-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FeGfIWkFwAUopE3QBwF8R/B5OBqJD3faYcoHQV29u1MVEv0voLFPwY8vhvGQcr21
 qnEAUvKiG4W3fNaYwuCsAg==

<SEC-DOCUMENT>0001188112-05-000113.txt : 20050119
<SEC-HEADER>0001188112-05-000113.hdr.sgml : 20050119
<ACCEPTANCE-DATETIME>20050119165047
ACCESSION NUMBER:		0001188112-05-000113
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050119
DATE AS OF CHANGE:		20050119

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13382
		FILM NUMBER:		05536809

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLEXUS RESOURCES CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>t6k-4605.txt
<DESCRIPTION>6-K
<TEXT>
<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 6-K

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

                         For the month of January, 2005
                        Commission File Number: 001-13382
                            KINROSS GOLD CORPORATION
                 (Translation of registrant's name into English)

                  52ND FLOOR, SCOTIA PLAZA, 40 KING STREET WEST
                            TORONTO, ONTARIO M5H 3Y2
                    (Address of principal executive offices)

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

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

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

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

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

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

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

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

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

<PAGE>

                                                                          Page 2


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


                                  EXHIBIT INDEX

99.1   Refugio Mine Technical Report dated December, 2003
99.2   Consent of Expert - Rodney A. Cooper, P. Eng.
99.3   Consent of Expert - Wesley C. Hanson, P. Geo.

<PAGE>

                                                                          Page 3
                                   SIGNATURES


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


                                               KINROSS GOLD CORPORATION


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

January 17, 2005.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tex99_1-4605.txt
<DESCRIPTION>EX-99.1
<TEXT>
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        TECHNICAL REPORT ON THE REFUGIO GOLD PROJECT




        MARICUNGA DISTRICT, CHILE





        Prepared for:


        COMPANIA MINERA MARICUNGA

        Copiopo Chile



        Prepared by:



        KINROSS GOLD CORPORATION

        Technical Services Department

        220 Bay St.,

        Toronto, ON

        M5J 2W4



         December, 2003


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
1-1

<PAGE>
<TABLE>
<CAPTION>
<S>                                                                           <C>
        COMPANIA MINERA MARICUNGA

- ----------------------------------------------------------------------------------------------------------------

1.0      SUMMARY..........................................................................................1-8

2.0      INTRODUCTION AND TERMS OF REFERENCE.............................................................2-12

   2.1    INTRODUCTION...................................................................................2-12
   2.2    TERMS OF REFERENCE.............................................................................2-12
   2.3    SCOPE OF WORK..................................................................................2-13
   2.4    REPORT BASIS...................................................................................2-13
   2.5    SERVICES BY THIRD PARTIES......................................................................2-14
   2.6    STUDY PARTICIPANTS.............................................................................2-14

3.0      DISCLAIMER......................................................................................3-15

4.0      PROPERTY DESCRIPTION AND LOCATION...............................................................4-16

   4.1     CLAIM STATUS..................................................................................4-17
   4.2     SURFACE RIGHTS................................................................................4-17
   4.3     WATER RIGHTS..................................................................................4-17

5.0      ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY...............................5-19

   5.1     ACCESSIBILITY.................................................................................5-19
   5.2     CLIMATE AND PHYSIOGRAPHY......................................................................5-19
   5.3     LOCAL RESOURCES AND INFRASTRUCTURE............................................................5-19

6.0      HISTORY.........................................................................................6-21

7.0      GEOLOGICAL SETTING..............................................................................7-23

   7.1     ALTERATION....................................................................................7-24
      7.1.1      VERDE...................................................................................7-24
      7.1.2      PANCHO..................................................................................7-24
   7.2     STRUCTURE.....................................................................................7-25

8.0      DEPOSIT TYPES...................................................................................8-26

   8.1     VERDE.........................................................................................8-26
   8.2     PANCHO........................................................................................8-29

9.0      MINERALIZATION..................................................................................9-30

   9.1     VERDE.........................................................................................9-30


                                       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- ----------------------------------------------------------------------------------------------------------------
                                                                                                             1-2
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                           <C>
        COMPANIA MINERA MARICUNGA

- ----------------------------------------------------------------------------------------------------------------

   9.2     PANCHO........................................................................................9-30

10.0     EXPLORATION....................................................................................10-31

11.0     DRILLING.......................................................................................11-34

   11.1    RIG SETUP AND SURVEY.........................................................................11-34
   11.2    TOPOGRAPHIC BASE AND SURVEY AUDIT............................................................11-35
   11.3    CORE HANDLING, STORAGE AND SECURITY..........................................................11-35

12.0     SAMPLE METHOD AND APPROACH.....................................................................12-36

   12.1    RC DRILLING..................................................................................12-36
   12.2    CORE DRILLING................................................................................12-37
   12.3    LOGGING......................................................................................12-37
   12.4    GEOTECHNICAL CORE LOGGING....................................................................12-38

13.0     SAMPLE PREPARATION, ANALYSIS AND SECURITY......................................................13-39

   13.1    SAMPLE PREPARATION...........................................................................13-39
   13.2    ANALYSIS.....................................................................................13-40
   13.3    QUALITY CONTROL / QUALITY ASSURANCE..........................................................13-41
      13.3.1     TABLE OF FAILURES......................................................................13-42
      13.3.2     ANALYSIS OF QA/QC DATA.................................................................13-43
      13.3.3     REFEREE LABORATORY.....................................................................13-43

14.0     DATA VERIFICATION..............................................................................14-44

   14.1    GENERAL......................................................................................14-44
   14.2    PRE-2002 DATA VERIFICATION...................................................................14-44
      14.2.1     COLLAR DATA............................................................................14-44
      14.2.2     SURVEY DATA............................................................................14-45
      14.2.3     LITHOLOGY, ALTERATION, OXIDATION, VEIN AND MINERALIZATION DATA:........................14-45
      14.2.4     ANALYTICAL DATA:.......................................................................14-45
   14.3    2002-2003 DATA VERIFICATION..................................................................14-45
      14.3.1     COLLAR DATA............................................................................14-45
      14.3.2     SURVEY DATA............................................................................14-45
      14.3.3     LITHOLOGY, ALTERATION, OXIDATION, VEIN AND MINERALIZATION DATA:........................14-46
      14.3.4     ANALYTICAL DATA:.......................................................................14-46
      14.3.5     GEOTECHNICAL DATA:.....................................................................14-46

                                       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- ----------------------------------------------------------------------------------------------------------------
                                                                                                             1-3
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                           <C>
        COMPANIA MINERA MARICUNGA

- ----------------------------------------------------------------------------------------------------------------

   14.4    DATA ENTRY, STORAGE, MANAGEMENT AND SECURITY.................................................14-47
      14.4.1     DATA ENTRY.............................................................................14-47
      14.4.2     DATA STORAGE...........................................................................14-48
      14.4.3     DATA MANAGEMENT AND SECURITY...........................................................14-48

15.0     ADJACENT PROPERTIES............................................................................15-49

16.0     MINERAL PROCESSING AND METALLURGICAL TESTING...................................................16-50

   16.1    CYANIDE SOLUBLE ASSAYS.......................................................................16-50
   16.2    DIRECT AGITATED CYANIDATION (BOTTLE ROLL) TESTS..............................................16-50
   16.3    COLUMN LEACH TESTS...........................................................................16-52
   16.4    BOND WORK INDEX..............................................................................16-56
   16.5    SPECIFIC GRAVITY.............................................................................16-57
   16.6    ACID ROCK DRAINAGE STUDY.....................................................................16-57

17.0     MINERAL RESOURCE AND MINERAL RESERVE ESTIMATION................................................17-58

   17.1    GENERAL......................................................................................17-58
   17.2    LITHOLOGICAL MODEL...........................................................................17-58
   17.3    RECOVERY MODEL...............................................................................17-58
   17.4    GRADE MODEL..................................................................................17-60
      17.4.1     SAMPLE COMPOSITING.....................................................................17-60
      17.4.2     STATISTICAL AND GEOSTATISTICAL ANALYSES................................................17-60
      17.4.3     MODEL FRAMEWORK........................................................................17-61
      17.4.4     GOLD GRADE INTERPOLATION...............................................................17-61
      17.4.5     COPPER INTERPOLATION...................................................................17-61
      17.4.6     CYANIDE SOLUBLE COPPER INTERPOLATION...................................................17-62
      17.4.7     MODEL CHECKING AND VERIFICATION........................................................17-62
   17.5    RESOURCE CLASSIFICATION......................................................................17-64
      17.5.1     MEASURED RESOURCE......................................................................17-65
      17.5.2     INDICATED RESOURCE.....................................................................17-65
      17.5.3     INFERRED RESOURCE......................................................................17-65
   17.6    RESOURCE ESTIMATE............................................................................17-65
   17.7    GENERAL......................................................................................17-65
   17.8    PIT OPTIMIZATION.............................................................................17-66
   17.9    FINAL PIT DESIGN.............................................................................17-67
   17.10      MINERAL RESOURCE AND RESERVE ESTIMATE.....................................................17-68

                                       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- ----------------------------------------------------------------------------------------------------------------
                                                                                                             1-4
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                           <C>
        COMPANIA MINERA MARICUNGA

- ----------------------------------------------------------------------------------------------------------------

18.0     INTERPRETATION AND CONCLUSIONS.................................................................18-70

19.0     REFERENCES:....................................................................................19-71

20.0     ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT PROPERTIES........................20-76

   20.1    MOBILE EQUIPMENT.............................................................................20-76
   20.2    PLANT INFRASTURCTURE.........................................................................20-77
   20.3    LIFE-OF-MINE PLAN............................................................................20-77
   20.4    ENVIRONMENTAL CONSIDERATIONS.................................................................20-78
   20.5    CAPITAL AND OPERATING COSTS..................................................................20-78
   20.6    FINANCIAL ANALYSIS...........................................................................20-79

21.0     AUTHORS CONSENT FORMS..........................................................................21-80









                                       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- ----------------------------------------------------------------------------------------------------------------
                                                                                                             1-5
</TABLE>
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                                 LIST OF TABLES


TABLE 6-1 ANNUAL GOLD PRODUCTION OF THE REFUGIO MINE........................6-22

TABLE 10-1 - EXPLORATION DRILL SUMMARY.....................................10-31

TABLE 16-1 SUMMARY OF BOTTLE ROLL SAMPLE SELECTION.........................16-51

TABLE 16-2 - SUMMARY OF BOTTLE ROLL RESULTS................................16-52

TABLE 16-3 SUMMARY OF COLUMN LEACH SAMPLE SELECTION........................16-53

TABLE 16-4 SUMMARY OF COLUMN LEACH TEST RESULTS............................16-53

TABLE 16-5 COMPARISON OF OPTIMIZATION VERSUS TEST WORK RECOVERY............16-54

TABLE 16-6 - SPECIFIC GRAVITY RESULTS......................................16-57

TABLE 17-1 COMPARISON OF VERDE INTERPOLATION METHODS.......................17-62

TABLE 17-2 COMPARISON OF 2003 ESTIMATE TO 1998 MRDI ESTIMATE...............17-63

TABLE 17-3 HISTORICAL PANCHO RESOURCE ESTIMATE COMPARISON..................17-63

TABLE 17-4 RESOURCE CLASSIFICATION MATRIX..................................17-64

TABLE 17-5 - SUMMARY OF PIT OPTIMIZATION PARAMETERS........................17-66

TABLE 17-6 PROVEN AND PROBABLE RESERVES @ $350 PER OUNCE...................17-68

TABLE 17-7 PROVEN AND PROBABLE RESERVES @ $325 PER OUNCE...................17-69

TABLE 20-1 REFUGIO PROJECT LIFE-OF-MINE PLAN...............................20-77




       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                             1-6
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                                 LIST OF FIGURES


FIGURE 4-1 - LOCATION MAP...................................................4-16

FIGURE 8-1 -GEOLOGY OF THE REFUGIO MINE AREA................................8-28

FIGURE 16-1 METALLURGICAL SAMPLE LOCATIONS - VERDE PIT - 4300 LEVEL........16-55

FIGURE 16-2 METALLURGICAL SAMPLE LOCATIONS - PANCHO PIT - 4300 LEVEL.......16-56

FIGURE 17-1 VERDE EAST - SECTION 5NW.......................................17-59














       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                             1-7
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


1.0     SUMMARY

        The Refugio Project is an inactive gold mine located within Maricunga
        Gold Belt of the high Andes in northern Chile. The Maricunga Belt is
        estimated to host more than 40 million ounces of gold. The mine operated
        from 1996 to 2001, producing more than 920,000 ounces of gold from 46.0
        million tonnes of ore. The mine was placed on care and maintenance in
        2001, a result of a downturn in gold prices.


        In September 2002, in response to rising gold process, Compania Minera
        Maricunga (CMM) approved an Exploration Program designed to increase the
        reserve base of the Refugio Project to a level sufficient to support
        resumption of active mining.


        The Exploration Program ran from September 2002 to June 2003. During
        this period, a total of 262 drill holes (51,478 meters) of drilling were
        completed. The drilling focused on increasing the confidence level of
        the known mineralization below the current Verde pits as well as
        increasing the confidence level in the mineralization at the nearby
        Pancho deposit, located approximately 2.0 km to the northeast. Much of
        the 2002 - 2003 drilling was diamond drill core, allowing geologists an
        opportunity to clearly delineate geological and alteration features
        affecting gold mineralization and recovery.


        The drill programs were carefully supervised, employing industry best
        practices and rigid quality management procedures in the collection and
        management of the field data. In addition, all historic data for the
        project was subjected to detailed verification programs where the data
        in the relational database was verified against original logs, survey
        calculation sheets and original assay certificates.


        The result is a duly verified database containing data of high quality
        and free of gross errors and omissions. This database was then used to
        estimate mineral resource and reserves for the project.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                             1-8
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        In addition to the analytical data, the drill program was also used to
        collect carefully controlled metallurgical samples from Verde and Pancho
        that would establish the metallurgical recovery expected for the
        remainder of the mine life. A total of 58 direct agitation (bottle roll)
        and 18 column leach test samples were collected and analyzed. The
        metallurgical samples were carefully selected to ensure adequate sample
        coverage of various grade bins, recovery classes and lithologies. The
        samples were also spatially restricted to the volume of rock within an
        optimized pit shell, ensuring the samples would be within reasonable
        distance of the final mining areas.


        Ore and waste hardness was also tested and the specific gravity of the
        various rock types was confirmed through extensive field sampling.


        The resource block model was updated to reflect the lithological models
        developed from observations taken from drill core. At the same time, a
        new recovery model was developed based on the visual logging of
        oxidation. The visual estimates were completed using a well-established
        scale previously used on the project.


        The lithology and recovery models were used as hard boundaries in the
        resource modeling, limiting sample influence and preventing grades from
        one unit from influencing the grade in another unit.


        Only data below the current topographic surface was used to complete the
        resource model.


