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News Article | May 24, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 24, 2017) - Pinecrest Resources Ltd. (TSX VENTURE:PCR) (the "Company" or "Pinecrest") is pleased to announce a 3,000 metre Reverse Circulation ("RC") drill program planned to commence during Q3, 2017 on the 100% owned Enchi Gold Project ("Enchi or the Project"), located in Southwest Ghana, a region well-known for prolific gold production. The region hosts numerous historical and current operating open pit and underground gold mines located along strike to the northeast of the Project. All figures are in United States dollars, unless otherwise stated. Ryan King, President of Pinecrest, commented: "Pinecrest is pleased to be advancing the Company's logistically sound Enchi Gold Project. The Enchi gold deposit covers 40 km of the prolific Bibiani Shear Zone that host the Chirano gold mine operated by Kinross Gold Corporation located 70 km northwest of the Project. The Enchi deposit is open along strike and to depth with the 2017 drill program focussed on testing potential deposit extensions and high priority targets generated by previous exploration and drilling." The Enchi Gold Project is road accessible, is on the Ghanaian power grid and is situated along the eastern margin of the Sefwi gold belt that hosts multi-million ounce producing mines such as the Chirano Gold Mine and past producing Bibiani Gold Mine. Enchi includes six prospecting licenses within a total 568km2 land package. Previous work carried out on the project has included: RC and diamond drilling (52,385 m), airborne surveys, soil samples and trenching from numerous targets which resulted in an Inferred Resource Estimates and a Preliminary Economic Assessment conducted on three main gold zones (Boin, Nyam and Sewum). All zones within the Inferred Resource are open for expansion down dip and along strike, particularly the Boin zone that has undrilled internal gaps in the well-defined structure of up to 400 metres in strike length. Additional new high priority targets include Boin Northwest and Kojina Hill both located within 10 km of the main Boin zone where previous work completed includes trenching and drilling. A NI 43-101 compliant Preliminary Economic Assessment (the "PEA" or the "Study") was prepared by WSP Canada Inc. ("WSP") using a base case Inferred Mineral Resource of 1.07 million ounces (oz) of gold (37.3 million tonnes grading 0.9 gram of gold per tonne (g/t Au), at a cut-off of 0.5 g/t Au). The PEA contemplated an owner operated, open pit, heap leach operation processing 3.0 million tonnes per year (Mtpy). Using a base case gold price of $1,300/oz, the Study shows that the Project has net Pre-Tax cash flow of $145 million, a Pre-Tax Net Present Value (NPV) at 5% discount rate of $102 million and an Internal Rate of Return (IRR) of 34%. (See news release linked here dated June 29, 2015 for full details and Technical Report filed on Sedar under Pinecrest Resources Ltd.) The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Numbers may not add exactly due to rounding. Cash cost includes all operating costs, royalties, refining charges, environmental monitoring, tenure fees as well as general and administration costs. Cash cost excludes any capital cost, either initial or sustaining and closure and remediation costs. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The financial models were completed using a base case gold price of US$1,300 per ounce. The Base Case Pre-Tax economic evaluation has an IRR of 34%, payback of capital in 2.8 years and a pre-tax NPV of $102 million at a discount rate of 5%. The Pre-Tax financial model includes: an initial capital cost of $72.7 million, a contingency of $11.8 million (20% of direct costs); sustaining capital of $38.6 million including a contingency of $5.3 million and reclamation and closure costs of $18.3 million. The Financial Model was completed on a 100% Project ownership basis and includes a 5% NSR to the Ghanaian Government and a 2% NSR to Red Back Mining Ghana, a subsidiary of Kinross. The After-Tax financial model includes a 35% corporate tax, demonstrating a base case NPV of $62 million at a discount rate of 5%. The Government of Ghana have the right to a 10% free carry interest in the Project. The PEA was based on the July 15, 2014 NI 43-101 Inferred Mineral Resource estimate prepared by WSP and using a 0.5 g/t cut-off (see Table 2 for details). The 2014 Mineral Resource estimate was based on 52,385 metres of diamond and RC drilling in 646 holes as well as data from 102 surface trenches totalling 13,799 metres. The drilling is generally spaced at 25 to 50 metre intervals. The 2017 RC drill program will include approximately 27 holes totalling 3,000 metres of infill, step out and exploration drilling on the Boin and Sewum Zones and two new zones outside of the maiden Inferred Resource Boin northwest and Kojina Hill both representing high priority targets based on geological, geochemical and geophysical surface work and previous drilling. The Boin NW target is located approximately 1000 metres northwest of the main Boin zone and importantly not currently included in the NI 43-101 Inferred Resource Estimate or PEA. Previous trenching intersected 26 metres grading 0.61 g/t Au and 40 metres grading 0.54 g/t Au including 10m at 1.64 g/t Au. Past limited drilling intersected 23m at 0.43 g/t Au and 39m at 0.43 g/t Au within the near surface oxidized material. Kojina Hill is located approximately 400 metres northwest of the Nyam Zone and was not included in the previous NI 43-101 Inferred Resource Estimate. Previous drilling highlights from only 8 drill holes included near surface intercepts of: 42 metres grading 1.68 g/t Au and 17 metres grading 0.94 g/t Au. Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release. Subject to regulatory approval, the Company has granted 250,000 stock options to a consultant of the Company. The options are at an exercise price of $0.53 per share and valid for a period of five years from the date of grant and have vesting provisions. Pinecrest engages principally in the acquisition, advancement and development of precious metal properties with the Company's primary focus being the 100% owned Enchi Gold Project located in Southwest Ghana. Major shareholders of Pinecrest include Kinross Gold Corporation, Management and Directors. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.


