upper
Devonian, to bottom Gruntovskaya mid Devonian volcanics and volcanogenic
sediments, the sequence and typical alteration association is as follows:


Rock Type                               Alteration (typical)

Korba shale

diorite sill

tuff siltstone/gritstone,               weak calcite, hydromica

lithic rhyolite tuff,                   strong kaolinite

tuff sandstone, local pyroclastic quartz, adularia, hydromica

rhyolite tuff marker (or sill?)         mod quartz, adularia

tuff sandstone,                         mod quartz, adularia, sericite,

hydromica

carbonaceous siltstone marker,

rhyolite tuff,                          strong quartz, adularia, sericite,

                                        hydromica, stockworks

tuff sandstone,                         strong quartz, adularia, hydromica,

                                        weak stockwork

(rhyo)dacitic tuffs and ignimbrites,    strong silica, hydromica, local qtz
                                        stockworks, pyrite

andesite                                propylitic, hydromica, calcite, pyrite,

                                        hematite, chlorite epidote


Gritstone units contain 40 - 60% angular to subangular heterolithic
pyroclastic clasts > 5 mm in a matrix of tuffaceous sandstone.


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Tuff sandstone units are coarsely to finely banded intercalated sandstone to
siltstone units of predominantly quartz, feldspar, yellow green sericite
(hydromica) tuffaceous (volcanogenic) grains/crystals.

Rhyolites are buff fine grained and welded with numerous 10% - 30% heterolithic
lapilli to pyroclastic fragments of adjacent units. The marker unit is an off
white fine grained more uniform unit.

These tuff sandstone and rhyolite units are the hosts for the majority of
stockwork and low grade disseminated gold mineralization especially in the
proposed pit area.

Down section are darker dacitic tuffs and ignimbrites. These rock types appear
to be the center of epithermal alteration and most commonly have primary
textures "washed" out or replaced by the alteration minerals

The bottom of the sequence and usually in fault contact are the andesites and
tuff equivalents. These dark green medium to fine grained rocks are weakly
propylitically altered.

In general the stratigraphic package strikes northeasterly and dips 60 - 30
degrees to the south southeast. The lower rocks are detected as choppy magnetic
highs while the upper rhyolitic sequence and alteration center appears as
magnetic lows. The magnetics also suggests the sequences are cut by a series of
late east-west faults or fractures. Resistivity maps also reflect the
stratigraphic trend and east-west breaks. Resistivity anomalies are thought to
reflect diorite sills and lenticular zones of high silicification. (High silica
zones are often juxtaposed with intense tectonic brecciation and faulting - i.e.
low resistivity zones.) The correlation of geophysical anomalies with gold
mineralization is not definitive. Geological structures bearing gold may be
traced using geophysical information once gold has been found.


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Overall upper Gurnik units (gritstones) thicken to the west, southwest of
profile 9 - 10 while rhyolite units thin to the northeast through sections 22 -
30. This may be the result of late high angle block faults, (west sides step
down) in the area of profiles 9 and 19. Rhyolite and tuff sandstone units are
best developed from profiles 12 - 19 and host a substantial inventory of low
grade gold ( 0.2 gm- 1.50 gm).

As a volcanogenic pile, the host strata, except for local pyroclastic breccias,
have relatively uniform thickness and local thinning and swelling is thought to
be a function of low angle thrust (and normal) faults. Gold related to
stratigraphy prefers the upper and lower contacts of the marker horizon, a
coarse pyroclastic (locally tectonic) unit 30 meters up section from the marker,
and dilatant structures close to the upper dacitic ignimbrite contact.

Much work remains to be done on the identification of individual units that
would greatly benefit the structural understanding and interpretation. Early
logging suffered from personnel rotation, alteration masking primary lithology,
and time necessary to develop the stratigraphic column. Selective relogging is
refining the interpretation and laboratory microscopy studies by TsNIGRI are
helping to unravel the picture. As a scoping exploration tool, understanding of
drilling position in the upper Devonian stratigraphic column is extremely
important. As such core drilling has substantial benefits over RC drilling.

8.8     ALTERATION

The entire Mezinitz valley from its headwaters, across Birkachan Creek to the
Bolshoi showing on the east exhibits varying degrees of propylitic - primarily
green hydromica, silica and kaolinitic cap alteration. Recent reconnaissance
mapping has found a west extension of the alteration under cover rocks to the
Upper Gurnik and Munugudjak drainages to the west. The system therefore has
expression for a strikelength of ten kilometers. A similar pattern is


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thought to exist mirrored in the same stratigraphy in parallel topographic lows
along the Beziminyanny thrust to the north and the Mezinchik Creek fault to the
south. (Due to thicker tundra and glacial alluvials, only gold placers are known
along these structures, and remain untested.)

Although pervasive weak to moderate propylitic alteration may exist along or
across strike for hundreds of meters, the core of epithermal alteration is
usually in close association with a tectonic break containing numerous phases of
brecciation - from healed hydrothermal breccias to open fallback breccias and
compressed mylonites and tectonic breccias. The Mezinitz Creek itself is the
surface expression of such a strike parallel south dipping tectonic zone called
the Mezinitz fault. The epithermal alteration is somewhat a function of its host
stratigraphy. (see table above). The center of alteration at Mezinitz appears to
occur as a high silica zone near the upper dacite tuff/ignimbrite contact and
the lower tuff sandstone unit generally near 500 mASL. Above this and decreasing
upwards and outwards in strength is a zone of adularia, quartz hydromica
alteration. Highest gold inventory correlates with this alteration as well as
best development of colloform quartz adularia veins and veinlets. Above 550mASL
kaolinite alteration increases in intensity towards bedrock surface 630 - 650
mASL and is best developed in the upper rhyolite lithic tuffs. Below the silica
zone is appearance of fine grained matrix pyrite, lesser adularia, and stronger
sericite - hydromica, (probably due to the more mafic composition of original
host rocks. Footwall andesite has chlorite, pyrite calcite, and minor epidote
alteration. Yellow to deep green hydromica, primarily sericite, is ubiquitous
throughout. An apple green mica (chrome fuchsite or vanadium roscoellite) is
associated with mineralized quartz adularia veins or occasionally occurs as
diffuse "wisps" in the kaolinite cap.

Adularia, an indicator of potassic alteration or remobilization appears to be
the best predictor of low-grade gold mineralization found in the upper
stratigraphy. In the lower dacitic units best gold appears channeled along


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specific structures such as faults, veins and breccias. At depth the alteration
halo in these rocks is more focused and restricted.

Best environment for gold deposition appears to have occurred above intensive
hydromica, silica, pyrite alteration, with strong quartz (sometimes mesothermal)
veins, veinlets, and multiple phase brecciation. Although the rocks appear
extremely prospective, this seems to be a rule of the region - in evidence at
Kubaka, Magnitny, Zakarenko. This alteration may temporally correlate with the
high silica sulphide Cretaceous porphyry related alterations noted at Gruntovy,
Dubl, and Labazny. All had associated gold placers but higher-level epithermal
gold concentrations were either eroded or never had ore forming capability.

The epithermal alteration package is believed to extend well beyond the strike
limits of drilling to date in the Mezinitz valley (profiles 3 - 32).

8.9     STRUCTURE

Based on drilling to date, this aspect is least understood and probably the most
important for control, formation and tracing of high-grade gold structure
mineralization. (as opposed to ubiquitous low grade rhyolite associated
disseminated gold.) There are thought to be at least 3 phases of faulting and
dislocation. Late readjustments along all three systems are also likely.

From regional patterns of surface topography evident today, (ridge lines, and
checkerboard drainage patterns) the area underwent compression and imbricated
thrusting during the upper Jurassic period. Low angle to bedding to higher angle
slippage occurred easily along carbonaceous sediments both in upper Devonian
markers and lower Carboniferous sediments. Kubaka, (Tsokol) Magnitny and
Birkachan all occur on south grabened anticlinal limbs on the north side of
regional south dipping thrusts and appear to have been protected from erosion by
the Korba shale cap and overriding older rocks. (Archean rock overlies Tsokol).
Mezinitz appears to be a grabened


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(protected) wedge striking northeasterly. The Mezinitz fault is more aptly
termed a brittle ductile zone with numerous phases of brecciation (breccias
within breccias) and at least 2 phases of healing by hydrothermal or epithermal
fluids. Last movements along this steeply south dipping system were colder,
dryer and more tectonic in character. At least one phase of brecciation is post
stockwork formation. Typically fragments of quartz, adularia, and chalcedony can
exist with subrounded fragments of altered local strata in a sheared groundmass
of silica hydromica.

