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<TYPE>EX-99.1
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                                                        KINROSS GOLD CORPORATION





                                                INDEPENDENT TECHNICAL REPORT FOR
                                                      MORRO DO OURO MINE, BRAZIL
                ----------------------------------------------------------------
                                                            REPORT NO. 3CK005.02
                                                                      APRIL 2003








                                    [PICTURE]










                                                                    Prepared by:

                                                           [LOGO] SRK Consulting
                                                        Engineers and Scientists

<PAGE>

                       INDEPENDENT TECHNICAL REPORT ON THE
                           MORRO DO OURO MINE, BRAZIL


                              REPORT NO. 3CK005.02


                                  Prepared for:


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






                                  Prepared by:


                   STEFFEN ROBERTSON AND KIRSTEN (CANADA) INC.
                            Suite 602, 357 Bay Street
                                   Toronto, ON
                                 Canada M5H 2T7
                    Tel: (416) 601-1445 o Fax: (416) 601-9046
                E-mail: toronto@srk.com    Web site: www.srk.com
                        ---------------              -----------


                                   APRIL, 2003


                              [LOGO] SRK Consulting
                            Engineers and Scientists

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3CK005.02 - INDEPENDENT TECHNICAL REPORT ON THE
MORRO DO OURO MINE, BRAZIL                                               PAGE I
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EXECUTIVE SUMMARY

INTRODUCTION
Steffen, Robertson and Kirsten (Canada) Inc. ("SRK") was retained by Kinross
Gold Corporation ("Kinross"), to complete an independent technical report on the
Morro do Ouro open pit gold mine of Rio Paracatu Mineracao ("RPM"), near the
city of Paracatu, in the Brazilian state of Minas Gerais.

The large-scale open pit mine of Rio Paracatu Mineracao (RPM) is located less
than 2 km north of Paracatu, situated in the northwest part of Minas Gerais
State, 230 km from Brasilia. There is an airstrip suitable for small aircraft in
the city of Paracatu.

The mine site is comprised of an open pit mine, a mineral processing plant,
tailings storage facilities and related surface infrastructure, currently
operating at approximately 20Mt/a. No waste stripping is required, nor is
drilling and blasting employed in the mine, as the weathered ore is ripped by
bulldozers prior to excavation. The Morro do Ouro Mine, owned 49% by Kinross, is
the lowest grade mill-operated gold mine in the world.

RPM holds two mining licenses covering approximately 1,253 hectares. The local
terrain is dominated by low rolling hills, largely cleared, and supporting mixed
agriculture of dairy and beef cattle farming and intensive irrigated cropping,
primarily soya beans. The average rainfall varies between 1800 and 2000 mm/year
occurring in a distinct wet season between October and March.

Most of the labour force resides in Paracatu, 2 km from the mine site. As of
January 2003, the mine employed a total of 817 workers consisting of 561 direct
employees of RPM and 256 contractors.

Domestic water for the mine is obtained from the city of Paracatu, delivered by
truck. Process water is recycled from the tailings pond. Some make up water is
drawn from two rivers; the Sao Domingos and Sao Pedro. The mine is connected to
the national power grid, which relies mainly on hydroelectric generation.

GEOLOGIC SETTING AND GOLD MINERALIZATION
The orebody is hosted by the phyllites of the Morro do Ouro Member that forms
the basal sequence of the Upper Proterozoic Paracatu Formation. The phyllites
are extensively deformed with development of quartz boudins and sulphide
mineralization. The primary


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sedimentary laminations and bedding planes can be recognized but are deformed
with development of thrusting, bedding plane thrusting, sygmoidal and boudinage
structures.

The mineralized unit plunges to the west-southwest at up to 15(degree) and there
is secondary folding with axial planes striking to the northwest that creates
kink bands and egg box folds in places. The mineralization appears to be cut off
to the north by a major normal fault which trends east-northeast.

The western boundary of the mineralization is also currently defined by a fault
with assumed downthrow to the west. The western boundary fault strikes to the
north-northwest and is believed to follow a linear topographic low feature to
the west of the Corrego Rico river valley which forms the limit of the current
mining operation.

The orebody is subdivided into 4 units based on changes in the degree of
oxidation and weathering, and associated sulphide mineralogy. These units are,
from surface, the C, T, B1 and B2.

Sulphides occur as individual crystals or as coarse crystalline aggregates.
Arsenopyrite is the most common sulphide and tends to increase in grain size
towards the southwest. There is a distinct zonation within the orebody with the
arsenopyrite content increasing towards the center and west and in the zones of
intense deformation. Gold grades also increase concurrently with the
arsenopyrite, and the pyrite content exhibits a corresponding decrease.
Pyrrhotite occurs in the west and is associated with elevated gold grades.

MINERAL RESOURCE ESTIMATION
Mineral resources are calculated from 4m composites derived from 1m drillhole
samples. The majority of drilling has been carried out using diamond core
drilling techniques. A restricted campaign of RC drilling was carried out in the
early 1990's but this was discontinued due to doubts over the accuracy of the
results obtained.

Statistical and geostatistical studies are carried out after dividing the block
model and composites into the primary geological subdivisions. Semi-variogram
analysis of untransformed 4m composites is carried out prior to ordinary kriging
of the individual geological units.


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Morro do Ouro Mine Technical Report                               SRK CONSULTING
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Mineral Resources are currently quoted exclusive of the Mineral Reserves. The
following table summarises the Mineral Resource and Mineral Reserve statements
for a US$300/oz gold price and dated 31st December 2002.


TABLE I:  MINERAL RESERVES AND RESOURCES DECEMBER 31, 2000

SRK Audited Summary Mineral Resource Statement - RPM Morro do Ouro
================================================================================
CATEGORY         TONNES (MT)        GRADE (G/T.AU)      CONTAINED GOLD (K.OZ)
--------------------------------------------------------------------------------
Measured              30                 0.46                      444
Indicated            142                 0.38                     1,735
--------------------------------------------------------------------------------
TOTAL                172                 0.39                     2,179
================================================================================

SRK Audited Summary Mineral Reserve Statement - RPM Morro do Ouro
================================================================================
CATEGORY         TONNES (MT)        GRADE (G/T.AU)      CONTAINED GOLD (K.OZ)
--------------------------------------------------------------------------------
Proven               319.3               0.43                     4,414
Probable              49.8               0.43                       688
--------------------------------------------------------------------------------
TOTAL                369.1               0.43                     5,102
================================================================================


MINING OPERATIONS
The Morro do Ouro Mine is a high tonnage low-grade open pit operation. The
economic viability of this low-grade orebody has been partly derived from the
soft rock and free gold in the weathered mantle.

Morro do Ouro has been in continuous production since October 1997. For 2003,
the budgeted mined tonnage is 19.3Mt at a grade of 0.433g/t Au. A major
expansion project is being studied that would potentially increase annual
production from 20Mt to 30 Mt.

An ore stockpile of approximately 10 days production is maintained near the
processing plant. Its main purpose is to ensure uninterrupted mill feed during
the rainy season.

The open pit mobile equipment consists of D10 Dozers, Cat 777 Trucks, and Cat
992 Front End Loaders. Two faces are normally operated in the pit at any time,
with one dozer, one loader, and 4 to 5 trucks per face. Loaded trucks haul to
the crusher for direct dumping or dump onto the stockpile for later use.

A large, five-bay maintenance shop is located next to the pit. Caterpillar
personnel are responsible for preventative maintenance (PM), while RPM employees
look after field maintenance. Wear rates on the machinery are low due to the low
specific gravity of the ore, its soft nature, and its low abrasiveness.
Figure I is a generalized geologic profile through the mine showing the main
horizons that have been identified and named by RPM.


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Morro do Ouro Mine Technical Report                               SRK CONSULTING
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Horizons C, T and B1 together make up the oxidized portion of the mineralized
zone, whereas B2 represents its sulphidic (primary) expression. B2 is generally
much harder, its hardness varying with depth. The mill grinding circuit
throughput is influenced by the hardness of the ore being treated. The thickness
of the weathered zone is variable up to 40m, and the thickest part has already
been mined out.

Horizon C is completely altered rock. Rocks forming B1 are less altered and a
bit harder, but the sulphides are totally altered. Horizon T, only a few meters
thick, is the transition zone between C and B1.

FIGURE I: MORRO DO OURO GEOLOGIC PROFILE








                                    [PICTURE]








Originally, unweathered sulphidic rocks mineralized by gold were all designated
as B2. More recent studies have shown that there are various types of B2. The
ore types with higher arsenic contents are more difficult to mill.

Until 1997 the mill was fed exclusively with oxide ore. Since 1998 primary
sulphide mineralization has also been fed to the mill, although that has
required a series of investments in the beneficiation and metallurgical
circuits. The various ore types are tracked in the life of mine plan.


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The RPM geology department has a block model of the deposit that supports open
pit design using Brazilian software with a floating cone algorithm.

PROCESSING
Overall recovery of the gold in the plant feed has historically averaged
approximately 77%. Actual gold recoveries in 2002 and 2001 were 78.97% and
78.30% respectively.

Figure II is a simplified flowsheet showing 2003 budgeted gold and silver
production.

Run-of-mine ore is crushed to a product of 80% passing 8mm in three operating
crushing lines, while the fourth line remains on standby. Each circuit consists
of a primary impact crusher followed by a secondary cone crusher.

The four crushing lines all feed into a 5,000 t fine ore bin. There are two
feeders under this bin, and two conveyors transfer the crushed ore to two fine
ore blending bins.

The grinding circuit consists of four lines of single stage ball mills fed from
the blending bins. Ball mills are in closed circuit with hydrocyclones. A
portion of the circulating load passes through four jigs per milling line for
gravimetric recovery of gold. A fifth ball mill is used for regrinding part of
the circulation load of the four primary mills. The product of milling is 80%
passing 75 microns (200 mesh).

Flotation is done in three stages; flash (unit cell), scavenger and cleaner, for
gold and sulphide recovery. About 60% of the feed gold is recovered in these
units.

Three sulphide concentrates averaging about 30g/t Au are sent to the
hydrometallurgy plant; jig concentrate, a floatation concentrate and a scavenger
concentrate. Floatation tails are thickened and sent to the main tailings pond.

In the hydrometallurgy plant, the concentrates are first reground in two
parallel mills to a size of 90% passing 325 mesh. The concentrate is treated
gravimetrically in a Knelson concentrator in line with the regrind mills,
recovering approximately 20% of the gold production. Concentrate from the
Knelson goes to shaking tables and then on to the smelting furnace.

The reground sulphide concentrate is thickened before CIL leaching using the
carbon in pulp process. Loaded carbon is stripped in two elution columns and the
gold is deposited onto


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Morro do Ouro Mine Technical Report                               SRK CONSULTING
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steel wool by electrowinning. Gold is washed from the steel wool and sent to the
smelting furnace.

FIGURE II: SIMPLIFIED FLOWSHEET - BUDGET 2003







                                    [PICTURE]









The products coming from CIL leaching and from the shaking tables are calcined
and smelted in an induction furnace. The resulting bullion contains 75 to 80%
gold and 20 to 25% silver. Refining of the bullion into gold bars is carried out
by third parties.

ENVIRONMENTAL
RPM has an environmental management system (EMS) that regulates all of its
activities with a view to preventing pollution and achieving continuous
improvement in environmental performance.

