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<FILENAME>tex99_4-5206.txt
<DESCRIPTION>EX-99.4
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                                 KINROSS [LOGO]



                         PARACATU MINE TECHNICAL REPORT



      PARACATU, MINAS GERAIS STATE, BRAZIL






      Prepared by:

      W. Hanson P.Geo

      Director, Technical Services

      Kinross Gold Corporation

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1.0    EXECUTIVE SUMMARY.....................................................1-1

  1.1   INTRODUCTION AND TERMS OF REFERENCE..................................1-1

  1.2   DESCRIPTION AND LOCATION.............................................1-2

  1.3   ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY....1-2

  1.4   PROJECT HISTORY......................................................1-3

  1.5   GEOLOGICAL SETTING...................................................1-4

  1.6   DEPOSIT TYPE.........................................................1-4

  1.7   MINERALIZATION.......................................................1-5

  1.8   EXPLORATION..........................................................1-5

  1.9   DRILLING.............................................................1-6

  1.10  SAMPLING METHOD AND APPROACH.........................................1-6

  1.11  SAMPLE PREPARATION, ANALYSIS AND SECURITY............................1-7

  1.12  DATA VERIFICATION....................................................1-8

  1.13  ADJACENT PROPERTIES..................................................1-8

  1.14  MINERAL PROCESSING AND METALLURGICAL TESTING.........................1-8

  1.15  MINERAL RESOURCE AND RESERVE ESTIMATE...............................1-10

  1.16  CONCLUSIONS.........................................................1-12

  1.17  RECOMMENDATIONS.....................................................1-12

2.0    INTRODUCTION AND TERMS OF REFERENCE...................................2-1

  2.1   INTRODUCTION.........................................................2-1

  2.2   TERMS OF REFERENCE...................................................2-1

  2.3   GLOSSARY.............................................................2-2

  2.4   SCOPE AND OBJECTIVES.................................................2-2

  2.5   REPORT BASIS.........................................................2-2

  2.6   DISCLAIMER...........................................................2-3

3.0    PROPERTY DESCRIPTION AND LOCATION.....................................3-1

  3.1   PROPERTY DESCRIPTION.................................................3-1

  3.2   LOCATION.............................................................3-1

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  3.3     TITLE AND OWNERSHIP................................................3-2
  3.4     PERMITTING.........................................................3-5
  3.5     ROYALTIES..........................................................3-9

4.0    ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY.....4-1

5.0    PROJECT HISTORY.......................................................5-1


6.0    GEOLOGICAL SETTING....................................................6-1

  6.1     REGIONAL GEOLOGY...................................................6-1
  6.2     LOCAL GEOLOGY......................................................6-2
  6.3     DEPOSIT GEOLOGY....................................................6-5

7.0    DEPOSIT TYPE..........................................................7-1


8.0    MINERALIZATION........................................................8-1

  8.1     PETROGRAPHY........................................................8-1
  8.2     SULPHIDES..........................................................8-1
  8.3     GOLD...............................................................8-2

9.0    EXPLORATION...........................................................9-1

10.0   DRILLING.............................................................10-1

11.0   SAMPLING METHOD AND APPROACH.........................................11-1

  11.1    GOLD..............................................................11-1
  11.2    BULK DENSITY......................................................11-1

12.0   SAMPLE PREPARATION, ANALYSES AND SECURITY............................12-1

  12.1    QUALITY CONTROL, QUALITY ASSURANCE................................12-3

13.0   DATA VERIFICATION....................................................13-1

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14.0   ADJACENT PROPERTIES..................................................14-1


15.0   MINERAL PROCESSING AND METALLURGICAL TESTING.........................15-1

      15.1.1     IN PIT CRUSHING AND CONVEYING..............................15-1

      15.1.2     SAG MILL...................................................15-2

      15.1.3     MODIFICATIONS TO THE EXISTING PLANT........................15-3

      15.1.4     EXPANSION PLAN III METALLURGICAL TESTWORK..................15-4

16.0   MINERAL RESOURCE AND RESERVE ESTIMATES...............................16-1

   16.1    MINERAL RESERVE AND RESOURCE STATEMENT...........................16-1

   16.2    HISTORICAL ESTIMATES.............................................16-3

   16.3    MODELING METHODOLOGY.............................................16-4

      16.3.1     OVERVIEW...................................................16-4

      16.3.2     GEOLOGICAL INTERPRETATION..................................16-5

      16.3.3     SAMPLE ANALYSIS............................................16-5

      16.3.4     COMPOSITING................................................16-6

      16.3.5     GRADE CAPPING..............................................16-7

      16.3.6     GEOSTATISTICS..............................................16-7

      16.3.7     BLOCK MODEL................................................16-7

      16.3.8     GRADE INTERPOLATION........................................16-7

      16.3.9     SPECIFIC GRAVITY...........................................16-8

      16.3.10      ORE HARDNESS.............................................16-8

      16.3.11      RESOURCE CLASSIFICATION..................................16-8

   16.4    PIT OPTIMIZATION.................................................16-9

      16.4.1     RESERVE ESTIMATION........................................16-10

17.0     OTHER RELEVANT DATA AND INFORMATION.................................7-1


18.0     INTERPRETATION AND CONCLUSIONS.....................................18-1


19.0     RECOMMENDATIONS....................................................19-1

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20.0     ADDITIONAL INFORMATION FOR OPERATING PROPERTIES....................20-1


   20.1    PROCESS PLANT....................................................20-1

      20.1.1     CRUSHING...................................................20-1

      20.1.2     GRINDING CIRCUIT...........................................20-2

      20.1.3     GRAVITY CIRCUIT............................................20-2

      20.1.4     FLOTATION..................................................20-2

      20.1.5     HYDROMETALLURGY PLANT......................................20-3

      20.1.6     SMELTING...................................................20-3

   20.2    MARKETS AND CONTRACTS............................................20-3

   20.3    RECLAMATION AND MINE CLOSURE.....................................20-4

   20.4    TAXES............................................................20-4

   20.5    CAPITAL AND OPERATING COST ESTIMATES.............................20-5

   20.6    ECONOMIC ANALYSIS................................................20-6

21.0     REFERENCES.........................................................21-1




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                                 LIST OF TABLES



TABLE 1.1-1 PROVEN AND PROBABLE MINERAL RESERVES - DECEMBER 31, 2004.........1-1

TABLE 1.1-2 MEASURED AND INDICATED MINERAL RESOURCES - DECEMBER 31, 2004.....1-2

TABLE 5.0-1 PARACATU LIFE OF MINE PRODUCTION SUMMARY.........................5-3

TABLE 10.0-1 DRILL SUMMARY TABLE............................................10-1

TABLE 13.0-1 PARACATU PRODUCTION RECONCILIATION.............................13-1

TABLE 15.0-1 PROCESS PLANT METALLURGICAL RECOVERY SUMMARY...................15-1

TABLE 16.1-1 PROVEN AND PROBABLE MINERAL RESERVES AS OF DECEMBER 31, 2004...16-1

TABLE 16.1-2 MEASURED AND INDICATED MINERAL RESOURCES AS OF
             DECEMBER 31, 2004..............................................16-2

TABLE 20.2-1 SUMMARY CAPITAL COSTS FOR EXPANSION PLAN III...................20-6

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                                 LIST OF FIGURES


FIGURE 3.2-1 - PARACATU MINE LOCATION MAP....................................3-2

FIGURE 3.3-1 PARACATU MINING AND EXPLORATION CLAIM MAP.......................3-4

FIGURE 3.4-1 BRAZILIAN ENVIRONMENTAL LICENSING AND CONTROL PROCESS...........3-8

FIGURE 6.2-1 TYPICAL SULPHIDE MINERALIZATION IN BOUDINAGE STRUCTURES.........6-2

FIGURE 6.2-2 SMALL SCALE THRUST FAULTING.....................................6-3

FIGURE 6.2-3: LOCAL GEOLOGY OF THE PARACATU DEPOSIT..........................6-4

FIGURE 6.3-1 PARACATU DEPOSIT MINERAL HORIZONS...............................6-5

FIGURE 6.3-2 PARACATU B2 MINERAL HORIZONS....................................6-6

FIGURE 8.3-1 PARACATU THIN SECTION GOLD ON ARSENOPYRITE GRAIN BOUNDARY.......8-3

FIGURE 12.0-1: SAMPLE PREPARATION FLOW DIAGRAM..............................12-2

FIGURE 15.1.4-1 SAG MILL PERFORMANCE CURVE (MORRELL)........................15-5

FIGURE 15.1.4-1 TYPICAL GOLD ON ARSENOPYRITE GRAIN BOUNDARIES...............15-6

FIGURE 16.2-1 PARACATU MINE RESERVE TONNAGE - HISTORICAL CHART..............16-3

FIGURE 16.2-2 PARACATU MINE RESERVE OUNCES - HISTORICAL CHART...............16-4

FIGURE 20.1-1: SIMPLIFIED FLOWSHEET EXISTING PARACATU PROCESS PLANT.........20-1

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1.0     EXECUTIVE SUMMARY

1.1     INTRODUCTION AND TERMS OF REFERENCE

        Rio Paracatu Mineracao (RPM), a 100% owned subsidiary of Kinross Gold
        Corporation (Kinross) operates the Morro do Ouro (Paracatu) mine in
        Brazil.

        The following Technical Report has been prepared in support of Kinross'
        2004 Mineral Resource and Reserve Statement. As per Canadian securities
        regulations, this report has been prepared to comply with Canada's
        National Instrument 43-101.

        Table 1.1-1 summarizes the Proven and Probable mineral reserve estimates
        for the Paracatu mine as of December 31, 2004 at gold prices of $350 and
        $400 per ounce.

      TABLE 1.1-1 PROVEN AND PROBABLE MINERAL RESERVES - DECEMBER 31, 2004


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                      GOLD PRICE = $350/OZ           GOLD PRICE = $400/OZ
                   -------------------------------------------------------------
 CLASSIFICATION    TONNES     GRADE      GOLD      TONNES     GRADE       GOLD
                  (X 1,000)  (AU G/T)  (OUNCES)   (X 1,000)  (AU G/T)   (OUNCES)
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Proven             425,947     0.44   6,025,000    427,592     0.44    6,041,000
                   -------------------------------------------------------------
Probable           178,464     0.43   2,437,000    179,112     0.42    2,444,000
--------------------------------------------------------------------------------
PROVEN & PROBABLE  604,411     0.44   8,463,000    606,704     0.43    8,485,000
--------------------------------------------------------------------------------


        Table 1.1-2 summarizes the Measured and Indicated mineral resource
        estimates (excluding mineral resources) for the Paracatu mine as of
        December 31, 2004 at gold prices of $400 and $450 per ounce.

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    TABLE 1.1-2 MEASURED AND INDICATED MINERAL RESOURCES - DECEMBER 31, 2004


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                       GOLD PRICE = $400/OZ            GOLD PRICE = $450/OZ
                   -------------------------------------------------------------
 CLASSIFICATION    TONNES     GRADE      GOLD      TONNES     GRADE       GOLD
                  (X 1,000)  (AU G/T)  (OUNCES)   (X 1,000)  (AU G/T)   (OUNCES)
--------------------------------------------------------------------------------
Measured            1,645     0.30      16,000       166       0.39      2,000
                   -------------------------------------------------------------
Indicated             647     0.31       6,000       123       0.29      1,000
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PROVEN & INDICATED  2,292     0.30      22,000       289       0.29      3,000
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NB MEASURED AND INDICATED RESOURCES ARE REPORTED EXCLUSIVE OF MINERAL RESERVES

1.2     DESCRIPTION AND LOCATION

        The Paracatu mine is located 2 km north of the city of Paracatu
        (population 75,000), in the north western portion of the state of Minas
        Gerais, Brazil, 230 km southeast of the national capital Brasilia and
        480 km northwest of the state capital Belo Horizonte.

        The mine includes an open cut mine, process plant, tailings impoundment
        area and related surface infrastructure with a current throughput rate
        of 18 million tonnes per annum (Mtpa). Historically, mining in the pit
        has not required drilling or blasting prior to excavation. Ore is ripped
        using CAT D10 dozers, pushed to CAT 992 front end loaders and loaded to
        CAT 777 haul trucks for transport to the crusher. In 2004, RPM began
        blasting harder portions of the deposit exposed in certain areas of the
        mine.

1.3     ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

        Access to the site is provided by paved federal highway or by charter
        aircraft. A small paved airstrip, suitable for small aircraft is
        maintained on the outskirts of city of Paracatu.

        The mine is the largest employer in Paracatu, directly employing 750
        workers in what is predominantly an agricultural town (dairy and beef
        cattle and soy bean crops) located in Brazil's tropical savannah.
        Average annual rainfall varies between 850 and 1800 mm, the average
        being 1300 mm, with the majority

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        realized during the rainy season between October and March. Temperatures
        range from 15(degree) to 35(degree) Celsius.

        The mine draws power from the Brazilian national power grid.

        The mine is dependent on rainfall as the primary source of process
        water. During the rainy season, the mine channels surface runoff water
        to temporary storage ponds from where it is pumped to the beneficiation
        plant. Similarly, surface runoff and rain water is stored in the
        tailings impoundment, which constitutes the main water reservoir for the
        concentrator. The objective is to capture and store as much water as
        possible from the rainy season to ensure adequate water supply during
        the dry season. The mine is permitted to draw make up water from three
        local rivers that also provide water for agricultural purposes.

1.4     PROJECT HISTORY

        Gold mining has been associated with the Paracatu area since 1722 with
        the discovery of placer gold in the creeks and rivers of the Paracatu
        region. Alluvial mining peaked in the mid -1800's and until the 1980's,
        mining activity was largely restricted to garimpiero (artisinal) miners.

        In 1984, Rio Tinto began exploring the property using modern exploration
        methods and by 1987, the RPM joint venture was formed between Rio Tinto
        and Autram Mineracao e Participacoes (later TVX Gold Inc). The RPM joint
        venture constructed the mine and processing facility for an initial
        capital cost of $65 million.

        Production commenced in 1987 and the mine has operated continuously
        since then. As of December 31, 2004, the mine has produced close to 3.0
        million ounces of gold from 237.0 M tonnes of ore. Average life of mine
        mill feed grade is 0.50 g/t Au. The average metallurgical recovery is
        78.1%.