Late high angle northwesterly striking crossfaults (e.g. Dama Creek trace?)
offset blocks with a west side down configuration.  Offsets are on a scale of
50 - 100 meters. Kubaka has similar features. Late small block readjustments
along bedding planes are also possible and the net effect on mineability is
currently unknown. Typically best gold also occurs in most faulted ground, a
consideration for future underground ground support planning.

8.10    MINERALIZATION

Gold occurs in four styles in the Mezinitz valley.



1/ Low grade steeply north dipping quartz adularia stockwork veinlets in upper
rhyolites and tuff sandstones, found mainly in the Profile 11 - 19 block.

2/ Low grade disseminated gold in hydromica adularia altered preferential
volcanic strata (see stratigraphy above).

3/ High grade gold (and silver) associated with distinctive colloform quartz
adularia veins, associated breccias or adjacent high hydromica shears.

4/ High grade gold (and silver, base metals) in hydrothermal silica pyrite
breccias (profile 21).


The third may be the late Jurassic remobilization result of the first two late
Devonian events. The inventory of gold in the Mezinitz valley would probably


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exceed several million ounces, however a bulk-mining scenario under current
circumstances is clearly uneconomic.

The 1999 RC which investigated soil geochem anomalies in the surrounding hills
also encountered low grade gold in upper Devonian rhyolites in the first two
styles. In order to address the impending Kubaka millfeed problem, it appears
that a structural conduit and an open fluid system are needed for ore forming
capability. Although more of a narrower erratic nature than Kubaka, high grade
gold assays from Profiles 14, 15, 21, 26, and 30 indicate the potential of the
Mezinitz structure.

The Mezinitz occurrence is similar to Kubaka in its stratigraphic position,
general alteration package and tectonic setting. However the differences in
detail are numerous. Most obvious is that while almost all Kubaka gold is
confined to cores and adularia terminations of veins and veinlet swarms,
Birkachan high grade gold often occurs on vein contacts or tens of centimeters
into the sheared hydromica walls of host rock. Detailed assaying often shows the
quartz adularia vein/stockwork material to be of very low grade. It's as though
the vein formation process was a ground preparation event for a secondary gold
enrichment process.

Occurrences of coarse visible gold easily seen in vein centers similar to Kubaka
account for only half of the assays > 10 g/t au. Since its loci is visually
unpredictable, 100% of the corelength is sampled. In spite of the variable local
host rock, alteration and vein type or configuration, gold "hits" seem to line
up in a somewhat stratigraphic parallel fashion such that there are
semi-continuous gold structures cutting through the entire geological package
rather than random "hits" in a sea of low grade. Low angle to core axis veinlets
often contain high grades when transecting these preferred horizons and as such
form short grade pipes, shoots or channels. Several drilling directions todate
have not been able to effectively evaluate the mineralization in these "ladder"
systems. In spite of intensive fill-in drilling,


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"mineable" continuity must be proven by a bulk sample test. Except in the cases
of a clearly identifiable and traceable geological structure hosting gold,
resource estimates on linking gold intercepts should remain as an "inferred"
confidence category until selective excavations show better.

Mezinitz gold mineralization is interpreted as at least 6 narrow en echelon
veins, breccia structures, fault structures or strata parallel reefs striking
300 meters to 600 meters N35E to N80E, dipping moderately to steeply southeast
from bedrock surface to below 500 mASL and cross stepping on 80 - 100 meter
increments east - west. The most apparent (continuous and highgrade) zones are
named Vein 3 and 5. Parts of both have been drilled on 50 - 25 meter centers and
the data supports the interpreted attitude of the gold bearing structures. These
2 structures comprise 70% of the inferred resource (see below.) As typical of
most gold vein related structures tested by core drilling, the structure may be
evident but the grade is not. Birkachan unfortunately has coarser gold than
Kubaka and grade variances and "nugget effect" are expected to be higher.
Spectacular visible gold indicates very high grade shoots within the planar
structure are possible (profiles 10, 1450, 21, 26, and 30), but the plunge lines
are probably determined by cross cutting tectonics and are difficult to trace.
These shoots, seem to occur every 500 to 700 meters along the axis of the
Mezinitz valley. Potential for finding further is good, yet the discovery rate
is slow and expensive.

An example of the erratic nature of the gold distribution in these veins is
illustrated in the following example. Hole 2050-140S drilled recently as a
fill-in hole for deep vein 3, clearly hit the structure on target. This
intercept is surrounded 50 meters away by 9 other intercepts all containing ore
grade mineralization over mineable widths, yet highest contained assay was 2 gm.
Had this hole been drilled first, the potential of the area would have been
discounted and the 100 meter center drilling would have focused elsewhere (see
the resource below). Similarly, had Vein 5 first been drilled on profile


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1525 instead of 15, then the first drill hole and the 100-meter step outs would
have intersected the vein but not have indicated any ore bearing potential.

The roots of Vein 3 are found as low as 320 mASL. The vein here manifests as a
hydrothermal breccia containing barren quartz adularia material and black fine
grained silica pyrite material with extremely high gold content. This has been
interpreted as the system feeder, although not necessarily the only one. The
350-meter vertical expression of gold mineralization at Birkachan almost doubles
that of Kubaka and may imply greater structural dislocation rather than strength
of a substantial epithermal system. The Birkachan system has been largely
preserved by an artifact of erosion and topography while virtually more than
half of the Kubaka gold may have eroded to downstream placers in the Omolon
drainage system.

The Kubaka system also demonstrates high-grade shoot variability within the
mineralization plane. Within its one-kilometer strike length, virtually half the
exploration holes drilled on 100-meter centers would hit unmineralized vein.
Favorably, however, when gold was encountered, grades and widths greatly
exceeded those of Birkachan.

Deep drilling to date below 450 mASL from Profiles 10 - 20 has failed to
encounter further high grade system feeders, however deep mesothermal vein roots
of V5 and V3 still carry 1 - 5 gm au / 1.0 m within intensely altered and
brecciated rocks. The system remains open at depth but gold assays have been
disappointing.

A large inventory of encouraging assays is located in the hanging walls of V5
and V3. These have been interpreted as Structures 4, 2, 3 west, and 3HW. Due to
the generally low angles of stockwork veining to -60 north dipping drillholes,
these structures were interpreted as being subvertical. However this
interpretation to the data yielded very poor continuity. A much better data fit
incorporated a moderate south dip, strata parallel interpretation.


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Unfortunately, no stratigraphic control could be seen in the logging. Generally
these hanging wall grades are lower - in the 5 - 10 gm ranges with local higher
grade assays. It is possible that certain horizons have a different porosity
that when crossed by a mineralization transport mechanism such as quartz
adularia stockwork, the gold precipitates. Again continuity of mineralization
would need to be proven with bulk sampling. The net effect is to substantially
increase the tonnage of inferred resource. (see below).

8.11    MULTI-ELEMENT ANALYSIS

More than 1,200 gold bearing and wall rock samples have been taken for
multielement analysis to identify significant penalty elements, longitudinal
metals zonation for gold vectoring, and wallrock pathfinders for future
exploration consideration. Elements tested were Cu, Bi, Pb, Sb, Zn, Hg, Te, Cr,
Ag, Mo, Ba, As, Co, Ni, Sr, Ti, V, W, Pt, Pa.

Elements, Cu, Zn, As, Cr, Ba, Ag have reported in minor amounts locally. No
significant pathfinders have been found. The best correlation has been with
silver, as electrum, argentite, acanthite, sulfosalts, usually in deep V3. The
base metal association is usually with the deepest gold occurrences in the
hydromica silica pyrite alteration zones. The anomalous Cr and Ba were found in
shallow occurrences in the upper rhyolite quartz adularia alteration zones.
Needle arsenopyrite was detected deep on V3 and shallow V2, HW (profile 14.) The
occurrences are rare and the gold does not appear to be refractory.

TsNIGRI research has reported minor amounts of numerous sulphide minerals and
traces of possibly new Au-Ag-Se-Te minerals.

8.12    DATA DUE DILIGENCE QUALITY CONTROL AND QUALITY ASSURANCE

All drill hole collars are surveyed in the field (northing, easting, elevation,
azimuth, dip). Using a Topcon 300 system, two mountain top survey points


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fixed by Gosgeonadzor (State Geodesic Survey) were back sited to provide a
network of over 100 survey points in the Mezinitz valley. Planned collars, and
fore sites are surveyed for rig azimuth setup. Rig masts are fixed at -60
degrees dip and rig floors are leveled for each setup. Actual hole collars are
surveyed once the hole has been completed. Downhole inclinometry was done up to
December 2001using magnetic precession. Since then a Wellnav single shot camera
system (which photographs a gimbal compass) has been used. Accuracy is +/- 0.5
degrees. Both inclinometry systems were duplicated on a number of holes and
found to vary by +/-2% with no particular bias. Magnetic divergence is non
existent in Upper Gurnikskaya altered rhyolites to dacites and minimal in lower
andesite tuffs. HQ and NQ core drilling typically bends 2 - 3 degrees over 300 -
400 meters clockwise and steepening. Surveyed setup azimuths and drill setups
shift 2 degrees left of proposed targets to account for typical deviation.