        Statistical and geostatistical analysis of the drill results was
        performed on the raw, 2.0 meter sample intervals to identify appropriate
        grade capping factors. Grade capping does not have a significant effect
        on the resource estimates, resulting in a less than 1% decrease in
        contained gold.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                             1-9
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Directional variograms were modeled to identify anisotropy and search
        ranges that would guide grade interpolation. The variograms demonstrated
        excellent continuity, generally exceeding 100 meters in all directions.


        Grade interpolation was limited to gold for the Verde deposit while
        gold; copper and cyanide soluble copper were modeled for Pancho.
        Ordinary kriging was selected as the primary interpolation method for
        gold. Both inverse distance and nearest neighbour grade interpolations
        were also performed to verify the model gold grades.


        The resultant resource block model was manually verified to ensure that
        hard boundaries were honoured during grade interpolation. The model was
        classified as per CIM Guidelines as Measured, Indicated and Inferred
        based primarily on the search ranges indicated by the variograms.


        Blocks classified as measured and indicated were exported to Whittle 4X
        for optimization. Optimization was based on appropriate mine operating
        costs and metallurgical recoveries derived from the field test work
        completed at the time of optimization. The optimum pit shells were
        imported into Datamine for final pit design using design parameters
        approved by a third party geotechnical engineering company.


        The final mine designs were used to estimate the Mineral Resources and
        Reserves for the Project. The estimate was prepared by a qualified
        person as required by National Instrument 43-101.


        It is Kinross Policy that for all open pit mine projects, mineral
        resource and reserve estimates must fall within optimized or final
        design pits that are based on reasonable, long-term, gold price
        assumptions. As final design pits have been completed for both Verde and
        Pancho, there are no mineral resources estimated at the gold prices
        noted.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            1-10
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        The Mineral Reserves at Refugio at a gold price of $350 per ounce are:

        PROVEN      98,320,000 TONNES @ 0.88 G/T      2,775,000 OZS.

        PROBABLE    25,734,000 TONNES @ 0.80 G/T        658,000 OZS.

        TOTAL      124,054,000 TONNES @ 0.86 G/T      3,433,000 OZS.


        The Mineral Reserves at Refugio at a gold price of $325 per ounce are:

        PROVEN      79,494,000 TONNES @ 0.89 G/T      2,271,000 OZS.

        PROBABLE    19,637,000 TONNES @ 0.79 G/T        499,000 OZS.

        TOTAL       99,131,000 TONNES @ 0.87 G/T      2,770,000 OZS.


        The reserves are based on a detailed engineering study examining the
        economics of the project assuming a capital investment of $101.1 million
        to upgrade the existing infrastructure, allowing the plant to process
        40,000 tonnes per day of Verde ore and 35,000 tonnes per day of Pancho
        ore. The capital investment is based on preliminary design and
        first-principle engineering. Capital cost estimates were prepared and
        verified by two, independent, North American engineering consultants
        with significant experience in Latin America.


        The reserves noted above were used to complete a life-of-mine production
        schedule that in turn served as the basis for the financial analysis.
        The financial analysis indicates positive project economics at gold
        prices in excess of $325 per ounce.






       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            1-11
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


2.0     INTRODUCTION AND TERMS OF REFERENCE


2.1     INTRODUCTION

        Compania Minera Maricunga (CMM) requested Kinross Gold Corporation's
        Technical Service Department prepare a Technical Report for the Refugio
        Project in support of the December 4, 2003 press release by Kinross Gold
        Corporation (Kinross) disclosing an updated resource and reserve
        estimate for the project. This report has been prepared in compliance
        with Canadian Securities Administrators National Instrument 43-101,
        under the direct supervision of:


        R. Cooper P.Eng. Director of Technical Services, Projects and Planning,
        Kinross Gold Corporation and


        W. Hanson, P.Geo, Manager of Technical Services, Kinross Gold
        Corporation.


        The individuals noted above are the "qualified persons" responsible for
        the content of the following report.


2.2     TERMS OF REFERENCE


        Unless otherwise noted:

        o       all units of measurement in the following report are in metric
                measure;

        o       all costs are expressed in terms of United States dollars;

        o       all metal prices are expressed in terms of United States
                dollars; o a foreign exchange rate of $1.0 US = $1.4 CAD and

        o       a foreign exchange rate of $1.0 US = 700 Chilean peso.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            2-12
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


2.3     SCOPE OF WORK

        The following Technical Report considered the following:

        o       Regional and local geology, structure, alteration and
                mineralization;

        o       sample collection, preparation, security and analysis;

        o       quality assurance and quality control procedures;

        o       data entry, verification, management, security and storage;

        o       block modeling, grade interpolation and resource estimation;

        o       metallurgical recovery, plant design and process upgrades;

        o       mine planning, scheduling and reserve estimation;

        o       environmental and operational permitting;

        o       operating and capital cost estimates and

        o       financial models


2.4     REPORT BASIS

        This Technical Report has been based on verified historical data as well
        as data collected during recent field programs. All data was collected
        under the direct supervision of experienced field geologists. The
        qualified persons noted in Section 2.1.1 indirectly supervised all data
        collected in 2002 and 2003. Messrs. Cooper and Hanson completed several
        site visits and inspections while the 2002 - 2003 Exploration Program
        was underway, to observe field procedures first hand, contribute to the
        management of the exploration program and evaluate results.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            2-13
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


2.5     SERVICES BY THIRD PARTIES

        During the course of the fieldwork it was necessary to rely on expertise
        supplied by third party professionals with technical expertise beyond
        the experience of the field personnel managing the work. Areas impacted
        by the work of third party consultants are clearly noted. Kinross relied
        inherently on the conclusions and recommendations of the following third
        party consultants:


        B. Smee and Associates             Quality Control and Quality Assurance

        Golder Associates                  Geotechnical Design Parameters

        McClelland Laboratories            Metallurgical Testing Program

        SNC-Lavalin Engineers &
        Constructors Inc.                  Metallurgical Program Design


2.6     STUDY PARTICIPANTS

        The authors wish to acknowledge the technical contributions of the
        following individuals:

        Joaquin Cabello, Gerente de Proyecto, Golder Associates S.A.

        David Evans P.Eng, Sr. Metallurgist, SNC-Lavalin Engineers and
        Constructors Inc.

        Barry Gillies P.Geo, Refugio Project Manager, Kinross Gold Corporation

        Tony Lipiec P.Eng, Manager, Process Engineering, Kinross Gold
        Corporation

        J. P. Londero, Senior Exploration Geologist, Compania Minera Marincunga

        Jack McParland, Vice President/Metallurgist, McClelland Laboratories

        Kevin Morris P.Eng, Manager, Mine Engineering, Kinross Gold Corporation

        V. Park P.Geo, QA/QC Database Manager, Compania Minera Marincunga

        Rob Raponi, P.Eng. Sr. Metallurgist, SNC-Lavalin Engineers and
        Constructors Inc.

        Ron Stewart P.Geo, Vice President, Exploration, Kinross Gold Corporation

        George Wahl, P.Geo, Sr. Geologist, SNC-Lavalin Engineers and
        Constructors Inc.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            2-14
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


3.0     DISCLAIMER


        This document has been prepared for Compania Minera Maricunga by Kinross
        Gold Corporation's Technical Services Department. The document
        summarizes the professional opinion of the authors and includes,
        conclusions and estimates that have been based on professional judgement
        and reasonable care. Said conclusions and estimates are consistent with
        the level of detail of this study and based on the information available
        at the time this report was completed. All conclusions and estimates
        presented are based on the assumptions and conditions outlined in this
        report. This report is to be issued and read in its entirety. Written or
        verbal excerpts from this report may not be used without the express
        written consent of the authors or officers of Kinross Gold Corporation.












       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            3-15
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


4.0     PROPERTY DESCRIPTION AND LOCATION

        The Refugio Property is located in the Maricunga District of the III
        Region of Chile. The property is located 120 km due east of the city of
        Copiapo at elevations between 4,200m and 4,500m above mean sea level.
        Figure 4-1 is a generalized location map of the project.

                            FIGURE 4-1 - LOCATION MAP




                                 [MAP OMITTED]






       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            4-16
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


4.1     CLAIM STATUS


        All surface and mineral claims, surface rights and water rights are
        maintained in good standing. Chilean attorneys monitor claim status on
        behalf of CMM annually. No ownership issues with respect to the mineral
        claims hosting the project's mineral resource and reserve estimates have
        been identified. The project mineral rights and claims are listed in
        Table 4-1 below:


4.2     SURFACE RIGHTS


        In addition to the mineral claim rights, CMM also holds title to surface
        rights at Refugio, providing the land required for the leach pads, waste
        dumps, camp and other facilities. All surface rights affecting the
        resumption of mining activity have been reviewed. No fatal flaws have
        been identified that would negatively affect the project.


4.3     WATER RIGHTS


        Water extraction rights, totalling 258 L/s have been secured by CMM.
        Permits are in place and maintained. No issues regarding water rights
        have been identified that would adversely affect the project.




       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            4-17
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                      TABLE 4-1 REFUGIO PROJECT PROPERTIES


        ----------------------------- -----------------------------

                CLAIM NAME                   ASSIGNED BLOCKS

        ----------------------------- -----------------------------
            Refugio 1-112                 1 through 112
        ----------------------------- -----------------------------
            Maricunga 1-40                17 through 20
        ----------------------------- -----------------------------
            Maricunga 1-40                27 through 30
        ----------------------------- -----------------------------
            Maricunga 81-120              97 through 100
        ----------------------------- -----------------------------
            Maricunga 121-160             121 through 124
        ----------------------------- -----------------------------
            Maricunga 241-280             261 through 262
        ----------------------------- -----------------------------
            Demasias on Refugio           1 through 112 Western
                                          Boundary
        ----------------------------- -----------------------------
                         BUFFER ZONE PROPERTIES
        -----------------------------------------------------------

                CLAIM NAME                   ASSIGNED BLOCKS

        ----------------------------- -----------------------------
            Maricunga 1-40                1 through 16
        ----------------------------- -----------------------------
            Maricunga 1-40                21 through 26
        ----------------------------- -----------------------------
            Maricunga 1-40                31 through 40
        ----------------------------- -----------------------------
            Maricunga 81-120              93 through 96
        ----------------------------- -----------------------------
            Maricunga 81-120              113 through 120
        ----------------------------- -----------------------------
            Maricunga 121-160             125 through 160
        ----------------------------- -----------------------------
            Maricunga 161-200             161 through 167
        ----------------------------- -----------------------------
            Maricunga 161-200             171 through 177
        ----------------------------- -----------------------------
            Maricunga 161-200             181 through 187
        ----------------------------- -----------------------------
            Maricunga 161-200             191 through 197
        ----------------------------- -----------------------------
            Maricunga 201-240             201
        ----------------------------- -----------------------------
            Maricunga 201-240             221 through 223
        ----------------------------- -----------------------------
            Maricunga 241-280             241 through 260
        ----------------------------- -----------------------------
            Maricunga 241-280             263 through 280
        ----------------------------- -----------------------------
            Anillo Seis 1-30              3 through 15
        ----------------------------- -----------------------------
            Anillo Seis 1-30              18 through 30
        ----------------------------- -----------------------------
            Anillo Siete 1-20             1 through 5
        ----------------------------- -----------------------------
            Anillo Siete 1-20             11 through 14
        ----------------------------- -----------------------------
            Anillo Ocho 1-20              1 through 2
        ----------------------------- -----------------------------
            Anillo Ocho 1-20              6 through 7
        ----------------------------- -----------------------------
            Anillo Ocho 1-20              11 through 12
        ----------------------------- -----------------------------
            Anillo Ocho 1-20              16
        ----------------------------- -----------------------------
            Anillo Trece 1-20             8 through 10
        ----------------------------- -----------------------------
            Anillo Trece 1-20             20
        ----------------------------- -----------------------------
            Anillo Catorce 1-20           1 through 17
        ----------------------------- -----------------------------
            Anillo Quince 1-20            1 through 2
        ----------------------------- -----------------------------
            Anillo Dieciseis 1-30         10 through 11
        ----------------------------- -----------------------------
            Amparo Unio 1-60              45 through 60
        ----------------------------- -----------------------------
            Amparo Dos 1-26               25 through 26
        ----------------------------- -----------------------------
            Amparo Seis 1-60              31 through 32
        ----------------------------- -----------------------------
            Amparo Once 1-60              5 through 30
        ----------------------------- -----------------------------
            Amparo Once 1-60              35 through 60
        ----------------------------- -----------------------------
            Amparo Doce 1-36              1 through 36
        ----------------------------- -----------------------------
            Laguna 1-11                   1 through 11
        ----------------------------- -----------------------------
            Hielo 1-9                     1 through 9
        ----------------------------- -----------------------------


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            4-18
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


5.0     ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1     ACCESSIBILITY

        Access to the property is via 156 km of two lane dirt road connecting
        with the paved highway C-35 approximately 10 km south of Copiapo. The
        first 96 km of the dirt road are an international, public highway.
        Approximately 60 km from the Refugio site, the road branches to the
        southeast to Argentina and the northeast to the mine site. The final 60
        km is a private road. The condition of the access road is generally
        good.

5.2     CLIMATE AND PHYSIOGRAPHY

        The Refugio Project is located in steep, mountainous terrain with slopes
        up to 35%. The site is largely devoid of vegetation with the exception
        of the spring-fed marshes found along the valley floors. The climate is
        arid with an average annual precipitation of 87mm., most of which is
        realized as snowfall during the winter months (March through August).
        Generally, very little precipitation occurs during the summer months
        (September through February). Local wildlife is sparse.

5.3     LOCAL RESOURCES AND INFRASTRUCTURE

        The mine previously operated from 1996 to 2001 at which time operations
        were suspended and the mine was placed under "care and maintenance".
        Residual leaching of the leach pads has continued since the suspension
        of active mining. As a result, the leaching and ADR facilities are in
        good repair as are the power generation, maintenance shops, office
        facilities and camp. The existing infrastructure also includes an
        established fresh water supply system, process water supply system,
        truck shop, warehousing and lay down areas, an in pit crushing and
        conveying system and a secondary/ tertiary crushing and screening plant.
        Most of the existing infrastructure requires little to no modifications
        or improvements other than general clean up and repair. Significant
        upgrades designed to increase production throughput are planned for the
        in-pit crushing and conveying and secondary/tertiary crushing and
        screening infrastructure in order to meet planned production throughput.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            5-19
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        The town of Copiapo is the primary staging and support area for the
        mine. Copiapo features an established construction contractor (Vechiola)
        with road construction and site construction experience. Several, small
        welding and steel fabricators are also located in Copiapo. There is also
        a Caterpillar distributor established in Copiapo.

        Chile features a strong mining culture with well established support
        centers in both Santiago and Antafagasto. Both centers are within
        reasonable distance of the project. Most of the major equipment supply
        and support will originate from these two major centers.


        Manpower is expected to be attracted from throughout Chile with the
        majority of the employees residing in Copiapo or La Serena.