News Article | February 15, 2017
Site: www.marketwired.com

All amounts expressed in U.S. dollars Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or the "Company") reported annual results that exceeded the Company's key targets for the year. In 2016, our mines generated operating cash flow of $2.64 billion, and free cash flow2 of $1.51 billion – a record level of annual free cash flow for the Company. We reduced our cost of sales applicable to gold to $798 per ounce, and our all-in sustaining costs3 fell by 12 percent, to $730 per ounce. We continued to strengthen our balance sheet, cutting our total debt by $2.04 billion, or 20 percent. And we brought greater discipline and rigor to our capital allocation process with the appointment of the Company's first-ever Chief Investment Officer. Our vision is the generation of wealth through responsible mining – wealth for our owners, our people, and the countries and communities with which we partner. In support of this vision, our overarching objective is to grow our free cash flow per share. We are cultivating a high-performance culture defined by the following principles: a deep commitment to partnership, consistent execution, operational excellence, disciplined capital allocation, and continual self-improvement. We are obsessed with talent, and seek out fresh perspectives from other industries, challenging ourselves to think differently as we aim to transform Barrick into a leading 21st century company. We will grow free cash flow per share over the long term by: maintaining and growing industry-leading margins, increasingly driven by innovation and our digital transformation; by managing our portfolio and allocating capital with discipline and rigor; and by leveraging our distinctive partnership culture as a competitive advantage. Our prospects for growing free cash flow per share build on a foundation of core mines that are among the longest-life, lowest-cost gold operations in the world. We have the largest gold reserves and resources in the industry5, including a deep pipeline of projects that provide extraordinary optionality and leverage to gold prices. Our exploration programs have a demonstrated track record of value creation. And we are evaluating acquisitions and partnerships with the potential to improve the overall quality of our portfolio over the long term. Through our Best-in-Class approach, we pursue industry-leading margins by continuously improving the productivity and efficiency of existing systems and operations. Equally, we pursue step changes in performance by re-designing those systems and introducing new technologies; and we innovate to redefine what is possible. As one example, we are pursuing step changes in performance in Nevada by fully integrating the Cortez and Goldstrike operations. Over the past two years, these mines have benefited from increasing collaboration, including joint metal planning to optimize ore processing. By fully integrating the management of their assets, infrastructure, and expertise, we expect to further accelerate improvements in efficiency and productivity. For example, we will fully integrate processing operations and create an integrated digital operations management center that will serve both mines – all under a single, site-based leadership structure. We will also develop an integrated strategic plan for the combined operation that optimizes site resources and capital spending to maximize long-term value creation. Our digital transformation will be another Best-in-Class priority for 2017. Since announcing our partnership with Cisco in September, we have completed proofs of concept for digital projects at Cortez, our pilot digital operation, and we are now implementing them in the field. This work is supported from our digital innovation center in Elko, Nevada, where frontline operators are working with software programmers and other external partners to develop customized digital solutions. The integration of Cortez and Goldstrike will also allow us to further accelerate the implementation and impact of digital transformation in Nevada. As we continue to demonstrate value in the field, we intend to expand digital solutions to other Barrick operations, starting at Veladero, with a focus on digital environmental management systems. We will provide further updates on digital projects during our Operations and Technical Update on February 22. While today's digital technologies are already helping to improve the productivity and efficiency of our operations, in 2017 we will develop a long-term innovation strategy to redefine what is possible in mining, including an innovation road map for the Company. In 2016, we continued to strengthen our investment review and capital allocation process with the appointment of Mark Hill as the Company's first Chief Investment Officer. Mr. Hill was Head of Mining and led the Evaluations group at Waterton Global Resource Management, a private investment firm with an outstanding track record of capital allocation – expertise he combines with earlier experience at Barrick. The Chief Investment Officer is responsible for ensuring that a high degree of consistency and rigor is applied to all capital allocation decisions at the Company – whether at existing operations, development projects, exploration (both near-mine and greenfields), or potential acquisitions and divestments. As part of our revamped capital allocation system, all proposals go through a rigorous, independent peer review process led by our Evaluations team, before they go to the Investment Committee. They are then ranked, prioritized, and sequenced to optimize capital spending over time on a strategic basis, allowing us to anticipate and plan for funding requirements. We expect our portfolio to deliver a 10-15 percent return on invested capital through metal price cycles and, as such, all new capital spending is measured against a hurdle rate of 15 percent based on the Company's long-term gold price assumption of $1,200 per ounce. Over time, assets that are unable to meet our return expectations will be divested. We are also continuously evaluating external opportunities to increase the long-term value of our portfolio through acquisitions, joint ventures, and other partnerships. We believe an authentic partnership culture is our most distinctive and sustainable competitive advantage. For Barrick, partnership means a trust-based culture, and the currency of trust is transparency. It is a culture of peers. Those who are part of Barrick recognize that in general, the collective is stronger than the aggregation of individuals. By embracing these values, we aim to be the preferred partner of host governments and communities, the most sought-after employer among the world's best talent, and the natural choice for long-term investors. Last year, we created a program to make every Barrick employee – from the rock face to the head office – an owner of the Company, with an initial allocation of 25 common shares per person. We expect this to grow over time, in line with Barrick's performance. Our goal is not simply to be aligned with our owners, we want our people to be owners. We also created a new partnership with Cisco to drive Barrick's digital transformation. Working with Cisco and other technology partners, we have begun to develop our flagship digital operation at the Cortez mine in Nevada – embedding digital technology in every dimension of the mine to deliver better, faster, and safer mining. This transformation will improve not only productivity and efficiency, but also environmental and safety performance – which will allow Barrick to build and maintain greater trust with communities, governments, NGOs, and other partners. We continue to strengthen our relationships with other external partners, including Zijin Mining, Ma'aden, and Antofagasta Plc – our joint venture partners at the Porgera, Jabal Sayid, and Zaldívar mines. And we are working to develop new partnerships with the potential to unlock value across our business, and grow free cash flow per share over the long term. In 2017, we expect to produce 5.60-5.90 million ounces of gold, at a cost of sales applicable to gold of $780-$820 per ounce, and all-in sustaining costs3 of $720-$770 per ounce. This represents an improvement over our previous 2017 guidance of 5.0-5.5 million ounces of gold, at all-in sustaining costs3 of $740-$790 per ounce. As we did last year, our intention is to improve upon our plans as we advance our digital transformation, and other Best-in-Class initiatives. For 2017, we are once again targeting a free cash flow breakeven gold price of $1,000 per ounce, which