Core is recovered from the inner tube (not split tube) and placed into wooden or
cardboard boxes. Meterage tags are marked by offsiders and placed at the end of
each run. Core boxes are labeled according to hole number, box number and
contained meters depth. Covered core is transported hourly to Birkachan camp for
detailed logging. One geotechnician is assigned per rig and logs 1 page per 12
meters. Notes on rock type, alteration, structure and mineralization
(veins/sulphide etc.) are taken. Hand depiction of the core and sample numbers
are written in the log and awaiting later assay entry. Logs are then summarized
on computer excel spreadsheet. Only one hand written edition of each log exists.
Photocopies should be made in the near future to minimize risk of information
loss. All core is labeled with meterage tags, sample numbers, hole name and
scale and photographed by digital camera either for future geotechnical analysis
or rapid rock type verification for interpretative correlation.


Core is split at Birkachan camp and transported in sealed cloth bags to the
Kubaka drying facility. Samples are prepared by Omolon mill staff in a


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separate facility from the mine blast holes and mill samples. The sample is
dried, weighed, and crushed in 3 phases, jaw and 2 cone to 80% -1mm. 250 gm is
split out for ring pulverizing to 95% -150 mesh. Screen analysis is done on a 2
week basis to ensure proper size product. The pulp is rolled quartered and split
for 25 gm for fire assay gravimetric finish for both gold and silver. Reporting
detection limits are 0.04 g for au and 10 gm for Ag. All assays exceeding 1 gm
au are repeated. For all assays greater than 5 g/t au, an additional split is
taken from the reject and the process repeated. If the assays check reasonably,
the first number is reported. If not, the outlier of the 3, (2 initial pulps, 1
reject pulp) will be rejected and the others averaged, then reported. (a very
rare case.) All duplicate pulp and reject data are saved for future reference.
All reference pulps are stored in order at the lab. For rejects of samples less
than 5 g/t au, 1 kg of reject is split out and stored at the laboratory. The
remaining reject of the sample is returned to the cloth bag and stacked on
pallets in the exploration laydown yards. For all samples greater than 5 g/t au,
the entire reject is saved under lock in a secure area are the lab for future
reference (such as composite metallurgical samples.)

All split core remains in outside storage stacks at Birkachan camp. In rare
cases, several other half of split core have been removed for corporate
presentations, or assay checks to determine splitting biases. Spacers were
placed in the core boxes dating and describing the purpose of the missing core
in order to follow-up results. The amount of core consumed in this way is
estimated as 3 - 5 meters in total. Considerable visible gold remains for review
in the core boxes.

For daily internal lab checks, for each run of 24 samples, one is a duplicate
and one is a federally certified standard. Additionally, every 6 months, a set
of duplicate pulps, 100 - 120 samples in all grade ranges, is selected by the
exploration department and returned under blind number for duplicate check. As
an external check, an additional split of this pulp is sent to Ingiridmet Labs,


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Irkutsk, Baikal District, Russia, a federally licensed laboratory. All checks
are run for both gold and silver.

Additionally, on a spot check basis, pulps have been sent to North America for
independent assay. Labs used have been Chemex Labs, Mississauga, Ontario,
Canada, and Legend Labs, Florin Labs, Nevada, U.S.A.. In all of the above cases,
correlation of pulp vs. pulp, pulp vs. reject, 1st assay vs. blind duplicate,
1st assay versus independent assay have been excellent for gold. Usually the RxR
correlation coefficient > 0.98. In high-grade gold samples, variance is greater
as would be expected. As an experiment, 200 mesh screen fire assays were
conducted on 100 pulp splits and no significant difference was detected. In
general in lower Ag grade ranges < 30 g/t Ag, Kubaka lab tends to assay 20% -
30% higher, however in the higher grade silver ranges, Kubaka and the
independent labs correlate well. All external Ag checks were done by acid
digestion AA, versus Kubaka inquarted fire assay. Kubaka AA Ag checks correlate
well with outside labs. Kubaka internal Ag checks in grade ranges 10 - 30 g/t
show unacceptable deviation according to Russian standards. Due to the average
Ag/Au ratio of 3:1 at Birkachan and the acceptable Ag checks in grade classes >
30 g/t Ag, the inquarted fire assay variation is felt to have minimal effect on
project economics. All check data is available at the Kubaka exploration office
and the laboratory.

Assay data is automatically transferred from the balance, correction factored
and reported on Excel spreadsheets to the Kubaka Exploration office. The assays
are excel copied and pasted to two computer data log sets at Kubaka and again
via diskette to the same computer logs at Birkachan. Before transfer to
MEDSystem both data sets are compared and any differences resolved. Assays are
hand entered to the hand written logs at the field camp.

The database and interpretation of the drill sections is available at the
Birkachan camp, Kubaka exploration office, Magadan exploration office and


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previously at the Kinross Technical Services, Salt lake City, Utah. (July 16/02
- -most recent data transfer.) Due to the wide spaced drilling, perceived
potential of the resource by different parties is likely to be highly variant.
Birkachan, Kubaka, and Magadan parties have all conducted independent
interpretations and have arrived at reasonably similar resource estimates. All
parties have had the benefit of ongoing core review and consultation with field
personnel. The SLC office had completed independent resource estimates using
independent geological interpretation in August 01 and February 02. Resource
estimate responsibility transferred to Kubaka engineering in April 02 with the
benefits of onsite geological guidance, frequent database updates and
corrections and checks and review by onsite field personnel.

Drill hole planning is done by either hand plotting of preceding drill hole
results or use of an AutoCAD 3D log and assay-plotting program written by Kubaka
personnel. Up to date results are used to amend and guide detailed collar
location decisions. Interim global plans are presented to corporate and Geolkom
for funding purposes, but the immediate field results guide the program and the
drilling decisions are made by consensus with Birkachan and Kubaka field
personnel. Each hole is terminated by the decision of the drill site geologist.

8.13    EXPLORATION POTENTIAL

Exploration drilling to date has essentially drilled Profiles 3 - 32 on 100
centers with selective drilling on 50-meter centers and 25-meter center
definition in the proposed pit area and the Profile 21 mineralized breccia.
Almost 20,000 meters of drilling is still required to fill-in or stepout from
known mineralization (>5 gm au/1.5 m) on 50 meter spacing.

The mineralizing system remains open to the northwest as intercepts of interest
have not been followed up on profiles 3, 4, 6 (V.G.) and 7. The area is covered
by 150 meters of barren caprock. Placers above this area have


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not been explained. The area lies under tundra cover, so summer drilling is
logistically difficult.

The mineralizing system appears narrow but open to the northeast (profile 32) as
low grade gold can be found in an intensively altered brecciated fault zone
strikes N80E towards Birkachan camp. There are indications of the alteration
system continuing 3 - 5 kilometers to the northeast. The entire hill where the
exploration camp is located has pervasive hydromica alteration. Pankov's hill
has silica adularia kaolinite alteration of rhyolites, and 1 mineralized
structure, 6 gm au /3.0 m, no step out holes. An RC fence drilled north of
Mezinitz Creek (circa Profile 40?) in 1999 encountered strong epithermal
alteration, high background au (>0.20 gm au), and several 2 gm assays. The fence
was never completed due to summer melt tundra accessibility problems. Strong
placers in Mezinitz Creek opposite the exploration camp are probably sourced
from the main zone. Trenches on the lower right bank of Bolshoi Creek exhibit
intensive clay hydromica alteration of spherulitic rhyolites, ignimbrites and
lithic rhyodacite tuffs.

Depth potential of the main zone is unclear. Other than the Profile 21 , V3
feeder, no other deep mineralization has been encountered between Profiles 10
and 20 although alteration and quartz stockworking in dacites is intensive.
There may also be potential for NW-SE cross structures, grade concentrations, or
structural crenulations as yet poorly defined by wide spaced drilling.

Although placer and soil geochem indicators are weaker, there is potential for
sub parallel systems north and south of the Mezinitz valley. (see alteration
section above.) A distinctive tectonic breccia zone with quartz-adularia,
chalcedonic clasts has been traced for 2 kilometers along the south slopes of
the headwaters of west Beziminyanny Creeks. This may account for the
Beziminyanny placers.


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The Birkachan district, approximately 10 kilometers by 6 kilometers, and
centered on the Mezinitz main zone, is identified regionally by the high number
of soil geochem and gold anomalies. By comparison, it runs a close second to the
Kubaka deposit itself. However unlike Kubaka, its proximal and distal anomalies
remain under tested by scout drilling.

