Production Increases At Fort Knox And Kupol

TORONTO - Kinross Gold produced 672,173 attributable gold equivalent ounces from continuing operations in the third quarter of 2012, a 6% increase over the third quarter of 2011, mainly due to production increases at Fort Knox and Kupol. Production increased 6% in Q3 2012 compared with Q2 2012, in line with an expected increase in production in the second half of 2012 based on the full-year mining plan.

In North America production from the region was strong during the quarter, and higher than in Q3 2011, primarily as a result of increased production at Fort Knox in Alaska. All three mines also increased production compared with Q2 2012.

Fort Knox''s strong performance relative to Q3 2011 was due to an increase in tonnes of ore mined and processed, as well as higher mill grades, mill recoveries and accelerating heap leach production. Kettle River-Buckhorn in Washington year-over-year increase in production was a result of higher grades and recoveries. Round Mountain in Nye County, Nevada production compared with the same period last year was slightly lower due to lower grades and tonnes processed, but marginally higher than Q2 2012 due to strong heap leach performance. Regional cost of sales per ounce improved both on a year-over-year and quarter-over-quarter basis mainly due to higher production. North America is expected to complete the year at the high end of regional production guidance.

Production at Kupol in Russia increased year-over-year, mainly due to record mill throughput, higher grades and process improvements resulting in higher silver recoveries. Plant throughput has increased to over 3,500 tonnes per day on average, compared with the design throughput of 3,000 tonnes per day, due mainly to Continuous Improvement initiatives. Compared with Q2 2012, production increased due to slightly higher throughput and recoveries. Kupol''s strong performance is projected to continue in Q4 2012, with production expected to be at the high end and production cost of sales at the low end of the regional guidance range for full-year 2012.

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