Kinross Succeeds in Bid for Aurelian

TORONTO, ON - Kinross Gold Corporation reported that it has been successful in its bid to acquire Aurelian Resources Inc. under its previously announced offer. A total of 108,524,181 common shares of Aurelian were validly deposited at the expiry time of the offer. Kinross now owns a total of 123,524,181 common shares of Aurelian. At the time of the close of the offer, this represented approximately 74.8% of Aurelian's issued and outstanding common shares on a fully-diluted basis. However, following completion of the exchange of the outstanding Aurelian employee stock options for replacement Kinross stock options in the manner contemplated by the terms of the Kinross offer, a process that is expected to be completed shortly, this will represent approximately 80.8% of the issued and outstanding common shares on a fully-diluted basis.
Kinross has taken up these shares and payment for such deposited shares will be made on or before September 8, 2008. Kinross will issue approximately 34.4 million common shares and approximately 15.5 million warrants in respect of taking up the Aurelian shares validly deposited at the expiry time of the offer.
Kinross President and Chief Executive Officer Tye Burt said: "We are pleased that Aurelian's shareholders have accepted our offer. We welcome them as Kinross shareholders and as participants in our growth strategy, including our plans to advance development of the Fruta Del Norte deposit responsibly, in cooperation with the government and people of Ecuador."
The company's address is 40 King Street West, 52nd Floor, Toronto, ON M5H 3Y2, (416) 365-5123, fax: (416) 363-6622, email: [email protected].