        In 2004, the mine produced 188,574 ounces of gold at an average cost
        slightly in excess of $220 per ounce.

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        In January 2003, TVX's 49% interest in RPM was acquired by Kinross as
        part of the merger between Kinross, TVX and Echo Bay Mines Ltd (EBM).

        In December 2004, Kinross purchased Rio Tinto's 51% interest in RPM to
        obtain a 100% ownership position in the property.

1.5     GEOLOGICAL SETTING

        Mineralization at Paracatu occurs within a series of phyllites that have
        been extensively deformed and feature well-developed quartz boudins and
        associated sulphide mineralization. There are four mineralized horizons,
        differentiated by the degree of oxidation and weathering as well as
        sulphide mineralogy. The individual mineral horizons are described in
        detail in Section 6.0 of this report and are locally known as the C, T,
        B1 and B2. Mining to date has exhausted the majority of the C and T
        horizons. The remaining reserves for the project are hosted in the B1
        and B2 horizons.

        The B1 and B2 horizons includes both Calha (arsenic greater than 2500
        ppm) and non-Calha type mineralization as well as Intensely Deformed
        Sulphide (IDS) mineralization which is localized in the central portion
        of Calha lenses and has an arsenic content greater than 4000 ppm.

1.6     DEPOSIT TYPE

        The Paracatu deposit is a metamorphic gold system with finely
        disseminated gold mineralization hosted within an original bedded
        sedimentary host (phyllites). The phyllites at Paracatu are highly
        deformed as a result of tectonic processes. The originally sedimentary
        rocks have been successively altered by at least three phases of
        hydrothermal alteration, which has remobilized gold within the original
        carbonaceous sediments.

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1.7     MINERALIZATION

        The Paracatu phyllites have been hydrothermally altered to lower
        greenschist facies resulting in pervasive quartz-sericite alteration.

        Sulphide mineralization is dominantly arsenopyrite and pyrite with
        pyrrhotite and lesser amounts of chalcopyrite, sphalerite and galena.

        Gold is closely associated with arsenopyrite and pyrite and occurs
        predominantly as fine grained free gold along the arsenopyrite and
        pyrite grain boundaries of in fractures in the individual arsenopyrite
        and pyrite grains. Thin section analyses indicate 92% of the gold is
        free. Gold grains typically average 50-150 microns in size.

1.8     EXPLORATION

        Rio Tinto was the first company to apply modern exploration methods at
        Paracatu. The deposit, with the exception of the exploration permits
        west of Rico Creek, is currently drilled on a nominal 100 x 100 meter
        drill spacing. Exploration at Paracatu evolved in lock step with
        knowledge gained through production experience. Essentially, the success
        of mining in the C and T horizons focused attention and exploration
        effort on the B1 horizon. Continued production success drove interest in
        the B2 horizon.

        The result of the phased exploration approach is that there are many
        holes that do not test the entire thickness of the B2 horizon. These
        areas are well known to RPM staff and plans are in place to drill
        additional holes to test these areas in the future to determine future
        reserve potential. Kinross considers the untested portions of the B2
        horizon to be an excellent opportunity to further increase reserves.

        The deposit remains open in the down dip direction also. Kinross
        considers the down dip extent of the deposit to be another excellent
        opportunity for reserve expansion.

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1.9     DRILLING

        The preferred sample collection method used to delineate the Paracatu
        resource and reserve model is diamond drilling. A total of 696 drill
        holes totalling 28,317 meters support the current resource model and
        reserve estimate. The nominal drill spacing is 100 x 100 meters.
        Approximately 82 % of the drill holes are large diameter (six inch)
        drill holes. The remaining holes are either H or N diameter drill holes.

        The majority of the drill holes are diamond drill holes. In 1989, 67
        reverse circulation drill holes were completed to test areas of the
        deposit. Results from the reverse circulation holes indicated a
        consistent bias of 25% where the reverse circulation results were 25%
        lower than the diamond drill results. The reasons for the observed bias
        were thought to be related to losses of gold in the dust that was
        produced during drilling, some of it being retained inside the drill
        hole. RPM includes the reverse circulation results in their resource
        estimate. Kinross considers inclusion of this data may have a
        conservative effect on the resource model and reserve estimate.

1.10    SAMPLING METHOD AND APPROACH

        The diamond drill holes have been systematically sampled using 1.0 meter
        intervals. In all, a total of 31,680 samples have been collected and
        analyzed. Core recovery is high (typically greater than 95%) .The core
        is completed logged and a photographic record of each hole is collected
        prior to any sampling. The core is systematically sampled on 1.0-meter
        intervals without adjustment for geological boundaries. Sampling
        consumes 100% of the core.

        Specific gravity measurements are collected during the core logging
        process using the water displacement method. These measurements are
        checked against samples collected from the upper levels of each mining
        bench during mining of the deposit.

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        During the logging and sampling process, samples for Bond Work Index
        (BWI) testing are also collected. These samples are composite samples
        that are selected based on rock unit and depth from surface and guided
        by the geological logging process.

        Historic exploration fieldwork was completed using Rio Tinto's standard
        quality monitoring programs. Detailed review of these programs has not
        been undertaken by Kinross and no comment can be made at this time
        regarding the quality management during the exploration drilling
        programs.

        It has been noted that the RPM lab did employ inter-laboratory check
        samples in analyzing exploration samples. Review of the results does not
        indicate any areas of concern.

        Paracatu's 18 years of production history and the detailed
        reconciliation to the reserve estimates confirms the predictive accuracy
        of the resource model grade estimation. The data indicates that after
        processing more than 237.0 M tonnes of ore, the estimated grade is
        within 2% of the actual grade as measured by the process plant. More
        importantly, review of the annual production data indicates no
        significant variation. This gives further confidence that the procedures
        currently in place to model the grade of the deposit provide an accurate
        representation of the gold distribution. There is no reason to suspect
        that the gold distribution is different in the un-mined portion of the
        deposit.

1.11    SAMPLE PREPARATION, ANALYSIS AND SECURITY

        The sample preparation procedures are consistent with deposits with a
        low average grade. The sample preparation procedure creates multiple
        (six) sample aliquots for each sample. The grades used in resource model
        grade interpolation are the average grades derived from the six
        aliquots.

        Review of RPM's sample laboratory did not identify any significant
        issues. The lab is clean, well equipped and well managed.

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1.12    DATA VERIFICATION

        RPM staff has indicated that Rio Tinto employed rigorous data
        verification procedures. Kinross has not independently verified the data
        transcription against original sources. As with the quality control,
        quality assurance aspects discussed previously, there is an excellent
        level of comfort derived from the production reconciliation data that
        clearly indicates the current resource model is an excellent predictor
        of grade.

1.13    ADJACENT PROPERTIES

        There are no other gold deposits of note in the district. Extensive
        exploration of the Paracatu Formation by Rio Tinto did not identify any
        additional anomalies.

1.14    MINERAL PROCESSING AND METALLURGICAL TESTING

        The existing process plant at Paracatu has operated continuously since
        1987. As of December 31, 2004, the average mill recovery was 78.1%. The
        plant includes primary and secondary crushing, grinding, gravity,
        flotation and hydrometallurgical circuits. Current plant throughput is
        approximately 18 Mtpa.

        Plant recoveries are estimated on the basis of Calha content and IDS
        Calha content in each block together with an allowance for the gains by
        improved gravity recovery. Gold recovery projections are based on 80.39%
        for C,T,B1,B2 ore blends and 75% for ore blends containing higher Calha
        content (B2 ore with high arsenopyrite levels). Average annual plant
        gold recovery is estimated to increase from 77% in 2005 to over 79% from
        2009 onwards.

        Plant throughput has already been increased two times with expansion
        upgrades in 1997 and 1999.

        RPM staff recognized that further plant improvements were necessary in
        order to maintain current production levels in the face of increasing
        ore hardness. Exploration drilling had successfully traced the Paracatu
        deposit to depth but

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        sampling indicated that ore hardness increases proportionately with
        increasing depth from surface.

        In response to the increasing ore hardness, RPM has evaluated expanding
        the existing process stream by adding an in pit crushing and conveying
        (IPCC) system, 38 foot diameter semi-autogenous grinding (SAG) mill and
        expansion of the existing gravity circuit. The modifications will
        increase plant throughput to 30 Mtpa for the first four years of
        production, declining afterwards, again, as a result of increasing ore
        hardness. The expansion plan outlined above is know as Expansion Plan
        III.

        Operating and capital costs for Expansion Plan III were developed from a
        Feasibility Study completed by ECM, a Brazilian engineering company
        working with Aker-Kvaerner E&C. Data on SAG mill performance was
        collected during a pilot plant program completed by RPM staff.
        Recognized experts in SAG mill technology monitored the pilot plant
        program and the subsequent SAG mill sizing, design and operation. The
        SAG mill operates in closed circuit producing a product with a
        specification of 80% passing 213 microns at a WI of 8 kWh/t. Mill
        throughput will average 6000 m3 per hour (3700 tph).

        The IPCC is planned to improve ore delivery from the pit to the plant.
        The IPCC will reduce haul distances resulting in lower operating costs.
        The IPCC is sized to transport 4300 tonnes of ore per hour and assumes
        80% availability. The ore will be transported by a 1.5 km long, 1.8
        meter wide conveyor to fine ore bin near the existing crushing plant.

        The MMD sizer is the industry standard for limestone quarry operations
        challenged by the hardness of the rock (WI=12.0) It is considered
        adequate to treat the harder B2 ore in the reserve inventory. Sample
        results of the hardest ore types indicated that ore hardness is not an
        issue but the abrasiveness of the ore would likely result in premature
        wear.

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1.15    MINERAL RESOURCE AND RESERVE ESTIMATE

        The mineral resource model for Paracatu is interpreted and estimated
        using Gemcom software. The model is updated as required to reflect any
        new drill results or changes in geological interpretation. The last
        model update was completed for the December 2004 resource estimate.

        The mineral resource model for Paracatu is developed from a series of
        NW-SE oriented drill sections that include analytical data from the
        drill programs, pre-mining topography and current mine development. The
        sections are used to define the contacts between the various mineral
        horizons of interest.

        Interpretation considers major faults, the A-B1-B2 contact, Calha,
        non-Calha and IDS zonation and the oxide and sulphide boundaries.

        The information interpreted on the sections is imported into Gemcom for
        Windows for further processing. Linear features (faults, lithologic
        contacts, and mineralization polygons are modeled as continuous three
        dimensional surfaces and wireframes in Gemcom.

        The mineralized wireframes are used to extract sample data and code
        model blocks in a 50 x 50 x 8 ( x,y,z) meter block model.

        Assay data is typically examined using the following six major groupings
        representing the main geological subdivisions interpreted from section:

                o       C+T +B1 external (external to the sulphide outline)

                o       C+T+B1 non-Calha

                o       C+T+B1Calha

                o       B2 non-Calha

                o       B2 Calha

                o       B2 IDS

        Raw assay data (1.0 meter samples) are composited into 4.0 meter
        intervals. The composite data is then extracted using the wireframes
        produced from

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        sectional interpretation. Each composite is coded according to the
        geological wireframe. Composites less than 2.0 meters in length are
        discarded and any duplicate (twinned) composites are also discarded.
        Grade capping is not employed at Paracatu. Composites are analyzed using
        directional semi-variograms. to determine the major, semi-major and
        minor axes and the influence of individual composites.

        The wireframes are used to estimate the percentage of each geological
        unit informing on an individual model block.

        Gold grades are interpolated using Ordinary Kriging. Each geological
        unit is estimated independently and the average weighted grade is
        calculated from the percentage of each lithology within a block. The
        influence of any high grade composites (those greater than 0.80 g/t) is
        restricted during grade interpolation to prevent these outliers from
        influencing too many model blocks.

        An octant search is used in all cases for grade interpolation and a
        maximum of three adjacent samples are used from the same borehole.

        A specific gravity value is estimated for each model block based on
        sample results and a linear regression equation that is based on the
        depth from the pre-mining topographic surface.

        Each model block is assigned an ore hardness based on the results of the
        BWI analyses.

        Paracatu has historically reported resources and reserves according to
        the JORC Code. JORC is almost identical to the CIM Standards, the
        required reporting format to comply with Canada' National Instrument
        NI-43-101.

        Classification of the mineral resources uses a combination of
        geostatistical methods and manual verification. The primary
        classification is the result of statistical probability analysis, which
        is then manually verified by mine geologists.

        Mineral reserves are estimated based on results from a proprietary
        software program developed for RPM known as Mine Sequence Optimizer
        (MSO). The

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        program employs a floating cone algorithm that was developed for
        Paracatu by Dr. Miguel Armony, a Brazilian physicist and
        geostatistician.

1.16    CONCLUSIONS

        The Paracatu mine is a model mining operation. Gold production has
        consistently met targeted levels in the 18 years the mine has been in
        operation. Over that period of time, the predictive accuracy of the
        mineral resource model has been verified by actual production
        experience.

        RPM have completed a thorough pilot plant test examining the amenability
        of the Paracatu ores to SAG milling. A Feasibility Study to a +/- 15%
        level of accuracy has been completed and financial models indicate that
        the project has a positive cash flow at gold prices above $US 300 per
        ounce.

        Kinross has reviewed that data and conclusions supporting Expansion Plan
        III and is in agreement with RPM's conclusions that the project is
        viable and demonstrates a positive cash flow.

1.17    RECOMMENDATIONS

        The exploration potential at Paracatu is considered to be excellent.
        There is excellent potential to increase reserves along the down dip
        extension of the mineralized horizon to the west of the existing mining
        pit. Additional potential exists at depth, below the existing pit in
        areas where existing drill holes were stopped in mineralization.

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2.0     INTRODUCTION AND TERMS OF REFERENCE

2.1     INTRODUCTION

        The mineral resource and mineral reserve estimates summarized in this
        report are classified according to the Canadian Institute on Mining,
        Metallurgy and Petroleum's (CIM) standards as required by Canada's
        National Instrument 43-101.