Mezinchik Creek, 3 km south of Mezinitz, contains placers, alteration in
streambed float, stratigraphic and tectonic setting somewhat similar to
Birkachan. Gold in faults and stockworked rhyolites was found by summer 2001
reconnaissance prospecting at Ukazatyeny Creek and Upper Bolshoi. Trenching for
possible drill target development is planned.

8.14    METALLURGICAL STUDIES

Two high grade samples from Birkachan, Hole C-2102, were submitted for
preliminary metallurgical characterization. Sample 7233 is considered to have a
typical silicate assemblage for the Mezinitz occurrence. Sample 7357 is
considered atypical for the geological formation.

Descriptions are as follows:

#7233

                part of vein, 2.6 m width,

                sulphide minerals 2 - 3%,

                adularia 1-2%,

                hydromica 2 - 3%,

                chalcedonic qtz - most

                mineralization - py, au, ag, ag sulphides.


#7357

                hydrothermal breccia. 9.7 m width. 10% fragments, 90%

                matrix

                matrix - sulphide 2 - 3 %


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                ad, 2-3%,

                silica -most

                fragments - chalcedonic qtz, rhyolite, qtz, ad-qtz ,

                metasomatite with ad hyd qtz alt.

                mineralization - pyrite, galena, sphalerite, arsenopyrite,

                copper mineral, au, ag, ag sulphides.


Results of this test work are available in the Kubaka metallurgical department.

Metallurgical testing of two composite samples from deep and shallow Vein 3 was
also conducted by IRGIREDMET (Irkutsk). Sample material was composited from core
rejects of numerous drill holes in the profile 21 area - weights 28.6 and 29.3
kgs. The exact description of composite components is on file at the Kubaka
exploration office.

Both samples had similar primary mineralogy - quartz, quartz-chalcedony-feldspar
matrix. Sulphide contents were 2.1 and 2.4%. The major sulphide mineral was
pyrite with grain sizes varying from 0.02 to 0.2 mm. Base metal sulphides were
absent. Traces of oxidization and limonitization were not detected. Gold grade
in pyrites was decimal parts of g/t.

Gold and silver grades for sample MTP-1 were (g/t): 17.3 and 96.5; for sample
MTP-2 - 21.3 and 59.8 respectively. Gold was present as free gold and associated
with quartz, and chalcedony-adularia. Gold grains liberated easily at grinding
to minus 2 mm. Gold grain sizes varied from less then 0.07 to 0.5-1.0 mm,
particles coarser then 0.1 mm predominated. Gravity concentrates, prepared from
both samples contained 86 and 82.5% gold coarser than 0.074 mm.

Silver bearing minerals were varied: simple sulphides in alloy with gold,
sulphosalts, and native silver. The amount of sulphides as argentite- acanthite
was less then 0.01 %. Argentite and acanthite were common minerals,


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acanthite was the predominant silver sulphide. Argentite was present in
combination with sulphosalts. Microprobe analysis of sulphosalts detected phases
containing of Ag-As-S, Ag-Sb-S, Ag-Se-Pb-S.

Diagnostic leaches were conducted on both samples separately to establish the
association of gold and silver with the ore components. The gold and silver
distributions as inferred from diagnostic leaches suggests up 98% present as
cyanide soluble gold. Tails grade was 0.2-0.4 g/t gold. Portions of free gold
determined by amalgamation on stage ground ore were 72.3 and 86.1% respectively.
Coarse sizes: minus 2.0, 1.0, 0.5 mm were upgraded by gold. Amount of refractory
gold as coated by films and finely disseminated in siliceous gangue were 2.1 and
1.1% respectively.

About 1/3 of silver was bound with gold and 2/3 was in sulphide form (argentite,
acanthite). Portions of cyanide soluble silver were 90.8 and 78.5% respectively.
Total amounts of refractory silver for MTP-1 and MTP-2 were 9.2 and 21.5%
respectively: 4.9% and 16.3% was bound with sulphosalts; 4.3% and 5.2% was
associated with sulphides and locked in siliceous gangue.

On the basis of the mineralogical examination and diagnostic leaching, the
following conclusion was done. The submitted Birkachan samples were
characterized as leach amenable, primarily quartz, silver content type of ores.
Bond Work Index determined for both samples were: 16.38 ( MTP-1 ) and
16.27 ( MTP-2 )  kWthr/t.  The material is grinding resistant.

Metallurgical test work conducted on ground to minus 2 mm ore samples to predict
the amenability of ore to gravity recovery indicated the following results. The
portion of gold that can be recovered into a gravity concentrate prior to
cyanidation was higher than 70%. More than 80% of gold reported to gravity
concentrates was as gold grains coarser than 0.074 mm.


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Cyanide bottle leaching was conducted to define grind, pulp density and
retention time requirements using traditional bottle roll test procedures.
Optimal condition for both samples at any slurry dilution were the following:
grind size 92-94% minus 0.074 mm, cyanide concentration 1.0 g/l, retention time
24 hrs. Gold recovery was 97.9% at tails grade 0.3-0.42 g/t.

Simulation of the Kubaka mill flow sheet to predict precious metals recoveries
from Birkachan ore yielded the following results: gold and silver recovery were
94.2 and 59.0% respectively at tails grade 0.97 and 45.4 g/t.

The Kubaka mill flow sheet was not simulated in a full scale. It was recommended
to repeat a test including surge tank leaching prior to thickening according to
the Kubaka mill flow sheet. Leaching of diluted slurry increased significantly
the extraction of gold and improved overall recovery. The effects of lead salt
addition on leaching kinetics should be evaluated. Sodium cyanide consumption
should be quantified. Thickening area requirement should be determined using the
same Kubaka flocculants.

Kubaka mill has both personnel and equipment to conduct the recommended further
work.

It appears that Birkachan coarse gold may have been deposited in at least two
phases, the first a high gold phase, (shallow epithermal,) the second a deeper
high silver base metal association phase.

Future metallurgical test work should include a composite sample from V5,
profile 14, 15 area and a composite from V4, V2 from Profile 13 - 18. The
shallower samples will have high fines - clay contents and probably lower bond
work indexes.


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8.15    ENVIRONMENTAL

Issues anticipated from development of the Birkachan prospect are: 1/ impact of
an all weather road along the Omolon river. 2/ surface water quality from
Mezinitz Creek. 3/ tundra disturbance and erosion mitigation in Mezinitz valley
4/ waste dump acid drainage. 5/ mine water disposal. 6/ surface
facility/disturbance design and plan. 7/ closure plan.

A weather station has been installed at Birkachan camp and records are
maintained at the Kubaka environmental office. Woodcutting and limited quarrying
permits have been received for the Mezinitz valley. Permits are in place for
drill pad and access road construction. Summer road fuel transport from Kubaka
is currently not permitted.

Baseline water sampling studies are underway and results are compiled at the
Kubaka environmental office.

Numerous digital summer time photos of the drill areas, camp, Mezinitz,
Birkachan, and Omolon river valleys are available at the Kubaka exploration
office.

Twenty-one coarse rejects have been tested for ABA. Sample descriptions and
results are filed at the Kubaka exploration and environmental offices. The
purpose of the test work was to determine mine waste acid drainage
characteristics. Generally results correlate predictably with alteration zone
type. Upper kaolinite quartz adularia alteration has low neutralization
potential and low acid generation potential. Hydromica quartz adularia has
moderate neutralization potential and low acid generation potential. Propylitic
alteration, in the lower dacitic tuffs and ignimbrites has high neutralization
potential and high acid generation potential ( dichotomous result) because of


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the relative varying amounts of calcite and pyrite. Further work would address a
wider sample scope and leach kinetics in simulated Birkachan climatic
conditions.

Mezinitz water turbidity has been an issue. Qualitatively, runoff is noted to be
quite turbid in periods of spring melt and high rainfall, much more so than that
created by surface drilling activity alone. It is important that for
quantitative water quality analysis, surface flow rates also need to be
quantified.

8.16    HYDROLOGY

Current hydrological studies are conducted by contract through the Magadan
exploration office. Results are not presented in this report, however the
following is provided as qualitative observation and possible ideas for further
work.