The Morro do Ouro Mine is exposed to limited environmental liabilities related
to the following:

     o    Site water management

     o    Main tailings storage area

     o    Sulphide tailings storage area

     o    Industrial plant site


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     o    Airborne Dust

Site Water Management: The open pit has a large surface area with sulphide
mineralization exposed in places. All water that runs off the pit floor is
channeled into large holding tanks located around the pit perimeter. This
eliminates the possibility that acidic water could be discharged into nearby
streams. Water in the holding tanks is clarified by settling and its pH is
corrected by lime addition. The perimeter tanks gravity feed to a main tank
equipped with a pump for sending the clarified water back to the mill for reuse.

As the open pit progresses deeper, the water table will have to be lowered. A
hydrogeological study has been undertaken to model and predict the behavior of
groundwater affected by mining activity, and to determine mitigating actions
that may be needed. In the longer term there is a possibility that the river,
Corrego Rico, may have to be diverted.

Main Tailing Storage:
RPM has a large (main) tailings impoundment area that accepts the bulk of the
tailings stream (about 98%) from the processing plant. A smaller fraction of the
mill feed is recovered as a sulphide concentrate that creates a sulphide
tailings material (discussed in next section) that is separately stored.

The main tailings dam is approximately 3.5 km in length, currently at a maximum
height of 74m, and the pond has an area just under 800 hectares. The main
tailings contain some sulphide minerals that do not report to the sulphide
concentrate. There is no cyanide in the main pond, and to date there have been
no problems with acidity.

To help ensure that the main pond does not become acidic, neutralizing material
is being added to the plant feed. Normally, no water is released from the pond,
and for this reason, the mine does not have a water treatment plant for
discharging to the environment.

In accordance with the environmental management system (EMS) developed by RPM,
the tailings facility is subjected to internal and external audits.

Sulphide Tailings Storage:
The sulphide tailings are stored in special sealed tanks referred to as
"specific tanks" that were designed on the basis of research so as to prevent
leakage and any contamination of the


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environment or groundwater. The potential liabilities of these tailings are
related to the high sulphide mineral content, and the cyanide and arsenic
contained in the water.

Four of these specific tanks located in the northeast part of the pit have been
filled with sulphide tailings. These tanks were excavated into the ground and
lined with clay. Once a tank is filled, the tailings are allowed to consolidate
and excess water is drained off (recycled). When dry enough, the tanks are
covered with a layer of clay/limestone and with soil. Groundwater in the area of
these tanks is being monitored.

RPM has well known independent consultants working with them on the design of
these specific tanks. The consultants "sign off" on the designs.

Decant water from these tanks is returned to a special cyanide recovery circuit
in the mill that first reduces the level of arsenic and then recovers 60% of the
free cyanide prior to reuse of the water.

Industrial Plant Site:
The mine has a large industrial site that includes the processing plant and
related infrastructure. The plant appeared clean and well maintained. Safety and
training are high priorities across the site, and a good safety record has been
achieved. The plant site involves facilities for the handling of several
hazardous materials and these facilities will ultimately be decommissioned at
mine closure. This is addressed through the comprehensive closure plan that RPM
has developed.

Airborne Dust:
Due to the proximity of the mine site to the city of Paracatu, dust control is
particularly important for RPM. Background dust levels were established prior to
the mine development and ongoing monitoring has shown that the co-operation
between the city council and the mine environmental department has reduced city
dust levels, much of it being generated from dirt roads within the city.


ECONOMIC ANALYSIS
SRK has reviewed the internal life of mine (LoM) technical and economic models
prepared by RPM for the Morro do Ouro Mine. These models detail the operations
on an annual basis over a mine life supported by proven and probable reserves.


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3CK005.02 - INDEPENDENT TECHNICAL REPORT ON THE
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The Morro do Ouro Mine currently has a nominal capacity of about 20 Mt/a, with
variations depending on the hardness of the ore, as it affects grinding
throughput. In general, ore hardness is expected to increase over the remaining
mine life as the pit is deepened. Under this scenario, referred to as "base
case", the current reserves will be exhausted by year 2022.

RPM is in the process of studying a major expansion project that would
potentially increase the future capacity to approximately 30 Mt/a. (This
expansion plan is discussed below.) If the expansion were implemented, the
current reserves would be exhausted by year 2016. This scenario is referred to
as "SAG expansion".

SRK reviewed Life of Mine (LoM) production plans that applied to both the base
case and the SAG expansion scenario.

For the purpose of this report, to demonstrate the economic viability of the
mine, SRK has prepared an adjusted (conservative) version of the base case LoM
Plan. This adjusted plan is referred to as "SRK LoM Plan", which is based on the
proven and probable reserves of December 31, 2001. The production profile of the
plan reflects the increasing hardness of the ore, and the plan includes details
on ore characteristics by year. The production rate starts at about 21 Mt/a and
decreases to the range of 13-15 Mt/a.

The economic results of the SRK LoM Plan indicate strong economic viability,
with substantial earnings accruing throughout the mine life. Drilling and
blasting will be required for up to 45% of the mined tonnes during the last
several years of the mine life. Operating and capital cost allowances have been
made for drilling and blasting equipment and supplies.

An analysis of the ore types indicates that the proportion of high arsenic
(difficult metallurgy) ores types in the mill feed will slowly be reduced from
the planned 2003 level.

SAG Expansion Project:
RPM is currently studying the possibility of increasing the Morro do Ouro
production rate from the current 20 Mt/a to 30 Mt/a.

Two alternatives are being considered for grinding, both involving a large new
SAG mill and possibly an in-pit crushing and conveying system.


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Currently a pre-feasibility study is underway, and will be completed once
results are obtained from the recent test work. Given positive results, it is
expected that a feasibility study would commence in late summer 2003. An
environmental license authorizing an expansion would be sought in parallel with
feasibility work.

If successfully implemented, the SAG expansion project has the potential to
lower operating costs and the economic cut off grade, having a positive impact
on mineral reserves.

CONCLUDING REMARKS
SRK has conducted a review of all material issues likely to influence the future
operations of the Morro do Ouro Mine. The LoM Plans for the mining assets as
provided to SRK have been reviewed in detail for appropriateness, reasonableness
and viability, including the existence of, and justification for, any departures
from historical performance. Where material differences were found, these were
adjusted where considered appropriate. SRK considers that the resulting
projections have been based upon sound reasoning, engineering judgment and
achievable mine plans, within the context of the risks associated with the
global mining industry.


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Morro do Ouro Mine Technical Report                               SRK CONSULTING
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                       INDEPENDENT TECHNICAL REPORT ON THE
                           MORRO DO OURO MINE, BRAZIL


                                TABLE OF CONTENTS


EXECUTIVE SUMMARY..............................................................I
1.0    INTRODUCTION AND TERMS OF REFERENCE.....................................1
1.1    TERMS OF REFERENCE......................................................1
1.2    SCOPE OF WORK...........................................................1
1.3    BASIS OF THE TECHNICAL REPORT ..........................................1
1.4    EXCHANGE RATES..........................................................2
1.5    QUALIFICATIONS AND FIELD INVOLVEMENT OF CONSULTANT......................2
2.0    DISCLAIMERS ............................................................3
2.1    LIMITATIONS AND RELIANCE ON INFORMATION.................................3
2.2    DISCLAIMERS AND CAUTIONARY STATEMENTS FOR US INVESTORS..................4
3.0    PROPERTY DESCRIPTION AND LOCATION.......................................5
3.1    DESCRIPTION AND LOCATION................................................5
3.2    MINING CLAIMS AND INFRASTRUCTURE........................................7
3.3    POTENTIAL ENVIRONMENTAL LIABILITIES....................................11
4.0    ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE &
         PHYSIOGRAPHY.........................................................15
5.0    HISTORY................................................................16
5.1    PRIOR OWNERSHIP AND PROPERTY DEVELOPMENT...............................16
5.2    MORRO DO OURO MINE PRODUCTION HISTORY..................................18
6.0    GEOLOGICAL SETTING.....................................................19
6.1    REGIONAL GEOLOGICAL SETTING............................................20
6.2    LOCAL GEOLOGY..........................................................20
6.3    ORE DEPOSIT MORPHOLOGY AND MINERALOGY..................................23
7.0    EXPLORATION............................................................25
8.0    SAMPLING METHOD AND APPROACH...........................................28


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8.1    SPECIFIC GRAVITY DETERMINATION.........................................28
8.2    ASSAY SAMPLING.........................................................29
9.0    SAMPLE PREPARATION AND ANALYSIS........................................30
10.0   DATA VERIFICATION......................................................32
11.0   MINERAL RESOURCE ESTIMATION............................................32
12.0   MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES.........................34
13.0   MINERAL PROCESSING ....................................................35
13.1   CRUSHING...............................................................35
13.2   GRINDING AND GRAVITY CONCENTRATION.....................................36
13.3   FLOTATION..............................................................36
13.4   HYDROMETALLURGY PLANT..................................................37
13.5   SMELTING...............................................................37
14.0   PRODUCTION PROPERTY INFORMATION........................................38
14.1   MINING OPERATIONS......................................................38
14.2   MARKETS AND CONTRACTS..................................................42
14.3   RECLAMATION AND MINE CLOSURE...........................................42
14.4   TAXES..................................................................42
14.5   ECONOMIC ANALYSIS......................................................43
15.0   CONCLUDING REMARKS ....................................................48
16.0   REFERENCES.............................................................49


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                                 LIST OF FIGURES


FIGURE I: MORRO DO OURO GEOLOGIC PROFILE......................................IV
FIGURE II: SIMPLIFIED FLOWSHEET - BUDGET 2003.................................VI
FIGURE 3.1: LOCATION OF THE MORRO DO OURO MINE.................................6
FIGURE 3.2: RPM CLAIMS MAP.....................................................8
FIGURE 3.3: MORRO DO OURO MINE SITE PLAN .....................................10
FIGURE 5.1: TRENDS IN KEY PRODUCTION PARAMETERS ..............................18
FIGURE 5.2: TRENDS IN PRODUCTION COSTS .......................................19
FIGURE 6.1: PHOTOGRAPHS SHOWING DEVELOPMENT OF SULPHIDE MINERALIZATION IN
    BOUDINAGE STRUCTURES (LEFT) AND SMALL SCALE REVERSE FAULTING (RIGHT)......21
FIGURE 6.2: PLAN SHOWING EXTENT OF THE OREBODY AND POSSIBLE BOUNDARY FAULT
    FEATURES TO THE NORTH AND WEST............................................22
FIGURE 6.3: SCHEMATIC CROSS SECTION OF THE MAIN OREBODY UNITS AT MORRO DO
    OURO......................................................................24
FIGURE 7.1: SCHEMATIC CROSS SECTION OF THE MORRO DO OURO OREBODY SHOWING
    LOCATION OF PLANNED DRILLING IN THE WEST..................................27
FIGURE 9.1: SAMPLE PREPARATION FLOW DIAGRAM...................................31
FIGURE 13.1: SIMPLIFIED FLOWSHEET - BUDGET 2003...............................36
FIGURE 14.1: LOST TIME INJURY FREQUENCY RATE..................................41
FIGURE 14.2: SRK LOM PLAN ORE CHARACTERISTICS.................................45




                                 LIST OF TABLES

TABLE I: MINERAL RESERVES AND RESOURCES DECEMBER 31, 2000....................III
TABLE 9.1: SUMMARY OF SAMPLING CAMPAIGNS CARRIED OUT AT RPM...................32
TABLE 12.1: SRK AUDITED SUMMARY MINERAL RESOURCE STATEMENT - RPM MORRO
    DO OURO...................................................................35
TABLE 12.2 - SRK AUDITED SUMMARY MINERAL RESERVE STATEMENT - RPM MORRO
    DO OURO...................................................................35




                                   APPENDICES

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


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                       INDEPENDENT TECHNICAL REPORT ON THE
                           MORRO DO OURO MINE, BRAZIL


1.0     INTRODUCTION AND TERMS OF REFERENCE

1.1     TERMS OF REFERENCE

        Steffen, Robertson and Kirsten (Canada) Inc. ("SRK") was retained by
        Kinross Gold Corporation ("Kinross"), to complete an independent
        technical report on the Morro do Ouro open pit gold mine of Rio Paracatu
        Mineracao ("RPM"), near the city of Paracatu, in the Brazilian state of
        Minas Gerais.