        This report has been prepared in support of a reserve increase reported
        by Kinross in a press release dated February 15, 2005. The reserve
        increases are based on an updated resource model (updated in Q4, 2004)
        and assumes that the existing operation would be expanded to increase
        plant throughput. The plant expansion considers the addition of a 38'
        diameter SAG mill, MMD ore sizer, in-pit crushing and conveying system
        and upgrades to the existing plant gravity circuit.

        RPM's staff has estimated operating and capital costs for the proposed
        expansion project. ECM, a Brazilian consulting engineering company have
        completed a Feasibility Study on the planned expansion. ECM was assisted
        by Aker-Kvaerner in completing the study.

2.2     TERMS OF REFERENCE

        All units of measure (distance, area, etc,) unless otherwise noted are
        in metric units of measure.

        All monetary units are expressed in terms of September 2004 US dollars
        unless otherwise specified.

        An exchange rate of $3.13 Brazilian Reais per $1.00 US has been assumed
        throughout the SAG Expansion Feasibility Study and, by extension, this
        Technical Report.

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2.3     GLOSSARY

        CIM     Canadian Institute of Mining Metallurgy and Petroleum

        g/t     grams per tonne

        JORC    Joint Ore Reserves Committee

        kWh/t   kilowatt hours per tonne

        M       million

        Mtpa    million tonnes per annum

        MW      megawatts

        oz(s)   troy ounce(s)

        ROM     run of mine

        SAG     semi-autogenous grinding

        t       tonne(s)

        tpa     tonnes per annum

        tpd     tonnes per day

        tph     tonnes per hour

2.4     SCOPE AND OBJECTIVES

        This report is prepared in support of Kinross' February 15, 2005 Press
        Release disclosing Kinross' year end resource and reserve estimates.

2.5     REPORT BASIS

        This Technical Report is based on costs and financial analyses completed
        as part of a Feasibility Study completed by ECM / Aker-Kvaerner in May
        2004.

        The resource model and reserve estimate have been prepared by RPM staff.
        Reserve estimates are based on a mine plan within an optimized pit
        shell.

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        Current operating costs were adjusted to reflect increased throughput
        rates after installation of the SAG mill.

        The underlying data supporting the reserve estimate has been verified
        for accuracy by RPM staff and Kinross experts. No errors have been
        noted.

        The lead author of this report has personally visited the project on
        several occasions and has reviewed the estimation methodology.

2.6     DISCLAIMER

        This document has been prepared by Kinross Gold Corporation's Technical
        Services Department. The document summarizes the professional opinion of
        the author(s) 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
        author(s) or officers of Kinross Gold Corporation.

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3.0     PROPERTY DESCRIPTION AND LOCATION

3.1     PROPERTY DESCRIPTION

        The Paracatu mine (locally known as Morro do Ouro) is operated by Rio
        Paracatu Mineracao (RPM), a wholly owned subsidiary of Kinross Gold
        Corporation (Kinross). The mine has been in continuous operation since
        1987.

        The mine includes an open cast mine, process plant, tailings impoundment
        area and related surface infrastructure and support buildings. Current
        plant throughput averages 18 Mtpa.

        Currently, mining does not require any waste removal (stripping) and
        just a limited amount of explosive is necessary to blast the harder ores
        prior to excavation. Ore is ripped and pushed into piles by CAT D10
        dozers. CAT 992 front-end loaders load the ore from the piles into CAT
        777 rigid frame haul trucks that transport the ore to the existing
        crusher.

        Ore hardness increases with the depth from surface and as a result,
        modeling the hardness of the Paracatu ore is as important as modeling
        the grade. Ore hardness is modeled based on Bond Work Index (BWI)
        analyses of diamond drill samples. RPM currently estimates that blasting
        of the Paracatu ore will be necessary for blocks with a BWI greater than
        9.0 kWh/t

        The planned Expansion Plan III proposes to increase plant throughput to
        30 Mtpa, allowing more efficient treatment of harder ores at depth and
        the arsenopyrite rich Calha and IDS ores.

        The mineral resources and mineral reserves supported by this Technical
        Report assume implementation of Expansion Plan III.

3.2     LOCATION

        The mine is located less 3 km north of the city of Paracatu (population
        75,000) in the northwest part of the state of Minas Gerais, Brazil.
        Paracatu is located approximately 230 km from Brazil's capital, Brasilia
        at Latitude 17(degree)3'S and

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        Longitude 46(degree)35'W. Figure 3.2-1 is a Location Map showing the
        location of Paracatu (Morro do Ouro).

                    FIGURE 3.2-1 - PARACATU MINE LOCATION MAP


                                [GRAPHIC OMITTED]


        The mine is located at an elevation of 780 m above sea level.

3.3     TITLE AND OWNERSHIP

        In Brazil, mining licenses (claims) are issued by the Departamento
        Nacional da Producao Mineral (DNPM). A Brazilian mining license is
        called a "Decreto de Lavra". Once certain obligations have been
        satisfied, DNPM issues a mining

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        license that is renewable annually, and has no set expiry date. Each
        year RPM is required to provide information to DNPM concerning mineral
        production and related matters.

        RPM currently holds title to two mining licenses:

        DNPM Nos. 830.241/80 and 800.005/75 are outlined in red in Figure 3.3-1
        below. The mine and most of the surface infrastructure, with the
        exception of the tailings impoundment area, lie within the two mining
        licenses. The mining claims are confirmed by legal survey.

        RPM also holds title to 13 exploration permits in the immediate mine
        area. Exploration permits are valid for 3 years, extendable for an
        additional 2 years. The exploration permits are highlighted in blue in
        Figure 3.3-1 below. Unlike the mining leases, exploration permits are
        not legally surveyed. Their physical limits are staked in the field and
        all corners are physically confirmed in the field by DNPM employees.

        Including the exploration permits, RPM controls 8,732 Ha in the Paracatu
        area as outlined in Figure 3.3-1.

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             FIGURE 3.3-1 PARACATU MINING AND EXPLORATION CLAIM MAP






                                [GRAPHIC OMITTED]






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3.4     PERMITTING

        One of the initial conditions satisfied by RPM in obtaining a mining
        license was that an Environmental Impact Assessment (EIA) was
        successfully filed with the State of Minas Gerais environmental agency.
        During the time that the mining license is effective, the Operation
        License must be renewed every four years. RPM is the first Brazilian
        gold mining company to receive ISO 14001 certification. The mine
        practices very good environmental care and monitoring programs.

        RPM is currently licensed to draw a set amount of water from the Sao
        Domingos, Santa Rita and Sao Pedro rivers. As previously discussed, any
        additional water demands are likely to be a sensitive issue in the
        community. It is likely that applications to increase water drawdown
        from the rivers will require public and government consultation and
        possibly additional environmental study. RPM staff have expressed
        confidence that Expansion Plan III can be completed under current water
        drawdown rates. They have also indicated confidence that if necessary,
        any increased water demand would be approved.

        Another permitting factor affecting Expansion Plan III is mining on the
        exploration claims west of Rico Creek. Rico Creek is a historic placer
        mining area and the soils in and around the creek are contaminated with
        mercury. The creek plays an important role in the community however and
        any disruption of the creek had to be carefully presented to the
        community.

        A communication process about Expansion Plan III was initiated in
        November 2003. A series of presentations outlining the benefits to the
        community and describing the environmental impact of the planned
        expansion were initially presented to a representative group of RPM
        employees and selected opinion maker groups in the town of Paracatu
        including the local press. From these initial meetings, a strategy was
        developed to communicate Expansion Plan III to the community. The
        planned diversion of Rico Creek to allow continued mining of the deposit
        was one of the main focus areas for the community.

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        Public perception of this process has been very positive as evidenced by
        the fact that no public hearings were requested after the EIA study was
        submitted to FEAM (the environmental agency). Legally, any party could
        call for a public hearing, at any time, within 45 days of submission of
        the EIA. This clearly indicates that the communication process was
        successful in building public support for the project within the local
        community.

        The final potentially significant permitting issue is related to
        approvals to mine below the water table. Currently the mine is not
        permitted to mine below the water table. RPM personnel have indicated
        that it is reasonable to assume that the necessary government approvals
        can be obtained. RPM have not actively pursued the necessary permits as
        there were sufficient ore reserves above the water table to support the
        long range mine plan. For Expansion Project, however, these reserves
        became of very important. The impact of lowering the water table in the
        areas influenced by the mine was well studied in the EIA study and also
        communicated to the community. As mentioned before, the fact that no
        public hearing was called for after the EIA submission also indicates
        the high degree of confidence that the community deposits on RPM.

        The Brazilian environmental policy is executed at three different levels
        of public administration - federal, state and municipal. Coordinating
        and formulating the Brazilian Environmental Policy is the responsibility
        of the Ministry for the Environment. Linked to it is the National
        Environmental Council (CONAMA), the deliberative and consultantive board
        for environmental policy. CONAMA's responsibility is to establish the
        rules, standards and criteria guidelines so that environmental licensing
        can be granted and controlled by the state and municipal local
        environmental agencies which are part of the National Environmental
        System (SISNAMA), and by the Brazilian Institute for the Environment and
        Renewable Resources (IBAMA). IBAMA is the government agency under the
        jurisdiction of the Ministry for the Environment, and is the agency
        responsible for executing the Brazilian Environmental Policy at the
        federal level.

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        The basic environmental process is initiated with the collection of
        baseline data, following the submission of a conceptual mine plan.
        Baseline data collection is followed with an Environmental Impact
        Assessment (EIA), leading to an Environmental Impact Report (RIMA). The
        EIA and RIMA are made available for public review and comment.

        Once the EIA/RIMA process is complete, the Environmental License (LA),
        is required to move the project forward. The LA is issued by the State
        Agency, under guidelines developed by the CONAMA. There are a number of
        components to the Environmental License:

                o       PRIOR LICENSE (LP) - this is relevant to the mining
                        project's preliminary planning stage and contains the
                        basic requirements to be met during the location,
                        installing and operating stages, in accordance with the
                        municipal, state or federal plans for soil use.

                        Requirements must meet regulations, criteria and
                        standards set out in the general guidelines for
                        environmental licensing issued by the CONAMA. In
                        addition, the criteria and standards established by the
                        state environmental agency must be met, in the scope of
                        the agencies area of jurisdiction, providing there is no
                        conflict with federal level requirements.

                        The Mining Plan and the EIA/RIMA are technical documents
                        required for obtaining the Prior License. This process
                        is concurrent with the request for a mining concession.

                o       INSTALLATION LICENSE (LI) - authorizes the start of the
                        mining project, including implementation and
                        installation of the project, according to the
                        specifications in the approved Environmental Control
                        Plan. After the LP is granted, an Economic Development
                        Plan (PAE) is prepared, to be approved by the National
                        Department for Mineral Production (DNPM), as well as an
                        Environmental Control Plan (PCA, based on the
                        Environmental Management System (SGA), to be approved by

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                        local Environmental Agency in order for the Installation
                        License and the land clearing (deforestation) license to
                        be issued. At this stage, a closure plan is also drawn
                        up, to be submitted for the DNPM's approval.

                o       OPERATING LICENSE (LO) - authorizes, after necessary
                        confirmation, the start of the licensed activity and
                        functioning of its pollution control equipment,
                        according to that set out in the Prior and Installation
                        Licenses. During the operating phase of the Project,
                        Annual Mining Reports (RAL) are submitted by the company
                        for DNPM's approval. In the closure phase, the company
                        applies for a Conformity Certificate from the
                        environmental agency and DNPM, after the
                        decommissioning, restoration and environmental
                        monitoring operations are finished.

        Figure 3.4-1 is a simplified diagram of the environmental and licensing
        and control process.

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       FIGURE 3.4-1 BRAZILIAN ENVIRONMENTAL LICENSING AND CONTROL PROCESS








   [Flow Chart Showing Brazilian Enviornmental Licensing and Control Process]







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3.5     ROYALTIES

        RPM must pay a third party royalty of 0.33% of net sales to a
        landholder.






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4.0     ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

        Access to the site is provided by the federal highway system, a network
        of modern, paved roads that are maintained by the federal government. A
        small paved airstrip also services the community. The airstrip can
        accommodate small, charter aircraft.

        The Paracatu mine is located 230 southeast of the national capital,
        Brasilia (pop. 2 million) and 480 kms northwest of the state capital
        Belo Horizonte (pop. 2.5 million). Both cities are modern cities with
        industrial and manufacturing facilities. Belo Horizonte is considered
        the "mining capital" of Brazil and several major mining suppliers and
        engineering companies are headquartered there.

        Paracatu is located in the Brazilian savannah, a region characterized by
        low rolling hills that have been largely cleared of vegetation to
        support farming along with cattle and dairy ranching. The region is
        largely dependent on agriculture with soya beans being the predominant
        crop.

        The Paracatu mine is the largest industrial enterprise in the region,
        employing 750 people, most of who live in the city of Paracatu.

        There are two distinct seasons, a rainy season from October to March and
        a dry season from April through to September. Temperatures average
        20(degree) Celsius, ranging from a high of 35(degree) C to a low of
        15(degree) C. Average annual rainfall totals between 850 - 1800 mm.

        Domestic water for the mine is obtained from the city of Paracatu, via
        pipelines from the municipal water company provider. Process water is
        largely recycled from the tailings pond. Make up water is drawn from the
        Sao Domingos and Sao Pedro rivers during the rainy season to maintain
        the water level in the tailings dam at a level sufficient to provide
        adequate water during the rainy season. The mine also has access to
        artesian wells as an emergency water supply.

        The Sao Domingos and Sao Pedro rivers provide all the water necessary to
        support agricultural irrigation in the area. As such, the drawdown of
        additional

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        water is considered a sensitive issue in the community and was
        identified by RPM staff as a potential limiting factor in the design of
        the SAG Mill Expansion Project. RPM staff carefully monitored densities
        in the process circuit and concluded that the SAG Mill Expansion could
        be operated without having to modify their existing water drawdown
        permits.

        The mine is connected to the national power grid, which relies mainly on
        hydroelectric generation. Electricity is subject to a free market
        environment with consumers able to select their supplier of choice. RPM
        obtains electricity from Centrais Eletricas Minas Gerais (CEMIG). The
        mine has a small emergency power capability, used for critical process
        equipment that cannot be suddenly stopped such as thickeners and CIL
        tank agitators.