should ensure that we can generate cash in periods of lower gold prices, while generating a windfall when gold prices rise. For 2018, we expect to produce 4.80-5.30 million ounces of gold, at a cost of sales applicable to gold of $790-$840 per ounce, and all-in sustaining costs3 of $710-$770 per ounce. In 2019, we expect to produce 4.60-5.10 million ounces of gold, at a cost of sales applicable to gold of $800-$870 per ounce, and all-in sustaining costs3 of $700-$770 per ounce. Based on our current asset mix and subject to potential divestments, we expect to maintain annual production of at least 4.5 million ounces of gold through 2021. Please see page 11 for detailed operating and capital expenditure guidance. The table found in the appendix at the end of this press release outlines the material assumptions used to develop the forward-looking statements in our outlook and guidance, and provides an economic sensitivity analysis of those assumptions. For certain related risk factors, please see the cautionary statement on forward-looking information at the end of this press release. Full-year net earnings were $655 million ($0.56 per share), compared to a net loss of $2.84 billion ($2.44 per share) in 2015. In 2016, adjusted net earnings1 were $818 million ($0.70 per share), compared to $344 million ($0.30 per share) in 2015. This significant improvement in earnings was largely due to $3.9 billion of impairment charges recorded in 2015, compared to net impairment reversals of $250 million recorded in 2016. Higher earnings were also driven by higher gold and copper prices, combined with higher sales volumes (excluding the impact of divested sites), lower operating costs, and lower expenses for exploration, evaluation, and projects. After adjusting for items that are not indicative of future operating earnings, adjusted net earnings1 of $818 million in 2016 were 138 percent higher than in 2015. This improvement was primarily due to higher gold and copper prices, higher gold and copper sales volumes (excluding the impact of divested sites), and lower operating costs. Significant adjusting items to net earnings (pre-tax and non-controlling interest effects) in 2016 include: Full-year revenues were $8.56 billion, compared to $9.03 billion in 2015. Operating cash flow in 2016 was $2.64 billion, compared to $2.79 billion in 2015. Free cash flow2 for 2016 was $1.51 billion, compared to $471 million6 in 2015. Excluding the proceeds of the Pueblo Viejo streaming transaction in 2015, operating cash flow for 2016 was $456 million higher than the prior year, despite a $355 million reduction in operating cash flow associated with the divestment of non-core assets. Strong operating cash flow was driven by higher gold prices and lower direct mining costs, as a result of lower energy and fuel costs (despite being hedged on a significant portion of our fuel consumption), combined with lower labor, consumable, and contractor costs, and improved operating efficiencies driven by Best-in-Class initiatives, as well as lower cash interest paid. Fourth quarter net earnings were $425 million ($0.36 per share), compared to a net loss of $2.62 billion ($2.25 per share) in the prior-year period. Adjusted net earnings1 for the fourth quarter were $255 million ($0.22 per share), compared to $91 million ($0.08 per share) in the prior-year period. Net earnings in the fourth quarter reflect an increase in realized gold and copper prices, and lower cost of sales, in addition to $146 million (net of tax effects and non-controlling interests) in net impairment reversals, compared to impairment charges of $2.6 billion (net of tax effects and non-controlling interests) recorded in the fourth quarter of 2015. Fourth quarter revenues were $2.32 billion, compared to $2.24 billion in the prior-year period. Operating cash flow in the fourth quarter was $711 million, compared to $698 million in the fourth quarter of 2015. Free cash flow2 for the fourth quarter was $385 million, compared to $387 million in the prior year period. Achieving and maintaining a strong balance sheet remains a top priority. In 2016, we reduced our total debt by $2.04 billion, or 20 percent, slightly exceeding our $2 billion target for the year. At the end of the fourth quarter, Barrick had a consolidated cash balance of approximately $2.4 billion.7 Barrick has less than $200 million in debt due before 2019.8 About $5 billion, or 63 percent of our outstanding total debt of $7.9 billion, does not mature until after 2032. We intend to reduce our total debt by $2.9 billion, to $5 billion, by the end of 2018 – half of which we are targeting in 2017. We will achieve this by using cash flow from operations, selling additional non-core assets, and creating new joint ventures and partnerships. Barrick's operations delivered progressively-stronger performance over the course of 2016, with three consecutive quarters of improved all-in sustaining cost guidance and gold production at the high end of our annual production forecast. These results reflect our ongoing focus on capital discipline, and Best-in-Class improvements that are driving greater productivity and efficiency. We also improved our safety performance, achieving a total reportable injury frequency rate (TRIFR)9 of 0.40 – the best result in the Company's history. Since 2009, we have reduced our TRIFR by 67 percent. Despite these improvements, Meckson Makompe, an employee at our Lumwana mine, lost his life in a workplace accident last year. Subsequently, Williams Garrido, a contractor working at the Pascua-Lama project, was involved in a fatal accident this month. Every person at Barrick must go home safe and healthy every single day, and we will never be satisfied with our performance until we achieve this paramount goal. In 2016, our mines produced 5.52 million ounces of gold, at a cost of sales applicable to gold of $798 per ounce. All-in sustaining costs3 were $730 per ounce, a reduction of 12 percent compared to 2015. We also reduced our cash costs3 by eight percent, from $596 per ounce in 2015, to $546 per ounce in 2016. Gold production in the fourth quarter was 1.52 million ounces, at a cost of sales applicable to gold of $784 per ounce, and all-in sustaining costs3 of $732 per ounce, compared to 1.62 million ounces at a cost of sales of $848 per ounce, and all-in sustaining costs3 of $733 per ounce in the prior-year period. Copper production in 2016 was 415 million pounds, at a cost of sales attribute to copper of $1.43 per pound, and all-in sustaining costs10 of $2.05 per pound, in line with our guidance for the year. This compares to 511 million pounds, at a cost of sales attributable to copper of $1.65 per pound, and all-in sustaining costs10 of $2.33 per pound in 2015. The Jabal Sayid project, a 50-50 joint venture with Saudi Arabian Mining Company (Ma'aden), commenced commercial production on July 1, 2016. Barrick's 50 percent share of production in 2017 is expected to be 30-40 million pounds. In 2016, capital expenditures on a cash basis were $1.12 billion, compared to $1.71 billion in 2015. A decrease of $327 million, excluding the impact of $260 million in capital expenditures associated with divested sites, was primarily due to lower capitalized stripping costs at Veladero, a decrease in leach pad expansion costs at Veladero and Lagunas Norte, and our ongoing focus on capital discipline across the Company. Lower capital costs also reflected lower project spending compared to 2015, mainly relating to the completion of the thiosulfate leaching circuit at Goldstrike, and decreased capital expenditures at Pascua-Lama. Barrick manages the industry's largest inventory of gold reserves and resources5, with a strong track record of adding reserves and resources at our operations and projects through exploration. The Company's five core mines, which are expected to account for approximately 70 percent of our production in 2017, have an average reserve grade of 1.84 grams per tonne – more than double that of our peer group average.5 The majority of our reserves and resources are situated in regions where we have proven operating experience, a critical mass of infrastructure, technical and exploration expertise, and established partnerships with suppliers, host governments, and communities. To calculate our 2016 reserves, we have applied a short-term gold price assumption of $1,000 per ounce for the next four years, and a long-term gold price of $1,200 per ounce from 2021 onwards, consistent with our approach in 2015. As of December 31, 2016, Barrick's proven and probable gold reserves were 85.9 million ounces4, compared to 91.9 million ounces at the end of 