Kinross Reports 2010 Second Quarter Results 

TORONTO, ON - Kinross Gold Corporation reported its unaudited results for the second quarter ended June 30, 2010.

Production in the second quarter 2010 was 538,270 gold equivalent ounces, a slight decrease of 4% over the same period last year.

Revenue for the quarter was $696.6 million, compared with $598.1 million in the second quarter of 2009, an increase of 16%. The average realized gold price for the quarter was $1,158 per ounce sold, compared with $915 per ounce sold in Q2 2009, an increase of 27%. Cost of sales per gold equivalent ounce was $496 for Q2, an increase of 14% compared with Q2 2009. Cost of sales per gold ounce on a by-product basis was $459 in Q2 compared with $382 for the same period last year.

Kinross' attributable margin per ounce sold  was a record $662 in Q2, a year-over-year increase of 38%. Adjusted operating cash flow was $271.4 million compared with $227.1 million in Q2 2009, an increase of 20% in adjusted operating cash flow.

Adjusted net earnings were $113.1 million compared with $84.3 million in Q2 2009, an increase of 34% in adjusted net earnings. Reported net earnings were $103.8 million compared with $19.3 million in Q2 2009.

On August 2, Kinross and Red Back Mining Inc. announced a $7.1-billion transaction to create a pure gold senior producer with an exceptional growth profile, combining Kinross' strong base of high-quality mines, growth projects, and proven track record, with Red Back's early-stage operating mines and outstanding exploration and expansion potential.

The company╒s address is 25 York Street, 17th Floor, Toronto, ON M5J 2V5, 416-365-5123, fax: 416-363-6622, email: [email protected].