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

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5.0     PROJECT HISTORY

        The mining history of the Paracatu region is closely associated with the
        activities of the Portuguese bandeirantes expeditions who prospected for
        gold in Brazil's interior, arriving in the Paracatu region in 1722 after
        the discovery of gold alluvial placers.

        Alluvial mining peaked during the second half of the 18th century. The
        alluvial mining was not limited to the placer deposits along Rico Creek,
        they also exploited the oxidized ore outcrop on the top of Morro do Ouro
        hill or the "Hill of Gold".

        Gold production declined sharply in the region during the first decade
        of the 19th century. From this point forward, production was limited to
        "garimpeiros", subsistence level mining practiced by local inhabitants.
        Various prospectors explored the region but economically viable
        operations were limited as a result of the low-grade nature of the
        deposits.

        Beginning in 1970, Paracatu attracted some attention from mineral
        exploration companies looking for lead and zinc deposits in the area.
        The interest in the gold of Morro do Ouro was secondary as the majority
        of the companies were not attracted by the gold grade, considered to be
        too low to be economically extracted.

        In 1980, Rio Tinto, operating in Brazil under the name of Riofinex do
        Brasil, joined with Billiton in a partnership to explore land in Brazil.
        Billiton owned the Morro do Ouro area but had no interest in investing
        in the area. In 1984 Billiton sold the balance of its shares in the
        Morro do Ouro area to Riofinex. Riofinex embarked on a surface
        exploration program that focused on the oxidized and weathered horizons
        of the Moro do Ouro area. At the end of 1984, based on the data from
        hundreds of test pits (up to 25 m deep) and further supported by a total
        of 44 drill holes, a reserve of 97.5 Mt at 0.587g/t Au was estimated at
        what is currently known as the Paracatu Mine.

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        This estimate only included the superficial oxidized ore, then
        categorized as type C or T ore. In spite of the low gold grade,
        Riofinex's geologists believed that profitable extraction of the ore
        could be realized. In 1985 this was confirmed by a feasibility study.
        Total investment to that time was $7.3 million including ground
        acquisition costs, exploration costs, and the cost of the feasibility
        study.

        Approval was granted by Rio Tinto to construct a mining project at a
        capital cost of approximately US$ 65 million, on the condition that a
        Brazilian partner could be secured for the venture. At the end of 1985,
        RTZ Mineracao, successor to Riofinex, struck a joint venture agreement
        with Autram Mineracao e Participacoes (Autram) to joint venture the
        project through a new company, Rio Paracatu Mineracao (RPM), with Rio
        Tinto holding a 51% operating interest and Autram the remaining 49%.

        Autram's interest ceded to TVX Participacoes who later became TVX Gold
        Inc. (TVX). TVX entered into an agreement with Newmont that resulted in
        Newmont and TVX holding a 24.5% interest in Paracatu. In early 2003, TVX
        acquired Newmont's 24.5% interest resulting in TVX having a 49% interest
        in Paracatu. Almost immediately, Kinross acquired TVX's interest as part
        of the Kinross, TVX, Echo Bay Mines Ltd. (EBM), merger agreement.

        Production at Paracatu commenced in October 1987 treating oxidized and
        highly weather ore from the C and T ore horizons described in Section
        5.0 of this report. The first gold bar was poured in December 1987. The
        following year, the mine throughput reached the design capacity of 6.1
        Mtpa.

        After start up, the throughput rate was progressively increased to 13
        Mtpa, as a result of a number of improvement programs. In 1993, an
        $18.3M Optimization Project was commissioned providing extra water and
        flotation capacity for the circuit.

        Throughput at Paracatu was increased again to 16 Mtpa in 1997 after
        completion of Expansion Project I with a capital cost expenditure of
        $47.3 M.

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        Expansion Project II (1999) increased the mill throughput to 20 Mtpa
        after a capital investment of $6.2M. Due to an increase in ore hardness,
        throughput has now fallen to the 18.0 Mtpa level.

        Total capital investment to December 31, 2004 totalled $249.4M dollars.
        This includes the initial purchase costs of the land, all engineering,
        the initial construction costs, later optimization and expansion capital
        costs, the purchase of the mining fleet and other smaller capital
        investments to optimize the existing project.

        The plant currently produces approximately 200,000 ounces of gold
        annually at an average cash cost of $220 per ounce

        In December 2004, Kinross purchased Rio Tinto's 51% interest in the RPM
        mine giving Kinross a 100% interest in RPM and the Paracatu mine.

        Table 5.0-1 summarizes the historic production at Paracatu.

              TABLE 5.0-1 PARACATU LIFE OF MINE PRODUCTION SUMMARY


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
        YEAR                1987      1988      1989      1990     1991      1992      1993     1994     1995      1996
--------------------------------------------------------------------------------------------------------------------------
<S>                         <C>       <C>       <C>       <C>      <C>       <C>       <C>      <C>      <C>       <C>
 Tonnes milled (million)      0.5       6.2       8.2       9.3     10.1      10.5      13.0     13.4     13.6      13.5

 Feed grade (Au g/t)         0.78      0.77      0.67      0.64     0.61      0.58      0.50     0.50     0.49      0.50

 Gold Produced (oz)         3,884   113,257   145,844   160,258  166,053   167,000   174,699  169,003  162,844   165,646
--------------------------------------------------------------------------------------------------------------------------
        YEAR                1997      1998      1999      2000     2001      2002      2003     2004               TOTAL
--------------------------------------------------------------------------------------------------------------------------
 Tonnes milled (million)     15.3      15.6      17.5      19.7     16.5      18.4      18.4     17.3              237.0

 Feed grade (Au g/t)         0.47      0.48      0.45      0.47     0.45      0.48      0.44     0.44               0.50

 Gold Produced (oz)       156,687   181,305   188,938   228,866  186,915   224,539   200,691  188,574          2,985,002
--------------------------------------------------------------------------------------------------------------------------
</TABLE>


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6.0     GEOLOGICAL SETTING

        The Paracatu mineralization is interpreted to be the result of mineral
        bearing solutions that flooded deformed, Upper Proterozoic phyllites
        forming a series of micro to macro scale quartz boudinage structures.
        The zone of enrichment at Paracatu has been traced for some 4km x 2km in
        extent and appears to be up to 150m thick in places.

6.1     REGIONAL GEOLOGY

        The mineralization is hosted by a thick sequence of phyllites belonging
        to the basal part of the Upper Proterozoic Paracatu Formation and known
        locally as the Morro do Ouro Member. The sequence outcrops in a
        northerly trend in the eastern Brasilia Fold Belt, which, in turn, forms
        the western edge of the San Francisco Craton. The Brasilia Fold Belt
        predominantly consists of clastic sediments, which have undergone lower
        greenschist grade metamorphism along with significant tectonic
        deformation.

        A series of east-northeast trending thrust faults are extensively
        developed along the belt. Metamorphic grade increases towards the west
        as the thickness of the fold belt increases. The timing of deformation
        is estimated at between 800-600 Ma during the Brasiliano orogenic cycle
        and the mineralization is believed to originate syngenetically with this
        period of deformation.

        A number of anomalous gold occurrences have been mapped in the area.
        Most are hosted in rocks similar to those being mined at Paracatu.
        Stratigraphic correlation between the know occurrences is difficult,
        largely as a result of fault offsets and lack of true marker units. It
        is not certain that these other mineralized occurrences are within the
        same stratigraphic horizon as Paracatu.

        Mineralization at Cabeca Seca and Luziania occurs along the same
        northwest linear trend as Paracatu. This trend defines a significant
        regional gravity anomaly.

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6.2     LOCAL GEOLOGY

        The phyllites at Paracatu lie within a broader series of regional
        phyllites. The Paracatu phyllites exhibit extensive deformation and
        feature well developed quartz boudins and associated sulphide
        mineralization. Sericite is common, likely as a result of extensive
        hydrothermal alteration of the host rocks.

        Primary sedimentary features and bedding planes are easily recognizable
        but are intensively deformed with development of thrusting, bedding
        plane thrusting, sygmoidal and boudinage structures as can be observed
        in Figures 6.2-1 and 6.2-2 below.


      FIGURE 6.2-1 TYPICAL SULPHIDE MINERALIZATION IN BOUDINAGE STRUCTURES



                                [GRAPHIC OMITTED]



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                    FIGURE 6.2-2 SMALL SCALE THRUST FAULTING



                                [GRAPHIC OMITTED]



        Mineralization at Paracatu is related to a period of ductile
        deformation, associated shearing and thrust faulting. Overall, the
        sequence has been thrust to the northeast. Intense, low angle isoclinal
        folds are commonly observed. The mineralization plunges to the
        west-southwest at 15(degree) and there is secondary folding with axial
        planes striking to the northwest resulting in kink bands and egg box
        folds in some areas.

        The mineralization appears to be truncated to the north by a major
        normal fault trending east-northeast as mapped in Figure 6.2-3. The
        displacement along this fault is not currently understood but the fault
        is used as a hard boundary during mineral resource estimation. The
        current interpretation is that the fault has displaced the
        mineralization upwards and natural processes have eroded away any
        mineralization in this area.

        A known fault zone also defines the western boundary of the deposit.
        This fault has been interpreted to down fault mineralization to the
        west. The fault strikes

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        north-northwest and is believed to follow a linear topographic low along
        the Rico Creek valley.

               FIGURE 6.2-3: LOCAL GEOLOGY OF THE PARACATU DEPOSIT






                                [GRAPHIC OMITTED]






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6.3     DEPOSIT GEOLOGY

        The Paracatu mineralization is subdivided into 4 horizons defined by the
        degree of oxidation and surface weathering and the associated sulphide
        mineralization. These units are, from surface, the C, T, B1 and B2
        horizons. Mining to date has exhausted the C and T horizons. The
        remaining mineral reserves are primarily hosted in the B1 and B2
        horizons.

                 FIGURE 6.3-1 PARACATU DEPOSIT MINERAL HORIZONS




                                [GRAPHIC OMITTED]




        Type C mineralization occurs at surface, extends to 20 - 30 meters from
        surface. Type C mineralization is completely altered with no remaining
        sulphides. It also features localized laterite development.

        The T horizon is generally only a couple of meters thick. It is
        varicoloured and is essentially demarking the transition from the C
        horizon to the B1 horizon.

        The B1 horizon is dark in colour and carbonaceous with less oxidation
        than the C horizon. Sulphides have been completely oxidized but some
        fresh sulphide material is visible in the quartz boudins.

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        B2 mineralization was originally described as un-weathered or fresh
        mineralization with primary sulphides. Recent work has led to the
        development of subdivisions within the B2 horizon based on arsenic
        content but also taking into account the relative concentrations of the
        various sulphide minerals present. The B2 horizon is divided into Calha
        and non-Calha mineralization based on the amount of arsenic present.
        Where the arsenic content is greater than 2500 ppm, the mineralization
        is classified as Calha. Where arsenic content is less than 2500 ppm, the
        mineralization is classified as non-Calha. The central section of the
        Calha lenses feature increased arsenic content ( greater than 4000 ppm)
        and intense deformation. These central areas are identified as Intensely
        Deformed Sulphide (IDS) mineralization.

        Figure 6.3-2 is a typical section showing the C, T and B1 mineral
        horizons overlying the Calha, (CL1-CL3) non-Calha (NC1 - NC3) and IDS
        (CL4) units of the B2 horizon. The 1-4 designator is reflective of
        differences in hardness as measured by Bond Work Index (BWI)
        measurements taken from drill cores.

                    FIGURE 6.3-2 PARACATU B2 MINERAL HORIZONS




                                [GRAPHIC OMITTED]




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        There are additional, localized variations of the B2 mineralization, the
        most common of which are the Pyrrhotite and Galena B2 mineralization.
        Both are relatively rare. The Pyrrhotite B2 has been mapped in the
        central portion of the sequence, forming a 25 m thick zone characterized
        by coarse aggregates of arsenopyrite. The Galena B2 mineralization is
        rare and discontinuous, mapped as 1-2m thick units with high grade gold
        values that average 0.59g/t Au.

        The contact between unmineralized host rock (Type A) and the various
        mineralized horizons is gradational, occurring over a 10m wide zone that
        is characterized by arsenic values of 200-500ppm and up to 0.2g/t of
        gold.

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7.0     DEPOSIT TYPE

        The Paracatu deposit is a metamorphic gold system with finely
        disseminated gold mineralization hosted within an original bedded
        sedimentary host (phyllite). Very fine, evenly distributed, micron gold
        (associated with sulphides) is finely disseminated throughout a thinly
        bedded phyllite (metamorphosed argillaceous sedimentary rock) of Upper
        Proterozoic age.

        The phyllites at Paracatu are highly deformed as a result of tectonic
        processes. The originally sedimentary rocks have been successively
        altered by at least three phases of hydrothermal alteration that have
        remobilized gold within the original carbonaceous sediments.

        Gold mineralization at Paracatu was introduced by fluids rich in silica,
        iron, arsenic, gold, sulphur dioxide and lead that permeated phyllitic
        rocks in tectonic zones (thrust faults), during or shortly after a
        period of intense tectonic activity. The fluids appear to have migrated
        in a SW to NE direction. In the NE, the fluids encountered a quartzite
        cap (Morro do Ouro) that prevented further fluid migration resulting in
        the formation of the Paracatu deposit.

        Analysis suggests the sulphides exhibit relationships indicating at
        least three separate phases of hydrothermal activity.

                o       An initial event rich in arsenic an gold occurred during
                        the initial phase of a tectonic-metamorphic event

                o       A second phase during the main tectonic event that
                        introduced pyrite, pyrrhotite, chalcopyrite, sphalerite
                        and galena with rare sulphosalts and gold, This also
                        resulted in recrystallization of quart and carbonates
                        manifested in the boudins at Paracatu. It's postulated
                        that during this phase, gold that was held in the
                        crystal lattice of the arsenopyrite was released to
                        re-crystallize at arsenopyrite grain boundaries.

                o       A final phase (post deformational) that produced
                        discordant quartz, carbonate and chlorite veinlets with
                        lesser pyrite and pyrrhotite.