2015. Approximately 1.9 million ounces were divested last year, and 6.8 million ounces were depleted through mining and processing. We replaced approximately 60 percent of the ounces we depleted through drilling and cost improvements at our operating mines. Significant additions included 1.1 million ounces at Lagunas Norte, 920,000 ounces at Hemlo, and 640,000 ounces at the Goldstrike underground mine. Reserves at Pascua-Lama declined by 1.3 million ounces as a result of design modifications to enhance safety and environmental mitigation at the project. Reserves at Acacia's Bulyanhulu mine also declined by 430,000 ounces. In 2016, measured, indicated, and inferred resources were calculated using a gold price assumption of $1,500 per ounce. This compares to $1,300 per ounce in 2015. Measured and indicated gold resources decreased to 75.2 million ounces4 at the end of 2016, compared to 79.1 million ounces at the end of 2015. Approximately 4.3 million ounces of measured and indicated gold resources were divested in 2016, and 2.7 million ounces were upgraded to proven and probable gold reserves. Approximately 5.3 million ounces were added to measured and indicated resources as a result of using a $1,500 per ounce gold price assumption. Inferred gold resources increased to 30.7 million ounces4 at the end of 2016, compared to 27.4 million ounces at the end of 2015. Approximately 3.2 million ounces were upgraded to measured and indicated resources. Approximately 5.3 million ounces were added through drilling, including 2.0 million ounces at Veladero, 1.3 million ounces at Hemlo and 1.1 million ounces at Alturas. Approximately 1.7 million ounces were added to inferred resources as a result of using a $1,500 per ounce gold price assumption. The addition of 5.3 million ounces of inferred gold resources through drilling underscores the value of our investments in near-mine exploration, and sets the stage for replenishing and upgrading our reserve and resource portfolio in future years. Proven and probable copper reserves were calculated using a short-term copper price of $2.25 per pound, and a long-term price of $2.75 per pound. This compares to a short-term copper price of $2.75 per pound, and a long-term price of $3.00 per pound, in 2015. Copper reserves, including copper within gold reserves, were 11.1 billion pounds4 at the end of 2016, compared to 11.7 billion pounds, at the end of 2015. Measured and indicated copper resources, including copper within measured and indicated gold resources, increased slightly to 9.7 billion pounds4, compared to 9.6 billion pounds, at the end of 2016. Barrick has the largest gold reserves and resources in the industry5, including some of the largest undeveloped gold projects in the world, which gives us significant optionality and leverage to gold prices. We have a demonstrated track record of creating value through exploration. Since 1990, we have found 143 million ounces of gold for an overall discovery cost of $25 per ounce, or roughly half the average finding cost across the industry. After several years of exploration focused primarily on existing core districts and projects, we are increasing our budget and broadening our focus to include new greenfield opportunities. Approximately 80 percent of our total exploration budget of $185-$225 million is allocated to the Americas. The majority of the remaining budget is allocated to Acacia. Our exploration programs balance high-quality brownfield projects, greenfield exploration, and emerging discoveries that have the potential to become profitable mines. In the short term, every one of our operating mines has the potential to identify new reserves and resources through near-mine exploration (MINEX). In many cases, these ounces can be quickly incorporated into mine plans, driving improvements in production, cash flow, and earnings. Over the medium term, we are advancing a pipeline of high-confidence projects at or near our existing operations. These projects remain on track, with the potential to begin contributing new production to our portfolio beginning in 2021. This includes three significant projects in Nevada: the Cortez Deep South underground expansion; the potential development of an underground mine at Goldrush; and a significant expansion of throughput at the Turquoise Ridge mine. At the Lagunas Norte mine in Peru, we are advancing a project to extend the life of the mine by mining the refractory material below the oxide ore body in the current open pit. At the Alturas project in Chile, we have added an additional 1.1 million ounces of inferred gold resources, bringing the total inferred resource to 6.8 million ounces.4 We expect to complete a scoping study for Alturas in 2017. We have also initiated a prefeasibility study to evaluate the construction of an underground mine at Lama, on the Argentinean side of the Pascua-Lama project. If the study concludes that a phased underground development option meets our risk and financial criteria, and is a more compelling investment proposition than the permitted bi-national open pit plan, we would expect to recalculate reserves and resources at Pascua-Lama to reflect an underground mine plan, likely resulting in a reduction to current reserves and resources at the project. Our successful track record of greenfield exploration, combined with our existing pipeline of undeveloped projects, represents significant long-term value and optionality for our shareholders. Highlights of our greenfield exploration program for 2017 include the Fourmile target, adjacent to our Goldrush discovery in Nevada, and the Frontera District on the border of Argentina and Chile. We have also formed new partnerships with Alicanto Minerals in Guyana, and Osisko Mining in the Labrador Trough of Northern Québec, where we see the potential to develop new core mineral districts for Barrick. Our portfolio also contains a number of the world's largest undeveloped gold deposits, including Donlin Gold, Cerro Casale, and Pascua-Lama. These projects contain nearly 31.5 million ounces of gold in proven and probable reserves4 (Barrick's share), and 29.3 million ounces in measured and indicated resources4 (Barrick's share). At Donlin Gold, we continue to advance through the permitting process. We are also working with our joint venture partner on strategies to further optimize the project. This includes evaluating alternative development scenarios with the potential to lower capital intensity, as well as incorporating innovation, automation, and other Best-in-Class opportunities to improve overall economics. At Pascua-Lama, the initiation of a prefeasibility study for an underground mine at Lama in Argentina represents an opportunity to unlock the value of this deposit, and the wider district, through a phased approach that reduces execution risks and upfront capital requirements. Concurrently, the team in Chile remains focused on optimizing the Chilean components of the project. We will provide a detailed update on projects during our upcoming Operations and Technical Update. Visit www.barrick.com for webcast information and presentations on February 22. Shortly, Barrick intends to file an MJDS universal shelf prospectus qualifying for distribution of securities with an aggregate offering amount of up to $4 billion with Canadian securities regulators and the United States Securities and Exchange Commission. The filing of a shelf prospectus is consistent with the practice of the majority of issuers included in the S&P/TSX 60 Index. The filing provides the Company with increased financing flexibility over the next 25 month period. We have no current intention to offer securities under the shelf prospectus. The scientific and technical information contained in this press release has been reviewed and approved by Steven Haggarty, P. Eng., Senior Director, Metallurgy of Barrick, Rick Sims, Registered Member SME, Senior Director, Resources and Reserves of Barrick, and Patrick Garretson, Registered Member SME, Senior Director, Life of Mine Planning of Barrick, each a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Detailed operating and capital expenditure guidance is as follows: "Adjusted net earnings" and "adjusted net earnings per share" are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: certain impairment charges (reversals), gains (losses) and other one-time costs relating to acquisitions or dispositions, foreign currency translation gains (losses), significant tax adjustments not related to current period earnings and unrealized gains (losses) on non-hedge derivative instruments. The Company uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Barrick