       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            5-20
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


6.0     HISTORY

        David Thomson and Mario Hernandez discovered gold mineralization at
        Refugio in 1984. Shortly after their discovery, Hernandez, Thomson, and
        three other partners acquired the existing claims at Refugio for
        Compania Minera Refugio (CMR). CMR completed geologic mapping and
        geochemical sampling, identifying anomalous gold values in three areas:
        1) Cerro Verde, 2) Cerro Pancho, and 3) Guanaco.

        In 1985, Anglo American Chile Limitada (Anglo) optioned the property
        from CMR. Anglo explored the property for three years, returning the
        claims to CMR in 1988.

        In 1989, CMR signed a letter of intent to explore the Refugio property
        with Bema Gold Corporation (Bema). Bema commenced exploration fieldwork
        in October 1989 and from 1989 to 1991, completed 51,765 meters of
        drilling at Verde with an additional 5,088 meters at Pancho. Bema also
        commissioned Mineral Resources Development Inc (MRDI) to complete a
        feasibility study on the project, which indicated positive project
        economics. In January 1993, Bema exercised its option rights, obtaining
        a 50% interest in the Refugio properties. At the same time, CMR sold its
        remaining 50% interest to Amax Gold Inc. (Amax). Amax (operator) and
        Bema formed Compania Minera Maricunga (CMM), a 50/50 joint venture to
        develop and operate the Refugio project. From 1993 through 1997, CMM
        continued developing the project, beginning commercial production in
        1996.

        The mine operated from 1996 to 2001, producing more than 920,000 ounces
        of gold from 46.0 million tonnes of ore. Table 6-1 summarizes the
        production history of the mine.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            6-21
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>

                  TABLE 6-1 ANNUAL GOLD PRODUCTION OF THE REFUGIO MINE

- ------------------------------------------------------------------------------------------
            MINED         GRADE         GOLD          GOLD          ANNUAL    CUMULATIVE
   Year     tonnes        mined        on pad      production      recovery    recovery
           (x 1,000)     (Au g/t)      (ounces)     (ounces)         (%)          (%)
- ------------------------------------------------------------------------------------------
<S> <C>      <C>          <C>          <C>           <C>             <C>           <C>
    1996     7,617        1.028        251,749       101,276         40.2          40.2
    1997     7,789        1.021        255,681       147,085         57.5          48.9
    1998     8,207        0.928        244,863       161,046         65.8          54.4
    1999     8,936        0.940        270,061       179,465         66.5          57.6
    2000     8,801        0.938        265,415       169,832         64.0          58.9
    2001     4,643        0.946        141,215       133,947 NA                    62.5
    2002         -            -              -        26,094 NA                    64.3
    2003         -            -              -         5,000 NA                    64.6
TOTAL       45,993        0.966      1,428,984       923,745                       64.6
- ------------------------------------------------------------------------------------------
</TABLE>

        In 1998, Kinross Gold Corporation (Kinross) acquired Amax's 50% interest
        through a merger agreement.

        Mining operations at Refugio were suspended during the second quarter of
        2001, a result of depressed gold prices. Improving gold prices during
        2002 prompted CMM to evaluate options for re-opening the mine. Scoping
        studies quantifying the conditions necessary to re-open the mine
        completed. The studies indicated that the project economics required an
        increase in the existing reserve base. As a result, an exploration
        program was developed to evaluate the reserve potential at depth at the
        Verde deposits and the inferred resource at the nearby Pancho deposit,
        located approximately 2.0 km northwest of the Verde pit.

        A 35,000 meter drill program was approved in September 2002 with the
        objective of adding 20 million tonnes of measured and indicated resource
        at both Pancho and Verde. This mineralization had to be recoverable
        through open pit mining methods. Follow-up work to further delineate the
        mineralization, provide representative metallurgical samples and
        detailed geotechnical information would be contingent on the initial
        results of the drilling.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            6-22
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


7.0     GEOLOGICAL SETTING

        The Verde and Pancho gold deposits at Refugio occur in the Maricunga
        Gold Belt of the high Andes in northern Chile. Since 1980, a total of 40
        million ounces of gold have been defined in the belt, (Muntean and
        Einaudi, 2000).

        Basement rocks in the Refugio area are Paleozoic to early Tertiary age.
        The oldest rocks are the Late Pennsylvanian to Triassic aged rhyolite
        ignimbrites and breccias of the Pantanosa Formation. This unit has been
        uplifted along a northerly trending, westerly dipping reverse fault. The
        Pantanosa Formation is faulted over a package of interlayered redbeds
        and greenstones of the Monardes and Agua Helada Formations. These
        formations are Late Jurassic to Early Cretaceous in age. They comprise
        an east dipping (55(degree)) sequence of strata with a thickness of 900
        m. A 200 meter thick sequence of andesitic volcaniclastic sedimentary
        rocks overlie the redbeds and greenstones. These strata are correlated
        with Late Cretaceous to Early Tertiary rocks of the Quebrada Seca,
        Quebrada Paipote, and Las Pircas Formations.

        Gold mineralization at Refugio is hosted in the Refugio
        volcanic-intrusive complex of Early Miocene age. These rocks are largely
        of intermediate composition. Radiometric age dating indicates these
        rocks are between 22 to 24 Ma in age. (Muntean 1998).

        The Refugio volcanic-intrusive complex is exposed over an area of 12 km2
        and consists of andesitic to dacitic domes, flows, and breccias that are
        intruded by subvolcanic porphyries and breccias (Muntean 1998).
        Distinguishing between volcanic and intrusive rocks in the complex is
        difficult as there are only minor differences between the various units.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            7-23
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


7.1     ALTERATION

7.1.1   VERDE

        Alteration assemblages observed at Verde and Pancho are generally
        supportive of porphyry style mineralization but the intensity of the
        alteration fabric tends to be weak. Potassic alteration has been
        observed at Verde but generally tends to be rare. Silicification is
        local and patchy. Propylitic alteration, although variable on small
        scale, appears ubiquitous on a mine scale and in global terms does not
        change laterally or vertically. For that reason, primary alteration
        (including silicification) zonation has not been mapped.

        Supergene alteration, which directly affects gold recovery, occurs
        deeper within fracture and fault zones. Sericite and chlorite are
        replaced by clay minerals, magnetite by hematite and pyrite by jarosite.
        The oxidation and the leaching by meteoric waters has penetrated to
        variable depths within the deposits depending on the fracture intensity
        and faulting. The supergene alteration is accompanied by the deposition
        of limonite, manganese oxides, clay, sericite, jarosite along with
        gypsum in the argillic altered zones.

7.1.2   PANCHO

        Gold mineralization at Pancho is associated with a central zone of
        potassic alteration, which is manifested by replacement of mafic
        minerals, by fine grained, secondary biotite and magnetite. Partial
        replacement of plagioclase by k-feldspar can also be observed. Muntean
        (1998) has documented a more restricted core to this potassic zone
        consisting of magnetite-k feldspar-oligoclase replacement which grades
        outward into the more widespread secondary biotite zone. Similar to
        Verde, much of the potassic alteration is obliterated or obscured by a
        later chlorite overprint.

        The intermediate to upper parts of the system are dominated by
        pyrite-albite-clay-sericite alteration, primarily in the volcanics but
        also overprinting the upper parts of the potassic zone. This alteration
        is late and probably has a large supergene component.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            7-24
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        In the uppermost parts of the system analysis indicates the presence of
        hypogene alunite, dickite and pyrophyllite, characteristic of
        epithermal, high sulfidation alteration. This hypogene assemblage occurs
        together with strong supergene alunite, kaolinite and other clays.

        The presence of this high level alteration within 100-200 m of the
        potassic zone suggests strong telescoping of the system.

7.2     STRUCTURE

        Most of the structural trends affecting the Verde and Pancho deposits
        are related to fracture systems rather than fault zones. The dominant
        trends are north-northeast and north-northwest fracture systems that can
        be readily identified at Verde. At Pancho, the dominant structural trend
        is northwesterly, reflected not only in mineralized structures but also
        in late, post mineral structures.

        One of the main structural features influencing the Pancho deposit is
        Falla Guatita fault zone. Field mapping suggests that there may be
        significant vertical displacement on this structure. The distinctly
        higher copper grades and presence of potassic alteration in the main
        zone suggests that the central portion of the Pancho deposit may have
        been down dropped. Another major fault affecting the Pancho deposit is
        the Falla Moreno, which is interpreted to have significant, north side
        down offset. This structure trends roughly east west and forms an
        approximate northern boundary for the mineralization at Pancho.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            7-25
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


8.0     DEPOSIT TYPES

8.1     VERDE

        Gold mineralization at Refugio has been interpreted to be porphyry style
        gold systems. At Verde West, gold mineralization is centered about an
        elliptical porphyry plug measuring 175 by 100 m and oriented at
        N30(degree)W. At Verde East, the porphyry plug measures 130 by 80 m and
        is oriented at N35(degree)E. The porphyries occur within a sequence of
        intermediate tuffs, porphyries and breccias that are the host rocks to
        the gold mineralization. Lithological interpretation at Verde has
        identified six major lithologic units. These are:

        o       Post mineral intrusives (barren),

        o       Mineralized post mineral intrusives,

        o       Verde breccia

        o       Dacite porphyry

        o       Dacite tuffs

        o       Laguna tuff (barren)

        The most favourable ore hosts are the Verde breccia and dacite porphyry
        units. The dacite porphyry is a volcanic to hypabyssal intrusive rock
        with 20% to 40% plagioclase phenocrysts in a fine-grained matrix. It
        contains phenocrysts of biotite, hornblende, and sparse quartz. The unit
        is the best host for stockwork veining, with some portions containing up
        to 20% quartz-magnetite +/- pyrite veinlets.

        The Verde Breccia consists of intrusive breccia and/or volcanic tuff
        breccia. It's geometry suggests an intrusive origin. The unit consists
        of breccia with angular to rounded clasts, generally matrix supported.
        The breccia is generally green to greenish gray, which is one of the
        diagnostic features of the unit. The color of the rock is largely due to
        chlorite and occassionally epidote. The fragments range from 2


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            8-26
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        mm to greater than 2 meters in size. Locally the unit is mostly
        matrix-sized material with only sparse clasts. Clasts in the unit are
        generally monolithic volcanic fragments, which are often porphyritic
        with white plagioclase laths up to 5 mm in length. The unoxidized rock
        typically contains 0.5 to 1% pyrite. Quartz-magnetite veinlets are
        common in the mineralized portions of the unit. In places, the breccia
        is cut by fine-grained matrix material that forms clastic-like dikes.
        These are generally > 2 cm in width. They may have been formed as
        "fluidized" material injected into fractures at the time of the
        formation of the unit.



        Figure 8-1 is a geological map of the Refugio Area (after Muntean,
        2000).







       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            8-27
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                  FIGURE 8-1 -GEOLOGY OF THE REFUGIO MINE AREA









                                  [MAP OMITTED]










       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            8-28
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


8.2     PANCHO

        Mineralization at Pancho is concentrated within a sub-horizontal
        volcanic breccia (P_BX) unit. Underlying the volcanic breccia is a
        large, laterally extensive, diorite porphyry, which outcrops half way
        down the Pancho west slope. This porphyry underlies the entire Pancho
        area. The diorite appears to have been a semi-homogenous fracturable
        host for quartz veinlet gold bearing mineralization. Lithological
        mapping has subdivided the porphyry into three distinct units; Diorite
        Porphyry (P_DIO), Micro-Diorite (P_DIO_A) and Biotite Porphyry
        (P-DIO_B), based largely on stratigraphic position within the deposit.
        Although not exposed on surface, a post mineral intrusive (P_DIO_B)
        similar to Verde has been interpreted at depth. It appears to be a fresh
        equivalent of the diorite porphyry, without quartz veinlets or
        mineralization. It does not form a well defined, subvertical column as
        at Verde but occurs as several dyke like fingers.

        Mineralization appears to be confined beneath a thick bedded to massive
        pyroclastic volcanic (P_VOLC) unit, which, due to poor fracturing
        characteristics appears to have acted as an aquatard during mineral
        emplacement.





       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            8-29
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


9.0     MINERALIZATION

9.1      VERDE

        Gold mineralization at Verde is interpreted to be the result of the
        fracturing and concentration of fluids in the carapace of an intrusive
        plug or stock. Gold is closely associated with quartz, magnetite,
        calcite, and garnet stockworks. Approximately 80% of the stockwork veins
        are generally dark grey in color, finely banded, with magnetite. The
        remaining 20% are principally white quartz veins. Gold mineralization is
        postulated to have resulted from at least 2 phases of mineralization,
        the first is a lower grade phase associated with copper and probably the
        porphyry emplacement event. The second phase is a higher-grade gold only
        event possibly associated with the structurally emplaced veinlet swarms
        and northwest trending sheeted veinlet zones more evident in Verde East.

9.2     PANCHO

        Gold mineralization at Pancho is characterized as porphyry hosted,
        stockwork and sheeted veins. The veins are subvertical and have a
        strong, preferred north-westerly strike. The northwest structural
        control is evident not only at outcrop scale but is also reflected in
        the northwest alignment of intrusives and the three centers of
        mineralization in the district, Verde, Pancho and Guanaco. Several vein
        types are associated with mineralization at Pancho but their relative
        distribution was not differentiated in this program. Gold occurs in
        banded, vitreous, quartz veinlets, in quartz magnetite veinlets and in
        what Muntean (1988) describes as early, quartz-magnetite-chalcopyrite
        "A" veins after the terminology of Gustafson and Hunt (1975). Veinlet
        frequency is low, usually 1-2 per drill meter.

        The porphyritic diorite intrusives and intrusive breccias are the main
        hosts for mineralized veins. Mineralization is also hosted by the
        volcanic rock but grades drop rapidly away from the intrusive contact.
        Mineralization is interpreted to be confined beneath a thick bedded to
        massive pyroclastic unit, which, due to poor fracturing characteristics
        would have acted as an aquatard.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                            9-30
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


10.0    EXPLORATION

        Exploration of the Verde and Pancho deposits has been ongoing since
        1984. A total of 667 holes (103,392 m) of drilling has been completed on
        the Verde deposit with an additional 147 holes (30,240 m) completed at
        Pancho. The drilling has resulted in a drill spacing of approximately 50
        x 50 meters at Verde and 75 x 75 meters at Pancho. Table 10-1 summarizes
        the various drill campaigns at Verde and Pancho.

