Kinross announces public equity offering - 20.9 million shares at US$17.25 per share - Gross proceeds approximately US$360.5 million



    TORONTO, Jan. 21 /CNW/ - Kinross Gold Corporation (TSX: K; NYSE:   KGC)
("Kinross" or the "Company") announced today that it has entered into an
agreement with a syndicate of underwriters led by UBS Securities Canada Inc.
for a bought deal public offering of 20.9 million common shares of Kinross at
a price of US$17.25 per common share. The Company has also granted to the
underwriters an over-allotment option, exercisable for a period of 30 days
from the date of closing of the offering, to purchase up to an additional
3,135,000 common shares at the offering price.
    The gross proceeds of the offering will be approximately US$360.5 million
(US$414.6 million if the over-allotment option is exercised in full). The
Company intends to use the net proceeds of the offering to enhance its capital
position following the funding of recent acquisitions and for general
corporate purposes.
    The common shares will be offered by way of a short form prospectus in
all of the provinces of Canada and will be registered in the United States
pursuant to a registration statement filed under the multi-jurisdictional
disclosure system, and may also be offered on a private placement basis in
certain jurisdictions outside of Canada and the United States pursuant to
applicable prospectus exemptions. A registration statement relating to these
securities has been filed with the United States Securities and Exchange
Commission but has not yet become effective. The securities may not be sold
nor may offers to buy be accepted prior to the time the registration statement
becomes effective. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of these
common shares in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
    The offering is scheduled to close on or about February 5, 2009 and is
subject to certain customary terms and conditions, including normal regulatory
approvals, including the approval of the Toronto Stock Exchange. A copy of the
prospectus relating to the securities may be obtained in Canada from UBS
Securities Canada Inc. at 161 Bay Street, Suite 4100, Toronto, Ontario M5J
2S1, or in the United States from UBS Securities LLC at 299 Park Avenue, New
York, NY 10171.

    Cautionary Statement on Forward-looking Information

    This press release contains forward-looking statements regarding the
Company and its offering arrangements, including its expectations that the
offering will be successfully completed consistent with the terms outlined
above. Actual results and developments may differ materially from those
contemplated by these statements depending on, among others, such key factors
as market conditions, global political uncertainties, investor demand and the
timing and final terms of such offering. The Company disclaims any intention
or obligation to update any forward-looking statement even if new information
becomes available as a result of future events or for any other reason.





For further information:

For further information: Media contact: Steve Mitchell, Vice-President,
Corporate Communications, (416) 365-2726; Investor Relations contacts: Erwyn
Naidoo, Vice-President, Investor Relations, (416) 365-2744; Lisa Doddridge,
Director, Investor Relations, (416) 369-6480

Organization Profile

KINROSS GOLD CORPORATION

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