believes that adjusted net earnings is a useful measure of our performance because these adjusting items do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and do not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. "Free cash flow" is a non-GAAP financial performance measure which excludes capital expenditures from Net cash provided by operating activities. Barrick believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other companies. Free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. "Cash costs" per ounce and "All-in sustaining costs" per ounce are non-GAAP financial performance measures. "Cash costs" per ounce is based on cost of sales but excludes, among other items, the impact of depreciation. "All-in sustaining costs" per ounce begins with "Cash costs" per ounce and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and minesite exploration and evaluation costs. Barrick believes that the use of "cash costs" per ounce and "all-in sustaining costs" per ounce will assist investors, analysts and other stakeholders in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "Cash costs" per ounce and "All-in sustaining costs" per ounce are intended to provide additional information only and do not have any standardized meaning under IFRS. Although a standardized definition of all-in sustaining costs was published in 2013 by the World Gold Council (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world, including Barrick), it is not a regulatory organization, and other companies may calculate this measure differently. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Estimates are as of December 31, 2016, unless otherwise noted. Proven reserves of 480.3 million tonnes grading 1.68 g/t, representing 25.9 million ounces of gold, and 173.3 million tonnes grading 0.533%, representing 2.035 billion pounds of copper. Probable reserves of 1.5 billion tonnes grading 1.22 g/t, representing 60.1 million ounces of gold, and 276 million tonnes grading 0.638%, representing 3.886 billion pounds of copper. Measured resources of 82.9 million tonnes grading 2.52 g/t, representing 6.7 million ounces of gold, and 83.2 million tonnes grading 0.410%, representing 753.4 million pounds of copper. Indicated resources of 1.2 billion tonnes grading 1.74 g/t, representing 68.5 million ounces of gold, and 650.3 million tonnes grading 0.526%, representing 7.545 billion pounds of copper. Inferred resources of 781 million tonnes grading 1.22 g/t, representing 30.7 million ounces of gold, and 114.1 million tonnes grading 0.501%, representing 1.259 billion pounds of copper. Complete mineral reserve and mineral resource data for all mines and projects referenced in this press release, including tonnes, grades, and ounces, can be found on pages 88-93 of Barrick's Fourth Quarter and Year-End 2016 Report. Comparison based on the average overall reserve grade for Goldcorp Inc., Kinross Gold Corporation, Newmont Mining Corporation, and Newcrest Mining Limited, as reported in each of the Kinross and Newmont reserve reports as of December 31, 2015, as reported in the Goldcorp reserve report as of June 30, 2016, and as reported in the Newcrest reserve report as of December 31, 2016. Excludes $610 million in proceeds related to the Pueblo Viejo streaming transaction. Includes $943 million cash primarily held at Acacia and Pueblo Viejo, which may not be readily deployed outside of Acacia and/or Pueblo Viejo. Amount excludes capital leases and includes project financing payments at Pueblo Viejo (60% basis) and Acacia (100% basis). Total reportable incident frequency rate (TRIFR) is a ratio calculated as follows: number of reportable injuries x 200,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. "C1 cash costs" per pound and "All-in sustaining costs" per pound are non-GAAP financial performance measures. "C1 cash costs" per pound is based on cost of sales but excludes the impact of depreciation and royalties and includes treatment and refinement charges. "All-in sustaining costs" per pound begins with "C1 cash costs" per pound and adds further costs which reflect the additional costs of operating a mine, primarily sustaining capital expenditures, general & administrative costs and royalties. Barrick believes that the use of "C1 cash costs" per pound and "all-in sustaining costs" per pound will assist investors, analysts, and other stakeholders in understanding the costs associated with producing copper, understanding the economics of copper mining, assessing our operating performance, and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall Company basis. "C1 cash costs" per pound and "All-in sustaining costs" per pound are intended to provide additional information only, do not have any standardized meaning under IFRS, and may not be comparable to similar measures of performance presented by other companies. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further details on these non-GAAP measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Due to our hedging activities, which are reflected in these sensitivities, we are partially protected against changes in these factors. Utilizing option collar strategies, the Company has protected the downside of a portion of its expected 2017 copper production at an average floor price of $2.20 per pound, and can participate on the same amount up to an average price of $2.82 per pound. Our remaining copper production is subject to market prices. Certain information contained or incorporated by reference in this Fourth Quarter and Year-End Report 2016, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "objective" "aspiration", "aim", "intend", "project", "goal", "continue", "budget", "estimate", "potential", "may", "will", "can", "should", "could", "would", and similar expressions identify forward-looking statements. In particular, this Fourth Quarter and Year-End Report 2016 contains forward-looking statements including, without limitation, with respect to: (i) Barrick's forward-looking production guidance; (ii) estimates of future cost of sales per ounce for gold and per pound for copper, all-in-sustaining costs per ounce/pound, cash costs per ounce, and C1 cash costs per pound; (iii) cash flow forecasts; (iv) projected capital, operating, and exploration expenditures; (v) targeted debt and cost reductions; (vi) mine life and production rates; (vii) potential mineralization and metal or mineral recoveries; (viii) Barrick's Best-in-Class program (including potential improvements to financial and operating performance that may result from certain Best- in-Class initiatives); (ix) the Lama starter project and the potential for phased-in development of the Pascua-Lama project; (x) the potential to identify new reserves and resources; (xi) our pipeline of high confidence projects at or near existing operations; (xii) the extension of mine life at Lagunas Norte; (xiii) the benefits of integrating the Cortez and Goldstrike operations; (xiv) the potential impact and benefits of Barrick's digital transformation; (xv) asset sales, joint ventures, and partnerships; and (xvi) expectations regarding future price assumptions, financial performance, and other outlook or guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks associated with the fact that certain Best-in-Class initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required to fully assess their impact; risks associated with the implementation of Barrick's digital transformation initiative, and the ability of the projects under this initiative to meet the Company's capital allocation objectives; diminishing quantities or grades of reserves; increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of the Best-in-Class initiatives and targeted investments will meet the Company's capital allocation objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in national and local government legislation, taxation, controls or regulations, and/or changes in the administration of laws, policies, and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company does or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of war, terrorism, sabotage, and civil disturbances; litigation; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortage, related to climate change; availability and increased costs associated with mining inputs and labor; and the organization of our previously held African gold operations and properties under a separate listed Company. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Fourth Quarter and Year-End Report 2016 are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward- looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.