<TABLE>
<CAPTION>
<S>                                                                           <C>

                      TABLE 10-1 - EXPLORATION DRILL SUMMARY

- -------------------------------------------------------------------------------------
                                  VERDE                          PANCHO
- -------------------------------------------------------------------------------------
  Company      Year     RC      RC     Core     Core     RC     RC     Core    Core
                        (#)     (m)     (#)     (m)      (#)    (m)     (#)     (m)
- -------------------------------------------------------------------------------------
Bema           1989      45    5,060     -         -      -        -     -         -
- -------------------------------------------------------------------------------------
Bema           1990     231   46,705    31     4,083      -        -     -         -
- -------------------------------------------------------------------------------------
Bema           1991       -        -     6     1,090     24    5,088     -         -
- -------------------------------------------------------------------------------------
SUBTOTAL                276   51,765    37     5,173     24    5,088     -         -
- -------------------------------------------------------------------------------------
CMM            1993     176    5,060     -         -      -        -     -         -
- -------------------------------------------------------------------------------------
CMM            1994       -        -     6     4,083      -        -     -         -
- -------------------------------------------------------------------------------------
CMM            1997       -        -     -         -     15    4,296     -         -
- -------------------------------------------------------------------------------------
CMM            1998       -        -    18     6,689      -        -     -         -
- -------------------------------------------------------------------------------------
SUBTOTAL                176    5,060    24    10,772     15    4,296     -         -
- -------------------------------------------------------------------------------------
CMM            2003      20    3,154   134    27,468     39    6,710    69    14,146
- -------------------------------------------------------------------------------------
TOTAL                   472   59,979   195    43,413     78   16,094    69    14,146
- -------------------------------------------------------------------------------------
</TABLE>

        Figures 10-1 and 10-2 are plan maps of Verde and Pancho showing the
        completed drill holes as at December 1, 2003.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           10-31
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


             FIGURE 10-1 VERDE DRILLING COVERAGE AS AT JUNE 30, 2003






                                  [MAP OMITTED]












       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           10-32
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


              FIGURE 10-2 PANCHO DRILL COVERAGE AS AT JUNE 30, 2003









                                  [MAP OMITTED]









       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           10-33
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


11.0    DRILLING

        Historically, most of the drilling at Refugio consisted of reverse
        circulation drilling. The destructive nature of this drill method made
        identification of lithology, structure and alteration difficult. The
        2002 - 2003 drilling consisted primarily of diamond drill core,
        providing site geologists with an opportunity to refine the geology
        model of the deposit.

        The preferred orientation of drilling for the Verde deposits is 060 -
        240(Degree) azimuth. At Pancho, the preferred orientation for the
        drilling grid of 038 - 218(Degree) was established based on the
        northwest strike of veinlet swarms observed in drill roads.

11.1    RIG SETUP AND SURVEY

        All proposed drill locations were laid out in plan and on section. The
        collar coordinates were provided to the mine survey crews who laid out
        the drill pad locations in the field using total station theodolites.
        Pad locations were verified prior to construction to ensure access and
        safety. After pad construction, the mine survey crews established the
        collar location and marked it in the field. They also established the
        front sight and back sights necessary to provide the drill direction.
        After the drill was moved onto the setup and prior to the start of
        drill, geological staff verified the drill alignment and inclination
        using a Brunton compass. The survey crew later verified alignment and
        inclination when the drill hole was in progress.

        Downhole inclinometry was completed at the end of each hole. Gyroscopic
        azimuth and inclination readings were taken every 10 meters down the
        hole to within ten meters of hole bottom and every 50 meters back up the
        hole as a double check.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           11-34
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


11.2    TOPOGRAPHIC BASE AND SURVEY AUDIT

        All field surveys were tied into the established mine grid. Survey data
        was incorporated into current as-built plans that were updated and
        maintained in AutoCAD by the survey crews. Guillermo Contreras and Sons
        Limitada (Santiago), licensed Chilean surveyors completed a survey audit
        that verified an approximate 10% of the drill collars using a
        differential GPS survey system. No significant errors were noted.

11.3    CORE HANDLING, STORAGE AND SECURITY

        Drill core was placed in labelled boxes, fitted with lids and
        transported to the site logging facility by pick-up. All core logging
        was completed at an open air logging facility located behind the
        administrative building. Only CMM personnel worked with the drill core.







       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           11-35
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


12.0    SAMPLE METHOD AND APPROACH

12.1    RC DRILLING

        CMM provided all of the technical support for the sampling, geologic
        logging, and drill supervision. Rig geologists and samplers were
        responsible for the quality/accuracy of each sample. Geologists and
        samplers typically had up to 15 years experience sampling.


        The 2003 drill program adopted a 2.0 meter standard sample length for
        all samples.


        When drilling dry, reverse circulation drill cuttings were directed from
        the cyclone to a Gilson splitter where the sample was reduced to a 6-8
        kg sample. Typically, this required a 1/8 split of the drill cuttings.
        The hole and cyclone were blown clean after each rod change. Two
        samples, an original and a duplicate, were produced for each 2.0 meter
        interval. The samples were weighed, and the weight, number of splits and
        hole diameter were recorded. The samples were bagged and tagged and
        prepared for transport to the on-site sample preparation facility. The
        splitter was air cleaned after each sample.

        When sampling wet, a rotating wet sampler replaced the Gilson splitter
        below the cyclone. Usually ground water flow was not sufficient and make
        up water was necessary to provide uniform flow to the splitter. As with
        the dry sample collection, two samples (6 - 8 kg.) were collected in
        perforated sample bags at the exit port of the wet splitter. These
        samples were not weighed immediately but were left to drain for a 24
        hour period prior to transport to the sample preparation facility.

        Typical chip trays were produced for logging and future reference. In
        addition, a 100 g, unwashed sample (reference sample) was collected for
        each 2.0 meter interval. All chip trays and reference samples were
        placed in permanent storage at site.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           12-36
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


12.2    CORE DRILLING

        Drill core was received and laid out for logging and sampling at the
        core logging facility. The first sample of each core hole was marked
        from the start of core recovery to the end of the first even meter. From
        that point, samples were laid out every 2.0 meters downhole. Sample
        numbers were marked on the core box edges, accounting for number gaps
        for QA/QC sample insertion. Logged and marked boxes of whole core were
        transferred to the ALS Chemex sample preparation facility where chain of
        custody was transferred from CMM to ALS Chemex.

        CMM received the sawn core, in the original labelled boxes, from ALS
        Chemex after splitting. The half-cores were stored shipping containers
        at the Refugio site. In all, ten containers were used to store the
        half-core library.

        Core sample rejects are bagged in plastic, labelled and received from
        the ALS Chemex sample preparation facility. These bags are placed in
        cubic meter wooden bins. The bins are labelled according to hole number
        and sample range. The bins are stored beside the core containers and are
        locked in a covered storage compound.

12.3    LOGGING

        Experienced geologists logged the reverse circulation chips and drill
        core at Refugio. Reverse circulation chips were typically logged at the
        drill while core was typically logged at the core logging facility. All
        logging utilized standardized logging forms and a geological legend
        developed for the Verde and Pancho deposits. The legend has evolved from
        historic observation and is consistent with both the regional and local
        geology. The legend and logging records lithology, alteration,
        structure, mineralization and oxidation (of pyrite) for each two meter
        sample interval, reducing the geological descriptions to numeric or
        alphanumeric codes. Unique features not accounted for in the legend are
        noted in written comments. The legend stresses oxidation conditions of
        pyrite, veinlet mineralization, location and amount of magnetite and
        occurrence of typical porphyry alteration minerals.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           12-37
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Golder Associates Santiago (Golder) identified all holes requiring
        detailed geotechnical logging that was completed by Golder trained
        staff. CMM geologists typically recorded both Rock Quality Designation
        (RQD) and recovery data for each hole. Recoveries averaged better than
        95% during the 2003 program.

        During the 2002 - 2003 spot check logging and cross checks with pit
        mapping by senior expatriate geologists found the logging to be of good
        quality.

12.4    GEOTECHNICAL CORE LOGGING

        Golder managed the geotechnical program. Francisco Carrasco, (Project
        Manager) and Joaquin Cabello (Assistant Manager) supervised the filed
        programs and provided the initial training. The program included
        detailed geotechnical logging of selected drill holes, uniaxial
        compressive strength (UCS) testing of selected cores, completion of a
        seven (7) hole oriented core program and cell mapping of existing pit
        walls and road cuts. Golder also managed a hydrology study including
        installation of peizometer wells for monitoring water levels.

        Golder provided all initial training and completed frequent site visits
        to maintain quality control of the work and upgrade training of the
        filed staff performing the work.






       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           12-38
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


13.0    SAMPLE PREPARATION, ANALYSIS AND SECURITY

13.1    SAMPLE PREPARATION

        All sample preparation, including core splitting (sawing) was performed
        and supervised by ALS Chemex personnel. ALS Chemex established, equipped
        and staffed a portable sample preparation facility at the Refugio mine
        for the duration of the program. The sample preparation facility
        included two rock saws, three drying ovens, two Rhino jaw crushers and a
        Jones riffle splitter.

        After logging and sample mark up, the core boxes were sent to the sample
        preparation facility. ALS Chemex personnel physically sawed the core.
        The core splitter randomly selected the split line. Core splitters were
        trained to maintain the same cut line on contiguous pieces of core
        wherever possible. After splitting, one half of the core was placed in
        sample trays along with the sample tag. These were placed in the drying
        ovens for drying. The other half of the core was fitted back into the
        core box and returned to CMM for placement in permanent storage.

        All samples were dried for 4 - 6 hours at 70(Degree) Celsius. For wet
        reverse circulation samples, the dry time was increased to 24 hours.
        After drying, sample weight was recorded and the sample was single pass
        crushed to 90% passing 2 mm using the Rhino Jaw crushers. The crushers
        were cleaned with air after each sample and cleaned with barren quartz
        after every five (5) samples. Crush size was monitored after every 20
        samples to ensure that the final product met the crush size
        specification.

        After crushing, the entire sample was passed through a Jones riffle
        splitter, reducing the sample size down to a nominal 1.0 kg size. A
        preparation duplicate was collected every forty (40) samples. The
        duplicate was distinguished by an "A and B" designation and treated as
        per the standard sample procedure. The coarse rejects were returned to
        the original sample bag, labelled and returned to CMM for storage.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           13-39
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        The 1.0 kg samples were sealed in plastic bags, labelled, packed in
        crates and transported to the primary analytical facility (ALS Chemex -
        La Serena) for analysis.

13.2    ANALYSIS

        The prepared samples were received at the ALS Chemex's facility in La
        Serena (the primary analytical lab for the duration of the program)
        where analyses for Au, Ag, Cu and cyanide soluble Au and Cu analyses
        were performed.

        On receipt of the samples the work order numbers and sample numbers were
        recorded and the samples were arranged for analysis based on the
        individual sample numbers. The entire 1.0 kg sample was pulverized to
        95% passing -150 mesh using an LM-2 pulverizer. The pulverizer was
        cleaned with compressed air after each sample. Sieve analyses were
        performed after every 20th sample to ensure the final product met the
        stated specification of 95% passing -150 mesh.

        After pulverization, the sample was reduced to a 300 gram sample and 700
        gram reject. The reject placed in labelled plastic bags and returned to
        CMM for storage.

        The 300 gram sample is homogenized. After homogenization:

        o       a 50 gram aliquot is selected for fire assay with atomic
                absorption finish for gold,

        o       a second aliquot is selected for total digestion atomic
                absorption analyses for silver and copper,

        o       a 20 gram aliquot is selected for cold cyanide soluble gold
                analysis, leached for 4 hours with 60 ml of cyanide solution
                (0.1% NaOH & 0.5% NaCN).

        o       A 1 gram aliquot is selected for cold cyanide soluble copper
                analysis, leached for 2 hours with 20 ml of cyanide solution.

        Dr. B. Smee (Smee and Associates Consulting Ltd.) completed operational
        audits of the La Serena lab for the 2002-2003 program. The operational
        audits were


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           13-40
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        performed measuring compliance with analytical best practices as well as
        to NI-43-101 requirements with respect to quality control and quality
        assurance. Dr Smee did not note any significant problems with this
        facility, concluding that ALS Chemex's lab and procedures met the
        highest industry standards.

        Initially, ALS Chemex assigned work order numbers at the mine site but
        in March 2003 a Lab Information Management System (LIMS) was adopted and
        work order numbers were generated from a centralized ALS Chemex
        location.

        Results containing Au, Ag, Cu or CN Au, CN Cu were sent via digital mail
        to the Project and Office Managers. Attachments included 1 file per
        hole, identified by work order number and hole number. The file included
        internal ALS Chemex blanks and duplicates, while results of ALS Chemex
        standards were reported monthly in a separate file.

        ALS Chemex was also requested to send from a list chosen by CMM 3
        batches of pulps (1/40 samples) to Assayers Canada in Vancouver. Dr.
        Smee audited the Assayers laboratory in February 2003 and found them
        acceptable to qualify as a referee lab for the project.



13.3    QUALITY CONTROL / QUALITY ASSURANCE

        The QA/QC program was designed and monitored by Dr. B. Smee. The program
        included the insertion of one blank, one standard, and one duplicate
        (randomly selected) for each batch of 40 samples. Standards were not
        available for insertion for the first 3 weeks of the program. The
        standards were designed by Dr. Smee and provided by Rocklabs, New
        Zealand. Dr. Smee selected the standards to best match Refugio rock
        types and grades. Standards were designed to monitor gold grade only.
        The standards were not blind to the analytical lab.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           13-41
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Duplicate samples were randomly selected within the sample batches.
        Reverse circulation duplicates were taken as an opposite split post
        cyclone and given a sequential sample number. RC duplicates were not
        taken below the water table. As the duplicate was generated in the
        field, no ALS Chemex personnel could identify these samples as
        duplicates. For core, two duplicates of one interval were taken. The
        first (d1) was a second split of post crusher product. The second (d2)
        was the actual other half of sawn core. The intent was to see the
        variance according to crushing procedure (d1) and also the variance
        according to natural geological variance + crushing procedure. This
        would also allude to any bias in core sawing activity. In the core
        duplicate samples, obviously ALS Chemex sample preparation personnel
        knew which samples were being duplicated, while ALS Chemex analytical
        personnel did not.

        ALS Chemex also inserted their own blanks, standards and duplicate
        samples for each sample batch as part of the labs own internal quality
        management program.


13.3.1  TABLE OF FAILURES

        The Senior Geologist extracted the QA/QC sample results from the digital
        result files based on the sample numbers. If a standard assay fell
        outside 3 standard deviations of the standard value, the entire batch of
        40 samples was rerun. If 2 consecutive standard assays fell within 2
        standard deviations of the standard value, a batch rerun was requested.
        If a blank exceeded 0.05 g/t au, a batch rerun was requested. No reruns
        were determined from duplicate data.

        Monitoring of the QA/QC data required a total of 17 batch reruns (649
        samples) based on standards failures. This represented approximately 2%
        of the total analyses run for the project. Inspection of batch failure
        results indicates minimal bias with both gold and copper relative to the
        repeat batch assays. At the end of the project, an additional nine QA/QC
        batch assays (347 samples) were selected based on standards failures.
        Three additional batches plus 11 individual samples (127 total) were
        found to have CNAu at least 0.10 g/t au greater than the total gold
        assay. These were also rerun for both total and cyanide.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           13-42
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


13.3.2  ANALYSIS OF QA/QC DATA

        All standard, blank and duplicate results were sent to Dr. Smee for
        analysis. Duplicate results were analyzed for precision and plotted on
        Thompson Howard graphs. Dr. Smee found the error rate and duplicate
        variance normal for porphyry gold deposits. In his final report, (July
        20,2003) he concluded the gold assay database to be of commercial
        quality but raised concerns about eight of the 650 ALS Chemex digital
        files. All eight files, containing failures, had already been
        reanalyzed, were determined to have had CMM field labelling errors, or
        were duplicated assay sets.