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8.0     MINERALIZATION

8.1     PETROGRAPHY

        The mineralization at Paracatu is indicative of metamorphic alteration
        of lower greenschist facies intensity. Early petrographic studies of the
        B1 mineralization indicated that quartz and sericite make up 80% of the
        rock mass. Carbon occurs in the form of a fine opaque dust disseminated
        within the individual sericite bands. Carbon content varies from 5-20%.
        Minor amounts of ilmenite,tourmaline, anatase, rutile and limonite are
        also commonly observed.

        In 2000, a suite of 50 samples of typical Paracatu mineralization were
        submitted for petrographic study. The samples were collected from
        different ore horizons, at different locations and at different depths
        from surface and are considered to be representative of the Paracatu
        mineralization.

        Results indicated that 60-90% of unoxidized phyllites were composed of
        quartz and sericite producing the distinctive banding noted. Individual
        bands typically are less than 2 cm in thickness.

        The phyllites also contain carbonate (calcite and ankerite) locally up
        to 20% and the same fine grained carbon noted in the previous
        petrographic work was also observed in the latter samples. Accessory
        minerals included muscovite, biotite, albite, tourmaline, ilmenite,
        chlorite, zircon and rutile.

8.2     SULPHIDES

        The amount of sulphides present typically doesn't exceed 3-4%. The most
        common sulphides observed are pyrite, arsenopyrite and pyrrhotite.
        Galena is relatively common and may be accompanied by sphalerite.
        Chalcopyrite occurs locally in fractures in the main sulphide minerals
        noted above.

        The sulphides typically occur as individual crystals or coarse
        crystalline aggregates.

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        Arsenopyrite is the most common sulphide and occurs as a fine grained
        ((less than)1mm) to coarse grained (>3mm) aggregates. Crystals up to 1
        cm in size are not uncommon. Arsenopyrite crystals increase in size to
        the southwest.

        The mineralization at Paracatu exhibits distinct mineralogical zoning
        with the arsenopyrite content increasing towards the center and west and
        in the zones of intense deformation. Gold grades increase in lock step
        with the arsenopyrite so that the highest gold grades occur where
        arsenopyrite content is greatest.

        Pyrrhotite occurs in the western part of the deposit and gold grade are
        elevated where pyrrhotite increases. There is evidence for the existence
        of a high-grade pyrrhotite body at depth, which has been intersected in
        a number of drillholes.

        The paragenetic model proposed for Paracatu suggests that gold and
        arsenopyrite were introduced concurrently. This was followed by a period
        of tectonic activity that produced the deformation and remobilized the
        gold and arsenopyrite and introduced pyrite and pyrrhotite.

        The well-developed quartz boudins are found where the most intense
        deformation occurred and are believed to be the result of increased
        fluid flow with increased arsenic and base metal deposition originating
        from the hydrothermal system. Larger boudins formed in the coarser
        grained units of the original sedimentary host material. In the
        argillaceous units the boudins tend to be smaller (generally <2cm along
        the long axis) but more numerous.

8.3     GOLD

        Gold occurs either as free gold or electrum. Microscopic analysis
        indicates that 92% of the gold at Paracatu is free milling with less
        than 8% encapsulated by sulphide grains or silica.

        RPM examined 50 polished sections of Paracatu ore and identified 79 gold
        grains in 16 of the samples. 50 grains were associated with arsenopyrite
        either occurring on the grain boundaries or as inclusions. The remaining
        29 gold grains were associated with pyrite.

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        No gold was observed with pyrrhotite and no gold was noted without
        sulphide.

        The gold grains varied from sub-rounded to highly irregular (angular).
        Typically, gold grains were less than 10 microns in size and occur on
        the sulphide grain boundaries as seen in Figure 8.3-1.

     FIGURE 8.3-1 PARACATU THIN SECTION GOLD ON ARSENOPYRITE GRAIN BOUNDARY




                                [GRAPHIC OMITTED]




        The gold varies in color from pale to deep yellow reflecting variation
        in the silver content.

        Another mineralogical assessment made by Rio Tinto in Bristol has
        analysed ore samples ground at a grinding size of 106 microns. 634 gold
        particles were identified, 27 % being bigger than 53 microns and 16 %
        bigger than 75 microns. These grains represented around 60 % of the
        total gold area of the samples. By

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        the same talk, only 7 % of the grains were bigger than 106 microns, but
        those represented 40 % of the total gold area of the samples.

        In summary, all mineralogical assessments conducted so far indicate that
        gold is associated preferentially with arsenopyrite. Gold is
        predominantly free milling and cyanidable. The majority of grains are
        ultrafine (less than 20 microns) but the few coarse grains that occur
        are responsible for the highest percentage of the contained gold in the
        ore.

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9.0     EXPLORATION

        Rio Tinto was the first company to apply modern exploration methods at
        Paracatu. The initial production decision was based on a mineral reserve
        estimate based on 44 drill holes and 458 surface pits (25m maximum
        depth) testing the C and T ore horizons at Paracatu.

        The deposit, with the exception of the exploration permits west of Rico
        Creek, is currently drilled off on a nominal 100 x 100 meter drill
        spacing.

        The exploration history at Paracatu has evolved in lock step with the
        mine development. Initially, the exploration effort was focused only on
        defining mineral reserves within the C and T horizons. As a result, the
        majority of the sample support was limited to within 25-30 meters of
        surface.

        As mining of the C and T horizons advanced and the initial capital
        investment was recovered, the decision was made to evaluate the B1
        horizon and exploration drilling was focused on defining the deposit
        through drilling only to the bottom of the B1 horizon.

        As more knowledge was gained through mining of the B1 horizon, the
        potential of the B2 horizon became increasingly important and
        exploration drilling was extended to test the entire thickness of the C,
        T, B1 and B2 horizons.

        As a result of the staged recognition of the mineral reserve potential
        at Paracatu, several drill holes do not test the entire thickness of the
        B2 horizon. RPM staff are aware of the information gaps and additional
        holes to fill in these areas are planned in the future.

        Kinross considers the deepening of holes to test the entirety of the
        mineralized horizons at Paracatu to be an excellent opportunity to
        increase the mineral resources and mineral reserves of the property.

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10.0    DRILLING

        The current database at Paracatu includes 458 test pits (5,070 meters)
        and 696 drill holes (28,317 meters). Table 10.0-1 summarizes the drill
        database as of November 1, 2004.

                        TABLE 10.0-1 DRILL SUMMARY TABLE


              ---------------------------------------------------
                 YEAR   TYPE    DIAMETER      NUMBER OF  TOTAL
                                                HOLES    METERS
              ---------------------------------------------------
                  1988   DD    6 inch               26    1,014
                  1989   RC    6 inch               67    2,791
                  1990   DD    6 inch               15      604
                  1992   DD    6 inch              277    7,961
                  1993   DD    6 inch               36    1,858
                  1994   DD    6 inch, HX/NX       141    5,871
                  1996   DD    6 inch               31      920
                  2000   DD    HX                   38    3,597
                  2001   DD    HX                   40    1,788
                  2004   DD    HX                   25    1,913
              ---------------------------------------------------
              TOTAL                                696   28,317
              ---------------------------------------------------


        Included in the drill hole totals are 67 reverse circulation drill holes
        that were drilled to test the mineralization. Assay results from the RC
        drill campaign were 25 - 30 % lower than results from twinned diamond
        drill holes. The observed bias is thought to be related to losses of
        gold in the dust that was produced during drilling, some of it being
        retained inside the drill hole. RPM typically excludes RC data where the
        data has been twinned by a diamond drill hole. Where holes have not been
        twinned, RPM includes the RC results in the mineral resource modeling
        process.

        Inclusion of the RC data during mineral resource estimation may have a
        conservative impact on mineral resource estimation.

        Until 1993, drilling and test pitting focused on the C and T horizons
        but since that time, drilling has been extended into the B2 horizon.
        Currently, the nominal drill spacing across the mineralized area roughly
        defines a 100 x 100 meter grid.

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        Definition of fault boundaries has led to a better understanding of the
        boundaries of the deposit and future drilling is planned to deepen
        existing holes rather than drill new areas around the periphery of the
        orebody.

        The estimated mineral resources and mineral reserves are restricted to
        lands controlled by RPM, predominantly in the form of the two current
        mining leases. Approximately 20% of the mineral reserves are on land
        where RPM holds an exploration license. RPM staff has consistently
        expressed the opinion that approval for a mining license for these
        exploration permits will not be problematic provided the established
        permitting process is followed.

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11.0    SAMPLING METHOD AND APPROACH

        Kinross has not completed a detailed review of the sampling methods used
        during exploration of the project. Verbal review with RPM staff has
        provided basic insights into the sampling methods used.

        It is Kinross' opinion that 18 years of production history at Paracatu
        has confirmed the accuracy of the exploration data far more accurately
        than any review of sample procedures and methods could ever hope to
        approach. The production data clearly indicates that the mineralization
        at Paracatu is generally free of any significant grade variability. It
        is therefore Kinross' opinion that there is no reason to suspect any
        problems with respect to the samples collection methods employed during
        exploration of the Paracatu mineralized horizons.

11.1    GOLD

        Core recovery from the diamond drill programs is reported to be
        excellent, averaging greater than 95%. RPM employed a systematic
        sampling approach where the drilling (and test pitting) were sampled
        employing a standard 1.0 meter sample length from the collar to the end
        of the hole.

        All samples were marked up and collected by geologists or technicians
        employed by RPM.

        It was standard practice to send the entire core for analysis after the
        core had been logged and photographed. This procedure is not uncommon in
        deposit with a low average grade and good grade continuity. Kinross does
        not consider the sampling of whole core to be a concern especially when
        viewed in light of the property's production history where typically,
        actual production is well within 5% of estimated annual gold production.

11.2    BULK DENSITY

        Bulk density analyses have been completed at various times throughout
        the exploration and development of the project. The original values were
        based on

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        the results of samples collected from the surface test pits. Mining of
        the deposit indicated that the bulk density values were low so efforts
        were made to obtain a more representative number.

        Changes were made to the calculation methodology and a linear regression
        method was employed up to 1999. Reconciliation to actual production
        statistics indicated problems with the density calculations and a study
        was commissioned to examine the bulk density estimates.

        Rio Tinto Technical Services Ltd (RTTSL) developed a new method that
        combined statistical evaluation of near surface sampling for the C, T
        and B1 horizons with a linear regression approach for the data within
        the B2 horizon in those areas where deep drill coverage was limited.
        This new method has improved reconciliation relative to the actual mill
        production to within 1.5% of the predicted tonnage figures.

        Density calculations are carried out at two stages in the mineral
        resource estimation process. During evaluation drilling, samples of core
        are measured using the water displacement method. This method is
        appropriate for the B2 horizon but likely inappropriate for the C. T and
        B1 horizons.

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

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12.0    SAMPLE PREPARATION, ANALYSES AND SECURITY

        The sample preparation flow sheet is presented in Figure 12.0-1 below.

        Prior to the start up of the mine, all samples were shipped to
        independent analytical labs in Brazil for analysis. Kinross has not
        investigated the labs used to analyze the samples and therefore cannot
        comment on the certification of any of the labs involved.

        After construction of the mine, all samples were processed at the on
        site lab by RPM employees. The RPM lab is not an internationally
        certified analytical facility.

        As with the sample collection methods, Kinross is not concerned about
        the certification of the historical assay labs used to analyze the
        samples from Paracatu. Production data from the mine certainly supports
        the conclusion that there is gold mineralization at Paracatu in
        sufficient quantities to be profitably extracted. The current resource
        and reserve estimates do not hypothesize any dramatic increases in grade
        or propose any dramatic changes in the distribution of gold within the
        system.

        Assaying is completed on 50 g sample aliquots with a total of six (6)
        analyses completed for each sample. A sulphur assay value is determined
        for each sample. Additional elements assayed are arsenic, copper, lead,
        zinc, manganese, cadmium and silver.

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                 FIGURE 12.0-1: SAMPLE PREPARATION FLOW DIAGRAM







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12.1    QUALITY CONTROL, QUALITY ASSURANCE

        Quality control and quality assurance programs were limited during the
        exploration at Paracatu. The dominant quality control procedure involves
        the use of inter-laboratory check assays comparing results from RPM's
        analytical lab to Lakefield Research in Canada. Additional check assay
        work is carried out at the Anglo Gold laboratories in Brazil (Crixas and
        Morro Velho).

        Currently, inter-laboratory checks are run against all RPM's samples
        including flotation rejects (low grade), geology samples (intermediate
        grade) and hydromet plant samples (high grade).

        Apart from the interlab checks, the RPM lab procedure includes insertion
        of certified analytical standards and blanks. At least one blank and
        standard are inserted with each batch of samples analyzed. Results are
        statistically analysed and if they lie outside the determined
        boundaries, all the samples within the batch are repeated. Other checks
        are also conducted throughout the fire assay process, such as lead
        recovery to the buttons and silver recovery for the prills. If
        recoveries are below the criteria, the analyses are repeated.

        Finally, RPM uses a certified international standard sample for checking
        the integrity of the fire assay process whenever the criteria described
        above are not met.

        Historically, inter-laboratory checks have been carried out in 1991,
        1997 and 1999/2000. Results from the inter-laboratory check assaying
        have not been reviewed by the author.

        However, the production history and the detailed reconciliation data
        between the reserve estimates and the actual mine production would
        suggest that there is little reason for concern.

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13.0    DATA VERIFICATION

        Kinross has not completed any independent verification routines against
        original data sources. Rio Tinto employed a rigorous data verification
        process at Paracatu. All the information in the database was manually
        verified against original assay and filed certificates.

        Rio Tinto Technical Services completed bi-annual reviews of RPM's
        procedures and methodology. The review process was very detailed and
        generally involved 2-3 full days of detailed review and verification.
        Results of the reviews are maintained in RPM's archives. The 1998, 2000
        and 2002 reviews concluded that RPM's procedures met Rio Tinto's
        corporate guidelines for resource modeling and reserve estimation.

        Rio Tinto often used the review process to highlight riskas and
        opportunities for future work by RPM staff. Rio Tinto Technical Services
        suggested that resource classification based on indicator Kriging would
        be an acceptable approach but favoured resource classification based on
        conditional simulation as the preferred approach. This alternative was
        implemented in the December 2004 resource estimate.

