Press ReleasePRESS RELEASE: Kinross Announces Rye Patch Share Subscription>K.T
TORONTO, ONTARIO--(Marketwire - May 16, 2008) - Kinross Gold Corporation
("Kinross")(TSX:K)(NYSE:KGC) announced today that it has subscribed for
5,000,000 common shares of Rye Patch Gold Corp. ("Rye Patch") pursuant to a
non-brokered private placement. After giving effect to the private placement,
Kinross will hold approximately 15.18% of the issued and outstanding common
shares. The subscription price for the common shares is CAD $0.25 per common
share for an aggregate purchase price of CAD $1,250,000. The private placement
is subject to approval by the TSX Venture Exchange.
The investment in Rye Patch is part of Kinross' strategy to increase its
exposure to quality exploration opportunities by investing in junior resource
companies.
Rye Patch has its head office at Suite 1740 - 1177 West Hastings Street,
Vancouver, BC, V6E 2K3 and is listed on the TSX Venture Exchange.
Cautionary Statement on Forward-Looking Information All statements, other
than statements of historical fact, contained or incorporated by reference in
this news release, including any information as to the future performance of
Kinross, constitute "forward-looking statements" within the meaning of
applicable securities laws, including the provisions of the Securities Act
(Ontario) and the provisions for "safe harbour" under the United States Private
Securities Litigation Reform Act of 1995 and are based on expectations,
estimates and projections as of the date of this news release. Forward-looking
statements include, without limitation, possible events, statements with
respect to possible events, the future price of gold and silver, the estimation
of mineral reserves and resources and the realization of such estimates, the
timing, amount and costs of estimated future production, expected capital
expenditures, development and mining activities, permitting time lines,
currency fluctuations, requirements for additional capital, government
regulation, environmental risks, unanticipated reclamation expenses, title
disputes or claims. The words "plans," "expects," or "does not expect," "is
expected," "budget," "scheduled," "estimates," "forecasts," "intends,"
"anticipates," or "does not anticipate," or "believes," or variations of such
words and phrases or statements that certain actions, events or results "may,"
"could," "would," "might," or "will be taken," "occur" or "be achieved" and
similar expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by Kinross as of the date of such statements,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Many of these uncertainties and contingencies
can affect, and could cause, Kinross' actual results to differ materially from
those expressed or implied in any forward-looking statements made by, or on
behalf of, Kinross. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. All of the
forward-looking statements made in this news release are qualified by these
cautionary statements, and those made in the "Risk Factors" section of our most
recently filed Annual Information Form and our other filings with the
securities regulators of Canada and the U.S. These factors are not intended to
represent a complete list of the factors that could affect Kinross. Kinross
disclaims any intention or obligation to update or revise any forward-looking
statements or to explain any material difference between subsequent actual
events and such forward-looking statements, except to the extent required by
applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Media Contact:
Kinross Gold Corporation
Steve Mitchell
Director, Corporate Communications
(416) 365-2726
or
Investor Relations:
Kinross Gold Corporation
Erwyn Naidoo
Vice President, Investor Relations
(416) 365-2744
Website: www.kinross.com
(END) Dow Jones Newswires
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