News Article | March 2, 2017
Site: www.marketwired.com

VANCOUVER, BC--(Marketwired - March 02, 2017) - Millrock Resources Inc. (TSX VENTURE: MRO) ( : MLRKF) ("Millrock" or "the Company") announces that is has entered into an Option to Joint Venture Agreement with an affiliate of Kinross Gold Corporation ("Kinross") concerning the Liberty Bell project in Alaska. Gregory A. Beischer, Millrock's President & CEO commented: "We are pleased that Kinross will enter another joint exploration effort with Millrock. This will be the third such collaboration between the companies. We are hopeful that this one will result in the discovery of a gold ore body." In order to earn a 70% joint venture interest, Kinross must, at its option: Upon vesting, Kinross will earn a 70% ownership in the Liberty Bell project and Millrock will retain 30%. Further exploration and development costs will be shared pro-rata. Millrock will acquire a 1.0% NSR royalty when the joint venture is formed. In the event that a party to the Agreement dilutes to less than 10% equity interest, such interest will convert automatically to a 2% NSR royalty, half of which may be purchased for US$1.5 million. AMR payments shall be payable to Millrock at the rate of US$40,000 per year. Total AMR payments under the option and joint venture agreements will be capped at US$500,000. Advanced minimum royalties will be deducted from any NSR royalty payable. The project consists of claims owned outright by Millrock and other claims upon which Millrock holds an option to purchase a 100% interest from Boot Hill Gold Inc., a private Alaska firm. The acquisition of the property was announced by Millrock in October 2015. By the mutual agreement of Boot Hill Gold and Millrock, the term of this agreement has been extended to March 15, 2021. The payment schedule has also been changed such that the total payment, if the option to purchase is exercised in 2021, will be US$700,000. The Liberty Bell project has potential for discovery of valuable gold deposits. A small gold deposit is known to exist on the property and the mineralization discovered by prior workers is a distal gold-bearing pyrrhotite skarn. A full project description can be found here. Finder's Fees will be payable by Millrock to Steven Borell of Anchorage, Alaska, and Curtis Freeman of Fairbanks, Alaska, by Millrock. The fees will be calculated as a percentage of exploration expenditures and will become payable in 2018. The fees are subject to approval by the TSX Venture Exchange. About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. ON BEHALF OF THE BOARD "Gregory Beischer" Gregory Beischer, President & CEO Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. "NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."


News Article | March 1, 2017
Site: www.marketwired.com

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2017) - Taku Gold Corp. (CSE:TAK) ("Taku" or the "Company") announces that Independence Gold Corp. has terminated the earn-in agreement on Taku's Rosebute Property ("Rosebute" or the "Property") located in the White Gold District of Yukon less than one year into the agreement. "We are quite happy to have Rosebute returned to us and look forward to exploring the property in 2017," commented Zak Dingsdale, President. "The limited work completed in 2016 by Independence in no way reduces the exploration potential of Rosebute," adds Mark Fekete, Vice- President. Rosebute is located in the heart of the White Gold camp. This new gold camp has shown a rapid evolution from the initial Golden Saddle discovery in 2009, currently held by Kinross Gold Corp., to the $520 million, all-share acquisition of Kaminak Gold Corp. in May 2016 by Goldcorp Inc. Kaminak's key asset was the Coffee Gold project located at the south end of the White Gold district approximately 130 kilometres south of Dawson City. Coffee currently has total gold mineral resources (Goldcorp press release - May 12, 2016) of 3.0-million ounces indicated (63.7Mt at 1.45g/t), and 2.2-million ounces inferred (52.4Mt at 1.31g/t). Agnico-Eagle Mines Ltd. has recently entered the camp with a $14.52-million equity investment in White Gold Corp. (White Gold press release - December 13, 2016). White Gold only just acquired 12,301 claims (249,000 hectares) across 21 properties covering a large portion of the White Gold district from Shawn Ryan; the prospector credited with both the Golden Saddle and Coffee discoveries (White Gold press release - December 22, 2016). Taku holds a portfolio of five properties covering 1,449 claims (29,813 hectares) in the White Gold district http://bit.ly/2lT31Es. These properties were acquired by Taku in 2010 and have seen integrated exploration work including airborne geophysical surveys, reconnaissance and detailed soil geochemical surveys, focused geophysical surveys, and limited trenching and drilling. Taku holds an enviable database and strong local expertise in the White Gold camp. The Rosebute property comprises 694 contiguous claims (14,387 hectares) and contains three extensive gold-in-soil zones known as the Nor'west, Hudbay and Southeast zones http://bit.ly/2lSTPQt. The Property is located approximately 58 kilometres south of Dawson City, Yukon and roughly 29 kilometres north of the Golden Saddle deposit owned by Kinross Gold Corporation. It is situated in close proximity to the Northern Access Road currently being built by Goldcorp to access to the multi-million-ounce Coffee gold deposit. A seasonal road provides direct access to the eastern edge of the Property. In 2017, Taku intends to focus its exploration efforts at the Hudbay and Southeast gold-in-soil anomalies on the Rosebute property. Detailed soil sampling will be completed south and west of the presently defined Hudbay zone, and north and south of the Southeast zone http://bit.ly/2lSS8CK. Reconnaissance ridge and spur soil sampling will also be done in the western third of the property which to date has not seen any exploration work. Drilling may be done depending on the soil results. Taku is currently seeking joint venture or equity financing to fund this work. Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release. Taku Gold Corp. is a mineral resource company focused on the exploration and development of precious metal properties in Canada with a particular emphasis on the White Gold district of Yukon and the Tagish Lake region of Northern British Columbia. Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.