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

1.2     SCOPE OF WORK

        The scope of work undertaken by SRK involved an assessment of the
        following aspects of the Morro do Ouro Mine:

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

1.3     BASIS OF THE TECHNICAL REPORT

        In summary, this technical report has been based on:

        o       Inspection visits to surface operations, processing facilities,
                surface structures and associated infrastructure at the Morro do
                Ouro Mine during March 2003

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

        o       A review of RPM's estimates and classification of Mineral
                Resources and Mineral


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              Reserves, including the methodologies applied by RPM in
              determining such estimates and classifications, including check
              calculations where appropriate

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

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

1.4     EXCHANGE RATES

        SRK used (projected) the actual 2002 mining costs in its evaluation of
        the life of mine economic model. The 2002 costs are based on the actual
        exchange rate that year of US$1.00 : R$2.92.

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

1.5     QUALIFICATIONS AND FIELD INVOLVEMENT OF CONSULTANT

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

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


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

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

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

         Acting as Qualified Persons under National Instrument 43-101, both Mr.
         John Arthur, Senior Resource Geologist, and Mr. Ken Reipas, Principal
         Mining Engineer, conducted personal inspections of the Morro do Ouro
         Mine during March 26 and March 27, 2003.

2.0     DISCLAIMERS

2.1     LIMITATIONS AND RELIANCE ON INFORMATION

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

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

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

        SRK is not an insider, associate or affiliate of Kinross, and neither
        SRK or any affiliate has acted as advisor to Kinross or its affiliates
        in connection with the Morro do Ouro Mine. The results of the technical
        review by SRK are not dependent on any prior agreements


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        concerning the conclusions to be reached, nor are there any undisclosed
        understandings concerning any future business dealings.

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

2.2     DISCLAIMERS AND CAUTIONARY STATEMENTS FOR US INVESTORS

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

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

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

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

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


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3.0     PROPERTY DESCRIPTION AND LOCATION

3.1     DESCRIPTION AND LOCATION

        The large scale open pit mine of Rio Paracatu Mineracao (RPM) is located
        less than 2 km north of Paracatu city (about 75 thousand inhabitants),
        situated in the northwest part of Minas Gerais State, 230 km from
        Brasilia, as shown in Figure 3.1. The mine is at Latitude 17(degree)3'S
        and Longitude 46(degree)35'W.

        The mine site is comprised of an open pit mine, a mineral processing
        plant, tailings storage facilities and related surface infrastructure,
        currently operating at approximately 20Mt/a. No waste stripping is
        required, nor is drilling and blasting employed in the mine, as the
        weathered ore is ripped by bulldozers prior to excavation. The open pit
        benching operation measures approximately 4 km by 2 km, and it is
        located on a gently sloping hillside.

        The Morro do Ouro Mine is the lowest grade mill-operated gold mine in
        the world as indicated by the 2003 budget plan grade of 0.43g/t gold.
        Gold is recovered by gravity separation and flotation followed by
        carbon-in-leach processing.

         The Morro do Ouro Mine is 49% owned by Kinross. The other 51% interest
         is controlled by Brazilian subsidiaries of the operator Rio Tinto. RPM
         must pay a third party royalty of 0.33% of net sales to a landholder.

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


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FIGURE 3.1: LOCATION OF THE MORRO DO OURO MINE
















                                    [PICTURE]




















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3.2     MINING CLAIMS AND INFRASTRUCTURE

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

        RPM holds two mining licenses covering the area (approximately 1,253
        hectares) of the open pit mine.   Refer to Figure 3.2  These are:
        DNPM No. 830.241/80
        DNPM No. 800.005/75

        SRK has reviewed these licenses and obtained copies from RPM. They are
        included in Appendix 1.

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

        SRK has reviewed this general environmental license and obtained a copy
        from RPM. It is included in Appendix 1.


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        FIGURE 3.2: RPM CLAIMS MAP















                                    [PICTURE]



















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        RPM also holds 2 exploration permits in the immediate mine area know as
        "Alvara de Pesquisa" for the claims shown in Figure 3.2 to the west of
        the mining permits. Generally, these permits are valid for 3 years,
        extendable for an additional 2 years. These are: No. 831.205/85 No.
        830.907/99

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

        Figure 3.3 is a plan view of the open pit, showing its position just
        north of the city of Paracatu. The mining permit boundaries are shown
        relative to the mineralization being mined.. The industrial area,
        including the ore stockpile and mineral processing plant, is located
        just north of the open pit.

        Figure 3.2 shows the location of the tailings dam and tailings pond
        approximately 3 km north of the open pit.


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        FIGURE 3.3: MORRO DO OURO MINE SITE PLAN

















                                    [PICTURE]





















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3.3     POTENTIAL ENVIRONMENTAL LIABILITIES

        RPM, the first Brazilian gold mining company to have received ISO 14001
        certification, exhibits very good environmental care, even by world
        standards. Its environmental management system (EMS) regulates all of
        its activities with a view to preventing pollution and achieving
        continuous improvement in environmental performance.

        The Morro do Ouro Mine is exposed to limited environmental liabilities
        related to the following:
                o       Site water management
                o       Main tailings storage area
                o       Sulphide tailings storage area
                o       Industrial plant site
                o       Airborne Dust

        The potential liabilities and control measures for each item are
        discussed below. This is followed by comments on SRK's review of three
        recent documents dealing with environmental monitoring and inspection.

3.3.1   Site Water Management:

        The open pit has a large surface area with sulphide mineralization
        exposed in places. All water that runs off the pit floor is channeled
        into large holding tanks located around the pit perimeter. This
        eliminates the possibility that acidic water could be discharged into
        nearby streams. Water in the holding tanks is clarified by settling and
        its pH is corrected by lime addition. The perimeter tanks gravity feed
        to a main tank equipped with a pump for sending the clarified water back
        to the mill for reuse. The mine has an approved plan to release water
        from these tanks into "Corrego Rico", a stream near the western edge of
        the open pit. This is permitted only under emergency conditions such as
        main pump or pipeline failure. RPM environmental staff advised SRK that
        such a water release rarely occurs, and that lime is added to the
        released water. Also, they stated that the Corrego Rico has been
        polluted by local miners.

        The west end of the open pit is currently about 5m above the water
        table. As mining progresses, the water table will have to be lowered. A
        hydrogeological study has been undertaken to model and predict the
        behavior of groundwater affected by mining activity, and to determine
        mitigating actions that may be needed. Considering the longer range open
        pit plans, there is a possibility that the Corrego Rico may have to be
        diverted. RPM plans to


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        discuss the results of the hydrogeological studies with environmental
        agencies and the local community.

3.3.2   Main Tailings Storage:

        RPM has a large (main) tailings impoundment area that accepts the bulk
        of the tailings stream (about 98%) from the processing plant. A smaller
        fraction of the mill feed is recovered as a sulphide concentrate that
        creates a sulphide tailings material (discussed in next section) that is
        separately stored.

        The main tailings dam is approximately 3.5 km in length, currently at a
        maximum height of 74m. It is constructed from clay, silt, and other
        construction materials sourced from nearby borrow pits. The pond has a
        natural base and currently covers an area just under 800 hectares. The
        main tailings do contain some sulphide minerals that do not report to
        the sulphide concentrate. There is no cyanide in the main pond, and to
        date there have been no problems with acidity. Its pH was stated to be
        in the range of 6.6 to 7.0, and there are fish living in the pond.

        To help ensure that the main pond does not become acidic, neutralizing
        material is being added to the plant feed. Currently this consists of
        dolomitic mine tailings material purchased from a nearby mine, and added
        at a rate of 9 kg/t.

        The tailings deposit area is separated from the decant water reclaim
        area by an internal wall. Water is reclaimed from the main tailings pond
        and pumped back to the mill for reuse. Normally, no water is released
        from the pond, and for this reason, the mine does not have a water
        treatment plant for discharging to the environment.

        The main tailings storage facility does have the capacity to release
        excess water into the Pobre Creek watershed in times of extreme
        rainfall. SRK did not ascertain when water was last released in this
        manner, but understand that this rarely occurs.

        The tailings facility is authorized under as many as 10 different
        licenses. RPM stated that they are currently working with the
        responsible agencies to consolidate these. Most, if not all of these
        licenses, have periodic reporting requirements ranging from monthly to
        semiannually.

        In accordance with the environmental management system (EMS) developed
        by RPM, the tailings facility is subjected to internal and external
        audits. There are four government


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        inspections per year. RPM stated that there have been no violations
        cited by the regulatory agencies since 1999.

3.3.3   Sulphide Tailings Storage:

        Until 1997 the mill was fed exclusively with oxide ore. Since 1998
        primary sulphide mineralization has been fed to the mill. The sulphide
        minerals are concentrated by flotation and treated in a hydrometallurgy
        plant.

        Cyanided pulps constituting hydrometallurgical tailings are stored in
        special sealed tanks referred to as "specific tanks" that were designed
        on the basis of research so as to prevent leakage and any contamination
        of the environment or groundwater. The potential liabilities of these
        tailings are related to the high sulphide mineral content, and the
        cyanide and arsenic contained in the water.

        Four of these specific tanks located in the northeast part of the pit
        have been filled with sulphide tailings. These tanks are excavated in
        the ground and lined with clay. The clay forms a physical and also a
        chemical barrier as the clay is known to absorb arsenic and metals. Once
        a tank is filled, the tailings are allowed to consolidate and excess
        water is drained off (recycled). When dry enough, the tanks are covered
        with a layer of clay/limestone and with soil. RPM is conducting
        laboratory research concerning the best type of cover materials to use.
        Groundwater in the area of these tanks is being monitored.

        RPM has well known independent consultants working with them on the
        design of these specific tanks. (Golder Associates, Knight Piesold
        Consulting) The consultants "sign off" on the designs.

        Decant water from these tanks is returned to the mill area to a special
        AVR (Acidification, Volatization, Recovery) circuit that first reduces
        the level of arsenic and then recovers 60% of the free cyanide.
        Approximately 15t per month of calcium cyanide is recovered for reuse in
        the mill.

        In an area northeast of the open pit, SRK viewed a plastic lined
        specific tank constructed for future requirements, sized to handle 14
        months of production. This tank is lined with plastic, geomembrane, clay
        and sand according to an engineered design. The tank is surrounded with
        a sturdy security fence. Additional tanks will be constructed in the
        surrounding area to meet future needs.