Weather and rainfall at Birkachan is assumed to be the same as Kubaka. Although
not currently measured it is possible that Birkachan experiences a microclimate
effect by being on the windward side (Kubaka is leeward) of local topographic
highs. Qualitatively snow mass seems greater at Birkachan. As mentioned
previously, the Mezinitz, Mariaj and Dama creeks area forms a large (4 - 5 km
diameter) collection basin. Regional drainage area and precipitation needs to be
determined for annual recharge calculations. Annual surface runoff and recharge
to groundwater systems needs to be calculated using runoff measurements.
Mezinitz valley outflows can be extremely variant even hourly depending on storm
conditions. Visual estimates are from 1,000 gpm in dry periods to 10,000 gpm+ in
wet periods. The proportion of subsurface water flow through the river gravels
is unknown but due to the porous unfrozen 20 meters of alluvials, the flow rates
are probably high. Surface water flow measurements have been taken from 4
locations along Mezinitz and Dama creeks from mid May 2002 until present. The
data clearly shows rapid spring runoff, a definitive crest (June 01, 2002),


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permafrost melt and storm events. The flow rates can be correlated to weather
measurements and groundwater recharge calculated given the topographic
collection area.


Drainage resign will be needed for any surface facilities, possible portal
location and especially a starter pit if deemed feasible.

Underground planning would also need water drainage and ice removal
contingencies. Early drilling in the Mezinitz valley encountered permafrost to a
depth of 160 meters or approximately 510 mASL. Immediately below the permafrost
lens a very high-pressure artesian system was tapped. Typical casing outflows
were +/- 200 gpm and drilling was suspended usually for several hours to bleed
off the paleowaters. Once holes were closed, most quickly refroze and were
sealed. New holes drilled each summer did not hit the high water pressures below
the lens suggesting that annual or spring runoff recharge at least to this
elevation is not significant. Hole 1000-150N to date appears to have tapped the
only sub-permafrost spring with reasonably constant flow. Samples have been
taken for water quality baseline data.

In the permafrost zone, minor limonite and oxidation in fractured or tectonic
fault zones suggest that water can still move in the rock openings, and since
(as previously mentioned) gold often is found along or near broken ground, it is
likely that underground stoping would encounter moisture and ice patches would
build up on drifts or reseal broken muck locally.

8.17    ROCK MECHANICS

Faults, fractures and other structures are noted in logging and clearly
distinguishable on core photos. North American style RQD and RMR logging has
been done for the infill drilling program in the proposed pit area. RQD
calculations are underestimated as split tube was not used. Digital


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photography of all core started in November 2001. Before that time only 5% of
all core had been photographed on a selective basis. For critical underground
development, such as ramps, haulage ways and ore passes, it is assumed that
pilot hole core drilling would be done to minimize ground condition surprises.

In general, core recovery has been 95% - 98% and rock competency has been good
to excellent (hardness 4.5 in kaolin hydromica zones to 7 in high silica
adularia zones.) Broken ground improves steadily to depth from bedrock surface.
It is likely to encounter very broken rubbly ground in crown pillar removal but
passive ground support should maintain stope walls. Through middle elevations,
banded siltstones, especially the carbonaceous markers may develop bedding plane
fissility or partings. Best ground conditions are in the massive dacite tuff
ignimbrites and metasomatite equivalents at depth.

In the remaining 2 - 5% by volume, the rock can be extremely broken, fractured,
faulted and filled with coarse to fine rubble and even soft clay. The geometries
of these features are discussed in the geology section above.

A research institute in Magadan has been contracted by the Magadan exploration
office to do geomechanical test work on a number of Birkachan samples. These
results are currently unavailable but examples of the test work are specific
gravity, hardness, compression testing. It is thought that ore handling
characteristics would be similar to Kubaka, and given the campaigning and
stockpiling strategies, blending for the crushers and mill can be done.

Finally, it is observed that the rocks decrepitate with exposure to warm air
within 2 - 3 months. This effect is also noted in Kubaka stockpiles. 100% RQD
Core can be weathered to pea gravel in stored core boxes very rapidly. The
decrepitation is most notable in high sericite hydromica rocks. It is


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unknown if this exfoliation along bedding or ductile schistosity is a thawing
effect of permafrost, or hydration of phyllosilicates or both. The phenomenon is
extremely advantageous for ore handling or even leaching but difficult for
ground control.

8.18    OTHER STUDIES

TsNIGRI , the government geological scientific agency based in Moscow has been
commissioned to do an academic study of the Birkachan deposit, including
generation of a genetic model and recommendations for exploration. Institute
representatives selected several hundred samples for core available in August
2000 and Sept.2001. Laboratory studies have included thin and polished section
microscopy, age dating, and fluid inclusion work. A comprehensive geological
mineralogical report (2001) is on file with maps, charts and appendices. Further
sampling and study is planned for late 2002.

8.19    RESOURCE ESTIMATION

8.19.1  MANUAL

Current polygonal inferred resource estimates of mineral inventory total 1.8
million tonnes at 13 grams.

A sectional polygon method is used. The terminology "inferred" is used because
of the wide spacing of the data. It is estimated that even 50 meter spacing on
the drill pattern will not generate enough continuity to constitute "indicated"
resource as defined by Canadian National Policy 43101, or statistically suitable
grade variograms for computer resource modeling packages. Inferred resource
estimates may be used as a guide for further drilling and a stepped development
approach.

The use of polygons inherently implies volumetric continuity. This also remains
unproven for Birkachan. Therefore the term "mineral inventory" is used.
Mineralized structures V5 and V3 appear to have mineable continuity


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based on 25 meter spaced drilling although grades are erratic. Typically,
high-grade intercepts at Birkachan are difficult to drill duplicate. However,
the reverse is also true. Areas written off as low potential based on first pass
100 meter center drilling, have produced high grade intercepts based on a more
detailed second pass - eg. profiles 9, 11, south 15, 19, 29.

266 polygons were tabulated as follows:

Each polygon is identified by section number, hole number and elevation of the
interpreted intercept. Intercepts were derived by weight averaging assays x
corelengths to include incremental widths to exceed 5 gram (an assumed cutoff
grade) over 2.4 meter core length or 1.2 meter horizontal width for sub vertical
structures. As long as a corelength increment exceeded 5 gms the assay was
included. In order to maximize grade, a bias of grade over tonnes was applied,
i.e. high-grade assays over narrow widths were selected instead of wide zones
averaging above 5 grams. Geological contacts were not respected, due to the
complexity of geological hosts discussed above. This is a follow the V.G. and
assays type of deposit. Intercepts were assigned to a Vein or structure based on
continuity perceived from overlapping sections on a light table, or inspection
of a 3D database model on computer. Continuity for V3 and V5 structures appears
good, with others less so. If longitudinally internal polygonal blocks
containing low grade along the structure were apparent, then to link high grade
blocks, the low grade block was included for overall continuity. If low-grade
polygons were external to linking high-grade polygons, they were excluded from
the calculation. As such the estimation includes a "pseudo" mining dilution
along strike, as well as an across strike mining dilution within the 2.4 meter
corelength.

Polygon longitudinal dimensions were determined as follows. Polygonal lengths
were extended half way to the next section containing drill data up to a


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maximum distance of 50 meters from the hole intercept or 100 meters in total.
Most polygonal heights were estimated to be +/- 25 meters above and below an
intercept unless more drill hole information was available. In this case the
polygon limit was extended half way to the next drill intercept elevation. In
thinly drilled areas with little information, a full 100 meter height polygon
was assumed. Only a few polygons were interpreted as such. Therefore the most
common longitudinal polygon shape is a flat rectangle - 100 meters in length, 50
meters in height. Since epithermal systems have a high horizontal to vertical
aspect ratio due to boiling and gold precipitation controlled by paleotopography
and meteoric hydrology, the polygonal shape seems reasonable.

The specific gravity was assumed to be 2.6. Specific gravity data from Kubaka
lab and a Magadan research institute on select Birkachan samples (60 +)
indicates an average slightly above 2.6. Specific gravity appears to correlate
with distance from surface. Upper level kaolinitic rhyolites have specific
gravities in the 2.3 - 2.6 range. Lower hydromica silica sulphide hosts ( V3)
range from 2.7 to 3.0. Future more detailed studies should account for specific
gravity spatial differences.

True widths were calculated as the sin of the angle between the drill hole and
the interpreted mineralized structure times the corelength. No account was made
for increased corelengths in mineralized structures as the majority of drill
holes are drilled Azimuth 330, on structures believed to strike N40E or 70
degrees to the structures, not 90 degrees. This 6 percent width over estimate is
somewhat counterbalanced by the following conservative effect.

The majority of structures were interpreted to dip 70 to 45 degrees to the
south. (see geology section.) Polygon lengths, which were assumed to be 100


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meters, are apparent lengths on the longitudinal, which are shorter than true
lengths. Polygonal heights used were vertical heights, not true heights. This
would increase a 70-degree south dipping polygon height by 6 percent. For the
method used, calculation of a horizontal width, not true width would be a better
estimate. The affects of these geometric aspects are small relative to the
uncertainties of the assumptions made in interpretation of the attitude and
continuity of the mineralizing structures.