13.3.3  REFEREE LABORATORY

        Assayers Canada (Assayers), Vancouver, was selected as the referee
        laboratory for the program. One pulp per ALS Chemex batch of 40 was
        selected at random, including the CMM standards, blanks and duplicates.
        Additionally one of the 3 CMM standards was inserted in this sample
        stream to check Assayers at a frequency of 1 per 40. Three batches of
        checks (631 samples in total) were sent to Assayers over the duration of
        the program. Results were forwarded to Dr. Smee who concluded that the
        two labs essentially agreed on gold and cyanide soluble gold analysis
        within normal precision limits.






       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           13-43
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


14.0    DATA VERIFICATION

14.1    GENERAL

        Kinross Technical Services verified the Initial Database (IDB) to copies
        provided by Bema Gold Corporation and MRDI. The verified IDB was
        forwarded to the CMM field team to serve as the starting point for the
        project. The IDB was backed up to CD-R format and stored.


        Original drill logs, assay certificates, survey worksheets and other
        original data were located and used to verify the data contained in the
        IDB. Verification of the historical data included:

        o       Collar location,

        o       Collar azimuth and dip,

        o       Downhole azimuth and dip,

        o       Total gold and copper analyses,

        o       Cyanide soluble gold and copper analyses,

        o       Primary lithology code,

        o       Primary alteration code,

        o       Primary oxidation code

        Assay certificates, and original logs were found for approximately 80%
        of the historical data.

14.2    PRE-2002 DATA VERIFICATION

14.2.1  COLLAR DATA

        Verification of the historic collar data identified one error of note.
        Collar coordinates of drill holes completed between 1986-87 did not
        match the coordinates recorded on original survey sheets. This error was
        also corrected.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           14-44
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


14.2.2  SURVEY DATA

        Much of the historical downhole survey data could not be located. The
        limited downhole survey data that was located was used to verify the
        data in the IDB. No significant errors were noted.

14.2.3  LITHOLOGY, ALTERATION, OXIDATION, VEIN AND MINERALIZATION DATA:

        Ten percent of all lithology, alteration, oxidation, vein description
        and mineralization data for the 1997 - 1998 drill campaign was verified
        as this data was collected using field practices and logging formats
        consistent with the 2002-2003 effort.

14.2.4  ANALYTICAL DATA:

        Ten percent of the historical analytical results in the IDB were
        verified against original assay certificates. Rare errors were detected
        during the verification process but these were almost exclusively
        related to the recording of results below the detection limit for
        successive programs.


14.3    2002-2003 DATA VERIFICATION

14.3.1  COLLAR DATA

        Prior to entering collar data into the database, collar locations were
        visually checked for obvious errors such as transposed northings and
        eastings. Once entered, collar coordinates and hole lengths were
        extracted and printed for direct comparison to the original survey
        certificates. The collar coordinates were compared against the signed
        surveyors' certificate and the hole length were checked against the
        geologists' logs. Three independent checks of this information yielded
        rare errors. Collar information was also digitally checked against the
        surveyors' final compilation file; this check also yielded rare decimal
        place errors. Erroneous data was corrected and reloaded. The corrected
        data was subjected to two additional independent checks.


14.3.2  SURVEY DATA

        Prior to entering the downhole survey data into the database it was
        visually scanned for obvious errors. After entry, the data was extracted
        and printed for manual verification relative to the original downhole
        survey data contained in the files and


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           14-45
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        provided by Comprobe. Data verification of 10% of the downhole survey
        data was completed for the survey data. Two independent checks of this
        data detected no errors. Visual inspections of the plotted hole traces
        also failed to identify any obvious errors or miss-plots.


14.3.3  LITHOLOGY, ALTERATION, OXIDATION, VEIN AND MINERALIZATION DATA:

        Lithology, Alteration, Oxidation, Vein Description and Mineralization
        data collected during the 2002-2003 field season was verified against
        the original logs. A 10% check of the database yielded an unacceptable
        amount of errors and led to a 100% check. The 100% check yielded an
        error rate of 3.5%, with most of the errors related to the recording of
        alteration. These errors were corrected


14.3.4  ANALYTICAL DATA:

        A random 10% of the analytical data was verified against the original
        assay certificates. Only rare errors were detected, usually pertaining
        to how results below detection were entered in the database. Erroneous
        data was corrected and re-entered.


14.3.5  GEOTECHNICAL DATA:

        Ten percent of the geotechnical data collected during the 2002-2003
        field program was verified against the original geotechnical logs
        yielding a significant error rate. As a result, a 100% verification was
        initiated. Significant error rates were noted in the fractures-per-meter
        field. Error rates in the structural measurement and RQD fields were
        related to format errors rather than data entry errors. These errors
        were corrected.


        The QA/QC Database Manager has certified that the database as
        transferred to Kinross Technical Services on CD-R media is free of gross
        errors and omissions and is suitable for estimating resource and reserve
        estimates.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           14-46
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


14.4    DATA ENTRY, STORAGE, MANAGEMENT AND SECURITY

        The QA/QC Database Manager was responsible for updating and managing the
        Project Database (PDB). Only the QA/QC Database Manger could access,
        update or otherwise modify the PDB. Regular backups were made to CD-R
        disks over the duration of the program. The final PDB was transferred to
        Kinross Technical Services to be used in resource modeling.

14.4.1  DATA ENTRY

14.4.1.1         COLLAR COORDINATES

        The mine survey department entered collar coordinates, drill azimuth and
        inclination into spreadsheets that were provided to the QA/QC Database
        Manager. The QA/QC Database Manager checked the spreadsheet data against
        original survey field notes prior to importing the data into the PDB.
        Cross sections and drill hole composite plans were plotted using Gemcom
        software and were inspected by the Senior Geologist for collar and
        directional errors. Final hole depths were verified against the drill
        log hole depth.

14.4.1.2        DOWNHOLE SURVEY DATA

        Comprobe provided the downhole survey data in spreadsheet format to
        CMM's Office Manager who checked the data for obvious errors. Once
        satisfied that the downhole survey data was correct, the Office Manager
        provided the spreadsheet files to the QA/QC Database Manager for import
        into the PDB.

14.4.1.3        LITHOLOGY, ALTERATION, MINERALIZATION AND OXIDATION

        The Office Manager and Data Entry Clerks entered data from the field
        lithology logs into spreadsheets, one for each hole. A double-blind
        entry system was not used in recording this data. A 100% manual check of
        this data was performed at the end of the drill program.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           14-47
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


14.4.1.4        ASSAY DATA

        Assay results were received as digital files, identified by work order
        number and hole number. The assay files included individual sample
        numbers allowing the samples to be matched to the sample intervals. The
        digital files were imported into spreadsheet files that were verified
        back to the original assay files prior to being imported into the PDB.

14.4.1.5        QA/QC DATA

        The Senior Geologist matched assays to sample numbers on the original
        log and extracted the QA/QC data from the sample stream into an excel
        spreadsheet which was used to monitor QA/QC data independently from the
        sample stream. The QA/QC data was sorted into worksheets for blanks,
        standards and duplicates. The entire file was cross-checked between the
        Project Manager's copy and the Senior Geologist's copy. Once satisfied
        that the data was free of error it was sent via email to Dr. Smee for
        final analysis.

14.4.2  DATA STORAGE

        The PDB was established and maintained using Gemcom modeling software.
        The PDB was backed up on CD-R media on a regular basis for the duration
        of the field program. Once the PDB was fully updated with all the
        results collected during the 2002-2003 programs, the data was copied and
        forwarded to Kinross Technical Services in CD-R format. This database is
        referred to as the Final Database (FDB).


        In addition to the digital files, all available hard copy data was
        organized and inventoried on a per hole basis. This information was
        copied in triplicate with one copy forwarded to Kinross Technical
        Services, one copy forwarded to Bema and a final copy stored at the
        Refugio Mine. Original hard copy data was packaged and stored at the CMM
        office in Copiapo

14.4.3  DATA MANAGEMENT AND SECURITY

        Only the QA/QC Database Manager had the necessary file access
        permissions to update the PDB. Only Kinross' Manager of Technical
        Services could access and modify the FDB.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           14-48
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


15.0    ADJACENT PROPERTIES

        The Refugio Project is located within the Maricunga Gold Belt of
        northern Chile. Since 1980, a total of 40 million ounces of gold have
        been defined in the gold belt, (Muntean and Einaudi, 2000).



        The Maricunga Gold Belt hosts numerous mineral deposits of economic
        interest including:

        o       La Coipa, an epithermal gold-silver mine operated as a 50:50
                joint venture between Placer Dome Inc and Kinross,

        o       Marte-Lobo, a gold porphyry deposit that was partially developed
                by Teck Corporation and,

        o       Cerro Casale a large (1.035 billion tonne), undeveloped,
                porphyry copper-gold deposit that is a joint venture between
                Placer Dome (51%), Bema (24%) and Arizona Star Resource
                Corporation (25%).






       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           15-49
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


16.0    MINERAL PROCESSING AND METALLURGICAL TESTING

        The 2002-2003 Exploration Program included the following metallurgical
        and physical property test work:

        o       cyanide soluble gold analyses

        o       cyanide soluble copper analyses

        o       direct agitated cyanidation tests (bottle roll)

        o       column leach tests

        o       Bond work index tests

        o       specific gravity determinations

        o       Acid Based Accounting (ABA) tests


16.1    CYANIDE SOLUBLE ASSAYS

        Both gold and copper cyanide soluble analyses were routinely analyzed
        for both Verde and Pancho. Results were used to guide selection of
        samples for bottle roll and column leach tests. Cyanide copper analyses
        were also used to adjust process operating costs during pit optimization
        of the resource model. The mechanics of the Process Cost Adjustment
        Factor (PCAF) are discussed elsewhere in this report.

16.2    DIRECT AGITATED CYANIDATION (BOTTLE ROLL) TESTS

        Bottle roll composite samples were selected from the half core library
        based on lithology, oxidation state, grade and spatial location. A total
        of 43 bottle roll samples were selected from the Verde with an
        additional 15 samples collected from Pancho. The samples were shipped to
        McClelland Laboratories, Nevada for testing.

        The grade selection criteria used for selection of the bottle roll tests
        were:

        o       Low grade    0.50 to 0.75 g/t

        o       Mid-grade    0.75 to 1.0o g/t and

        o       High grade   >1.0 g/t


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-50
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Oxidation state was determined based on the visual logging of oxidation
        noted in the geological logs. Three distinct oxidation levels were
        defined.

        o       Oxide        >90% oxidation of sulphide

        o       Mixed        between 10% and 90% oxidation of sulphides and

        o       Sulphide     <10% oxidation of sulphides.


        Samples were selected from the four major ore bearing lithologies, post
        mineral intrusives and Laguna tuffs were not sampled.


        Sample selection was restricted within an optimized pit shell generated
        at a US $400 gold price. Table 16-1 summarizes the Bottle Roll sample
        selection.

<TABLE>
<CAPTION>
<S>                                                                           <C>

                  TABLE 16-1 SUMMARY OF BOTTLE ROLL SAMPLE SELECTION

- -------------------------------------------------------------------------------------
                                      GRADE
- -------------------------------------------------------------------------------------
                                   Low           Medium            High
DEPOSIT                       (0.50 - 0.75)   (0.75-1.00)       (>1.00 g/t)
- -------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------
Pancho     # of samples                  5              5                       5
- -------------------------------------------------------------------------------------
Verde W    # of samples                  5              5                      11
- -------------------------------------------------------------------------------------
Verde E    # of samples                  9              5                      10
- -------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------
                                     OXIDATION
- -------------------------------------------------------------------------------------
                                  Oxide          Mixed            Sulphide
DEPOSIT                          (>90%)         (10-90%)           (<10%)
- -------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------
Pancho     # of samples                  6              3                       6
- -------------------------------------------------------------------------------------
Verde W    # of samples                  8              5                       8
- -------------------------------------------------------------------------------------
Verde E    # of samples                  9              6                       9
- -------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------
                                     LITHOLOGY
- -------------------------------------------------------------------------------------
                                   Diorite       Breccia    Mineralized   Dacite
DEPOSIT                                                     Post Mineral  Porphyry
                                                             Intrusive
- -------------------------------------------------------------------------------------
Pancho     # of samples                  6              9              -        -
- -------------------------------------------------------------------------------------
Verde W    # of samples                  -              7              5        9
- -------------------------------------------------------------------------------------
Verde E    # of samples                  -              9              6        9
- -------------------------------------------------------------------------------------
</TABLE>


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-51
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Results of the bottle roll tests show distinct differences in recovery
        based on the level of oxidation. Oxide ores exhibit higher recoveries
        than Mixed ores which, in turn, demonstrate higher recoveries than the
        Sulphide ores. These finding agreed with the historical metallurgical
        testwork and experience gained from mining in the pit.


        A summary of the bottle roll test results is presented in Table 16-2


                   TABLE 16-2 - SUMMARY OF BOTTLE ROLL RESULTS


                  --------------------------------------------
                  DEPOSIT          OXIDATION        RECOVERY
                                     CLASS             (%)
                  --------------------------------------------
                  Verde            OXIDE                72.3
                                   MIXED                63.8
                                   SULPHIDE             53.0
                  --------------------------------------------
                  PANCHO           OXIDE                83.0
                                   MIXED                72.8
                                   SULPHIDE             68.6
                  --------------------------------------------

16.3    COLUMN LEACH TESTS

        Results of the bottle roll tests were used to target specific areas of
        the deposit with the HQ diameter drill holes that were used to collect
        the sample material necessary for column leach analysis. Composite
        samples were collected from whole HQ diameter core that was drilled
        specifically for the metallurgical test program. A total of 10 HQ
        diameter holes (1,500 meters) of core were drilled at Verde for the
        purpose of column leach tests. An additional seven (7) samples were
        collected at Pancho but unlike the Verde samples, the Pancho samples
        were taken from remaining half cores available at the time of sample
        selection.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-52
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        For the Verde samples, column tests were established for three different
        product sizes (6.3, 9.5 and 15.8mm). The same sample selection matrix
        established for the bottle roll tests guided column leach sample
        selection. Grade of the HQ diameter core was confirmed by cutting a
        sliver sample for each two-meter interval. Table 16-3 summarizes the
        Column Leach Sample program.