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3.3.4   Industrial Plant Site:

        The mine has a large industrial site that includes the processing plant
        and related infrastructure. The plant appeared clean and well
        maintained. Safety and training are high priorities across the site, and
        a good safety record has been achieved. The plant site involves
        facilities for the handling of several hazardous materials and these
        facilities will ultimately be decommissioned at mine closure. This is
        addressed through the comprehensive closure plan that RPM has developed,
        discussed in section 14.3.

        Important features of the industrial site include:
                o       All surface and underground waters in the mine lease
                        area are subject to ongoing monitoring.
                o       Everywhere that gasses may potentially be generated,
                        such as laboratories, smelting house, and carbon
                        regeneration plant, there is a system for capturing and
                        scrubbing out the gasses.
                o       Dust in the crushing circuit is controlled by water
                        sprays and a dust collection system.
                o       Used oils are collected and taken off-site for
                        recycling. 3.3.5 Airborne Dust:

        Due to the proximity of the mine site to the city of Paracatu, dust
        control is particularly important for RPM.

        Monitoring of dust emissions in the area of the mine commenced two years
        before earthmoving operations began so as to establish background
        levels. It has been shown that co-operation between the city council and
        the mine environmental department has reduced dust emissions from a peak
        of 150 micrograms per m3.

        Control measures include the use of water trucks in the pit, and RPM has
        assisted the city in paving streets to reduce the dust generated from
        dirt roads in the city.

        Dust monitoring is currently done at fixed sources and in the area of
        Paracatu. SRK reviewed some recent monitoring results (below).

3.3.6   Review of Environmental Documents:

        SRK  requested the following documents, which were promptly provided by
        RPM:
                1)      ISO 14001 Audit Report


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                2)      Environmental inspectors report
                3)      Environmental monitoring report

        SRK reviewed these reports with the assistance of a translator:
        (1) This report dated October 2002 covers the findings of an audit
        related to ISO 14001 requirements. It appears that there were no serious
        concerns about not meeting the standard. Recommendations included;
        establishing a program to eliminate leaky pipes in the mill, making mill
        operators more conscious of saving water, and improving training in
        three areas. It was also stated that after reviewing the previous report
        recommendations of April 2002, and reviewing results, there were no
        issues.
        (2) This 2002 inspectors report found no issues.
        (3) This environmental monitoring report covered the period October 4 to
        22, 2002. It is concerned with water quality monitoring at the tailings
        dam and dust sampling at 5 points in Paracatu. The report states that
        all controlled elements were within legislated limits. For example, dust
        monitoring in Paracatu averaged 57 micrograms per m3 against a limit of
        80.

        It is SRK's opinion that environmental liabilities are being minimized
        through good management practices.

4.0     ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE & PHYSIOGRAPHY

        Access to the Morro do Ouro Mine is by paved road, as the mine is
        located next to the city of Paracatu, which lies on the main highway
        between Rio de Janeiro and Brasilia, the national capital. There is an
        airstrip suitable for small aircraft in the city of Paracatu.

        The elevation of the open pit and industrial plant area ranges from
        approximately 720 to 820 m.a.s.l.

        The local terrain is dominated by low rolling hills, largely cleared,
        and supporting mixed agriculture of dairy and beef cattle farming and
        intensive irrigated cropping, primarily soya beans.

        The average rainfall varies between 1800 and 2000 mm/year occurring in a
        distinct wet season between October and March.

        Most of the labour force resides in Paracatu, 2 km from the mine site.
        As of January 2003, the mine employed a total of 817 workers made up of
        561 direct employees of RPM and 256


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        contractors. Contractor employees are involved in; projects, mining,
        processing plant, maintenance, canteen operation, environmental
        services, exploration and site security.

        Domestic water for the mine is obtained from the city of Paracatu,
        delivered by truck. Process water is recycled from the tailings pond.
        Some make up water is drawn from two rivers during the rainy season, as
        needed, to ensure that the water level in the tailings pond is
        sufficient for the dry part of the year. These are the Sao Domingos and
        Sao Pedro rivers. The mine also has access to artesian wells as an
        emergency water supply.

        The mine is connected to the national power grid, which relies mainly on
        hydroelectric generation. Electricity is supplied in a free market with
        consumers able to select their supplier of choice. RPM obtains
        electricity from Centrais Electricias Minas Gerias (CEMIG). Some power
        supply outages have been experienced during the rainy season due to
        water getting into high voltage equipment, but these have not had a
        significant impact on production. The mine has a small emergency power
        capability, used for critical process equipment that cannot be suddenly
        stopped such as thickeners and CIL tank agitators.

        The mine has established surface areas for tailings disposal, and for
        its mineral processing facilities. These are sufficient to meet the
        future needs as defined by the Life of Mine Plan. In the case of the
        tailings storage, the impoundment dam will be raised in a series of
        lifts to provide the necessary storage volume.

5.0     HISTORY

5.1     PRIOR OWNERSHIP AND PROPERTY DEVELOPMENT

         Paracatu history is intimately linked to the Portuguese bandeirantes
         expeditions prospecting for gold in the interior of Brazil. They
         arrived in the region in 1722 after the discovery of gold alluvial
         placers. The extractive activity had its peak during the second half of
         the 18th century, when not only the alluvial placers where mined but
         also the oxidized ore outcropping on the top of Morro do Ouro hill (or
         "Hill of Gold"), at the time called Morro da Cruz das Almas; also in
         this period there were mining activities on the alluvial terraces along
         Rico river. With the gold occurrences becoming lean, production
         declined sharply during the first decade of the 19th century. From this
         point forward, production was limited to "garimpagem", subsistence
         level mining practiced by the local inhabitants. Various prospectors
         explored the region but economically viable operations were limited as
         a result of the low-grade nature of the deposits.


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        Beginning in 1970, Paracatu attracted some attention from the mineral
        exploration companies that were interested mainly in lead and zinc. The
        interest in the gold of Morro do Ouro was secondary, as the majority of
        the companies were not attracted by the gold grade, considered not
        economic.

        In 1980 the English group Rio Tinto Zinc (currently Rio Tinto Inc.) that
        operated in Brazil under the name of Riofinex do Brasil, joined with
        Billiton in a partnership. Billiton owned the Morro do Ouro area but had
        no interest in investing in the area. In 1984 Billiton sold the balance
        of its shares to Riofinex, and Riofinex became the sole controller of
        the prospective area. At the end of 1984, based on the data from
        hundreds of deep shafts (up to a 25m depth) and 44 drill holes, a
        reserve of 97.5 Mt at 0.587g/t Au was estimated. This estimate only
        included the superficial oxidized ore, currently categorized as type CT.
        In spite of the low gold grade of the ore, the geologists responsible
        for exploration (namely, Antonio Zini and Rubes Forlin) believed that
        these exploration results could generate a profitable business, and in
        1985 this was confirmed by financial viability studies. Total investment
        up to that time was US$7.3 million including ground acquisition costs,
        exploration costs, and the cost of feasibility studies.

        The holding company approved the initiation of a mining project at a
        capital cost of approximately US$ 65 million, on the condition that a
        Brazilian partner could be secured for the venture. At the end of 1985,
        RTZ Mineracao, successors to Riofinex and now called Rio Tinto Brasil,
        arranged with Autram Mineracao e Participacoes (now TVX Participacoes)
        to joint venture the project through a new company, Rio Paracatu
        Mineracao (RPM), with RTZM having a 51% interest and Autram 49%.

        Since then, TVX Newmont has acquired a 100% interest in Autram. In early
        2003, TVX Gold was acquired by Kinross Gold Corp, giving Kinross 49%
        ownership of the property.

        RPM effectively began production in October 1997, treating oxidized ore.
        The first bar of gold was produced in December 1987. Ore milled in the
        following year was 6.1Mt averaging 0.652g/t Au. In 1993 the milling rate
        reached 13 Mt/a. Mill throughput in 2000 was 19.7 Mt averaging 0.467g/t
        Au.

        Until 1997 the mill was fed exclusively with oxide ore. Since 1998
        primary sulphide mineralization has also been fed to the mill, without
        any drop in grade, though that has required a series of investments in
        the beneficiation and metallurgical circuits.


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5.2     MORRO DO OURO MINE PRODUCTION HISTORY

        Figure 5.1 shows the trends in key production parameters relative to
        1988. Since start up, the mined grade has declined, but has stabilized
        since the late-1990's near 0.43g/t Au that is essentially reserve grade.
        Despite the downward trend in grade, gold production (kg) has increased.
        This is due to the fact that site production (Mt/a) has significantly
        increased, more than offsetting the reduction in head grade. Also, the
        total metallurgical gold recovery achieved each year has remained
        relatively steady, despite the decrease in head grade.

        FIGURE 5.1: TRENDS IN KEY PRODUCTION PARAMETERS








                                    [PICTURE]











        The actual production figures for 2002 are 18,364,000t ore treated, head
        grade of 0.483g/t Au, total recovery of 78.97%, and gold production
        (sold) of 6,876.3 kg.

        Figure 5.2 shows the trends in production costs since 1988.


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        FIGURE 5.2: TRENDS IN PRODUCTION COSTS








                                    [PICTURE]









        The actual costs achieved in 2002 are operating cost of US$ (000)
        37,591.0, cash cost per tonne of US$2.05, and cash cost per ounce of
        US$167.40.

6.0     GEOLOGICAL SETTING

        The Morro do Ouro Mine is located some 2km north of the town of Paracatu
        in the northwest of Minas Gerais, some 230km southeast of Brasilia. The
        ore forming fluids have inundated Upper Proterozoic phyllites to form a
        series of micro to macro scale quartz boudinage structures. The zone of
        mineralization is currently recognized to be some 4km x 2km in extent
        and up to 150m thick in places.

        Gold is associated with arsenopyrite and occurs free within fractures in
        the sulphide grains and within aggregate clusters of sulphide grains.
        The majority of the gold is very fine (<25Um) although coarse gold is
        present. Silver is common and typically makes up some 25% of the dore.

        The orebody occurs at surface and is mined in an open pit operation.
        Oxidation occurs from surface to a depth of between 20-40m, depending on
        topography. There is minor supergene


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        enrichment in the uppermost few metres but this is not significant and
        the overall average grade of the deposit is 0.45g/t Au.

6.1     REGIONAL GEOLOGICAL SETTING

        The orebody is hosted by the phyllites of the Morro do Ouro Member that
        forms the basal sequence of the Upper Proterozoic Paracatu Formation.
        The sequence outcrops in a northerly trend in the eastern Brasilia Fold
        Belt, which, in turn, forms the western edge of the San Francisco
        Craton. The Brasilia Fold Belt predominantly consists of clastic
        sediments, which have undergone low to medium grade metamorphism along
        with significant deformation.

        Thrust faults are extensively developed throughout the belt with
        thrusting towards the east-northeast. The metamorphic grade increases
        towards west as the thickness of the fold belt increases. The timing of
        deformation is estimated at between 800-600 Ma during the Basiliano
        orogenic cycle and the mineralization is believed to date from this
        time.

        A number of gold prospects are identified in the area and hosted by
        similar rocks. However, stratigraphic correlations are poorly understood
        and it is not known whether these deposits occur at similar
        stratigraphic horizons to the Morro do Ouro deposit. The Cabeca Seca and
        Luziania deposits occur along a distinct linear trend on which the Morro
        do Ouro deposit also lies. This trend strikes to the northwest and
        corresponds with a significant regional gravity anomaly.