The average polygonal true width (not weighted by volume) was 2.6 meters.

        The median polygonal true width was 2.0 meters.

        The estimated polygonal total volume was 1.8 million tonnes.

                Uncut weighted average grade was 13 grams per tonne.

Birkachan appears to have a higher nugget effect (and coarser gold) than Kubaka.
Overall, 6 best (uncut) intercepts account for 30% of contained gold in the
estimate. Alternatively, cutting polygon ounces to the 97th percentile reduces
overall containing gold by 13%. High-grade assay cutting practice is usually
done for random nuggets in homogeneous rock on uniformly composited corelength
samples. It is only mentioned here for an appreciation of the polygon data
distribution.

Assuming "nuggets" within polygons at Birkachan are not totally random, it is
possible that some high grade will be continuous. This would mean ability to
bring high grade production forward, improve project economics substantially and
conversely avoid mining low grade parts of the polygons. A simple grade x tonnes
sort of the 266 polygons yields 1.0 million tonnes at 18 g/t au or 18 tonnes of
contained au in 82 polygons. It is not believable that such mining grades could
be achieved without better data and better understanding of high


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grade ore shoots. The exercise is again mentioned only for a better appreciation
of the data distribution.

8.19.2  MEDSYSTEM

In May 2002 the exploration data was delivered to the engineering staff at
Kubaka. Systematic checks were performed on the data, working closely with the
exploration department. Please see Figure 8.19.2-1 - showing a typical cross
section for the Birkichan resource.

A block model was created on 6-meter benches with blocks of 5 m x 5 m. It was
then determined that with the high variability in the assay information, the
need to reduce the bench height to try to model more accurately the
mineralization. A block model with 3-meter benches was then constructed. The
resources that are stated in this report are based on this 3-meter bench height
block model. There are effective 2 different ore types in the model - the veins
(rock type 5,6, and 7) and the low grade, bulk tonnage material (rock type 3 and
4). The vein runs the entire length of the model.

The resultant geological resource at Birkichan is:1,749,000 tonnes at 11.97 gram
of gold per tonne. Of that, a portion is open pitable: 281,000 tonne at 11.30
gram of gold per tonne, containing 102,000 gold. This leaves 1,468,000 tonnes at
12.1 gram of gold per tonne in a geological resources.

Figure 8.19.2-1 shows a typical cross section at Birkichan while Figure 8.19.2-2
shows the long section view through the deposit.


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               Figure 8.19.2-1 - Birkichan Cross Section - No. 14
















                                    [PICTURE]




















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                   FIGURE 8.19.2-2 - LONG SECTION OF BIRKICHAN













                                    [PICTURE]


















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8.16    PIT OPTIMIZATION

Pit optimizations were completed assuming a cost structure similar to that used
at Kubaka. Mining costs were adjusted upwards to account for inefficient mining
practices - waiting for assays, split bench mining, etc. The optimizations
include estimates regarding the geotechnical parameters.

Pit optimizations were performed at assumed gold prices of $275, $300 and $325
US. The optimizations indicate a small pit containing 281,000 tonnes at 11.30
grams per tonne is economically feasibile.

8.20    RISKS OF MINING AT BIRKICHAN

        o       No mining license (as yet)

        o       Possible Recovery Problems with course gold

        o       Continuity question related to the mineralization




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and True North Deposits

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9.0     TSOKOL DEPOSIT

9.1     PROPERTY DESCRIPTION AND LOCATION

The Tsokol deposit is the located in the southern portion of the Kubaka gold -
silver deposit located in the Magadan Oblast in the far-eastern region of
Russia. The mining license for Kubaka and the Tsokol deposit, MAG-10141 ,,A3,
was granted on August 2, 1993 and gives exclusive rights of mining to Omolon.
The license expires on December 31, 2011.

The Tsokol deposit is comprised of several, epithermal veins that form fairly
continuous, narrow, quartz-adularia structures analogous to those found in the
North View and Kubaka pit areas. The Tsokol veins, averaging about 4.1 meters in
thickness, dip steeply at approximately 70 to 80 degrees to the southeast. The
veins strike N 45 degrees W. There is some structural complexity in the zone,
which consists of two, distinct, parallel veins and splays.


The Tsokol deposit is located in the Kubaka Valley, along the Small Avlandya
River. The valley floor is 500 to 700 meters in width. The floodplain averages
200 to 300 meters in width. The Kubaka stream varies between 20 to 40 meters in
width during spring runoff and other peak flow periods. The Kubaka stream is 1
to 3 meters deep with flow rates of 2.2 cubic meters per second during low water
periods and 30.9 cubic meters per second during peak flow periods. Alluvial
cover in the valley is approximately 60 meters thick. The ore zones within the
veins occur in shoots which outcrop at surface, where not covered by river
gravels. Most of the zone is situated under the Kubaka River and/or the river
flood plain gravels east of the river. It is suspected, but not confirmed, that
these gravels are saturated and are probably water bearing for at least part of
the year.


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The ore shoots within the vein structures are approximately 110 meters high and
vary in length from 50 meters to 310 meters. There are a total of six discrete
shoots in the Tsokol vein zone. The zone plunge at 20 degrees to the east.

The wall rocks of the veins consist largely of rhyodacites, both in the hanging
wall and the footwall. There are a few sub-parallel faults to the veins within
the zone, but these seem to be tight, and will probably have little effect on
the mining operations.

The Tsokol veins are partially situated in the permafrost zone, which extends to
200 meters below the surface in this area. The permafrost tends to `cement'
incompetent rock together, making it more stable for development and mining.
However, a substantial area directly under the Kubaka River is devoid of
permafrost, and the stabilizing effect of the permafrost likely does not exist
there.

The project is located one kilometer to the southeast of the existing Kubaka
Mill and camp and 1.5 kilometers to the south of the exhausted Kubaka pit.


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The resource at Tsokol has been stated at a C2 (Inferred) category since 1993. A
drilling program is planned for 2003 to upgrade the Resource to the Measured and
Indicated classification.

9.2     HISTORY OF THE TSOKOL DEPOSIT

The first geological reconnaissance in the area occurred between 1936 and 1948.
Mr. N.A. Usachev discovered the Kubaka/Tsokol deposit in 1979 when he led a team
of geologists preparing a 1:200,000 scale geological map of the area.

From 1984 to 1992, the Severo-Evensk Exploration Group conducted prospecting and
initial exploration of the Kubaka/Tsokol deposits. The Dukat Mining Company
conducted small-scale mining of the Kubaka resource, via open pit methods, from
1986 to 1992.

From 1993 to 1996, the Evenskoye Joint-Stock Company mined the North Vein
utilizing underground mining methods. No mining has occurred on the Tsokol
deposit.

Since 1997,  all mining activities on the Kubaka resource have been completed by
Omolon.

Various Russian agencies and research institutes, both at the oblast and federal
level, have conducted geochemical, geophysical, hydrological, metallurgical and
environmental research and analysis on the Kubaka/Tsokol deposits. These
agencies include:

        o       TsNIGRI (Central Geological and Exploration Institute),


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     o    DVIMS (Far Eastern Institute of Minerals and Alloys),

     o    MGRI (Moscow Geological and Exploration Institute),

     o    LGI (Leningrad Mining Institute),

     o    Moscow State University,

     o    SVKNII (Far-Eastern Scientific Institute),

     o    TsKTE SVPGO (Central Complex Expedition of North-Eastern Production
          and Geological Association),

     o    VNII-1 (All-Union Scientific Institute-1),

     o    and the Magadan Department of TINRO (Pacific Institute of Fishery and

     o    Oceanography).


9.3     REGIONAL GEOLOGY

The Tsokol deposit is a typical, epithermal vein system and potentially contains
commercial amounts of gold and silver. The overall gold to silver ratio is 1:1
with low amounts of sulphides. The typical range for sulphides is between
0.01-0.5 %. Principal vein minerals include: quartz, chalcedony, adularia,
anorthoclase, hydro-mica, sericite, calcite, native gold, electrum, native
silver, and pyrite.

The Tsokol deposit is dated to the middle-late Devonian period. The district is
situated in a depression caused by volcanic tectonics and was folded by
low-acidic integumentary and sub-volcanic facieses. The base of the depression
is a crystalline bed of folded Archaean aged, granitic-gneisses.

The area is covered with deposits of corbashale. The Kubaka/Tsokol deposit
consists of Devonian volcanics with mineral bearing veinlet/vein


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Zones featuring quartz-carbonate-anorthoclase, quartz, adularia-quartz and
chlorite-carbonate quartz mineral assemblages.

The Tsokol veins are located along the Kubaka thrust-fault and exhibit a
northwest strike. These veinlet/veins were brecciated during several stages of
mineral emplacement.