        Paracatu's production history suggests that the accuracy of the data is
        beyond reproach. Kinross has reviewed the production accounting records
        in detail and have found these to be exceptionally detailed and
        thorough. Kinross is confident that the production reconciliation data
        is accurate and indicative of the performance of the reserve estimate.

        Table 13.0-1 summarizes the production reconciliation for the period
        1990 to 2003.

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                 TABLE 13.0-1 PARACATU PRODUCTION RECONCILIATION


--------------------------------------------------------------------------------
        YEAR           1990   1991   1992   1993   1994   1995   1996    1997
--------------------------------------------------------------------------------
Reserve Grade (Au g/t) 0.652  0.631  0.590  0.517  0.485  0.505  0.519   0.486
Actual Grade (Au g/t)  0.644  0.613  0.575  0.499  0.497  0.492  0.502   0.465
Mine Call Factor       0.988  0.971  0.975  0.965  1.025  0.974  0.967   0.957
--------------------------------------------------------------------------------
        YEAR           1998   1999   2000   2001   2002   2003   2004    TOTAL
--------------------------------------------------------------------------------
Reserve Grade (Au g/t) 0.514  0.472  0.467  0.471  0.438  0.446  0.439   0.509
Actual Grade (Au g/t)  0.482  0.453  0.473  0.449  0.483  0.438  0.442   0.500
Mine Call Factor       0.938  0.960  1.013  0.953  1.103  0.982  1.007   0.985
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14.0    ADJACENT PROPERTIES

        There are no other producing mines near the Paracatu mine. Regional
        exploration by Rio Tinto did not identify any additional potential in
        the immediate vicinity of the mine. Fazenda Lavras is a gold prospect
        located approximately 13 km from Paracatu. It has some similarities with
        the Paracatu deposit but it is not in production.
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15.0    MINERAL PROCESSING AND METALLURGICAL TESTING

        The existing process plant at Paracatu has operated continuously since
        1987. As of December 31, 2004, average mill recovery was 78.1%. A
        detailed discussion on the existing process facilities is presented in
        Section 20.0 of this report. The resource and reserve estimates
        summarized by this report assume modification of the existing plant
        according to Expansion Plan III, which calls for the installation of an
        in pit crushing and conveying system, 38 foot diameter SAG mill and
        other minor modifications to the existing process facility.

        Table 15.0-1 summarizes the average annual metallurgical recoveries of
        the flotation and hydrometallurgical process as well as the average
        global plant recovery.

            TABLE 15.0-1 PROCESS PLANT METALLURGICAL RECOVERY SUMMARY


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
YEAR                                1987  1988  1989  1990  1991  1992  1993  1994  1995  1996
------------------------------------------------------------------------------------------------
<S>                                 <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>   <C>
Hydromet Recovery (%)               NA    95.1  97.4  97.5  99.1  99.2  99.2  99.2  99.2  99.3
Flotation Recovery (%)              NA    83.8  84.8  84.6  83.7  83.7  81.8  79.5  76.4  76.7
------------------------------------------------------------------------------------------------
GLOBAL METALLURGICAL RECOVERY (%)   59.0  75.7  82.4  82.7  83.3  83.2  81.4  78.8  75.8  76.0
------------------------------------------------------------------------------------------------
Year                                1997  1998  1999  2000  2001  2002  2003  2004        TOTAL
------------------------------------------------------------------------------------------------
Hydromet Recovery (%)               97.5  92.2  94.3  96.2  96.7  97.1  96.8  96.3        97.2
Flotation Recovery (%)              75.6  77.9  77.8  78.8  80.9  81.3  79.1  79.8        80.4
------------------------------------------------------------------------------------------------
Global Metallurgical Recovery (%)   73.7  71.8  73.4  75.8  78.3  79.0  76.6  76.8        78.1
------------------------------------------------------------------------------------------------
</TABLE>


15.1.1  IN PIT CRUSHING AND CONVEYING

        An in pit crushing and conveying system (IPCC) has been recommended by
        RPM staff as an integral component to Expansion Plan III.

        The IPCC is sized to treat 4300 tph of run of mine (ROM) ore. To meet
        this specification, RPM estimates the system must average 80%
        availability. The system consists of a primary feed hopper which can be
        fed from three sides by trucks up to 150 tonnes in size. ROM ore will be
        feed by apron feeder to a MMD-type, twin shaft sizer to be reduced to
        80% passing 200 mm.

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        The MMD sizer is the industry standard for limestone quarry operations
        (WI=12.0) and is considered adequate to treat the harder B2 ore type in
        the reserve inventory. Samples of the hardest B2 ore were sent to the
        manufacturer for testing that indicated that the ore hardness was not an
        issue but the abrasive nature of the ore may increase cost due to faster
        wear. The Feasibility Study considered the additional wear factor.

        The ore will be transported by a 1.5 km long, 1.8 meter wide conveyor to
        a 7150 tonne silo. Two 1800 mm apron feeders will draw ore from the silo
        for feeding the SAG mill. Each feeder is capable of providing 100% of
        the SAG feed requirement.

        Expansion Plan III proposes to route excess capacity from the MMD sizer
        to two, 250,000 tonne capacity stockpiles which act as buffer feed
        sources during the rainy season when rainfall reduces mining efficiency
        in the pit and will also avoid production disruption during the IPCC
        system downtime for maintenance.

15.1.2  SAG MILL

        Expansion Plan III calls for the installation of a 38 foot diameter SAG
        mill operating in closed circuit producing a product with a
        specification of 80% passing 213 microns at a WI of 8 kWh/t. Mill
        throughput will average 6000 m3 per hour (3700 tph).

        Both the SAG mill manufacturer and independent consultants, considered
        as experts in the field, have verified the SAG mill sizing and
        throughput assumptions in the Feasibility Study. The SAG mill will have
        a 20 MW wrap around motor with a normal draw of between 14 and 15 MW.

        Several SAG mills of this size have been placed into operation but the
        planned throughput rate and product size proposed for Expansion Plan III
        are both on the high end of the scale. The aggressive throughput rate
        and final product specification is well supported by extensive pilot
        plant test work completed by RPM. This work confirmed that the Paracatu
        ore naturally produces a product with a size of 200 - 250 microns at
        very low power inputs.

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        In evaluating the installation of the SAG mill and considering the very
        high flow rates, the Feasibility Study examined all potential impacts on
        SAG mill efficiency. One area of concern is that at the proposed flow
        rates the SAG mill will not be able to adequately handle the
        recalculating load from the cyclones which has the potential to cause
        slurry pooling and or slurry spillage. Slurry pooling reduces mill
        efficiency resulting in decreased mill power and loss of throughput.
        Spillage from the feed end can damage bearings, generates housekeeping
        issues and may also impact throughput.

        Calculations were completed that determined the maximum flowrate that
        could be handled by the SAG mill. It was concluded that as long as
        sufficiently large pulp lifters were installed then the possibility of
        slurry pooling was eliminated. The calculations used to evaluate the SAG
        mill flowrates have a precision of +/- 10% so slurry pooling may still
        occur. However, the pilot plant studies were cognizant of this issue and
        the closed circuit runs of the pilot plant were completed under slurry
        pooling conditions to evaluate the impact on mill performance. Based on
        the pilot plant results, the impact of slurry pooling is limited. At
        worst, if slurry pooling does occur, the mill structure and motor were
        sized to be able to operate at higher ball charges (up to 18%), which
        will draw the required power even with at slurry pooling conditions.

        As for the potential for feed end slurry spillage, proper design and
        engineering can mitigate the potential impact of this effect.

        The Feasibility Study included allowances for the installation of a
        pebble crusher in the future if operational experience indicates it is
        necessary.

15.1.3  MODIFICATIONS TO THE EXISTING PLANT

        Expansion Plan III does not require any changes to the existing
        Grinding, Flotation or Hydrometallurgical circuits.

        There are additions to the Gravity circuit, specifically, the planned
        addition of additional jig capacity or alternatively, large capacity
        (XD70) Knelson concentrators or some combination of both. Metallurgical
        testwork on B2 ores indicates improved gold

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        recoveries result from both jigs and Knelson concentrators. Initial
        testwork focused on evaluated the impact of changes to the operation of
        the jigs in the existing plant. Due to changes in the physical operation
        of the jigs, recovery improved by an average of 12%. Further recovery
        improvement were realized through the use of Knelson concentrators that
        have the capability of recovering fine gold (200 mesh) that jigs are
        incapable of recovering.

        In Q2, 2004, a Knelson XD-70 was installed at Paracatu to test its
        impact within the existing mill circuit. Results will continue to be
        evaluated so that the final configuration of the gravity circuit will be
        optimized once Expansion Plan III is approved.

15.1.4  EXPANSION PLAN III METALLURGICAL TESTWORK

        The testwork supporting the installation and operation of the SAG mill
        resulted largely from a series of 64 pilot plant tests on the Paracatu
        ores. The tests were run on 1500 tonnes of Paracatu ore with WI's
        ranging from 5.5 to 12.0 kWh/t. In all, six different ore types were
        processed through a Koppers 6x2 foot SAG mill that was leased from
        CETEM, Rio de Janeiro, Brazil . The pilot plant operated from April 2002
        to February 2003. A staff of two process engineers, 3 technicians and 10
        labourers were permanently assigned to the pilot plant operation.

        The pilot plant testwork and analysis of the results were all completed
        under the supervision of a team of recognized expert in the filed of SAG
        mill design and operation. These experts were:

                o       Mr. Anthony Moon, Rio Tinto Technical Services;

                o       Dr. Steve Morrell, SMCC and

                o       Mr. George Grandy, Akeer-Kvaerner.

                o       Dr Homero Delboni Jnr, University of Sao Paulo

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        The pilot plant test work evaluated ores independently as well as
        composite ores formed by blending the available ore types together to
        produce a representative blend of future mill feed.

        Specific details on the pilot plant testwork are included in the
        Feasibility Study. The results were reviewed by Dr. Morrell and Mr.
        Grandy who independently concluded that a 38 foot diameter SAG mill with
        a 3700 tpd throughput rate would be best suited to process the Paracatu
        ores.

        Figure 15.1.4-1 presents a graph showing mill throughput related to the
        ore hardness. At an average ore hardness of 8.0 (Feasibility Study
        design criteria), the SAG mill has a maximum throughput of slightly more
        than 3700 tph.

              FIGURE 15.1.4-1 SAG MILL PERFORMANCE CURVE (MORRELL)





                                [GRAPHIC OMITTED]





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        Mineralogical studies carried out at the JKMRC-MLA laboratories in
        Australia have shown that a large part of the Paracatu plant gold losses
        were associated with mixed particles of arsenopyrite with gold. Figure
        15.1.4-1 illustrates a typical occurrence.

          FIGURE 15.1.4-1 TYPICAL GOLD ON ARSENOPYRITE GRAIN BOUNDARIES




                                [GRAPHIC OMITTED]




        The relatively large natural size of the arsenopyrite crystals in the
        deposit makes them readily recoverable by gravity concentration. The
        JKMRC-MLA mineralogical study showed that at 65 mesh, 90 % of the
        arsenopyrite crystals are liberated. Consequently, the pilot plant
        incorporated gravity concentration equipment into the grinding circuit
        to obtain better data on potential treatment methods of the high-arsenic
        "calha" ores. These

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        ores in particular have proven to be difficult to treat by flotation
        alone in the actual milling process.

        Initially a Denver duplex 8 x12 inch jig was placed in the SAG mill
        discharge and even although it was grossly overloaded in this duty (over
        60 tonnes per metre squared per hour) it showed recovery levels of 25 %
        of gold and 50 % of arsenic from T5 type calha ore. This initial result
        indicated quite clearly that arsenopyrite was being liberated in the 200
        to 500 micron range where a jig concentrator is particularly effective.

        A much larger Pan-American jig and a Knelson concentrator were then used
        in the same duty with relative success. It was then decided to complete
        the circuit by installing a 3 x 3 foot ball mill to regrind SAG mill
        product to flotation size (p80 of 75 microns) and install a bank of four
        Outokumpu 4 R flotation machines (36 cubic feet each) to give a
        simulation of the final recovery that could be achieved by incorporating
        extra jigging capacity in the existing industrial flotation plant.

        A total of 18 completed test runs comparing final circuit flotation
        tailing with and without jigging for similar ore blends in the circuit
        showed that in every single case the results with jigging were superior.
        The average reduction in final gold tailing went from 0.120 g/t without
        jigging to 0.071g/t with jigging, a gain of 11% in recovery based on the
        average 0.43 g/t head value.

        Since gravity concentration in the Expansion Plan III will take place
        treating two distinct phases, a coarse phase within the SAG circuit and
        a fine phase after transfer to the ball mill circuit, there is every
        reason to expect better overall gravity recovery in the SAG mode. The
        advent of the Knelson XD-70 concentrator which will specifically target
        the minus 200 mesh gold in mill circulating loads which the jigs do not
        catch is expected to further increase this differential.

        Plant recoveries for both the SAG and the base case are presently
        predicted to be the same and are estimated on the basis of calha content
        and IDS calha content in each block together with an allowance for the
        gains by improved gravity recovery. Gold recovery projections are based
        on 80.39% for CTB1B2 ore blends and 75% for ore

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        blends containing higher calha content (B2 ore with high arsenopyrite
        levels). Average annual plant gold recovery is estimated to increase
        from 77% in 2005 to over 79% from 2009 onwards.

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16.0    MINERAL RESOURCE AND RESERVE ESTIMATES

        The mineral resource model for Paracatu is interpreted and estimated
        using Gemcom software. The model was updated for December 31, 2004
        estimate, reflecting all new drill results and any changes in geological
        interpretation.

        Mineral reserves are estimated based on results obtained from a
        proprietary software program developed for RPM and known as Mine
        Sequence Optimization (MSO). The program was developed for Paracatu by
        Dr. Miguel Armony, a Brazilian physicist and geostatiscian. MSO works on
        a floating cone algorithm similar to the Lerchs-Grossman algorithm.

16.1    MINERAL RESERVE AND RESOURCE STATEMENT

        The Proven and Probable mineral reserve estimate for the Paracatu mine
        is summarized in Table 16.1-1. The estimate assumes successful
        completion of Expansion Plan III, gold prices of $US 350 and $US 400 per
        ounce, a foreign exchange rate of 3.13 Brazilian Reais per $1.00 US and
        an updated life of mine plan for the project.