6.2     LOCAL GEOLOGY

        The phyllites at Morro do Ouro are extensively deformed with development
        of quartz boudins and sulphide mineralization. The primary sedimentary
        laminations and bedding planes can be recognized but are intensively
        deformed with development of thrusting, bedding plane thrusting,
        sygmoidal and boudinage structures (Figure 6.1).


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        FIGURE 6.1: PHOTOGRAPHS SHOWING DEVELOPMENT OF SULPHIDE MINERALIZATION
        IN BOUDINAGE STRUCTURES (LEFT) AND SMALL SCALE REVERSE FAULTING (RIGHT)





                [PICTURE]                       [PICTURE]





        The mineralization can be correlated with a ductile deformation event
        with associated shearing and thrusting of the rock packages and overall
        movement to the northeast. Intense, low angle isoclinal folding is
        apparent at many places in the mine. The mineralized unit plunges to the
        west-southwest at up to 15(degree) and there is secondary folding with
        axial planes striking to the northwest that creates kink bands and egg
        box folds in places.

        The mineralization appears to be cut off to the north by a major normal
        fault which trends east-northeast (Figure 6.2). The offset and true
        morphology of this fault are not clearly understood but it is used as a
        hard boundary for the resource estimation and it is assumed that the
        upthrow is to the north which would indicate that the orebody on the
        north of the fault has been eroded.

        The western boundary of the mineralization is also currently defined by
        a fault. Once again the morphology of this fault is poorly understood
        and it is assumed that downthrow occurs to the west. The western
        boundary fault strikes to the north-northwest and is believed to follow
        a linear topographic low feature to the west of the river valley, which
        forms the limit of the current mining operation.


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        FIGURE 6.2: PLAN SHOWING EXTENT OF THE OREBODY AND POSSIBLE BOUNDARY
        FAULT FEATURES TO THE NORTH AND WEST

















                                    [PICTURE]

















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6.3     ORE DEPOSIT MORPHOLOGY AND MINERALOGY

        The orebody is subdivided into 4 units based on changes in the degree of
        oxidation and weathering, and associated sulphide mineralogy. These
        units are, from surface, the C, T, B1 and B2 (Figure 6.3).

        The type C ore occurs at surface and is completely altered with no
        remaining sulphides and localized development of laterite capping. The C
        horizon extends to depths of up to 20m and, in places can reach depths
        of 30m. The T horizon is generally only a couple of meters thick, is
        varicoloured and forms a transition zone between the C and B1 horizons.
        The original mine evaluation and development was planned around
        extraction of only the C and T horizons.

        The B1 horizon is dark coloured and carbonaceous with visible less
        alteration than the C horizon. Generally, sulphides have been completely
        oxidized but some fresh sulphide material is visible in quartz boudins.

        The B2 horizon was originally described as unweathered material with
        primary sulphide mineralization. However, recent work has led to the
        development of subdivisions within this horizon based, in the first
        instance, on arsenic content but also taking into account the relative
        concentrations of the various sulphide minerals present. The subdivision
        is as follows:

        B2 Non Calha - ore with <2500ppm As, low levels of deformation, abundant
        pyrite, pyrrhotite and arsenopyrite with an average grade of 0.44g/t Au.
        B2 Calha - ore with >2500ppm As, intensely deformed with development of
        quartz boudins and an average grade of 0.52g/t Au. B2 Calha IDS - ore
        with >4000ppm As, occurs in the central ore shoots in areas of most
        intense deformation and highest sulphide content. The average grade is
        0.54g/t Au.


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        FIGURE 6.3: SCHEMATIC CROSS SECTION OF THE MAIN OREBODY UNITS AT MORRO
        DO OURO









                                    [PICTURE]












        There are additional, localized variations of the B2 ore but the most
        common are the Pyrrhotite and Galena B2 ores. The Pyrrhotite B2 only
        occurs in the central zone of the orebody and forms a 25m thick zone
        characterized by coarse aggregates of arsenopyrite with an average grade
        of 0.54g/t Au. The Galena B2 ore is rare and discontinuous forming only
        1-2m thick units but with high gold grades averaging 0.59g/t Au.

        The contact between unmineralized host rock (Type A) and the various ore
        types is gradational and occurs, usually, over a 10m wide zone which is
        characterized by arsenic values of 200-500ppm and up to 0.2g/t Au.

        Sulphides occur as individual crystals or as coarse crystalline
        aggregates. Arsenopyrite is the most common sulphide and tends to
        increase in grain size towards the southwest. There is a distinct
        zonation within the orebody with the arsenopyrite content increasing
        towards the center and west and in the zones of intense deformation.
        Gold grades also increase concurrently with the arsenopyrite, and the
        pyrite content exhibits a corresponding decrease. Pyrrhotite occurs in
        the west and is associated with elevated gold grades. There is evidence
        for the existence of a high-grade pyrrhotite body at depth, which has
        been intersected in a number of drillholes.

        The paragenetic sequence is interpreted as being an initial stage of
        arsenopyrite with associated gold mineralization. This was followed by a
        period of deformation,


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        remobilization of the arsenopyrite and gold and associated pyrite and
        pyrrhotite mineralization.

        Development of quartz boudins in the areas of most intense deformation
        are associated with increased fluid flow and concentration of the
        arsenical and base metal components of the hydrothermal system. Larger
        boudins formed in the coarser grained units of the original sedimentary
        host material. In the argillaceous units the boudins tend to be smaller
        (generally <2cm along the long axis) but more numerous.

        Orebody modeling is carried out on a series of 106 sections spaced at
        50m intervals, 39 northeast-southwest and 67 northwest-southeast.
        Modeling was carried out by defining a series of surfaces representing
        the contacts between the various units described previously.
        Historically, the C, T and B1 ores were defined as separate units in the
        geological model. However, the current approach is to combine these
        units into a single B1 unit and to model the contact between this and
        the fresh B2 material. For the purposes of resource modeling the B2 is
        further subdivided into the Calha (As>2500ppm) and the IDS (As>4000ppm).
        Other aspects that are modeled are the relative concentrations of
        pyrrhotite, lead and zinc and the hardness of the B2 ore.

        SRK have discussed the orebody modeling and data verification procedures
        with the staff at RPM and have reviewed the geological sections,
        drillhole database and graphical hole logs. SRK are satisfied that the
        geological staff at RPM have a good understanding of the geology of the
        deposit and most of the team members have been with the operation for
        several years, and in some cases, since early stages of exploration. In
        addition, RPM regularly receive technical operational input from the
        Technical Services department of Rio Tinto Ltd.

7.0     EXPLORATION

        Gold was initially discovered in placer deposits during the 18th
        century. This led to small scale mining of the oxide material in the
        area of the current mine. However, the low grade of the orebody led to
        the cessation of any commercial scale mining by the close of the 18th
        century.

        In the 1970's the area was prospected extensively for lead and zinc and
        in 1984 Rio Tinto took over the Billiton share of the exploration
        licence over the Morro do Ouro area. By the end of 1984 a reserve had
        been delineated based on 44 drill holes and 458 surface pits (25m
        maximum depth). This reserve was stated to be 97.5Mt at 0.59g/t Au and
        was exclusively composed of C and T type ore.


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        Various drilling and pitting campaigns have been carried out over the
        years on a grid spacing of between 50m and 400m. To date, the total
        sampling consists of 1,129 drill holes 31,473m of drilling and 29,767 1m
        samples. In 1989 an RC drill campaign was carried out with 67 holes
        drilled on a 400m x 200m grid. The results of this drilling exhibited a
        25-30% drop in grade when compared to the diamond core drilling
        campaigns. However, the data from these RC holes is currently retained
        in the drillhole database and is used for the resource calculations.

        Until 1993 drilling was restricted to the oxide capping, but since 1993
        drilling has been extended into the fresh sulphide material of the B2
        horizon. The orebody is now effectively covered with a 100m grid of
        drillholes. Definition of fault boundaries has led to a better
        understanding of the boundaries of the deposit and future drilling is
        planned to deepen existing holes rather than drill any new areas around
        the periphery of the orebody. Currently, some 50% of the drilling does
        not intersect the full thickness of the orebody. The plan does not call
        for any drilling during 2003 but after this it is planned to drill some
        2000m a year and it is estimated that at least 13,000m of additional
        drilling is required to complete all holes in the orebody footwall.

        The current understanding is that the orebody boundaries are defined
        laterally. The exception to this is in the west of the deposit on the
        western side of the Corrego Rico river valley where a series of deep
        drillholes are planned to test the down dip extension of the orebody. It
        is believed that the orebody may be up to 160m deep in this area. The
        river currently forms the western boundary of the mining operation.
        (Figure 7.1)


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        FIGURE 7.1: SCHEMATIC CROSS SECTION OF THE MORRO DO OURO OREBODY SHOWING
        LOCATION OF PLANNED DRILLING IN THE WEST

















                                    [PICTURE]




















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        It is SRK's opinion that the level of geological understanding is
        sufficient to allow the delineation of the orebody at the current level
        of drilling with a high degree of confidence. The areas of uncertainty
        are regarding the exact nature and location of the boundary faults on
        the north and south of the deposit. These have been deduced from grade
        contours and drill results taken from both sides of the postulated
        faults. Although it is SRK's understanding that these faults have not
        been identified or intersected directly by drilling, the evidence for
        their existence and nature were discussed with mine staff during the
        visit and SRK would agree with the conclusions presented to date. The
        drill spacing is appropriate and is providing sufficient detail to allow
        the interpretation of individual units between sections with a high
        degree of confidence.

        The difference in grade between the RC drilling and the Diamond drilling
        is a concern, especially given the fact that the RC drilling data is
        included in the current database and is used for resource estimation
        purposes. Monthly reconciliation for 2002 made available to SRK,
        indicate that the actual ROM grade is consistently some 10% higher than
        that predicted by the resource estimation procedure. As a result, the
        Mine Call Factor quoted by RPM is currently 1.1. Whether this increase
        is caused by the inclusion of the RC data or whether it is due to some
        additional factors cannot be stated without further investigation.
        However, it is clear that the current resource estimate is providing a
        conservative estimate of the contained Mineral Resource.

8.0     SAMPLING METHOD AND APPROACH

8.1     SPECIFIC GRAVITY DETERMINATION

        Density measurements have been collected at various times from
        feasibility through to current production. Original values were derived
        from surface pitting and were shown to be underestimating the resource
        tonnage. Changes were made to the calculation methodology and this
        resulted in a linear regression method being used up until 1999. At this
        point, reconciliation with production tonnage figures highlighted
        problems with the SG calculations and a study carried out by Rio Tinto
        Technical Services Ltd (TSL) resulted in a mew method that combines
        statistical evaluation of near surface sampling for the C, T and B1
        horizons and a linear regression approach for the data within the B2
        horizon in those areas where deep drill coverage is currently limited.
        This new method is producing a reconciliation of approximately 1.5%
        between the predicted and actual tonnage figures.


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        Density calculations are carried out at two stages in the resource
        estimation process. During evaluation drilling, samples of core are
        taken from 1m intervals, weighed and SG is determined using the water
        displacement method. This is appropriate for the primary (B2) orebodies
        but may not be appropriate for the oxidized upper zones. The core data
        is combined into 8m composites for the resource estimation.