<TABLE>
<CAPTION>
<S>                                                                           <C>

                   TABLE 16-3 SUMMARY OF COLUMN LEACH SAMPLE SELECTION

- ------------------------------------------------------------------------------------------
                                         GRADE
- ------------------------------------------------------------------------------------------
                                       Low                Medium              High
DEPOSIT                         (0.50 - 0.75 g/t)    (0.75 - 1.00 g/t)     (>1.00 g/t)

- ------------------------------------------------------------------------------------------
Pancho        # of samples                      2                   2                 3
- ------------------------------------------------------------------------------------------
Verde West    # of samples                      2                   2                 1
- ------------------------------------------------------------------------------------------
Verde East    # of samples                      2                   2                 2
- ------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------
                                       OXIDATION
- ------------------------------------------------------------------------------------------
                                      Oxide                Mixed            Sulphide
DEPOSIT                               (>90%)             (10-90%)            (<10%)

- ------------------------------------------------------------------------------------------
Pancho        # of samples                      3                   1                 3
- ------------------------------------------------------------------------------------------
Verde West    # of samples                      -                   -                 5
- ------------------------------------------------------------------------------------------
Verde East    # of samples                      3                   3                 -
- ------------------------------------------------------------------------------------------
</TABLE>

        Results of the column leach tests matched the bottle roll results. Table
        16-4 summarizes the results of the column leach tests completed as part
        of this study.


                 TABLE 16-4 SUMMARY OF COLUMN LEACH TEST RESULTS

               --------------------------------------------------
                DEPOSIT     ORE TYPE     CRUSH SIZE     RECOVERY
                                          (k80 mm)        (%)
               --------------------------------------------------
               West Verde    Sulphide          15.8         44.0
                                                9.5         53.7
                                                6.3         57.2
               --------------------------------------------------
               East Verde    Mixed             15.8         70.5
                                                9.5         73.6
                                                6.3         79.3
               --------------------------------------------------
               EAST VERDE    OXIDE              9.5         77.0
               --------------------------------------------------
               Pancho        Sulphide           9.5         71.6
               --------------------------------------------------
               Pancho        Mixed              9.5         79.8
               --------------------------------------------------
               Pancho        Oxide              9.5         89.0
               --------------------------------------------------



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-53
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        The recovery results presented represent final recovery numbers after
        all the test work analysis was completed. At the time of the reserve
        estimate, final recovery estimates were not available. As a result, the
        recoveries used to generate optimum pit shells were slightly different
        than those noted above. A comparison of the recovery rates used for
        optimization purposes and those resulting from the final testwork are
        presented in Table 16-5.


         TABLE 16-5 COMPARISON OF OPTIMIZATION VERSUS TEST WORK RECOVERY

     ---------------------------------------------------------------------
                           OPTIMIZATION     BOTTLE ROLL    COLUMN TEST
     Deposit   Ore Type      Recovery        Recovery        Recovery
                                (%)             (%)            (%)
     ---------------------------------------------------------------------
     Verde     Oxide                 67             72              77
               Mixed                 67             64              74
               Sulphide              48             53              54
     ---------------------------------------------------------------------
     Pancho    Oxide                 80             83              89
               Mixed                 75             73              80
               Sulphide              70             69              72
     ---------------------------------------------------------------------


        On receipt of the final recovery results, the pit optimizations for
        Verde and Pancho were re-run to determine what impact the change in
        recovery had on the reserve estimates. Based on analyses of optimum pit
        shells, it was determined that the change in recovery had minimal impact
        on the pit designs and reserve estimates of the deposits.


        Figures 16-1 and 16-2 are plan views of the Verde and Pancho pits
        showing the metallurgical sample distribution within the design pit
        shells.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-54
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


       FIGURE 16-1 METALLURGICAL SAMPLE LOCATIONS - VERDE PIT - 4300 LEVEL







                                  [MAP OMITTED]








       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-55
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


      FIGURE 16-2 METALLURGICAL SAMPLE LOCATIONS - PANCHO PIT - 4300 LEVEL









                                  [MAP OMITTED]








16.4    BOND WORK INDEX

        Bond Work Index (BWI) samples were collected from the 10, HQ diameter
        core holes drilled at Verde. Bond work index tests required selection of
        whole HQ core pieces of approximate length of 0.15 - 0.20 meters. For
        Verde, such pieces were selected every 4 meters downhole. All ten Verde
        HQ diameter holes were sampled in this manner, a total of 296 samples.
        At Pancho, BWI samples were collected from the standard diameter drill
        holes. Whole core pieces were taken approximately every 20 meters down
        hole. A total of 67 samples were selected. All samples were shipped to
        Hazen Research, Colorado, for analysis.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-56
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Results of the BWI tests indicated limited variability in the rock mass
        therefore, the BWI data was not modeled when completing the Verde and
        Pancho resource models

16.5    SPECIFIC GRAVITY

        As part of the BWI tests above, Hazen completed specific gravity
        analyses on all the BWI samples submitted. In addition to this data,
        1171 samples of half core were selected from the half core library.
        Samples, roughly 15 cm in length, were selected approximately every 30
        meters downhole throughout the entire campaign. The samples were shipped
        to ACME laboratories, Santiago where they were analysed using the wax
        dipped immersion method. A summary of the specific gravity results is
        presented in Table 16-6.

                      TABLE 16-6 - SPECIFIC GRAVITY RESULTS

                   -----------------------------------------
                   DEPOSIT            UNIT              SG
                   -----------------------------------------
                   Verde     Oxide                     2.45
                   Verde     Mixed                     2.52
                   Verde     Sulphide                  2.57
                   Verde     Laguna Tuff               2.00
                   Verde     Post Mineral Intrusive    2.60
                   Verde     Waste Dump Material       2.00
                   -----------------------------------------
                   Pancho    Oxide                     2.27
                   Pancho    Mixed                     2.38
                   Pancho    Sulphide                  2.49
                   -----------------------------------------

        Both Pancho and Verde exhibit trends of increasing Specific Gravity with
        depth, leading to the decision to model the deposit Specific Gravity by
        the oxidation surface rather than by rock type.

16.6    ACID ROCK DRAINAGE STUDY

        At the request of the CMM environmental department (Jorge Herrera), ALS
        Chemex La Serena sent 71 pulp samples to ALS environmental laboratories
        Santiago for acid based accounting testwork. A subset of 40 of these was
        proposed for testwork on June 6. The forty samples selected were from
        widely spaced locations in the anticipated pit designs for both Verdes
        and Pancho. Samples included both ore and waste in major rock types in
        all redox zones.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           16-57
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.0    MINERAL RESOURCE AND MINERAL RESERVE ESTIMATION

17.1    GENERAL

        Mining experience at Verde demonstrated the existence of hard boundaries
        differentiating lithological units that are barren from those hosting
        mineralization. It also demonstrated the importance of an accurate
        recovery model. Modeling these features had been hampered in the past by
        the relatively limited amount of diamond drilling completed on the
        project. The 2003 resource block model incorporates lithological and
        oxidation models to better define grade distribution and gold recovery.

17.2    LITHOLOGICAL MODEL

        The resource models rely on the lithological interpretation completed by
        the site geologists to discriminate between mineralized and barren
        lithologic units. The lithology model, developed from cross sectional,
        longitudinal and level plan interpretation, identified distinct
        lithological boundaries that were used as hard boundaries during grade
        interpolation. The lithology model was developed largely from the
        observations taken from the 2002 -2003 drill core and is restricted to
        the area below the current topographic surface. The lithological model
        was not extended above the topographic surface.

17.3    RECOVERY MODEL

        Metallurgical recovery is a key aspect in modeling the Verde and Pancho
        deposits. Significant effort was directed towards establishing a
        relationship between metallurgical recovery and the level of oxidation
        visually estimated by the site geologists. As with construction of the
        lithology model, the recovery model was developed by interpretation of
        cross section, longitudinal section and level plan data by the site
        geologists. The interpreted surfaces were used as hard boundaries during
        pit optimization. The surfaces are highly irregular, producing an
        undulating surface similar to what has been observed in the pit walls at
        Verde. Figure 17-1 presents a typical section through the Verde East
        deposit showing the interpreted oxidation surface and drill grades.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-58
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                      FIGURE 17-1 VERDE EAST - SECTION 5NW








                                  [MAP OMITTED]










       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-59
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.4    GRADE MODEL

17.4.1  SAMPLE COMPOSITING

        Sample compositing was not used in completing the 2003 resource models.
        All grade interpolation was based on the raw assay intervals, which were
        generally 2.0 meters in length.

17.4.2  STATISTICAL AND GEOSTATISTICAL ANALYSES

17.4.2.1        EXCLUDED DATA

        The following data was not used in completing the 2003 resource block
        models:

        o       blast hole data,

        o       trench data and,

        o       drill data within the previously mined portion of the Verde
                pits.

        Unexplained missing data was assigned a zero value for all analyses.
        Explained missing data was treated as missing data and ignored during
        processing.

17.4.2.2        GRADE CAPPING

        Grade capping was examined for gold, copper and cyanide soluble copper
        data and was determined based on analysis of the statistics of
        individual lithological units and oxidation classes. Capping of gold
        values affects 0.2% of the total sample population resulting in a
        decrease in modeled gold content of less than 1%. Capping factors for
        gold ranged from 6.0 to 6.5 g/t at Verde to 8.0 to 9.0 g/t at Pancho.

17.4.2.3        VARIOGRAPHY

        Directional semi-variograms, (15o increments horizontal, 30o increments
        vertical) were modeled for both Verde and Pancho, examining only the
        drill data below the current topographic surface. The variography was
        examined independently for each lithologic and oxidation zone modeled.
        The models generally indicated anisotropic, two-structure models with
        well defined nugget values that were less than half the modeled sill
        value. The models show good ranges in all directions, typically in
        excess of 100 meters.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-60
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.4.3  MODEL FRAMEWORK

        Both the Verde and Pancho block models were rotated parallel to the
        direction of drilling. At Verde, the block model is rotated 60 degrees
        NE about the Z-axis. At Pancho, the angle of rotation is 38(Degree) NE
        around the Z-axis. Both models have sufficient extent to encompass all
        known mineralization. The model cell size at Verde was set at 20 x 20 x
        10 meters (X, Y and Z direction) while at Pancho, the model cell size
        was decreased to 10 x 10 x 10 meters.

17.4.4  GOLD GRADE INTERPOLATION

        The primary interpolation method for gold was ordinary kriging which
        used the anisotropy and ranges supported by the best variogram model for
        each lithologic and oxidation zone. Grade interpolation was verified by
        inverse distance to the 2nd power and nearest neighbour interpolation.
        Both capped and uncapped grade estimates were completed. Grade
        interpolation utilized octant search restrictions, requiring a minimum
        of two octants to estimate the grade of a block. The minimum number of
        samples per octant was 1 with a maximum of 4. A minimum of 4 samples and
        maximum of 24 samples were required to estimate the grade of any block.
        The number of samples from one drill hole that could influence a block
        grade estimate was limited to six (6).

17.4.5  COPPER INTERPOLATION

        Copper grades were not modeled at Verde, as results of the metallurgical
        testwork did not indicate that copper was impacting grade recovery or
        operating costs. At Pancho, analysis of the drill data indicated that
        copper grade was closely related to the oxidation class. Therefore,
        copper grades were interpolated into the Pancho model blocks
        independently of the gold grade. Two interpolation methods were used to
        estimate copper grade, an inverse distance to the 2nd power
        interpolation method was used as the primary estimation method. This was
        verified using an ordinary kriging interpolation method. Search
        ellipsoid anisotropy and ranges were based on the copper variograms for
        each recovery class.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-61
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.4.6  CYANIDE SOLUBLE COPPER INTERPOLATION

        Cyanide soluble copper (CN Cu) was not modeled at Verde. At Pancho,
        analysis of the drill data indicated that CN Cu was closely related to
        the oxidation state. CN Cu grade interpolation was completed for each
        the three oxidation zones separately, using only cyanide soluble copper
        data extracted (coded) for each oxidation class to estimate grade within
        the class. Two interpolation methods were used, an inverse distance to
        the 2nd power interpolation was the primary interpolation method with a
        nearest neighbour interpolation method completed to verify the primary
        grade interpolation method. Search ellipsoid anisotropy and ranges were
        determined based on the results of the variograms of each recovery
        class.

17.4.7  MODEL CHECKING AND VERIFICATION

        Block model verification included visual inspection of the model after
        grade interpolation was completed to examine if the interpolation
        honoured hard boundaries and grades were consistent with the available
        raw data. The model was manually reviewed in plan and section using
        Datamine visualization tools. Visual inspection did not identify any
        errors in the model. A second check involved comparison of the various
        grade interpolation results. Comparison of the grade tonnage curves for
        the various estimation methodologies does not indicate significant
        differences in tonnage, or average grade. Table 17-1 provides
        comparisons of the Verde model grades using the three different grade
        interpolation parameters. Similar results were produced at Pancho.

<TABLE>
<CAPTION>

                                TABLE 17-1 COMPARISON OF VERDE INTERPOLATION METHODS

- --------------------------------------------------------------------------------------------------------------------
Measured and Indicated
- --------------------------------------------------------------------------------------------------------------------
                    Kringed Estimate                    Inverse Distance                Nearest Neighbour
- --------------------------------------------------------------------------------------------------------------------
COG            tonnes     grade     Contained     tonnes     grade     Contained     tonnes    grade     Contained
              (x 1000)   (Au g/t)    Au (ozs)    (x 1000)   (Au g/t)    Au (ozs)    (x 1000)  (Au g/t)    Au (ozs)
- --------------------------------------------------------------------------------------------------------------------
<S> <C>        <C>         <C>      <C>          <C>          <C>      <C>           <C>        <C>      <C>
    0.10       328,190     0.06     6,331,000    327,233      0.60     6,312,000     306,462    0.63     6,207,000
    0.20       292,525     0.65     6,113,000    291,096      0.66     6,177,000     264,421    0.71     6,036,000
    0.30       256,331     0.71     5,851,000    254,344      0.72     5,888,000     221,882    0.80     5,707,000
    0.40       217,153     0.78     5,446,000    215,556      0.78     5,406,000     182,567    0.90     5,283,000
    0.50       177,278     0.85     4,845,000    176,584      0.85     4,826,000     147,079    1.01     4,776,000
    0.60       141,124     0.93     4,220,000    139,988      0.93     4,186,000     117,411    1.13     4,266,000
    0.70       105,693     1.02     3,466,000    105,567      1.03     3,496,000      93,538    1.25     3,759,000
    0.80        77,251     1.12     2,782,000     76,787      1.13     2,790,000      74,846    1.38     3,321,000
    0.90        55,640     1.22     2,182,000     56,124      1.24     2,237,000      61,008    1.50     2,942,000
- --------------------------------------------------------------------------------------------------------------------
</TABLE>


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-62
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Comparison of the resource model to historical estimates indicates that
        the 2003 Verde model contains more tonnes at almost exactly the same
        average grade as what was predicted by MRDI's 1998 model. Table 17-2
        presents a comparison of the MRDI 1998 Verde model to the 2003 Verde
        estimate.