    TABLE 16.1-1 PROVEN AND PROBABLE MINERAL RESERVES AS OF DECEMBER 31, 2004


--------------------------------------------------------------------------------
                      GOLD PRICE = $350/OZ             GOLD PRICE = $400/OZ
                   -------------------------------------------------------------
 CLASSIFICATION    TONNES     GRADE      GOLD      TONNES     GRADE       GOLD
                  (X 1,000)  (AU G/T)  (OUNCES)   (X 1,000)  (AU G/T)   (OUNCES)
--------------------------------------------------------------------------------
Proven             425,947      0.44  6,025,000    427,592      0.44  6,041,000
                   -------------------------------------------------------------
Probable           178,464      0.43  2,437,000    179,112      0.42  2,444,000
--------------------------------------------------------------------------------
PROVEN & PROBABLE  604,411      0.44  8,463,000    606,704      0.43  8,485,000
--------------------------------------------------------------------------------


        The Measured and Indicated mineral resource estimate for the Paracatu
        mine is presented in Table 16.1-2. The Measured and Indicated mineral
        resources are reported exclusive of the Proven and Probable mineral
        reserves reported in Table 16.1-1. The estimate is based on gold prices
        of $US 400 and $US $450 per ounce, a foreign exchange rate of 3.13
        Brazilian Reais per $1.00 US and updated pit optimizations from

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        the MSO software at the established gold prices. Operating costs used to
        complet eht pit optimization were estimated in the Expansion Plan III
        Feasibility Study.

  TABLE 16.1-2 MEASURED AND INDICATED MINERAL RESOURCES AS OF DECEMBER 31, 2004


--------------------------------------------------------------------------------
                      GOLD PRICE = $400/OZ              GOLD PRICE = $450/OZ
                   -------------------------------------------------------------
 CLASSIFICATION    TONNES     GRADE      GOLD      TONNES     GRADE       GOLD
                  (X 1,000)  (AU G/T)  (OUNCES)   (X 1,000)  (AU G/T)   (OUNCES)
--------------------------------------------------------------------------------
Measured             1,645      0.30     16,000        166      0.39     2,000
                   -------------------------------------------------------------
Indicated              647      0.31      6,000        123      0.29     1,000
--------------------------------------------------------------------------------
MEASURED & INDICATED 2,292      0.30     22,000        289      0.29     3,000

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


        NB MEASURED AND INDICATED RESOURCES ARE REPORTED EXCLUSIVE OF MINERAL
        RESERVES

        The mineral resources and mineral reserves estimates were completed by
        RPM's staff and supervised of Wes Hanson, P.Geo, Kinross' Director of
        Technical Services.

        Two factors affect the mineral resource and mineral reserve estimates
        noted above.

        Approximately 35% of the mineral resources and mineral reserves lie
        below the current water table. Permits to mine below the water table
        have not been issued. RPM has indicated that there is reasonable
        certainty that the permits can be obtained without any significant
        issues or delays.

        Approximately 20% of the mineral resource and mineral reserve estimates
        are located on the exploration licenses west of Rico Creek. The mineral
        rights to these lands are controlled by RPM through the exploration
        permits. Permits to allow mining have not been granted. RPM has
        indicated that the necessary permits can be obtained once the decision
        to mine the reserves on these exploration permits has been confirmed.
        There is no reason to suggest that the necessary permits will be denied.

        It is important to note that approximately almost all of the mineral
        resources and mineral reserves contained in the exploration leases would
        be below the water table.

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16.2    HISTORICAL ESTIMATES

        The reserve history at Paracatu indicates continuous growth of the
        reserve base reflecting increased geological knowledge and improved
        process efficiencies. Figures 16.2-1 and 16.2-2 are graphs that show the
        changes in mineral reserve tonnages and contained ounces from the start
        of commercial production until December 31, 2004.

                   FIGURE 16.2-1 TONNAGE MINED AND IN RESERVE




                               [GRAPHIC OMITTED]




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                    FIGURE 16.2-2 OUNCES MINED AND IN RESERVE

                               [GRAPHIC OMITTED]

16.3    MODELING METHODOLOGY

16.3.1  OVERVIEW

        Mineral reserves for Paracatu are estimated based on results of the MSO
        floating cone optimization of the mineral resource model. The Paracatu
        mineral resource model was last updated in 2004. This included
        production depletion from 2004 and the addition of 25 new diamond drill
        holes that were completed in 2004.

        The resource model is developed using a modified Sequential Gaussian
        Simulation using the routines available at GSLib Fortran90. The
        resulting model is exported to Gemcom for further processing. The
        procedures and methodology used to estimate mineral resources are
        described in the following sections of the report.

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16.3.2  GEOLOGICAL INTERPRETATION

        The mineral resource model for Paracatu is developed from a series of
        NW-SE oriented drill sections on which all exploration results have been
        plotted. The sections are used to define the contacts between the
        various ore types and horizons.

        Major fault zones are interpreted from section to section, typically as
        a linear feature.

        Sulphur values from the drill core analyses are used to refine the B1-B2
        contact which is also interpreted on individual sections as a linear
        feature.

        Calha, non-Calha and IDS ore types are outlined on section based on the
        arsenic results. The outlines are stored as closed polygons.

        Grade shells of 0.20 and 0.30 g/t are used to assist in the
        differentiate between oxide and sulphide ore however the primary tool in
        developing this contact is the sulphur value. The A-B contact is refined
        by a continuous sequence of gold grades lower than 0.20g/t.

        The use of a grade shell is not rigid and the grade shells often
        incorporate gold grades less than the rough cutoffs noted. The grade
        shells are saved as closed polygons.

        All information is digitized and imported into Gemcom mine modeling
        software. Gemcom is used to convert the sectional polygons and lines to
        three-dimensional wireframes and surfaces representing the ore units and
        features that have been interpreted on section.

16.3.3  SAMPLE ANALYSIS

        The 1.0 meter sample data are extracted and grouped by using the
        wireframes to cip out the sample data. Statistical analysis of the 1.0
        meter samples indicates that the Paracatu deposit has a relatively
        uniform grade distribution with very few high grade outliers. The
        homogeneity of the gold mineralization is one of the benefits at
        Paracatu. Gold grades have excellent lateral continuity with very little
        variation. This feature is even more obvious when considering results by
        individual rock type.

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        In general, review of the Paracatu data indicates that less than 5% of
        the total population returned values in excess of 1.00 g/t Au. The
        majority of gold grades lie between 0.3 and 0.7 g/t Au.

        Assay data is typically examined using the following six major groupings
        representing the main geological subdivisions interpreted from section:

                o       C+T +B1 external (external to the sulphide outline)

                o       C+T+B1 non-Calha

                o       C+T+B1Calha

                o       B2 non-Calha

                o       B2 Calha

                o       B2 IDS

        Review of the basic statistics of these zones confirms that grade
        variability does not appear to be a significant issue.

16.3.4  COMPOSITING

        After reviewing the statistics of the raw data, the 1.0 meter samples
        are composited into 4.0 meter intervals. Compositing uses a downhole
        compositing routine where the composites start at the drill hole collar
        and progress downwards in 4 meter intervals to the end of the hole. The
        4,0 meter composite length is equivalent to half the planned mining
        bench height.

        The composite data is then extracted using the same geological
        wireframes used to evaluate the raw 1.0 meter sample results. Each
        composite is coded according to the geological unit.

        Any composite less than 2.0 meters in length are discarded and any
        duplicate (twinned) composites are also discarded.

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        Composite statistics are evaluated in exactly the same manner that the
        1.0 meter sample data was evaluated as a check against any introduced
        error resulting from the compositing process.

16.3.5  GRADE CAPPING

        Grade capping is not employed at Paracatu. High grade results
        occasionally occur in the 1.0 m sample results. These results are
        diluted when the 8.0 m composite samples are calculated which reduces
        the influence of the individual high grade results.

16.3.6  GEOSTATISTICS

        The 4.0-meter composites are then subjected to geostatistical analysis.
        Directional semivariograms are evaluated in three dimensional space to
        determine the major, semi-major and minor axes and the influence of
        individual composites.

        At Paracatu, the C+T+B1 ore is best estimated using an omni-directional
        semi variogram. The B2 horizon is best estimated using and anisotropic
        semi-variogram with the major axis orientated with a dip of 5(degree) at
        an Azimuth of 225(degree).

      Table 16.3.6-1 summarizes the semivariogram models estimated from the
                                 Paracatu data.

                  TABLE 16.3.6-1 PARACATU SEMI-VARIGRAM SUMMARY


<TABLE>
<CAPTION>
<S>                                                                           <C>
------------------------------------------------------------------------------------------------------------------
  ROCKTYPE    STRUCTURES    MODEL      NUGGET  SILL   ANGLE 1   RANGE 1   ANGLE 2   RANGE 2   ANGLE 3    RANGE 3
------------------------------------------------------------------------------------------------------------------
B1 EXT                 2  Spherical      0.44  0.50      0.00     263.0      0.00     263.0      0.00  1000000.0
                          Exponential    0.06  0.00  100000.0      0.00  100000.0      0.00      18.0
------------------------------------------------------------------------------------------------------------------
B1 INT                 2  Spherical      0.44  0.50      0.00     263.0      0.00     263.0      0.00  1000000.0
                          Exponential    0.06  0.00  100000.0      0.00  100000.0      0.00      18.0
------------------------------------------------------------------------------------------------------------------
B2 Non Calha           1  Spherical      0.43  0.57    225.00     205.0      5.50     205.0      0.00       12.1
------------------------------------------------------------------------------------------------------------------
B2 IDS                 1  Spherical      0.43  0.57    235.00     550.0      6.50     500.0      0.00       33.0
------------------------------------------------------------------------------------------------------------------
B2 Calha               1  Spherical      0.43  0.57    225.00     450.0      6.00     450.0      0.00       33.0
------------------------------------------------------------------------------------------------------------------
</TABLE>


16.3.7  BLOCK MODEL

        The block model is created using a two-step process. First, a block
        model with a 50 x 50 x 8 meter (x,y,z) block dimension is coded using
        the same geological wireframes used to

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        evaluate the sample data. The percentage of each lithology within a
        block is stored in the model blocks to allow for grade estimation later
        in the process.

16.3.8  GRADE INTERPOLATION

        Gold grades are interpolated using Ordinary Kriging. Each geological
        unit is estimated independently and the average weighted grade is
        calculated from the percentage of each lithology within a block. As
        previously noted, grade capping is not employed at Paracatu however the
        influence of high grade composites (greater than 0.80 g/t) is reduced.

        An octant search is used in all cases for grade interpolation and a
        maximum of three adjacent samples are used from the same borehole.

        Table 16.3.8-1 summarizes the sdearch parameters used to control grade
        interpolation in the resource model.

                    TABLE 16.3.8-1 GRADE INTERPOLATION RANGES

--------------------------------------------------------------------------------
  ROCKTYPE     SEARCH 1   RADIUS 1   SEARCH 2   RADIUS 2   SEARCH 3   RADIUS 3
--------------------------------------------------------------------------------
B1 EXT             0.00     600.00       0.00     600.00       0.00      30.00
--------------------------------------------------------------------------------
B1 INT             0.00     600.00       0.00     600.00       0.00      30.00
--------------------------------------------------------------------------------
B2 Non Calha     225.00     600.00       6.00     600.00       0.00      30.00
--------------------------------------------------------------------------------
B2 IDS           235.00     600.00       6.50     600.00       0.00      30.00
--------------------------------------------------------------------------------
B2 Calha         225.00     600.00       6.00     600.00       0.00      30.00
--------------------------------------------------------------------------------


16.3.9  SPECIFIC GRAVITY

        A specific gravity value is estimated for each model block based on
        sample results and a linear regression method related to the depth of
        the sample from the pre-mining topographic surface. The estimation is
        based on a straight regression analysis that has been proven accurate
        based on mine production statistics.

        In the 2004 model, drillhole and mine bench data were combined after
        verifying that there was no significant support issue. Semi-variograms
        were calculated and models

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        fitted from which block densities were estimated by ordinary kriging. A
        comparison with overall tonnage estimates from the previous regression
        model showed an increase in tonnage of about 8%. As this new density
        model requires further work, for example, differentiating between B1 and
        B2, it was decided to be conservative and the block density estimates
        were factored down.

16.3.10 ORE HARDNESS

        Each model block is assigned an ore hardness based on the results of the
        BWI analyses.

        Hardness is assessed based on an 8 m composite samples that represent
        the mine`s bench height. Each sample is composed of a fraction of each
        meter after initial sample crushing to 1.4 mm. The WI test is carried
        out by the RPM process lab following the Bond Work Index standard. WI
        values are interpolated into the model blocks using multi indicator
        Kriging interpolation methods without lithology discretization.

        Figure 16.3.10-1 outlines the process used to interpolate ore hardness
        into the model blocks.

             FIGURE 16.3.10-1 BOND WORK INDEX INTERPOLATION PROCESS



                                [GRAPHIC OMITTED]



        For blocks where WI data is limited, (i.e. west of Rico Creek), Wi
        values are assigned based on block elevation.

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16.3.11 RESOURCE CLASSIFICATION

        Paracatu has historically reported resources and reserves under the JORC
        Code. JORC is essentially identical to the CIM Standards, which are the
        required reporting format under Canada's National Instrument NI 43-101.

        The classification of the mineral resource uses a combination of
        geostatistical methods and followed by manual checking. The following
        describes the Sequential Gaussian simulation technique used to derive
        the resource classification scheme for the December 2004 model.

        The initial step consisted of transforming the 4m composites gold
        distributions (by lithology) into normal score distributions with means
        equal to zero and variances equal to one. Semi-variograms were
        calculated for each lithology. Fifty equally probable realizations of
        the gold grade and variance were produced for the 50 x 50 x 8 meter
        model blocks.

        The standard error of the block grades were calculated and the blocks
        were classified according to the relative error of the mean grades at a
        90 percent confidence level. The criterion for measured resources is as
        follows: blocks must have a relative error of 7.5 percent or less at a
        90 percent confidence level. To be classified as measured.. Indicated
        resources include blocks with a relative error between 7.5 and 15
        percent at the same confidence level. These limits for resource classes
        are, by definition, not absolute and were chosen to be broadly
        consistent with previous classification efforts at Paracatu that were
        based on a 100 x 100 x 16 meter block dimension.