        In situ density measurements are taken by extracting a 30cm cubic block
        from the upper level of a bench. Generally two samples are taken and
        averaged to give a value for the bench. The results from these sample
        will not take into account any variations with depth and the SG
        determination at the top of the bench is applied through the entire
        depth of that bench.

8.2     ASSAY SAMPLING

        Since the initial exploration campaign, virtually all sampling has been
        carried out by diamond drilling. The majority of this has been through
        core drilling with only a restricted RC campaign in 1989. Prior to 1999
        all holes were drilled with a 6-inch diameter barrel. However, since
        1999 the core size has been reduced to 3 inches. It is not clear whether
        there has been any significant difference in grade estimation variance
        since this change in sample volume. SRK have requested copies of any
        check assay studies or any annual reports produced by the assay
        laboratory, however these have not been received to date.

        Core recovery is reported to be high with a consistent recovery of
        greater than 95%. The drilling operation was not observed during the
        site visit and no physical core was available for inspection as all core
        is crushed for sampling. However, prior to crushing the core is
        photographed and logged and these visual logs have been reviewed by SRK.
        Core recovery appears to be very high (>90%) in the B2 horizon. In the
        upper layers of B2 and in the CTB1 horizons there is an increase in the
        amount of dissagregation of the core with disking due to the highly
        foliated nature of the host rocks. As a result, although core recovery
        still appears to be high (~90%) in the upper layers the solid core
        recovery is much reduced. While this may have an influence on any
        geotechnical studies it is unlikely to cause any bias in the assay
        determinations.

        SRK feel that the current sample collection methodology is appropriate
        given the nature of the material under investigation. However, SRK have
        not seen any studies that discuss the differences between the various
        sampling programs, which have been carried out since the start of
        operations. It is SRK's understanding that all drilling data is included
        in the resource estimation database with the exception of old holes,
        which have been subsequently twinned.


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9.0     SAMPLE PREPARATION AND ANALYSIS

        Figure 9.1 is a flow diagram that summarises the sample preparation and
        assay protocol. The sample collection is described in the previous
        section.

        The sample preparation methodology has changed over the years and this
        is summarized in Table 9.1. It is not known if comparative studies have
        been carried out to assess of the data from each of the different
        methods, and whether it is appropriate to combine the data. Currently,
        all data from all sampling campaigns is combined in the resource
        database and is used for the purposes of resource estimation.

        Assaying is carried out on 50g aliquots. A total of six separate assays
        for gold are carried out from each 1m sample pulp. A sulphur assay value
        is calculated for each sample. Additional elements assayed are arsenic,
        copper, lead, zinc, manganese, cadmium and silver. The last two elements
        are not assayed as a matter of course.

        Due to time constraints, SRK did not have an opportunity to visit the
        sample preparation and assay facilities and cannot therefore make a
        comment on the suitability of these facilities. However, SRK have
        reviewed the sample preparation and assay protocol employed at RPM. It
        is SRK's opinion that the protocols described are appropriate. The
        calculation of six separate assays for gold from each sample pulp is a
        method commonly employed in cases where average grade is low. This
        information would provide a good check on assay precision
        (repeatability) and would also provide information on the short scale
        variability of the orebody. It is SRK's understanding that such a study
        has not been carried out. The results from individual assays were not
        reviewed by SRK during the site visit.


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        FIGURE 9.1: SAMPLE PREPARATION FLOW DIAGRAM

















                                    [PICTURE]






















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TABLE 9.1: SUMMARY OF SAMPLING CAMPAIGNS CARRIED OUT AT RPM

<TABLE>
<CAPTION>
<S>                                                                             <C>
-------------------------------------------------------------------------------------------------------------------
YEAR            ORIGIN       MASS       CRUSHING   HOMOGENIZATION    SPLITTING   GRINDING     FUSIONS    MEASURE
-------------------------------------------------------------------------------------------------------------------
83 to 86        Manual       22 kg       Manual    American cloth      Ruler     Disc - 80#   4 x 75g     Micro
                 Pits                                                                                    balance
-------------------------------------------------------------------------------------------------------------------
   88           Diamond      32 kg       Manual    American cloth      Ruler     Disc - 80#   4 x 75g      Atom.
                Drilling                                                                                   Abs.
-------------------------------------------------------------------------------------------------------------------
   89           Reverse-     30 kg       Manual    American cloth      Ruler     Disc - 80#   4 x 75g      Atom.
              circulation                                                                                  Abs.
                drilling
-------------------------------------------------------------------------------------------------------------------
90 to 92        Diamond      20 kg        Jaw            Jones         Jones     Disc - 80#   3 x 50g      Atom.
                Drilling                                                                                   Abs.
-------------------------------------------------------------------------------------------------------------------
92 to 96        Diamond    35 to 40kg   Jaw and    Manual Rotative     Jones      Panel to    3 x 50g      Atom.
                Drilling                  Roll                                      200#                   Abs.
-------------------------------------------------------------------------------------------------------------------
97 to 99        Diamond    35 to 40kg   Jaw and       Mechanical       Jones      Panel to    3 x 50g      Atom.
                Drilling                  Roll         Rotative                     200#                   Abs.
-------------------------------------------------------------------------------------------------------------------
2000 and        Diamond    12 to 17kg   Jaw and       Mechanical       Jones      Panel to    1 x 300g     Atom.
  2001          Drilling                  Roll         Rotative                     65#                    Abs.
-------------------------------------------------------------------------------------------------------------------
</TABLE>

10.0    DATA QUALITY

        Interlaboratory check assay exercises are carried out between the RPM
        internal laboratory and the laboratory at Lakefield Research in Canada.
        Additional check assay work is carried out at the Phalabwora Mine
        laboratory in South Africa. For these checks the coarse reject is sent
        to the external facilities to allow preparation of an independently
        produced pulp.

        Historically, interlaboratory checks have been carried out in 1991, 1997
        and 1999/2000. SRK have not been provided with any check assay reports
        summarizing the results from these studies and cannot, therefore,
        comment on the quality of the information. However, a report was
        provided to SRK, from 1999/2000, summarizing a study carried out on four
        core samples. This report alone is not adequate for a proper review of
        the check assay information and additional information has been
        requested from RPM. However, the production history and the detailed
        reconciliation data available provide comfort and it is likely that any
        grade assay issues would have been highlighted by the reconciliation
        procedure.

11.0    MINERAL RESOURCE ESTIMATION

        The Morro do Ouro orebody was originally delineated by shallow drilling
        and pitting of the upper C and T zones. Since the late 1990's drilling
        has been extended into and, in some cases, through the B1 and B2 zones.


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        The following discussion summarizes the resource estimation protocol.
        All samples are composited to 4m intervals equivalent to a half bench
        height. Any composite intervals of less than 2m are discarded from the
        process. Each composite is assigned as either Calha or Non Calha ore.
        The Calha samples are then further sub-divided into IDS or Non IDS while
        the Non Calha are sub-divided into B2, CTB1 (internal) or CTB1
        (external). Concurrently, a block model is created with block dimensions
        of 50 x 50 x 8m (x,y,z), and from the drilling data, a percentage is
        assigned for each of the 5 sample sub-divisions described above.

        Statistical analysis has historically been carried out for each of the 5
        sub-divisions. A duplicate sample study was carried out by identifying
        pairs of samples from different holes within 10m of each other. The
        results of this study confirmed the appropriateness of the sub-divisions
        of the orebody and also confirmed the generally lower grade of the RC
        samples when compared with the diamond core drilling. However, it is not
        evident what the effect would be of excluding the RC samples from the
        resource estimation database. It is the opinion of SRK that the
        inclusion of the RC samples in the resource estimation database is
        inappropriate unless there is a study to validate their inclusion. SRK
        have not had sight of such a study.

        Semi-variograms are calculated from untransformed 4m composites. It is
        stated that an omni-directional semi-variogram is used for the C, T, and
        B1 zones and anisotropic semi-variograms have been modeled for the B2
        horizons with a primary direction dipping at 5(degree)towards
        225(degree). An octant search is used in all cases for grade
        interpolation and a maximum of three adjacent samples are used from the
        same borehole.

        In a report presented to SRK entitled Avaliacao dos Recursos e Reservas
        - 2002, it is stated that vertical and omnidirectional semi-variograms
        were calculated using the 1m raw data values and only the directional
        semi-variograms used the 4m composites.

        Gold grades are interpolated using Ordinary Kriging into a 50 x 50 x 8m
        block model. This is carried out separately for each of the identified
        lithologies and the average weighted grade is calculated from the
        percentage of each lithology within a block. High grade cutting is not
        carried out, however, the influence of high grades on the resource
        estimate is restricted by reducing the area of influence of composites
        with a grade of >0.8g/t Au.

        It has been proposed by Rio Tinto to carry out a non-linear reserve
        estimation exercise using a gaussian transformation. It is understood
        that an exercise is underway to test the


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        suitability of this method at Morro do Ouro but it is not currently used
        to calculate the final Mineral Resource Estimate.

        The practice of leaving high-grade values uncut in the database but
        restricting their area of influence during the resource estimation
        procedure is appropriate. In addition, the domaining of the orebody and
        the use of these domains in restricting the data available for kriging
        is appropriate. The practice of using semi-variograms derived from both
        1m samples and 4m composites for the grade interpolation procedure is
        not industry standard practice. Determining the effect of this practice
        is difficult without detailed study however, production experience
        suggests that any errors introduced by this practice have a limited
        impact on the resource estimation process.

12.0    MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

        Historically, Mineral Resources have been quoted according to the
        Australasian Code for the Reporting of Identified Mineral Resources and
        Ore Reserves (the JORC Code, 1999) and as of 31st December, 2002 the
        Mineral Resource Statement for a US$300/oz gold price was 172Mt at
        0.39g/t Au. The Mineral Reserves Statement is also calculated at
        US$300/oz and totals some 369Mt at 0.43g/t Au. The Mineral Resources are
        reported exclusive of those resources that constitute the Mineral
        Reserves.

        Classification of the Mineral Resources is carried out using a
        combination of geostatistical methods and manual checking. This multiple
        indicator approach produces a standard error value for 100 x 100 x 16m
        blocks after calculating a conditional cumulative gold value for each
        block. The standard error value and the search radius used for the
        interpolation are then used to classify the block. The classification is
        then checked manually to determine any blocks which may require
        re-classification if the geologist feels that grade and/or geological
        continuity warrants an increase or decrease in confidence of the block
        value. Any block that does not contain a drill intersection and is
        therefore not sampled, is not included in the Mineral Resource
        Statement. Additionally, inferred material totaling 56Mt at 0.38g/t Au
        is excluded from the Mineral Resource Statement for the purposes of this
        report. The Mineral Reserves do not include any inferred material.