<TABLE>
<CAPTION>
                           TABLE 17-2 COMPARISON OF 2003 ESTIMATE TO 1998 MRDI ESTIMATE

- ----------------------------------------------------------------------------------------------------------------
                         2003 ESTIMATE                  NET CHANGE TO 1998           MRDI 1998 ESTIMATE
                                                           MRDI Model
- ----------------------------------------------------------------------------------------------------------------
Cut off grade     Tonnes     Grade      Gold       Tonnes     Grade    Gold      Tonnes      Grade     Gold
   (Au g/t)     (tx 1,000)  (Au g/t)    (ozs)        (%)       (%)      (%)    (tx 1,000)  (Au g/t)    (ozs)
- ----------------------------------------------------------------------------------------------------------------
Measured and Indicated
- ----------------------------------------------------------------------------------------------------------------
<S>       <C>     <C>         <C>     <C>             <C>       <C>     <C>      <C>          <C>     <C>
          0.2     292,625     0.66    6,191,000       33%       13%     51%      219,300      0.58    4,089,000
          0.4     218,550     0.78    5,467,000       56%        5%     64%      140,520      0.74    3,343,000
- ----------------------------------------------------------------------------------------------------------------
          0.5     179,340     0.85    4,901,000       63%        4%     69%      110,080      0.82    2,902,000
- ----------------------------------------------------------------------------------------------------------------
          0.7     107,449     1.02    3,517,000       68%        3%     73%       63,890      0.99    2,034,000
          1.0      40,975     1.33    1,747,000       74%        5%     84%       23,490      1.26      952,000
          1.5       8,865     1.85      526,000      179%        9%    202%        3,180      1.70      174,000
- ----------------------------------------------------------------------------------------------------------------
INFERRED
- ----------------------------------------------------------------------------------------------------------------
          0.2     114,533     0.52    1,915,000      121%        9%    141%       51,880      0.48      793,000
          0.4      73,248     0.64    1,510,000      165%       -6%    150%       27,620      0.68      603,000
- ----------------------------------------------------------------------------------------------------------------
          0.5      53,361     0.71    1,222,000      181%       -5%    166%       19,020      0.75      460,000
- ----------------------------------------------------------------------------------------------------------------
          0.7      21,101     0.90      610,000      130%       -1%    127%        9,190      0.91      269,000
          1.0       4,347     1.20      168,000       40%       -4%     33%        3,100      1.26      126,000
          1.5         460     1.79       26,000       35%       -1%     30%          340      1.80       20,000
- ----------------------------------------------------------------------------------------------------------------
</TABLE>

        Table 17-3 presents the historical estimates at Pancho as compared to
        the 2003 estimate.

<TABLE>
<CAPTION>
<S>                                                                           <C>

                 TABLE 17-3 HISTORICAL PANCHO RESOURCE ESTIMATE COMPARISON

- --------------------------------------------------------------------------------------------------
SOURCE        DATE                CLASSIFICATION            CUT OFF GRADE     TONNES     GRADE
                                                               (AU G/T)     (T X 1,000) (AU G/T)
- --------------------------------------------------------------------------------------------------
Bema       pre- 1997    unclassified                             0.62          92,737     0.86
- --------------------------------------------------------------------------------------------------
Kinross    1998         unclassified                             0.60         122,733     0.91
- --------------------------------------------------------------------------------------------------
Bema       1998         unclassified                             0.60         109,380     0.85
- --------------------------------------------------------------------------------------------------
KINROSS    2003         MEASURED, INDICATED AND INFERRED         0.60         160,082     0.82
- --------------------------------------------------------------------------------------------------
</TABLE>

        As at Verde, the 2003 Pancho estimate indicates a tonnage increase while
        the average grade remains very close to the grade predicted by the
        historic estimates..


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-63
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.5    RESOURCE CLASSIFICATION

        The mineral resource estimates for Verde and Pancho have been prepared
        and classified in accordance with the Canadian Institute of Mining,
        Metallurgy and Petroleum's ("CIM) STANDARDS ON MINERAL RESOURCES AND
        RESERVES, DEFINITION AND GUIDELINES. Resource classification was based
        on the variogram ranges for each litho-recovery zone. Table 17- 4
        presents the classification matrix used in estimating the 2003 resource
        models for Verde and Pancho

                    TABLE 17-4 RESOURCE CLASSIFICATION MATRIX

- ------------------------------------------------------------------------------
  ZONE       DOMAIN     AXIS     MEASURED      INDICATED         INFERRED
                               SEARCH RADII   SEARCH RADII     SEARCH RADII
                                   (M)            (M)              (M)
- ------------------------------------------------------------------------------
  Verde      31 & 32      X              30        60              120
                          Y              20        50              100
                          Z              25        50              100
          --------------------------------------------------------------------
             21 & 22      X              30        60              120
                          Y              30        60              120
                          Z              25        50              100
          --------------------------------------------------------------------
             11 & 12      X              25        50              100
                          Y              25        50              100
                          Z              30        60              200
          --------------------------------------------------------------------
           13,23 & 33     X              30        60              120
                          Y              30        60              120
                          Z              25        50              100
- ------------------------------------------------------------------------------
 PANCHO         1         X              30        60              120
                          Y              30        60              120
                          Z              10        20               40
          --------------------------------------------------------------------
                2         X            12.5        25               50
                          Y            12.5        25               50
                          Z              10        20               40
          --------------------------------------------------------------------
                3         X              30        60              120
                          Y              45        90              180
                          Z              10        20               40
          --------------------------------------------------------------------
                4         X              25        50              100
                          Y              40        80              160
                          Z              10        20               40
          --------------------------------------------------------------------
                5         X            22.5        45               90
                          Y            22.5        45               90
                          Z              10        20               40
- ------------------------------------------------------------------------------


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-64
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.5.1  MEASURED RESOURCE

        Blocks where the gold grades are interpolated from at least 4 samples
        located in two different octants and sourced from a minimum of two drill
        holes within the first search ellipsoid limits (Measured) defined in
        Table 17-4.

17.5.2  INDICATED RESOURCE

        Blocks where the gold grades are interpolated from at least 4 samples
        located in two different octants and found within the second search
        ellipsoid limits (Indicated) defined in Table 17-4.

17.5.3  INFERRED RESOURCE

        Blocks where the gold grades are interpolated from at least 4 samples
        sourced from a minimum of one drill hole located in two different
        octants and found within the third search ellipsoid limits (Inferred)
        defined in Table 17-4.

17.6    RESOURCE ESTIMATE

17.7    GENERAL

        It is Kinross Policy that resource estimates for open pit mine projects
        are reported within optimized or designed pit shells at assumed gold
        prices that represent reasonable, long-term price projections. Final pit
        designs have been completed for both Verde and Pancho and as a result,
        only Proven and Probable reserves are reported.

        As per CIM Guidelines, pit optimization only considers resource blocks
        classified as Measured and Indicated when evaluating project economics.
        Accordingly, only Measured and Indicated resource blocks were selected
        for pit optimization. Inferred blocks were excluded from the
        optimization algorithm by manually assigning a gold content of zero to
        all Inferred blocks.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-65
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.8    PIT OPTIMIZATION

        All pit optimization was completed using Whittle 4X which utilizes the
        Lerchs-Grossman optimization algorithm. Pit optimization of the Verde
        and Pancho models assumed metallurgical recoveries as noted in Table
        16-5. Operating costs were developed from first principles and verified
        to historic operating costs. Table 17-5 summarizes the pit optimization
        assumptions used to develop the optimized pit shells.

               TABLE 17-5 - SUMMARY OF PIT OPTIMIZATION PARAMETERS

                   ------------------------------------------
                   Verde    Mining cost ($/t)          $0.91
                            Process cost ($/t)         $3.14
                            Mining recovery (%)          95%
                            Dilution (%)                  5%
                            Slope Angle (degrees)         45
                   ------------------------------------------
                   Pancho   Mining cost ($/t)          $1.21
                            Process cost ($/t)         $3.27
                            Mining recovery (%)          95%
                            Dilution (%)                  5%
                            Slope Angle (degrees)         45
                   ------------------------------------------

        Optimization of the Pancho resource model also included a Process Cost
        Adjustment Factor (PCAF) to reflect higher process operating costs
        resulting from increased cyanide consumption due to higher CN Cu grades.
        The PCAF equation used for optimization of the Pancho resource is:

             PCAF = ((CN Cu x $0.0035) + Process Cost))/Process Cost

        The equation is based on the assumption that 3.5 grams of cyanide were
        required for every 1 ppm of CN Cu. Cyanide costs were estimated at $1.00
        per tonne.

        The pit optimization process produced a series of nested pit shells at
        various gold prices by applying a revenue factor that varies the input
        gold price. For the Verde and Pancho optimizations, the revenue factor
        ranged from a low of 0.2 ($70 per oz.) to a high of 2.0 ($700 per oz) in
        increments of 0.05, producing 37 nested pit shells for each deposit,
        each of which was evaluated based on the net revenue of each shell.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-66
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Typically, the shell with the highest net revenue is selected to guide
        the final pit design.

17.9    FINAL PIT DESIGN

        Final pit design for Verde and Pancho assumed the following:

        o       a 10 meter bench height;

        o       bench face angles of 65(Degree) to 70(Degree);

        o       berm widths of 8 to 11 meters;

        o       berm interval of 20 meters;

        o       inter-ramp angles of 38(Degree) to 52.5(Degree) and

        o       haul road gradient at 10% with a 25 meter road width.


        Final pit designs were developed using Datamine. The final pit designs
        were used to generate triangulated surfaces representing the end of
        mining topography. These surfaces were used to extract the reserve
        tonnages and grades on a bench-by-bench basis from the respective block
        models. The extracted block model summaries were then diluted and mining
        losses were applied. In estimating the reserves, it was assumed that the
        5% dilution would negate the 5% loss. As a result, ore tonnage would not
        change but the average grade would be reduced. Dilution was applied on a
        bench-by-bench basis. Dilution grade was estimated from the average
        grades of all samples below the ore cut-off grade as determined by the
        pit optimization.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-67
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


17.10   MINERAL RESOURCE AND RESERVE ESTIMATE

        Table 17-6 presents the Proven and Probable Reserves for the Verde and
        Pancho deposits as of December 1, 2003 at a gold price of $350 per ounce
        which represents the Base Case gold price for resumption of mining
        activity.

            TABLE 17-6 PROVEN AND PROBABLE RESERVES @ $350 PER OUNCE

    ------------------------------------------------------------------------
     DEPOSIT             CLASS               TONNES       GRADE       GOLD
                                           (T X 1,000)   (AU G/T)   (OUNCES)
    ------------------------------------------------------------------------
    Verde East      Proven                     23,235      0.86      642,000
                    Probable                    6,522      0.78      164,000
                    Proven and Probable        29,757      0.84      806,000
    ------------------------------------------------------------------------
    Verde West      Proven                     36,569      0.93    1,093,000
                    Probable                   11,252      0.82      304,000
                    Proven and Probable        47,821      0.90     1397,000
    ------------------------------------------------------------------------
    SUBTOTAL        PROVEN                     59,804      0.90    1,735,000
                    PROBABLE                   17,774      0.82      468,000
                    PROVEN AND PROBABLE        77,578      0.88    2,203,000
    ------------------------------------------------------------------------
    Subtotal        Proven                     59,804      0.90    1,735,000
                    Probable                   17,774      0.82      468,000
                    Proven and Probable        77,578      0.88    2,203,000
    ------------------------------------------------------------------------
    TOTAL           PROVEN                     98,320      0.88    2,775,000
                    PROBABLE                   25,734      0.80      658,000
                    PROVEN AND PROBABLE       124,054      0.86    3,433,000
    ------------------------------------------------------------------------


        Table 17-7 presents the Proven and Probable Reserves for the Verde and
        Pancho deposits as of December 1, 2003 at a gold price of $325 per
        ounce.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-68
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


            TABLE 17-7 PROVEN AND PROBABLE RESERVES @ $325 PER OUNCE


    ------------------------------------------------------------------------
     DEPOSIT             CLASS               TONNES       GRADE       GOLD
                                           (T X 1,000)   (AU G/T)   (OUNCES)
    ------------------------------------------------------------------------
    Verde East      Proven                     21,583      0.85      587,000
                    Probable                    5,351      0.76      131,000
                    Proven and Probable        26,934      0.83      718,000
    ------------------------------------------------------------------------
    Verde West      Proven                     34,850      0.91    1,015,000
                    Probable                    9,671      0.79      245,000
                    Proven and Probable        44,521      0.88    1,260,000
    ------------------------------------------------------------------------
    SUBTOTAL        PROVEN                     56,433      0.88    1,602,000
                    PROBABLE                   15,022      0.78      376,000
                    PROVEN AND PROBABLE        71,455      0.86    1,978,000
    ------------------------------------------------------------------------
    Pancho          Proven                     23,061      0.90      669,000
                    Probable                    4,615      0.81      123,000
                    Proven and Probable        27,676      0.89      792,000
    ------------------------------------------------------------------------
    TOTAL           PROVEN                     79,494      0.80    2,271,000
                    PROBABLE                   19,637      0.79      499,000
                    PROVEN AND PROBABLE        99,131      0.87    2,770,000
    ------------------------------------------------------------------------








       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           17-69
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


18.0    INTERPRETATION AND CONCLUSIONS

        The Mineral Resource and Reserve Estimates for the Refugio Project have
        been prepared under the direct supervision of Rodney Cooper, P.Eng.,
        Kinross Gold Corporation's Director of Technical Services and Wes
        Hanson, P.Geo., Kinross Gold Corporation's Manager of Technical
        Services. Both individuals are "qualified persons" as defined by
        Canada's National Instrument 43-101.


        Messrs. Cooper and Hanson are satisfied the data used in the estimation
        of Mineral Resources and Reserves is free of gross errors and omissions
        and is of suitable quality and sufficient quantity to use in estimating
        resources and reserves for the Verde and Pancho deposits.









       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           18-70
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


19.0    REFERENCES:

        Anonymous, 1991, Final feasibility study, Verde Gold Deposit Refugio
        Property, Northern Chile: Mineral Resources Development Inc.,
        unpublished report for Bema Gold Corp. and Compania Minera Refugio,
        several volumes.


        Anonymous, 1992, Revised feasibility study, Verde Gold Deposit Refugio
        Property, Northern Chile: Mineral Resources Development Inc.,
        unpublished report for Compania Minera Maricunga, Bema Gold Corp. and
        Amax Gold Inc., one volume.


        Ardilla, R.J., 1997. Summary Of The Geology of The Pancho Gold Deposit,
        Refugio. Internal Report, Minera Cyprus Chile Ltda.