        Block classification is then checked manually to determine any blocks
        which may require re-classification if the geologist feels that grade
        and/or geological continuity warrants an increase or decrease in
        confidence of the block value.

        Any block that does not contain a drill intersection and is therefore
        not sampled is not included in the Mineral Resource Statement.

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16.4    PIT OPTIMIZATION

        The Measured and Indicated resource block model is exported the MSO
        optimization package for analysis.

        Cost data is fed into the MSO optimization to evaluate the profitability
        of individual model blocks. Pit slope criteria is also input into the
        optimizer to limit pit wall slopes. For the Feasibility Study of
        Expansion Plan III a conservative pit slope of 45(degree) has been
        assumed.

        The operating costs for the Expansion Plan III were developed by RPM
        staff as part of the Feasibility Study. Operating costs were split into
        fixed and variable components as per the standard RPM approach.

        The following costs were estimated for the first full year of production
        with the SAG mill in place. The increasing ore hardness will likely
        result in increased costs over the mine life. These costs are accounted
        for during Whittle optimization by employing a mining cost adjustment
        factor during optimization.

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        Mining costs                               $0.264 / tonne

        Process costs                              $1.003 / tonne

        Maintenance costs (mine, plant, site)      $0.307 / tonne

        G&A costs (Admin + HSE)                    $0.153 / tonne

        TOTAL COST                                 $1.727 / TONNE

        Later in the mine life as harder ore is exposed it will be necessary to
        drill and blast the ore at Paracatu. The MSO includes a cost escalation
        factor related to blasting assuming contract drilling and blasting. The
        estimated costs are $0.250/ tonne. It is estimated that only 30% of the
        material will require blasting.

        The optimization program calculates an economic break even cutoff grade
        based on the cost, gold price, foreign exchange rates and metallurgical
        recoveries assumed during the optimization.

        Cutoff grades are calculated as per the following:

        COG = total operating cost / ((price per ounce/31.1035 g /oz) * process
        recovery)

        Based on the costs and equation described above, the cutoff grade for
        Paracatu will be:

        $1.727/(($400/31.1035)*0.79) = 0.170 g/t

        The cutoff grade excluding drilling and blasting costs would be:

        $1.607/(($400/31.1035)*0.79) = 0.158 g/t

16.4.1  RESERVE ESTIMATION

        The reserves for Expansion Plan III are essentially the bench by bench
        totals of the mining benches defined by the MSO program. A detailed pit
        design has not been applied to the optimized pit shells largely due to
        the fact that the majority of the mining benches are open cuts as
        opposed to an open pit.

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        As noted above, only Measured and Indicated resource blocks are exported
        to the MSO program. This approach is consistent with both JORC and the
        CIM requirements.

        Measured blocks convert to Proven reserves; Indicated blocks convert to
        Probable reserves.

        The reserves must meet the following requirements:

                o       They must lie within either the mine lease or permitted
                        exploration areas;

                o       They must be physically mineable (i.e. within the
                        optimized pit limits) and

                o       They must be profitable when evaluated against the costs
                        of extraction (capital as well as operating).

        The conditions noted above are slightly different from Rio Tinto's
        guidelines in that reserves from the exploration licenses are reported
        and the requirement that all blocks must be immediately available for
        mining has been eliminated.

        Kinross' discussions with RPM's Technical staff indicate that they are
        very confident that the surface rights to the exploration leases can be
        obtained without difficulty. As a result, Kinross supports the decision
        to convert the previously classified Measured and Indicated resources in
        this are to Proven and Probable reserve status is justified.

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17.0    OTHER RELEVANT DATA AND INFORMATION

        This section is not applicable to the Paracatu mine.

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18.0    INTERPRETATION AND CONCLUSIONS

        The Paracatu mine is a well-managed operating gold mine with a long
        history of meeting production schedules and quotas. The information
        presented in support of Expansion Plan III is well organized, thorough
        and complete.

        Historical production statistics clearly indicate that the sample
        density is sufficient to accurately estimate the grade of the deposit; a
        fact proven by the close agreement between predicted and actual grades
        during the period the mine has been in operation.

        There are two exploration opportunities that should be examined by
        Kinross. The first involves targeted drilling to upgrade inferred
        resources to Measured and Indicated. The second involves additional
        targeted drilling to ensure the entire thickness of the mineralized
        horizon is tested. Some of the earlier drilling at Paracatu was stopped
        short of the B2 ore limit. This infill drilling would also provide an
        opportunity to twin the remaining reverse circulation drill holes that
        may be imparting a low-grade bias during mineral resource estimation.

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19.0    RECOMMENDATIONS

        Based on the pilot plant test results and feasibility level engineering
        work, RPM staff have recommended construction of Expansion Plan III.
        Kinross has reviewed the data and conclusions presented by RPM and are
        in agreement with their recommendation to proceed with the planned
        expansion.

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20.0    ADDITIONAL INFORMATION FOR OPERATING PROPERTIES

20.1    PROCESS PLANT

        Figure 20.1-1 is a simplified flowsheet of the current process plant.
        The production statistics in the flowsheet are budget estimates only.

       FIGURE 20.1-1: SIMPLIFIED FLOWSHEET EXISTING PARACATU PROCESS PLANT



                                [GRAPHIC OMITTED]



20.1.1  CRUSHING

        Typical run of mine ore is about 80% passing 70mm. The current plant
        features four separate crushing lines, three of which are operated at
        one time while the fourth is on standby or down for scheduled
        maintenance. Three crushers provide a crushing rate of 800 tonnes per
        hour (tph). Each circuit consists of a primary impact crusher followed
        by a secondary cone crusher. The final crushed product has a
        specification of 80% passing 10 mm.

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        The crushed product feeds to a 5000 tonne fine ore bin. Two feeders from
        the fine ore bin transfer the ore to one of two blending bins that feed
        into the grinding circuit.

20.1.2  GRINDING CIRCUIT

        The existing grinding circuit features four separate process streams
        consisting of a single stage ball mill (1800 kW) which are fed at a rate
        of 600 tph from the two blending bins. The ball size is 60 mm diameter
        with consumption of 300 g/t. The ball mills operate in closed circuit
        with 500mm hydrocyclones.

        A fifth ball mill is used for regrinding a portion of the circulating
        load.

        The final product specification from the grinding circuit is 80% passing
        75 microns (200 mesh).

20.1.3  GRAVITY CIRCUIT

        The current mill circuit includes sixteen jigs that are set up as part
        of each grinding line. The jigs are fed with a portion of the
        circulating load from the grinding circuit.

20.1.4  FLOTATION

        The flotation circuit features three stages, flash, scavenger and
        cleaner. Product from each grinding line is fed to four flash flotation
        units for gold and sulphide recovery. All flotation reagents are added
        in the flash flotation stage and include: Mercapto, MIBC and Dow froth.
        Approximately 60% of the flotation gold recovery occurs in flash
        flotation + jig circuit. The remaining 20-25 % occurs in the scavenger
        circuit.

        The scavenger units are 120 m3 WEMCO cells.

        40 % of the flotation tails are thickened to 42 % solids in two 70m
        diameter thickeners, which joins with the other 60 % at 30% solids and
        are sent to the main tailings pond.

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20.1.5  HYDROMETALLURGY PLANT

        Two separate concentrate products are sent to the hydrometallurgical
        plant, a jig concentrate and a cleaner concentrate, which cleans the
        flash flotation and scavenger flotation concentrates. All three average
        roughly 20-30 g/t gold.

        Concentrates are first reground in two parallel mills to a size of 90%
        passing 325 mesh. The concentrates are then processed in a Knelson
        concentrator in line with the regrind mills, recovering approximately
        20% of the contained gold. The Knelson concentrate is directed to a bank
        of shaking tables and then on to the smelting furnace.

        The reground sulphide concentrate is thickened to 45% solids in two 15m
        diameter thickeners prior to leaching. The thickened concentrate product
        is leached in eight, 300 m3 CIP tanks. Oxygen is injected in to the
        first tank to reduce cyanide consumption. Activated carbon is added to
        the leaching tanks (configuring a CIL circuit) to collect gold from the
        solution. Loaded carbon is produced from the first CIL tank.

        The loaded carbon is stripped in two, 3 tonne Zadra process elution
        columns at 1300 C using a caustic soda solution. Gold is precipitated
        onto steel wool by electrowinning. The carbon is reactivated in a 200
        kg/hr kiln.

20.1.6  SMELTING

        The process plant produces gold bullion using two induction furnaces.
        Typically, the bullion averages 70-80% gold content with 20-30% silver
        and minor copper and iron content.

20.2    MARKETS AND CONTRACTS

        This section is not applicable as gold production from Paracatu is sold
        on the open market at spot gold prices. There are currently no gold
        loans or gold derivative products that influence the gold price.

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20.3    RECLAMATION AND MINE CLOSURE

        RPM has a comprehensive and up to date closure plan including a closure
        cost estimate. The plan is based on the "Rio Tinto Health, Safety &
        Environment - Closure Planning Guidelines". The current estimate of
        closure costs is US $32 million (excludes any credits for salvage
        value).

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

        The planned closure of the main tailings pond proposes to mine oxide ore
        only during the last year of production. This will provide a cover for
        the pond, which will then be drained.

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

20.4    TAXES

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

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

        (2) A tax on profit equal to the greater of:

        (a)     based on actual profit 34% of actual profit (25% federal and 9%
        social contribution)

        (b)     based on a presumed profit 3% of net sales (same distribution to
        federal and social contribution)

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

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



20.5    CAPITAL AND OPERATING COST ESTIMATES

        The capital and operating costs estimates for Expansion Plan III have
        been prepared by RPM staff and reviewed and modified by ECM, the
        Brazilian engineering company who completed the Expansion Plan III
        Feasibility Study. Capital and operating costs have been estimated to a
        level of accuracy of +/- 15% as per the industry accepted level of
        accuracy for a feasibility study.

        All of the major capital equipment proposed for Expansion Plan III is
        estimated based on as many as three vendor supplied quotations.

        The current economic climate, especially with regards to the pricing of
        oil and steel, combined with the devaluation of the American dollar
        represent the key areas of risk with respect to the capital and
        operating costs estimates.

        Kinross has reviewed the cost estimates and has concluded that they meet
        generally accepted industry standards for evaluating the economic
        viability of the project. Table 20.2-1 summarizes the key capital costs
        associated with Expansion Plan III.

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            TABLE 20.2-1 SUMMARY CAPITAL COSTS FOR EXPANSION PLAN III


       -------------------------------------------------------------------
                        ITEM                                    COST
                                                           ($US millions)
       -------------------------------------------------------------------
        Civil work                                         $        9.7
        Mechanical equipment (Brazil sourced)              $       17.4
        Mechanical equipment (imported)                    $       27.2
        Electrical Equipment                               $        3.9
        Instrumentation                                    $        1.7
        Structural steel materials                         $        3.3
        Platework materials                                $        1.0
        Piping materials                                   $        2.3
        Electrical materials                               $        0.9
        Strt up spares                                     $        1.1
        Erection                                           $        8.5
        Vendor Reps                                        $        0.7
        Engineering                                        $        4.8
        Construction Management                            $        7.7
        Contigency                                         $        9.1
        Pre-operational testing                            $        0.2
        Allowances                                         $        4.4
        Common distributables                              $        0.8
        Escalation                                         $        1.8
       -------------------------------------------------------------------
        SAG                                                $      106.4
       -------------------------------------------------------------------
        Owners Costs                                       $        1.8
        Environmental costs                                $        3.4
        Others                                             $        0.3
       -------------------------------------------------------------------
        TOTAL                                              $      111.9
       -------------------------------------------------------------------



20.6    ECONOMIC ANALYSIS

        Discounted cash flow analyses of Expansion Plan III have been completed
        by RPM staff showing that the project is viable and has a positive rate
        of return at gold prices greater than $300 US per ounce. The cash flows
        are based on life of mine plans prepared by RPM staff. The life of mine
        plans have been reviewed by Kinross and meet generally accepted industry
        standards.

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        Kinross considers the financial models to be confidential and have not
        incorporated said models into the body of this report. Said financial
        models may be made available with the execution of a confidentiality
        agreement with Kinross.

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21.0    REFERENCES

        Rio Paracatu Mineracao S.A., 2004: RPM Expansion Plan III Feasibility
        Study; (translated English version provided by L. Tondo, RPM)

        Rio Paracatu Mineracao S.A., 2003: RPM 2003 Resource and Reserve
        Estimate Report

        Steffen, Robertson and Kirsten (Canada) Inc.,2003: . Independent
        Technical Report for

        Morro do Ouro Mine, Brazil

        J.C. Moller, M. Batelochi, Y. Akiti, M. Sharratt, and A.L. Borges: 2001,
        The Geology and Characterization of Mineral Resources of Morro do Ouro,
        Paracatu, MG

        RPM Avaliacao dos Recursos e Reservas - 2003

        RPM Avaliacao dos Recursos e Reservas - 2002

        NCL Ingenieria y Construccion S.A., 2000: Ore Resource and Reserve
        estimation review for Mina Rio Paracatu Mineracao SA

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                             CERTIFICATE AND CONSENT
                    TO ACCOMPANY THE KINROSS GOLD CORPORATION
                            PARACATU 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 Director,
        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, license number 1013.

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

    5.  I supervised the overall preparation of the Paracatu Mine Technical
        Report and 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 have personally visited the mine site on several occasions in 2004.

    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                            Wesley C. Hanson, P.Geo.,
        March 15, 2005                             Director, Technical Services,
                                                   Kinross Gold Corporation

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                             CERTIFICATE AND CONSENT
                    TO ACCOMPANY THE KINROSS GOLD CORPORATION
                         PARACATU MINE TECHNICAL REPORT

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

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

    3.  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.

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

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

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

    7.  I supervised the overall preparation of the Paracatu Mine Technical
        Report. 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. I have visited the
        site several times during 2004 and 2003.

    8.  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.

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

        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.,
        March 15, 2005                       Vice President, Technical Services,
                                             Kinross Gold Corporation

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