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


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TABLE 12.1: SRK AUDITED SUMMARY MINERAL RESOURCE STATEMENT - RPM MORRO DO
OURO


================================================================================
CATEGORY         TONNES (MT)        GRADE (G/T.AU)      CONTAINED GOLD (K.OZ)
--------------------------------------------------------------------------------
Measured             30                  0.46                       444
Indicated           142                  0.38                     1,735
--------------------------------------------------------------------------------
TOTAL               172                  0.39                     2,179
================================================================================

TABLE 12.2 - SRK AUDITED SUMMARY MINERAL RESERVE STATEMENT - RPM MORRO DO
OURO
================================================================================
CATEGORY         TONNES (MT)        GRADE (G/T.AU)      CONTAINED GOLD (K.OZ)
--------------------------------------------------------------------------------
Proven              319.3                0.43                     4,414
Probable             49.8                0.43                       688
--------------------------------------------------------------------------------
TOTAL               369.1                0.43                     5,102
================================================================================


        SRK consider the approach taken by RPM in calculating their Mineral
        Resource estimates to be appropriate. In addition, given the relatively
        well understood nature of the grade distribution and the geological
        controls on the mineralization, the decision to exclude unsampled blocks
        from the Mineral Resource statement is probably conservative, although
        any such blocks would fall into the inferred category.

13.0    MINERAL PROCESSING

        The mineral processing plant at Morro do Ouro is described below.
        Overall recovery of the gold in the plant feed has historically averaged
        approximately 77%. Actual gold recoveries in 2002 and 2001 were 78.97%
        and 78.30% respectively.

        Figure 13.1 is a simplified flowsheet showing 2003 budgeted gold and
        silver production.

13.1    CRUSHING

        Run-of-mine ore is about 80% passing 70mm. There are four crushing lines
        and three are operated at a nominal 800tph while the third line is on
        standby. Each circuit consists of a primary impact crusher followed by a
        secondary cone crusher. The final crushed product has a P80 of about 8mm
        (80%<8mm).

        The four crushing lines all feed into a 5,000 t fine ore bin. There are
        two feeders under this bin, and two conveyors transfer the crushed ore
        to two fine ore blending bins. These two bins feed the grinding circuit.


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FIGURE 13.1: SIMPLIFIED FLOWSHEET - BUDGET 2003











                                    [PICTURE]














13.2    GRINDING AND GRAVITY CONCENTRATION

        The grinding circuit consists of four lines of single stage ball mills
        (1800 kW twin drives) fed at 600tph from the blending bins via belt
        feeders. Ball size is 70mm diameter with consumption of 200g/t. Ball
        mills are in closed circuit with 500mm hydrocyclones. A fifth ball mill
        is used for regrinding part of the circulation load.

        There are four jigs per line for a total of 16 jigs. A portion of the
        circulating load passes through the jigs.

        The product of milling has a P80 of 75 microns (200 mesh).

13.3    FLOTATION

        Flotation is done in three stages; flash (unit cell), scavenger and
        cleaner.


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        Each grinding circuit has two flash flotation units for gold and
        sulphide recovery. All flotation reagents are added to the unit cells;
        Mercapto, MIBC, and Xantato. About 60% of the feed gold is recovered in
        these units.

        The scavenger units are 120 m3W EMCO cells.

        Three sulphide concentrates averaging about 30g/t Au are sent to the
        hydrometallurgy plant; jig concentrate, a floatation concentrate and a
        scavenger concentrate. Floatation tails are thickened to 55% solids in
        two 70m diameter thickeners and sent to the main tailings pond.

13.4    HYDROMETALLURGY PLANT

        The concentrates are first reground in two parallel mills to a size of
        90% passing 325 mesh. The concentrate is treated gravimetrically in a
        Knelson concentrator in line with the regrind mills, recovering
        approximately 20% of the gold production. Concentrate from the Knelson
        goes to shaking tables and then on to the smelting furnace.

        The reground sulphide concentrate is thickened to 45% solids in two 15m
        diameter thickeners before leaching (CIL). There are eight, 300 m3 leach
        tanks for the carbon in pulp process. Oxygen is injected in to the first
        tank to reduce cyanide consumption.

        Loaded carbon is stripped in two, 3t Zadra process elution columns at
        1300C using a caustic soda solution. Gold is deposited onto steel wool
        by electrowinning. Carbon is reactivated in a 200 kg/hr kiln. Gold is
        washed from the steel wool and sent to the smelting furnace.

13.5    SMELTING

        The products coming from CIL leaching and from the shaking tables are
        calcined and smelted in an induction furnace. The resulting bullion
        contains 75 to 80% gold and 20 to 25% silver, with copper and iron as
        trace impurities. The percentage of silver in the bullion is a function
        of the ore fed to the mill: ore rich in galena has a larger yield of
        silver. The budget for 2003 is 6.61t of gold and 1.32t of silver.

        Refining of the bullion into gold bars is carried out by third parties.


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14.0    PRODUCTION PROPERTY INFORMATION

14.1    MINING OPERATIONS

        The Morro do Ouro Mine is a high tonnage low-grade open pit operation.
        The mine is unusual in that the entire pit is either free dug or
        utilizes ripping and dozing with no drilling and blasting. Weathering
        has led to the development of an oxidized mantle over the sulphide
        mineralization with thickness varying from 20 to 40m. The economic
        viability of this low-grade orebody has been partly derived from the
        soft rock and free gold in the weathered mantle. Also, the mine is
        situated on a gently sloping hillside and there are no waste stripping
        requirements.

        Morro do Ouro has been in continuous production since October 1997. For
        2003, the budgeted mined tonnage is 19.3Mt at a grade of 0.433g/t Au. A
        major expansion project is being studied that would increase annual
        production to 30 Mt. This is discussed in section 14.7.

        The mill and mine employ an operating schedule of three 8-hour shifts
        per day, 7 days per week. The nominal plant throughput is 1.6 Mt per
        month.

        An ore stockpile of approximately 10 days production is maintained near
        the processing plant. Its main purpose is to ensure uninterrupted mill
        feed in the rainy season when some delays may be experience in the pit
        during extreme rainfall events. During the dry season the stockpile can
        be used if the pit becomes too dusty. RPM is committed to controlling
        dust levels on site and in the city.

        The open pit mobile equipment fleet consists of:
        5                 D10 Dozers
        10                Cat 777 Trucks (95 and 105t payloads)
        3                 Cat 992 Front End Loaders
        1                 Cat Road Grader

        Two faces are normally operated in the pit at any time, with one dozer,
        one loader, and 4 to 5 trucks per face. Loaded trucks haul to the
        crusher for direct dumping into one of four crushing lines, or dump onto
        the stockpile for later use. A mine control room is located next to the
        truck dump at the crusher where a control room operator is in contact
        with the trucks, keeping track of the blend of ore being delivered to
        the mill.


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        A large, five-bay maintenance shop is located next to the pit and
        includes an equipment washing area with water collection system.
        Caterpillar personnel are responsible for preventative maintenance (PM),
        while RPM employees look after field maintenance. During a weekly
        planning meeting, the PM's for the following week are scheduled, and
        then displayed on a large planning board in the shop.

        The mechanical availability of the dozer fleet is averaging 77 to 80%,
        while trucks are at 83 to 85% and loaders are at 80%. Wear rates on the
        machinery are low due to the low specific gravity of the ore, its soft
        nature, and its low abrasiveness.

        The maintenance shop includes a planning office where maintenance
        planners use a computer system to track items such as equipment hours,
        productivities, availabilities, costs and component hours. Equipment
        rebuilds are done on site, with major components being changed out and
        sent off site. Tire life is carefully tracked and motor oils and other
        oils are sampled and analyzed regularly.

        Figure 6.3 is a generalized geologic profile through the mine showing
        the main horizons that have been identified and named by RPM. These
        units are discussed below because their individual characteristics
        impact on mill throughput (hardness, work index) and on metallurgical
        recovery.

        Horizons C, T and B1 together make up the oxidized portion of the
        mineralized zone, whereas B2 represents its sulphidic (primary)
        expression. B2 is generally much harder, its hardness varying with
        depth. The thickness of the weathered zone is variable, reaching a
        thickness of just over 40m in certain areas. The thickest part has
        already been mined out, and in places the open pit floor is 60m or more
        below the original surface. Remaining oxide ore is along the edges of
        the mineralized body, where its mean grade is lower than that of
        sulphidic ore.

        Horizon C is completely altered rock. Rocks forming B1 are less altered
        and a bit harder, but the sulphides are totally altered. Horizon T, only
        a few meters thick, is the transition zone between C and B1. B1 ore was
        mined from 1990 onwards.

        There are various types of B2, and three of these sub-groups of B2 are
        listed here because of their impact on metallurgical recovery.


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        NON-CALHA
        This is B2 containing less than 2500ppm arsenic. This type forms an
        envelope around the richest mineralization. It is easy to treat in the
        mill.

        CALHA
        This is B2 containing more than 2500ppm arsenic. It represents about 20%
        of B2 resources and it is richer in gold.

        CALHA IDS
        This is B2 with more than 4000ppm arsenic. It occurs in the central part
        of ore shoots. It is the most deformed and highly sulphidic. The term
        "Calha IDS" means Intensely Deformed and Sulphidic calha. Its mean gold
        grade is a bit higher than calha.

        Both Calha and Calha IDS are problematic as mill feed and for gold
        recovery. Until 1997 the mill was fed exclusively with oxide ore. Since
        1998 primary sulphide mineralization has also been fed to the mill,
        without any drop in grade, though that has required a series of
        investments in the beneficiation and metallurgical circuits.

        The various ore types are tracked in the life of mine plan to assess the
        ore hardness, the average work index and hence mill throughput, and to
        assess the impact on overall gold recovery. This is discussed further in
        section 14.5.

        The RPM geology department has a block model of the deposit that is used
        for pit design and for preparing the life of mine plan. The open pit
        design is done using Brazilian software utilizing a floating cone
        algorithm. SRK did not review this software, but notes that the floating
        cone algorithm is also used in North America (in competition with pit
        optimizers based on the Lerchs-Grossman algorithm).

        Each block in the resource model is given a value, and several factors
        are accounted for:
                o       Block grade and planned mining costs.
                o       A tailings grade model determines recovery.
                o       The work index is used to estimate where drilling and
                        blasting may be needed in the future, and these costs
                        are included in the mining cost.
                o       Work index of the block (kWh/t). This feeds into a
                        function that determines the hourly feed rate possible,
                        and a block suffers an appropriate penalty for a low
                        feed rate.
                o       A haulage distance model is used to adjust haulage
                        costs, considering distance from block to dump point.


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                o       For areas with existing infrastructure, the upper block
                        must bear the cost of relocation.
                o       Royalties that must be paid to land owners are charged
                        to the block.

        SRK was provided an opportunity to review the details of the block value
        calculations. SRK believes that the pit design methodology results in a
        refined pit design, accounting for all significant factors influencing
        profitability.

        Mine dewatering consists of several large perimeter water tanks that
        collect all of the runoff from the pit. This water is treated with lime
        and used as process water in the mill. Refer to section 3.3.1.

        The mine site has an excellent safety record, as shown in Figure 14.1.
        RPM has adopted the NOSA system (National Occupational Safety
        Association of South Africa).

        FIGURE 14.1: LOST TIME INJURY FREQUENCY RATE








                                    [PICTURE]










        The NOSA system includes an annual audit and ranking. A "star" rating is
        awarded after a detailed site inspection and evaluation by qualified
        NOSA Consultants.


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14.2    MARKETS AND CONTRACTS

        Rio Tinto Brazil sells the gold from Morro do Ouro at spot prices and
        provides a dividend to Kinross Gold Corporation.