The Tsokol deposit lies on southeast flank of Kubaka deposit in a
volcano-tectonic depression. The deposit is almost entirely covered with
corbashale and alluvial deposits. On the southeast flank of the Kubaka
thrust-fault, Paleozoic aged material is thrown over then older Archean granite
gneisses.

On surface, the Tsokol deposit can be traced for a distance of 220 meters. The
Tsokol deposit is situated in the lower third of the uplifted Omolon massif east
of the Cretaceous Othotsk - Chukotka mobile belt. It lies directly on the north
south line of the Verkhalam gold silver mineralization trend inferred to extend
from Evensk on the Othotsk coastline and Sopka Kvartsevaya to Tumanni -
Malavodny in the north. The main host stratigraphy is upper Devonian aged
rhyolites and rhyodacites.

Tectonically, the Tsokol deposits lie on the footwall side (northern) of the
regional, northeast striking,thrust faults believed to be Cretaceous aged, and
along the perimeter of the Munugudjak Jurassic volcanotectonic depression.

The main gold bearing structures (striking to the northwest) are radial to the
basin center, similar to those found at Kubaka. Barren, Lower Carboniferous
corba shale cap rock has provided erosional protection for both Tsokol and
Kubaka. Regional gabbroic - diorite -syenitic sills intruding along corba


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carbonaceous strata also provided protection cover and often result in the
formation of distal, mesa-like hills. Proto- or low grade ore mineralization
appears to be of late Devonian age with late local enrichment taking place
during the late Jurassic - early Cretaceous period, similar to the Munugudjak
volcanic calderic basin collapse and Labazny granodioritic stock intrusion.

The Tsokol deposit veins are localized in the top section of medium to late
Devonian aged volcanic rocks.

Immediately below the Tsokol deposit lies a tuffogenic-sedimentary horizon
composed of siliceous tuff-siltstones, tuff-gritstones and tuff-gravelites. The
thickness of this unit is less than 50 meters.

The next unit consists of crystallo-clastic ignimbrites of trachyandesites,
quartz lattes, and dacites with horizons of coarse tuffs of trachyandesites and
unrestrained interlayers of tuff-gravelites and tuff-conglomerates. The
thickness of this unit is 100 meters.

A second unit consists of folded, red-colored, coarse tuff-gritstones with
horizons of tuff siltstone, tuff-gravelites and thin interlayers of tuffs,
trachyandesites and trachyandesibasalts. This horizon is approximately 80 meters
thick.

The third unit is exposed on surface of northwest flank of the vein system and
consists of crystallo-clastic ignimbrites and middle-coarse tuffs of
trachydacites with interlayers of trachyandesidacites and dark-brown
tuff-gritstones. This unit varies from 110 up to 200 meters in thickness.


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The corba shale unit was formed by coaly-clay aleurolites and agillites with
interlayers of sandstones, gritstones and pudding rocks. Volcanic sandstones,
gritstones and pudding rocks with coaly-clay cement, mark the basalt horizon of
unit. The thickness this unit averages 50 to 70 meters.

Alluvials of upper quaternary age cover both the Devonian and carboniferous
formations. These deposits introduce alluvial sandstone-gravel-pebbly material
on the floodplain and over-floodplain terraces of the Kubaka stream. The
thickness of alluvial deposits varies from nil to 20 meters.

9.4     LOCAL GEOLOGY

The Tsokol deposit is found on the rim of the Kubaka caldera. This caldera
represents a anisometric depression 4.2 kilometers by 2.6 kilometers in size.
The Kubaka thrust-fault and sedimentary deposits of corbashale define the
southeast section of the caldera. The Tsokol deposit exhibits a linear nature
and was formed by the settlement of the Kubaka caldara.

Fissures appear to control gold mineralization. It is thought that these
fissures, were generated due to the tectonic activity in the region sag of the
caldera and corresponding thrust faulting.

The mineralization is deposited in a structure that has an azimuth of 305
degrees and dips to the southwest at 70 to 85 degrees. There are two veins that
contain anomalous amounts of gold mineralization and these are known as Veins 11
and 12.


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Vein 11 is the larger of the two veins and can be traced for over 1.3
kilometers. Vein 12 lies stratigraphically above vein 11 and mapping to dates
indicates that it is more discontinuous that Vein 12.

The Tsokol fault is a thrust-shear type fault with vertical offsets of 20 to 40
meters and horizontal offsets of 25 to 30 meters. The thickness of the fault
varies from between 0.2 to 2.0 meters, occasionally exceeding 3 to 5 meters. In
the northwest section of the deposit, the veins dip vertically. In the central
and southeast sections of the deposit, the vein dips 70 to 75 degrees. The last
tectonic movements appear to have had a vertical displacement of 20 to 40 meters
along the Tsokol fault.

Hydrothermal activity produced the veinlet/veins that host gold mineralization
at Tsokol. These hydrothermal formations are of two ages: Paleozoic and
Mesozoic. Most of the hydrothermal activity occurred in the Paleozoic period
with some minor activity in the Mesozoic period.

Veins of anothoclase-quartz and carbonate - anothoclase-quartz composition form
80% of the known vein/veinlets with anomalous gold grades.

Brecciation is readily apparent, especially in the lower horizons with thick
(0.5 to 15meter) zones containing fragments of anothoclase-quartz veins.
Fine-grained chalcedony-like quartz with hydromicas, chalcedony and re-weathered
carbonate host minor amounts of gold.

Carbonate-adularia veins vary between 0.1 to 0.5 meters in thickness. Gold,
silver, electrum are common as well as sulphides, and silver sulphosalts.


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The carbonate - adularia - quartz metasomatite veins are a few centimeters to
one meter in thickness and may be highly enriched in gold,grading as high as
several hundreds grams of gold per tonne.

Sedimentary corba shale is not hydrothermally modified. Where it is in contact
with other rock units, pyrite, chlorite and quartz - carbonate and carbonate
veinlets are developed.

The Tsokol deposit is dissected by a system of post-mineralization, Jurassic
dykes, containing epidote, chlorite, carbonate, and magnetite. The dykes
cross-cut the Tsokol veins systems.

9.5     MINERALIZATION

The epithermal veins at Tsokal are fairly continuous, narrow,
carbonate-anothoclase-quartz or quartz-adularia structures identical to those
found in the North Vein and the Kubaka pit areas. These veins, which average
about 4.1 meters in thickness, are sub vertical, with dips ranging between 70 to
80 degrees to the southeast.

The veins thicken at depth, increasing in thickness to between 5-8 meters in
thickness with the adularia-quartz veins reaching thickness of 1.0 - 1.5 meters.

The Tsokol vein systems exhibit a northwest strike direction and the zone is
noted a being structurally complex, consisting of at least two, distinct,
parallel veins and associated splays.


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The ore zones are interpreted to occur as diefinite shoots, some of which
outcrop at surface. Most of the deposit is hosted beneath the Kubaka River and
it's flood plain (to the east). The deposit is covered by upwards of 60 meters
of river gravels which are believed to be water saturated.

Currently identified ore shoots within the vein structures are approximately 110
meters high and vary in length from 50 meters to 310 meters. To date, a total of
six discrete ore shoots have been identified at Tsokol. The entire mineralized
system is interpreted to plunge approximately 20 degree to the east.

Host rocks consist largely of rhyodacites, both in the hanging wall and the
footwall. There are a few sub-parallel faults to the veins within the zone, but
these are interpreted to have little effect on the mining operations.

Permafrost in this region of Russia can extend to depths of 200 meters below
surface. The permafrost tends to `cement' incompetent rock together, making it
more stable for development and mining. However, a substantial area directly
under the Kubaka River is quite likely devoid of permafrost, and the stabilizing
effect of the permafrost will not be a factor.

Gold mineralization it is concentrated in the northwest portion of the Tsokol
deposit. The vertical extent of the mineralization currently is limited to
depths of 80 to 100 meters.

The Tsokol deposit currently consists of three principle veins known as the 11
Vein, 12 Vein and the 11A vein. Of the three, the 11 Vein appears to be the most
significant, demonstrating greater geological and grade continuity


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than the other known veins. The 11 Vein has been traced along strike for a
distance of380 m and has been explored 40 to 60 meters in a down dip direction.
The majority of the mienralization discovered to date in vein 11 is contained in
an ore shoot which is approximately 200 meters x 60 meters in size.

At least two smaller ore shoots have been identified with dimensions of 70
meters in length x 30 - 40 meters in height.

Vein 12 parallels and lies adjacent to Vein 11. Vein 12 has been traced over a
560 meter strike length and extends vertically to depths of between 40 - 90
meters. The largest ore shoot discovered on the 12 vein measures 300 meters
along strike and 40 - 85 meters vertically. Smaller ore shoots, measuring 40-70
meters ialong strike and 4- - 60 meters in height have also been interpreted.