News Article | February 15, 2017
Site: www.accesswire.com

VANCOUVER, BC / ACCESSWIRE / February 15, 2017 / Ashanti Gold Corp. (TSX-V: AGZ) (OTC PINK: GULSF) ("Ashanti" or the "Company") is pleased to announce that it has signed formal option agreements (the "Option Agreements") with Red Back Mining Ghana Limited ("Red Back"), an indirect, wholly owned subsidiary of Kinross Gold Corporation ("Kinross"), to earn a 100% interest in three prospecting licenses located in the Ashanti Belt in central Ghana (the "Project," as further described in Figures 1 and 2). The Option Agreements provide Ashanti with the right to earn 100% of Red Back's interest in the Project by expending US$1.0M on exploration over two years, but no less than US$500,000 in the first year. The Ghanaian government retains a 10% carried interest in all minerals projects in Ghana, therefore, upon completion of the earn-in agreement, Ashanti will have a 90% net interest. The Option Agreements will be preceded by a due diligence and title curative period (the "Due Diligence Period") that may be up to 12 months from the date of a letter agreement dated October 13, 2016. At any time during this 12-month period, Ashanti will have the sole and exclusive right to initiate the Option Agreements. Ashanti will be the operator of exploration and development programs on the Project during the Due Diligence Period and during the term of the Option Agreements. Upon completion of its earn-in rights, Ashanti will have acquired 100% of Red Back's interest in the Project, subject to Red Back retaining a 2% net smelter royalty. The Project consists of three licenses: Kwahu Oda, Asankare, and New Abirem. The Project covers a total area of approximately 68 km2 in the prolific Ashanti Belt of Ghana. These licenses have been selected to build on previous work by Red Back and Newmont Mining Corporation ("Newmont"). Their location is based on the presence of shear-zone-hosted gold targets, similar to those found along the northwest and southeast margins of the Ashanti Belt. Directly to the south of the Project is Newmont's Akyem mine, which was commissioned in 2013 and produced 473,000 ounces of gold in 2015, making it one of the largest annual gold producers in the world. On the Kwahu Oda license, in 2003, Red Back drilled 2,495m Reverse Circulation ("RC") holes to an average depth of 29m. Highlight historical results for these RC holes for gold mineralization include: 10m @ 8.8 g/t, 11m @ 1.5 g/t, 8m @ 3.1 g/t, 7m @ 3.9 g/t, 5m @ 2.5 g/t. (This information is based on incomplete, previously unpublished historic data provided by Red Back. This information is historic in nature and is not part of any resource estimate). Numerous other soil and auger geochemical samples on each license remain untested. Figure 1. Location map of the Project, Newmont's Akyem mine and Ashanti's Anumso Project within the broader Ashanti greenstone belt. Cannot view Figure 1? Please visit https://www.accesswire.com/uploads/Ashanti1.jpg to view this image. Figure 2. Location map of the Kwahu Oda, Asankare, New Abirem licenses (the Project) relative to Newmont's Akyem mine and Ashanti's Anumso Project. Cannot view Figure 2? Please visit https://www.accesswire.com/uploads/Ashanti2.jpg to view this image. Tim McCutcheon, Ashanti's CEO, said, "The Ashanti Belt Project is extremely exciting and I have personally followed this area for some time. Excellent drill results in 2003 were never given a follow-up program, simply due to corporate shuffling between Newmont - Red Back - Kinross - Abzu Gold back to Kinross over the course of 14 years, as well as severe gold price volatility, especially during the past five years. Finally, with these Option Agreements, Ashanti can give these licenses their due." Ashanti is a gold-focused, exploration and development company with projects in the northern Ashanti Belt of Ghana and the Kinieba Belt of Mali. The Company targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how. On Behalf of the Board of Directors of ASHANTI GOLD CORP. For further information, please contact: The information presented in this Press Release has been reviewed by Dr. Paul Klipfel CPG of Mineral Resource Services Inc. and a Qualified Person as defined by Canadian NI 43-101. Dr. Klipfel is not an Independent Person, as he is a shareholder of AGZ. The data presented has been generated by historic explorers, however the Company has not independently verified such data, and readers are cautioned not to place undue reliance thereon. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. Except for the statements of historical fact contained herein, the information presented in this news release and the information incorporated by reference herein, constitutes "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations, and financial performance and condition of Ashanti Gold Corp. (the "Company"). All statements, except for statements of historical fact, that address activities, events, or developments that management of the Company expects or anticipates will or may occur in the future including such things as future exploration plans concerning the Company's mineral properties, acquisitions, capital expenditures (including the amount and nature thereof), business strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of the business and operations, plans and references to the future success of the Company, and such other matters, are forward-looking statements. Often, but not always, forward-looking information can be identified by words such as "pro forma," "plans," "expects," "may," "should," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," "believes," "potential," or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project, including the geological mapping, prospecting and sampling program being proposed for the Project (the "Program"), actual results of exploration activities, including the Program, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's Management Information Circular (December 2016) and as discussed in the annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein, except as otherwise required by law.


News Article | February 15, 2017
Site: marketersmedia.com

VANCOUVER, BC / ACCESSWIRE / February 15, 2017 / Opawica Explorations Inc. (TSX-V: OPW) (OTC PINK: OPWEF) (the "Company") announces that further to the Company's January 30, 2017 news release, drilling will commence on February 20, 2017 on the Company's 100% owned Bazooka (East) property located near Rouyn Noranda, Quebec. At the request of IIROC, Opawica confirms that there are no other material changes in the affairs of the Company that would account for the recent increase in market activity. The Company owns, or has under option, approximately seven kilometres of the Cadillac Larder Lake Break ("CLLB"), which makes up the contiguous block of ground referred to as the Bazooka West and East properties (the "Bazooka Properties"). The Bazooka Properties are situated between and contiguous to the Wassamac gold property and deposit owned by Richmont Mines Inc. to the west north west, and Yorbeau Resources Inc.'s Rouyn property that has been optioned by Kinross Gold Corporation ("Kinross"), whereby Kinross has the option to acquire a 100% interest in Yorbeau's Rouyn property for consideration that includes exploration expenditures of C$12 million; cash payments of USD $25,000,000; and other considerations (see Yorbeau press release dated October 25, 2016). The Bazooka Property drilling of an untested fold nose feature and drilling to depth of up to about 400 metres targeted on historical underground high grade gold mineralization, previously explored by shaft and drifting (Eldona Mines Ltd. - 1952), will commence with the drill collar situated immediately west of the Augmitto gold resources and related mineralization situated on the Kinross-Yorbeau Rouyn property. Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release. Certain statements in this press release relating to the Company's exploration activities, project expenditures and business plans are approximate and are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as adverse market conditions, mechanical failure, unavailability of parts, labor disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties may not achieve any category of resource(s). The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold, equity markets or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. There is no guarantee that drill results reported in this news release or future releases will lead to the identification of a deposit that can be mined economically, and further work is required to identify resources and reserves.We seek safe harbour. VANCOUVER, BC / ACCESSWIRE / February 15, 2017 / Opawica Explorations Inc. (TSX-V: OPW) (OTC PINK: OPWEF) (the "Company") announces that further to the Company's January 30, 2017 news release, drilling will commence on February 20, 2017 on the Company's 100% owned Bazooka (East) property located near Rouyn Noranda, Quebec. At the request of IIROC, Opawica confirms that there are no other material changes in the affairs of the Company that would account for the recent increase in market activity. The Company owns, or has under option, approximately seven kilometres of the Cadillac Larder Lake Break ("CLLB"), which makes up the contiguous block of ground referred to as the Bazooka West and East properties (the "Bazooka Properties"). The Bazooka Properties are situated between and contiguous to the Wassamac gold property and deposit owned by Richmont Mines Inc. to the west north west, and Yorbeau Resources Inc.'s Rouyn property that has been optioned by Kinross Gold Corporation ("Kinross"), whereby Kinross has the option to acquire a 100% interest in Yorbeau's Rouyn property for consideration that includes exploration expenditures of C$12 million; cash payments of USD $25,000,000; and other considerations (see Yorbeau press release dated October 25, 2016). The Bazooka Property drilling of an untested fold nose feature and drilling to depth of up to about 400 metres targeted on historical underground high grade gold mineralization, previously explored by shaft and drifting (Eldona Mines Ltd. - 1952), will commence with the drill collar situated immediately west of the Augmitto gold resources and related mineralization situated on the Kinross-Yorbeau Rouyn property. Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release. Certain statements in this press release relating to the Company's exploration activities, project expenditures and business plans are approximate and are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as adverse market conditions, mechanical failure, unavailability of parts, labor disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties may not achieve any category of resource(s). The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold, equity markets or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. There is no guarantee that drill results reported in this news release or future releases will lead to the identification of a deposit that can be mined economically, and further work is required to identify resources and reserves.We seek safe harbour.