14.3    RECLAMATION AND MINE CLOSURE

        RPM has a comprehensive and up to date closure plan including a closure
        cost estimate. SRK obtained a copy of the closure plan, " Plano de
        Fechamento", August 2000 revision. The plan is based on the "Rio Tinto
        Health, Safety & Environment - Closure Planning Guideline". At that time
        the closure cost estimate was US$32 million (excludes any credits for
        salvage value). The mine currently has many years of life remaining, and
        the estimated cost will very likely be affected by variances in the
        exchange rate.

        Currently in Brazil there are no laws requiring the posting of a
        reclamation bond. RPM is making an annual financial provision for
        closure costs, but this is an accrual only, not an actual expense.

        Regarding closure of the main tailings pond, SRK was advised that the
        plan is to mine oxide ore only during the last year of production. This
        will provide a cover for the pond, which will then be drained.

        The closure plan involves placing a 1-meter thickness of cover materials
        on the final pit floor, the top 0.8m being soil material.

14.4    TAXES

        The following four types of taxation apply to RPM's mining operation at
        Paracatu.

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

        (2)
        A tax on profit equal to the greater of:
        (a)     based on actual profit 34% of actual profit (25% federal and 9%
                social contribution)
        (b)     based on a presumed profit 3% of net sales (same distribution to
                federal and social contribution)


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

        (4)
        Property taxes. RPM must pay property tax on its mining land and
        property in Paracatu. It is distributed to rural (county) and municipal
        (city) governments.

14.5    ECONOMIC ANALYSIS

14.5.1  Introduction

        SRK has reviewed the internal life of mine (LoM) technical and economic
        models prepared by RPM for the Morro do Ouro Mine. These models detail
        the operations on an annual basis over a mine life supported by proven
        and probable reserves.

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

        SRK's review of the RPM models is presented in this section.

14.5.2  Life of Mine Plan and Economics

        The Morro do Ouro Mine currently has a nominal capacity of about 20
        Mt/a, with variations depending on the hardness of the ore, as it
        affects grinding throughput. In general, ore hardness is expected to
        increase over the remaining mine life as the pit is deepened. Under this
        scenario, referred to as "base case", the current reserves will be
        exhausted by year 2022.

        RPM is in the process of studying a major expansion project that would
        potentially increase the future capacity to approximately 30 Mt/a. (This
        is expansion plan discussed in detail below.) If the expansion were
        implemented, the current reserves would be exhausted by year 2016. This
        scenario is referred to as "SAG expansion".

        SRK reviewed Life of Mine (LoM) production plans that applied to both
        the base case and the SAG expansion scenario.


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        For the purpose of this report, to demonstrate the economic viability of
        the mine, SRK has prepared an adjusted (conservative) version of the
        base case LoM Plan. This adjusted plan is referred to as "SRK LoM Plan".

        The base case was selected because the expansion plan is only in the
        pre-feasibility stage at this time. The SRK LoM Plan is based on the
        proven and probable reserves of December 31, 2001. The production
        profile of the plan reflects the increasing hardness of the ore, and the
        plan includes details on ore characteristics by year, including Bond
        Work Index, and ore types (Calha, Calha IDS, etc.)

        The December 31, 2001 reserves of 369.8Mt at 0.428g/t Au are extracted
        during the period from 2002 to 2022. The production rate starts at about
        21 Mt/a and decreases to the range of 13-15 Mt/a.

        The SRK LoM Plan is based on:

                o       Tonnes and grades from the base case LoM, except that
                        2002 has been dropped (history) and year 2003 budget
                        numbers have been used for year 2003 only. Basically the
                        SRK LoM Plan incorporates December 31, 2001 reserves.
                o       The actual 2002 mill recovery of 78.97% has been used
                        for all years.
                o       A gold price of US$300 per ounce is used, matching the
                        basis of the reserves.
                o       Silver revenue has been ignored. It contributes less
                        than 1% of revenue.
                o       The State Tax, or production tax of 1% of sales is
                        deducted from gross revenue. This is tax (1) described
                        in section 14.4.
                o       A landholder royalty of 0.33% of sales is deducted from
                        gross revenue.
                o       Other profit based taxes and property taxes are not
                        included.
                o       The actual mine site operating cost of US$2.05 per tonne
                        achieved in 2002 has been applied to all future years.
                        This mining cost component is increased starting in 2015
                        to reflect the start up of drilling and blasting.
                o       A schedule of sustaining capital costs, provided by RPM
                        and checked and adjusted by SRK, has been used,
                        totalling US$113 million over the mine life.
                o       The mine closure cost estimate of US$32 million is from
                        the closure plan, revision August 2000.
                o       It is assumed that salvage value at closure will cover
                        severance costs.
                o       The actual 2002 exchange rate of US$1.00 = 2.92Real is
                        reflected in the $2.05/t operating cost that has been
                        applied to all years.
                o       Provisions for interest, amortization, and depreciation
                        are excluded.


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                o       RPM has a well managed, site-wide, continuous
                        improvement program (PMC). The SRK LoM Plan essentially
                        excludes future improvements that this plan is expected
                        to yield.

        SRK recognizes that many of the assumption listed above are
        conservative.

        The details included in the LoM Plan allow the tracking of the ore
        characteristics by year. The most important characteristics are those
        impacting on mill throughput and metallurgical recovery. Figure 14.2
        shows the trends in ore characteristics considering:
                o       The percentage of ore above a Work Index of 12.
                o       The percentage of combined Calha plus Calha IDS ore.
                o       The percentage of B2 ore mined.

        All three trend lines shown have been smoothened by calculating three
        year rolling averages.

        FIGURE 14.2: SRK LOM PLAN ORE CHARACTERISTICS








                                    [PICTURE]








        Two of the lines show similar trends, namely B2 Ore% and %Ore >Work
        Index of 12. RPM has undertaken blasting field tests in the past, and it
        was determined that blasting will be required for material with a work
        index of 11 or greater. These tests indicated the


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        requirement for a very low powder factor of 0.06 kg/t. From the graph it
        appears that up to 45% of the mined ore will require blasting during the
        last six years of mine life.

        The average work index of the mill feed during 2017 to 2022 is 10.2,
        compared to the current mill feed in the range of WI = 6.5 to 7.0. (not
        shown on graph)

        The life of mine plan accounts for the harder ore by specifying a lower
        mill feed rate in the later years. Operating and capital cost allowances
        have been made for drilling and blasting equipment and supplies.

        Figure 14.2 indicates that the "calha plus calha IDS" portion of mill
        feed will be slowly reduced over the remaining mine life. These are the
        ore types that are more difficult to treat because of the arsenopyrite
        content. This trend is reflected in the (unadjusted base case) LoM Plan
        prepared by RPM, and reviewed by SRK, as slightly higher future mill
        recovery rates.

        As noted above, SRK's economic model of the LoM production plan was
        prepared on a conservative basis. The model shows that the project is
        economically viable, with a strong positive cash flow being generated by
        the mine site each year.

        The technical and economic models used in this analysis are considered
        to contain privileged and confidential information. However, Kinross has
        made these data available to SRK for review. Based on this review SRK
        concludes that the models prepared by RPM follow generally accepted
        industry practices, and offer a fair representation of future operating
        plans.

14.5.3  SAG Expansion Project

        RPM is currently evaluating the possibility of increasing the Morro do
        Ouro production rate from the current 20 Mt/a to 30 Mt/a.

        Two alternatives are being considered for grinding, both involving a
        large new SAG mill. The study is evaluating open pit haulage to the
        mill, considering trucks versus an in-pit crusher and conveyor system.
        In addition, the increased use of gravimetric gold recovery is being
        studied, specifically considering more jigs for the mill.

        Currently a pre-feasibility study is underway, and will be completed
        once results are obtained from the test work involving a new SAG mill
        both with, and without, additional


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        jigs. If the pre-feasibility results are positive, it is expected that a
        feasibility study would commence in late summer 2003. An environmental
        license authorizing an expansion would be sought in parallel with
        feasibility work.

        If successfully implemented, the SAG expansion project would potentially
        lower operating costs and the economic cut off grade, having a positive
        impact on mineral reserves.


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15.0    CONCLUDING REMARKS

        The views expressed by SRK in this technical report have been based on
        the fundamental assumptions that the required management resources and
        pro-active management skills and access to adequate capital necessary to
        achieve the LoM Plan projections for the mining assets are provided as
        projected.

        SRK has conducted a review of all material issues likely to influence
        the future operations of the Morro do Ouro Mine. The LoM Plans for the
        mining assets as provided to SRK have been reviewed in detail for
        appropriateness, reasonableness and viability, including the existence
        of, and justification for, any departures from historical performance.
        Where material differences were found, these were adjusted where
        considered appropriate. SRK considers that the resulting projections
        have been based upon sound reasoning, engineering judgment and
        achievable mine plans, within the context of the risks associated with
        the global mining industry.










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

        STEFFEN. ROBERTSON AND KIRSTEN (CANADA) INC.

        "signed"                                "signed"




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


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16.0    REFERENCES

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

        TVX Newmont Americas, 2003 BUDGET, December 2002.

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

        Rio Paracatu Mineracao S.A., 2003 PLAN & Forecast for 2004-2007,
        Brasilia, October 2002.

        Normandy Mining, BRASILIA TECHNICAL DUE DILIGENCE, April 1999.

        J.C. Moller, M. Batelochi, Y. Akiti, M. Sharratt, and A.L. Borges, THE
        GEOLOGY AND CHARACTERIZATION OF MINERAL RESOURCES OF MORRO DO OURO,
        PARACATU, MG, 2001.

        Rio Paracatu Mineracao S.A., MORRO DO OURO GOLD MINE, March 2003.

        A.G. Netto and A.G. Taboada, RTZ MINE SAFETY EXPERIENCE IN BRAZIL, 1996.

        Rio Paracatu Mineracao, ESTRATEGIA DE FECHAMENTO DO MORRO DO OURO,
        PARACTAU, MG, August 2000.

        Rio Paracatu Mineracao, MONTHLY REPORT, December 31, 2002.

        TVXNA, MINERAL RESOURCE/RESERVE INVENTORY, 31st December 2001

        RPM INTERLABORATORY COMPARISON 1999-2000

        RPM AVALIACAO DOS RECURSOS E RESERVAS - 2002

        THE GEOLOGY AND CHARACTERIZATION OF MINERAL RESOURCES OF MORRO DO OURO,
        PARACATU, MINAS GERAIS

        ORE RESOURCE AND RESERVE ESTIMATION REVIEW FOR MINA RIO PARACATU
        MINERACAO SA (NCL)


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                                   APPENDIX 1
                            RPM LICENSES AND PERMITS




























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                                   APPENDIX 2
                         CERTIFICATE AND CONSENT LETTERS
































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                             CERTIFICATE AND CONSENT

 TO ACCOMPANY THE INDEPENDENT TECHNICAL REPORT ON THE MORRO DO OURO MINE, BRAZIL

I JOHN ARTHUR with a business address at Steffen, Robertson and Kirsten (UK)
Limited, Windsor Court, 1-3 Windsor Place, Cardiff, CF10 3BX hereby state that:

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


                                                "signed"


Toronto, Canada                                 John Arthur, C.Geol.,
April, 2003                                     Senior Geologist


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                             CERTIFICATE AND CONSENT

 TO ACCOMPANY THE INDEPENDENT TECHNICAL REPORT ON THE MORRO DO OURO MINE, BRAZIL

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

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

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

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

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

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

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

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

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

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

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

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


                                             "signed"



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


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