        CMM Staff Geologists, Carrasco, M, Crawford, K, Duran, M. Rodriquez, B.
        Romero, I, Strusvieci, M, Urrutia, H. Cortes, 2001, Geologia del
        Yacimento Verde (Geology of the Deposit Verde, ENGLISH TRANSLATION):
        Compania Minera Maricunga, unpublished geologic map (1:2,000). NOTE: The
        mapping was conducted in 2000 and 2001 after the mining was completed;
        therefore, it is a "FINAL PIT MAP". The map is of good quality and the
        mapping is generally confirmed by the Kinross mapping and compilation
        conducted in 2003 as part of the feasibility study. AutoCad File:
        geologia2001.dwg.


        Compania Minera Maricunga, Procedimiento Mapeo Pozos Tronaduras.
        Procedures Files, in CMM files.


        Cortes, C., Omar 2000, Informe de Pruebas Geolmetalurgicas de
        Mineralizacion Mixta. Noviembre 1999 - Febrero 2000, In CMM files.


        Emmons, D, Verde East and West Geologic Mapping, 2003, Kinross internal
        report, May 10,2003.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           19-71
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Flores V., Roman, undated, Precious Metal Deposits of the Refugio Area,
        Northern Chile, In Kinross Files.


        Khin, B.G. 2003. Petrographic Descriptions, Pancho Project, Chile.
        Consultants Report Prepared For Kinross Gold Corp.


        Kinross Technical Services, 1998, Refugio Property Review, June 1998,
        report in Kinross Files.


        Magri, Eduardo and NCL Consulting, Drillhole Database, Audit, SD001 a
        SD177., , July 1995. in files Refugio Mine Site


        McDermott, Ryan, 2000, Refugio Ore Type Classification, Memorandum to
        Brian Scott October 12 2000, in Kinross files.


        McDermott, Ryan, 2001, Refugio Model Summary and Explanation, Memorandum
        to Rick Dye, January 30 2001, in Kinross files.


        Miller, Vic, and McDermott, Ryan, 1999, Refugio Trip, Memorandum to Rick
        Dye Dated September 14, 1999, in Kinross files.


        Meister, Susan N., 1998, Verde Block Model and Resource, Estimate
        Report, dated December 16, 1998. In CMM files.


        Miller, Victor, 2002, Refugio Resources and Reserves, Memorandum to Rick
        Dye dated February 20 2002, in Kinross files.

        Muntean, J. L., 1998, Magmatic-hydrothermal gold deposits of the
        Maricunga Belt, Northern Chile: Stanford University, Ph. D.
        dissertation, 407 p.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           19-72
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Muntean, J. L. and Einaudi, M. T., 2000, Porphyry gold deposits of the
        Refugio District, Maricunga Belt, Northern Chile: Economic Geology, v.
        95, pp. 1445-1472.


        Muntean, J.L. and Einaudi, M.T. 2001. Porphyry Epithermal Transition:
        Maricunga Belt, Northern Chile. Economic Geology, v 96, pp 743-772.


        Pritting, J, Geologic Summary of the Pancho Project, Refugio District,
        Chile, May 2003.


        Romero, Ivan, 2000, Informe de Cierre Temporal de Actividades Cia Minera
        Maricunga, Noviembre de 2000, Modificacado enero 9 2001. In CMM files


        Romero, Ivan, 2001, Programa de Termino de Geologia y Planificacion
        Mina. In CMM files


        Scott, Brian, 1998, Trip to Refugio-Jan 12-22, 1998, Bema Gold
        Corporation Memorandum to Tom Garagan, in CMM files.


        Scott, Brian, 1999, Deep Verde Drilling, Consolidated Westview Resources
        Memorandum to Tom Garagan, dated April 23, 1999, in CMM files.


        Scott, Brian, 1999b, Refugio Metallurgical Info 1991 - 1998, Bema Gold
        Corporation Memorandum to Tom Garagan, dated August 31. in CMM files.


        Scott, Brian, 2000, Refugio - Met Program 2000 - Geologic Observations,
        Bema Gold Corp. Memorandum to Tom Garagan, in CMM files.


        Sillitoe, R.S., 1991. Gold Metallogeny of Chile, An Introduction.
        Economic Geology v.86, pp 1187-1205.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           19-73
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Sillitoe, R. H. and Camus, F., 1991, A special issues devoted to gold
        deposits in the Chilean Andes: Economic Geology, v. 86, no. 6. NOTE:
        contains papers on the Refugio gold deposits and the Maricunga Gold
        Belt.


        Spiteri, J. G. and Cohoon, G. A., 2002, Report on resources Verde
        deposits Refugio, Chile (draft): Spiteri Geological and Mining
        Consultants Inc., unpublished report for Kinross Gold Corp., 101 p.


        SNC-Lavalin, Pre-Feasibility Study, Refugio Project, September, 2003


        SNC-Lavalin, Refugio Mine Metallurgical Summary, December, 2003


        Strusievici, Mihai 1998, A Review of the Geology of Verde Gold Deposit,
        Preliminary Conclusions - Implication in the Resource Model, in CMM
        files


        Strusievici, M., 1999, Geological report, mineralization model of Verde
        - targets for mine site exploration: Compania Minera Maricunga,
        unpublished report with geologic map, 24 p. NOTE: Describes the staff
        geologic mapping for the 1999 Verde pit maps.


        Strusievici, M., et al., 1999, Geologic maps Verde deposit: Compania
        Minera Maricunga, unpublished geologic map (1:1,000). NOTE: The map is
        the product of a 1998 pit mapping project by CMM staff including
        geologists Crawford, K., Duran, Mauricio, and Urrutia, Hegel. The map
        was compiled and interpreted by Strusievici and others. AutoCAD File:
        Verde Geo.dwg


        Vila, T. and Sillitoe, 1991, Gold-rich porphyry systems in the Maricunga
        Belt, Northern Chile: Economic Geology, v. 86, pp. 1238-1260. NOTE: The
        paper has a good summary of the exploration history of the Maricunga
        Belt.


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           19-74
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        Williams, S.A., 1997. Petrographic Descriptions, Pancho Project, Refugio
        District. Consultant's Report Prepared For Minera Cyprus Chile, Ltda.


        Wolverson, N.J. 1997. Pancho Summary Report, 1997. Internal Report,
        Compania Minera Maricunga.

















       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           19-75
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


20.0    ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT PROPERTIES

        The Refugio Mine is a former producing mine and significant
        infrastructure is already in place. The reserve estimates presented in
        this document are based on the assumption that CMM plans a capital
        expenditure of $101.1 million to upgrade the existing operation. The
        capital expenditure will repair, refurbish and replace existing
        equipment with the objective of increasing the daily production
        throughput to 40,000 tonnes per day for Verde ores, decreasing to 35,000
        tonnes per day when the plant begins processing Pancho ores.


        Based on the 2003 Reserve Estimate, the current reserves are sufficient
        to support the operation for 9.6 years.


20.1    MOBILE EQUIPMENT

        The proposed capital cost estimates includes $30.1 million to purchase a
        new mining fleet. Fleet requirements were estimated from
        first-principles based on the proposed mine plan. A partial list of the
        major mine equipment necessary to support the planned production rate
        includes:

                3 - CAT 994D Front End Loaders

                8 - CAT 785C Haul Trucks

                2 - Ingersol Rand 250 mm Rotary Drills

                2 - CAT D9R Bulldozers

                1 - CAT D8R Bulldozer

                2 - CAT 16H Motor Graders

                1 CAT 834 Wheel Dozer

                1 50t Water Truck

                1 CAT 330CL Backhoe

                1 Ingersol Rand 100mm Boom Drill


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           20-76
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                The capital cost estimates includes costs for support equipment
                including fuel and lube trucks, flatbed trucks, portable light
                towers, and service and welding trucks.

20.2    PLANT INFRASTURCTURE

        A capital expenditure of $57.4 million is planned to upgrade the
        existing plant facilities. Key aspects of the upgrade include
        establishing a 110 km power line to replace the generated power
        currently at site. Additional capital expenditure is planned to upgrade
        the current crushing and conveying system, replacing certain components
        to improve availability and throughput.

        Capital costs of the upgrades were estimated from first principles based
        on review of the current design drawings and costs estimates provided by
        a major North American Engineering Consultant.

        Another North American Engineering Consultant reviewed the capital cost
        estimates and found them to be accurate.

20.3    LIFE-OF-MINE PLAN

        A complete life-of mine-plan was prepared based on the estimated
        reserves. The Life-of-Mine Plans is presented in Table 20-1 below.

<TABLE>
<CAPTION>

                      TABLE 20-1 REFUGIO PROJECT LIFE-OF-MINE PLAN.

                                    Year 1     Year 2     Year 3     Year 4     Year 5
- ----------------------------------------------------------------------------------------
<S>                                 <C>        <C>        <C>        <C>        <C>
TONNES PROCESSED (KT)               12,000     14,000     14,000     14,000     14,000
HEAD GRADE (AU G/T)                   0.90       0.87       0.78       0.85       0.88
RECOVERY (%)                         67.1%      64.3%      66.5%      66.5%      60.4%

                                    Year 6     Year 7     Year 8     Year 9     Year 10
- ----------------------------------------------------------------------------------------
TONNES PROCESSED (KT)               14,000     10,900     10,500     10,500     10,154
HEAD GRADE (AU G/T)                   0.87       0.80       0.89       0.86       0.89
RECOVERY (%)                         59.1%      76.7%      76.1%      74.1%      73.8%
</TABLE>


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           20-77
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


        The Life-of-Mine plan was used to establish production requirements for
        manpower and equipment. Mine operating costs were developed from first
        principles based on the mining rates indicated in the Life-of-Mine plan.

20.4    ENVIRONMENTAL CONSIDERATIONS

        No significant permitting issues have been identified. Most of the
        proposed plant improvements represent little to no change to the
        existing footprint. The increased reserves will result in the need to
        permit additional leach pad capacity but this is not considered to be a
        risk, especially as the existing permitted space is sufficient for the
        majority of the remaining reserves.

        Aside from leach pad capacity, the only other significant change
        affecting permitting is the proposed power line. Again, preliminary
        discussion with site environmental staff indicate that obtaining the
        necessary permits within a reasonable time frame is not considered to be
        a significant risk.

20.5    CAPITAL AND OPERATING COSTS

        Capital and operating cost estimates were prepared based on
        first-principles and verified to historical mine operating costs
        available for the project. Operating costs are consistent with past
        operating experience and are considered to be an accurate representation
        of the costs anticipated once the proposed improvements have been
        completed to upgrade the existing infrastructure.

        A major North American Engineering firm estimated all capital costs of
        the project. A second independent engineering verified the capital cost
        estimate was reasonable. No significant errors or omissions were
        identified.



       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           20-78
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


20.6    FINANCIAL ANALYSIS

        A financial analysis has been completed based on the Life-of-Mine plan
        and the capital and operating cost estimates. The model is not a public
        document and is not included in this report. Review of the financial
        analysis indicates positive cash flow at gold prices above $325 per
        ounce.














       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           20-79
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


21.0    AUTHORS CONSENT FORMS


















       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           21-80
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                             CERTIFICATE AND CONSENT
                    TO ACCOMPANY THE KINROSS GOLD CORPORATION
                          2003 REFUGIO TECHNICAL REPORT


        I, Rodney A. Cooper, P.Eng., residing at 1460 Golden Meadow Trail,
        Oakville, Ontario, Canada, L6H 3J3 do hereby certify that:

1.      I am a mining engineer employed by Kinross Gold Corporation, 40 King
        Street West, Toronto, Ontario, Canada, M5H 3Y2, in the capacity of
        Director, Technical Services.

2.      I am a graduate of Queen's University (1980) with an honours B.Sc.
        Applied Science (Mining) degree and have practiced my profession
        continuously since 1980, with the exception of a two year period in 1982
        to 1984.

3.      I am a graduate of the University of Toronto (1984) with a master's
        degree in Business Administration (M.B.A.).

4.      I am a member in good standing of the Professional Engineers of Ontario,
        licence number 9302506.

5.      I am a qualified person as defined by Canadian National Instrument
        43-101.

6.      I supervised the overall preparation of the Refugio Technical Report,
        including resource modeling, reserve estimation, mine planning and
        scheduling, mining equipment selection, mine capital and operating cost
        estimation, metallurgical test-work, geotechnical and hydrological
        engineering related to the three open pit mines at Refugio. I certify
        that, to the best of my professional judgment, qualified persons, as
        defined under Canadian National Instrument 43-101, performed the tasks
        completed under my supervision.

7.      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.

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

9.      I hereby consent to the use of this report for submission to any
        Provincial regulatory authority in Canada.


        Toronto, Canada                         Rodney A. Cooper, P.Eng.,
        December 22, 2003                       Director, Technical Services,
                                                Kinross Gold Corporation


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           21-81
<PAGE>

        COMPANIA MINERA MARICUNGA

- --------------------------------------------------------------------------------


                             CERTIFICATE AND CONSENT
                    TO ACCOMPANY THE KINROSS GOLD CORPORATION
                          2003 REFUGIO TECHNICAL REPORT


        I, Wesley C. Hanson, P.Geo., residing at 391 Devonshire Terrace,
        Ancaster, ON, L9G 4R4 do hereby certify that:

1.      I am a geologist employed by Kinross Gold Corporation, 40 King Street
        West, Toronto, Ontario, Canada, M5H 3Y2, in the capacity of Manager,
        Technical Services.

2.      I am a graduate of Mount Allison University (1982) with a B.Sc. Applied
        Science (Geology) degree and have practiced my profession continuously
        since 1982.

3.      I am a member in good standing of the Association of Professional
        Geoscientists of Ontario, licence number 1013.

4.      I am a qualified person as defined by Canadian National Instrument
        43-101.

5.      I supervised the overall preparation of the Refugio Technical Report,
        including resource modeling, reserve estimation, mine planning and
        scheduling, mining equipment selection, mine capital and operating cost
        estimation, metallurgical test-work, geotechnical and hydrological
        engineering related to the three open pit mines at Refugio. I certify
        that, to the best of my professional judgment, qualified persons, as
        defined under Canadian National Instrument 43-101, performed the tasks
        completed under my supervision.

6.      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.

7.      I have read National Instrument 43-101 and Form 43-101F1, and the
        technical report has been prepared in accordance with this instrument.

8.      I hereby consent to the use of this report for submission to any
        Provincial regulatory authority in Canada.


        Toronto, Canada                         Wesley C. Hanson, P.Geo.,
        December 22, 2003                       Manager, Technical Services,
                                                Kinross Gold Corporation


       Technical Report on the Refugio Gold Project - Maricunga District - Chile
- --------------------------------------------------------------------------------
                                                                           21-82

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tex99_2-4605.txt
<DESCRIPTION>EX-99.2
<TEXT>
<PAGE>


                               CONSENT OF EXPERTS


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


By: /Rodney A. Cooper/

Title: Principal Engineer

Date: January 14, 2005.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tex99_3-4605.txt
<DESCRIPTION>EX-99.3
<TEXT>
<PAGE>


                               CONSENT OF EXPERTS


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


By: /Wesley C. Hanson/

Title: Principal Geologist

Date: January 14, 2005.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