Vein 11A is the least explored and likely, the most discontinuous of the veins
discovered to date. At least one ore shoot measuring 130 meters x 35 meters has
been identified on the 11A Vein.

9.6     EXPLORATION METHODS

Various exploration methods have been employed to gather information about the
Tsokol deposits. The Tsokol deposit area was originally mapped at a 1:2000 scale
from mapping completed between 1986 - 1988. In 1989, a 1:10000 scale
topographical map of the project area was interpreted from air photogrammetric
information. These base maps served as the starting point for later field
programs which used theodolites to update the existing base maps with new field
information.


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Between 1987 and 1992, drill hole collars were surveyed using a GRAM-30
theodolite which had limited distance capabilities. Between 1998 and 1999, drill
holes were surveyed using a Topgun Total Station GTS-302D.

Given the limited accuracy and precision of the earlier survey instrumentation,
it is likely that there may be some survey errors related to information
collected prior to 1998.

From 1987 to 1992, the Tsokol deposits were considered to be part of the Kubaka
deposit. All prospecting information and data was incorporated into the Kubaka
files.

From 1998  onward, the Tsokol deposits were considered separate from the
Kubaka deposit.

The Tsokol veins were originally explored through extensive surface trenching
operations. Trenches were commonly developed on 15 - 40 metre spacings and were
excavated to depths of 0.5 - 0.6 meters. Extensive trenching was a commonly used
exploration tool throughout Russia. Virtually all the major Russian Geological
Surveys relied heavily on trenching as the initial step in exploring and
evaluating potential mineral deposits.

The trenching was followed up by limited drilling, testing the more favorable
anomalies on an 80 x 40 meter grid. This was further reduced to a 40 x 40 meter
grid based on the original drill results.


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Diamond drill holes tested the deposit at depth. Holes were oriented at 25 and
205 degree azimuth and at angles between 55 to 60 degrees. The average depth of
the completed drill holes is 172.9 meteres. The holes were completed using
Russian made, CKB-4 and CKB-5 drill units mounted on mobile VUP-500 drill
derricks. Core recovery through mineralized zones is noted at 98% .

Since 1999, a Longyear-44 diamond drill has been used to drill the exploration
and infill drill holes at both Tsokol and the surrounding properties.

Hydro-geological and hydrological boreholes were drilled in and around the
prospect to test the water volume, water quality, and water quantity. In 1999,
the last intensive campaign of hydrological drilling was completed.

9.7     DATA DUE DILIGENCE AND QUALITY CONTROL / QUALITY ASSURANCE

Quality Control / Quality Assurance and Data Due Diligence procedures currently
practiced at Tsokol are identical to those employed at Birkichan and described
in Section 8.12 of this report.

Check samples are sent out to the following labs for analysis:

Chemical Lab of Severo-Evensk Exploration Group, Evensk

Central Lab of Noth-Eastern Production and Geology, Magadan,

Analytical Centre, Irgiredmet, Irkutsk,

Chemex Labs, Fairbanks, Alaska.


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Currently, the on site lab at Kubaka will be the primary lab for all exploration
samples.

9.8     SPECIFIC GRAVITY

The specific gravity at Tsokol is currently noted as being 2.56 grams cubic
centimeter. This is based on laboratory analysis and bulk sample readings.

9.9     METALLURGICAL TEST WORK

The Tsokol ores have been examined through two separate periods of metallurgical
testing. In 1991 and 1992, the ore was tested using gravity - floatation and
gravity - cyanide recovery methods.

The gravity - floatation test work included two-stage gravity separation and
two-stage flotation of the gravity tails. Results suggest that recoveries of 95
% gold and 93% for argentum.

The gravity - cyanide test work indicated that a two-stage gravity separation
followed by cyanide leaching of the gravity tails would recovery 97.7 % of the
gold and 81.1 % of argentum.

9.10    ENVIRONMENTAL ISSUES

Environmental issues related to the development and exploitation of the Tsokol
deposit include:

o       Mining though or immediately under the Kubaka stream,

o       Water quality of the Kubaka stream related to sediment load and
        fisheries,

o       Expansion of the current tailings facility


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o       Storage of waste material

Development of the Tsokol deposits is aided in that an Environmental Base Line
already exists for the Tsokol Project, drawn from the operational history and
Environmental Management of the nearby Kubaka operations.

Additional impacts on the immediate area are not expected. Information and
skills learned when developing and mining the Kubaka resource will be applied to
the Tsokol deposit.

9.11    RESOURCE AND RESERVE ESTIMATION

The first reserve estimation of the Tsokol deposit was completed in1987-1989. It
assumed that the resource would be mined via underground mining methods. The
resource employed a cut-off grade of 4.0 grams of gold per tonne. The resource
status was classified as a C2 (Inferred) resource and estimated that the Tsokol
Deposit hosted 574,070 tonnes averaging 20.4 grams of gold per tonne.

Additional drilling in 1990 and 1991 added to the resource with a revised
estimate ( C2 or Inferred) of 604,500 tonnes at 13.9 grams of gold per tonne.

The current Mineral Resource estimate at Tsokol is classifed according to CIM
Standards as Inferred and is presented in Table 9.11-1. The estimated is derived
from diamond-drill hole data and surface trench sampling. The estimate uses the
following "capping" of high-grade samples:


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All the outliers in the upper 20 percent of the block's sample population are
cut to a non-adjusted, thickness-weighted average grade derived for the
polygonal block. This capping method was used extensively in Russia to limit the
influence of high grade outliers during the estimation process.

                         TABLE 9.11-1 - TSOKOL RESOURCES

<TABLE>
<CAPTION>

BLOCK            MILL FEED ORE (>= CUTOFF GRADE)               INCLUDING ORE LOSS AT 5%
                 -------------------------------               ------------------------

                K-TONNES    AU, (G/T)   AU, (KG)           K-TONNES    AU, (G/T)   AU, (KG)

<S>               <C>          <C>         <C>               <C>          <C>         <C>
11 C2 - 1         31,760       4.90        156               30,172       4.90        148
11 C2 - 2        242,080      10.00      2,421              229,976      10.00      2,300
11 C2 - 3         68,400      30.20      2,066               64,980      30.20      1,962

12 C2 - 1         88,280      11.50      1,015               83,866      11.50        964
12 C2 - 2         40,220      14.90        599               38,209      14.90        569

13 C2 -1          44,230       3.50        155               42,019       3.50        147

TOTALS           514,970      12.45      6,411              489,222      12.45      6,091

(continued)

BLOCK             ORE DILUTION, 20% AT 0.5 G/T                     DILUTED MILL FEED
                  ----------------------------                     -----------------

                K-TONNES    AU, (G/T)   AU, (KG)           K-TONNES    AU, (G/T)   AU, (KG)

11 C2 - 1          6,034       0.50          3               36,206       4.17        151
11 C2 - 2         45,995       0.50         23              275,971       8.42      2,323
11 C2 - 3         12,996       0.50          6               77,976      25.25      1,969

12 C2 - 1         16,773       0.50          8              100,639       9.67        973
12 C2 - 2          7,642       0.50          4               45,851      12.50        573

13 C2 -1           8,404       0.50          4               50,422       3.00        151

TOTALS            97,844       0.50         49              587,066      10.46      6,140

</TABLE>


9.12    MINING METHODS

The northern portion of the Tsokol Deposit may be amenable to open pit mining
methods although this is somewhat challenged by the location of the Kubaka
River.

The remainder of the deposit will likely be mined utilizing underground mining
methods. In 1997, Pincock, Allen and Holt (PAH), an independent consulting
engineering firm, completed a preliminary Scoping Study on the Tsokol deposit
examining the potential to mine the deposit using underground methods.

PAH concluded that the Tsokol Deposit would be ideally suited to
underground mining, citing the gentle plunge of the deposit and the continuity


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of the ore zones as positive features allowing exploitation of the resource. PAH
suggested that the deposit could be amenable to decline access with men,
material and ventilation traveling to and from the production stoping blocks via
a 15 percent gradient decline of sufficient dimensions to allow a 100,000 tonne
per annum production rate. Ore would be stockpiled at the portal area and
transported to the existing Kubaka mill for processing.

PAH identified the potential of significant water inflows below the river (and
within the unconsolidated river gravels) as being one area of potential concern.
That could hamper development.


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


                               CONSENT OF EXPERTS


We hereby consent to the filing of that certain KubakaTechnical Report dated
February, 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.



By:   /s/Robert Falletta/
         Robert Falletta
Title:   Kubaka Operations Manager




Date:    June 30, 2004


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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