MONTREAL, QUEBEC--(Marketwired - Feb. 14, 2017) - Yorbeau Resources Inc. (TSX:YRB.A) (the "Company" or "Yorbeau") is pleased to report on a material increase in the updated mineral resource estimate for its copper, zinc, gold and silver project in Scott Township, Chibougamau, PQ. The mineral resource estimate was prepared by William E. Roscoe, Ph.D., P.Eng. and Katharine Masun, MSA, M.Sc., P.Geo. of Roscoe Postle Associates Inc. ("RPA"). A Technical Report in compliance with National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release. Mineral resources have been classified in the Indicated and Inferred categories as follows: The current mineral resource estimate was done by block modeling techniques, using a minimum horizontal width of approximately two metres and a cut-off value based on a Net Smelter Return (NSR*) basis, as warranted by the style of mineralization. The resources enclose both massive sulphide and stringer sulphide lenses, and cut-off values were determined to be $100 per tonne, except for wide stringer sulphides envelopes where a cut-off value of $65 per tonne was used to account for favorable geometry that suggest potential suitability for underground bulk mining methods. All technical parameters will be fully disclosed in the Technical Report prepared by RPA, which will also be posted on Yorbeau's web site when received. * Assumptions made by RPA for the determination of the NSR cut-off include: a US$0.80 Canadian dollar and the following metal prices: copper - US$3.25/lb, zinc - US$1.20/lb, gold - US$1,500/oz, and silver - US$22/oz. Mill recoveries for copper, zinc, gold and silver were established at 90%, 90%, 75%, and 70%, respectively. The recently updated resource includes mineralization in several volcanogenic massive sulphide (VMS) lenses and stringer mineralized zones located over a two kilometre strike length. All lenses range in depth from surface (Selco Lens) to approximately 1,000 m below surface along a shallow general westerly plunge. A 3D isometric view of the wireframes of the mineralized bodies is shown in the attached Figure 1. Increases in mineral resources relative to the previous estimate prepared by RPA and filed by Cogitore Resources in 2011 are attributable to the following factors: Gérald Riverin, Company president commented: "We are most enthusiastic about the results of this new mineral resource estimate which no doubt marks a very important milestone for the project and the Company. With the remarkable positive drift in zinc price observed in the market since the summer of 2015, we consider the new resource estimate particularly timely and positive for our Company. The next step is to complete metallurgical testing and initiate a preliminary economic assessment to have a better idea of what we have in our hands". Work at Yorbeau is carried out under the supervision of Gérald Riverin, PhD, P. Geo. He is a qualified person (as defined by NI 43-101) and has reviewed and approved the content of this release. The February 12, 2017 Mineral Resource estimate disclosed in this press release was prepared by William Roscoe and Katherine Masun. Both are employees of RPA and are independent of Yorbeau. By virtue of their education and relevant experience, they are "Qualified Persons" for the purpose of National Instrument 43-101. William Roscoe and Katherine Masun have read and approved the contents of this press release as it pertains to the disclosed Mineral Resource estimate. The Company's 100% controlled Rouyn Property contains four known gold deposits in the 6-km-long Augmitto-Astoria corridor situated on the western half of the property. Two of the four deposits, Astoria and Augmitto, have substantial underground infrastructure and have been the subject of NI 43-101 technical reports that include resource estimates. The Company recently announced signing an Option Agreement with an affiliate of Kinross Gold Corporation to pursue exploration on the Rouyn Property (see press release dated October 25, 2016). In 2015, the Company expanded its exploration property portfolio by acquiring strategic base metal properties in prospective areas of the Abitibi Belt of Quebec and Ontario that also feature infrastructure favourable for mining development. The newly acquired base metal properties include Scott Lake which hosts important mineral resources. More information on the Company may be found on the Company's website at www.yorbeauresources.com. Forward-looking statements: Except for statement of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.


News Article | February 15, 2017
Site: www.marketwired.com

Bald Mountain doubles mineral reserves for potential significant mine life extension; Tasiast Phase One expansion on track, Phase Two feasibility study on schedule for Q3 TORONTO, ON--(Marketwired - February 15, 2017) - Kinross Gold Corporation (TSX: K) ( : KGC) provided today updates to its organic development projects, exploration program and its estimated mineral reserves and resources. 1 See also Kinross' Annual Mineral Reserve and Mineral Resource Statement, estimated as at December 31, 2016, and explanatory notes starting at page 12. CEO commentary J. Paul Rollinson, President and CEO, made the following comments in relation to Kinross' organic development projects: "We have made excellent progress advancing the organic development projects that will shape the future of Kinross and look forward to achieving key milestones in 2017. These exciting projects span all three regions and are expected to help Kinross extend mine life to maintain strong, consistent production and cash flow in the years ahead. "With the Tasiast Phase One expansion on track to reach full commercial production in Q2 2018, the Company expects to complete a feasibility study for Phase Two in Q3 2017 and make a development decision at that time. Phase One is expected to almost double production and reduce operating costs by nearly half while Phase Two is expected to once again significantly increase production to approximately 780,000 Au eq. oz., further reduce cost, and extend mine life to 2030. "At Bald Mountain, we have doubled mineral reserve estimates ahead of schedule, confirming our vision for the mine as a long-life asset with significant upside potential. At the Round Mountain Phase W project, we have upgraded mineral resource estimates and expect to complete a feasibility study in Q3 2017 to potentially extend mine life. "In Russia, stripping at September Northeast has begun, and mining at Moroshka is scheduled to begin in the first half of 2018, while 2017 exploration will follow up on encouraging targets in the existing Kupol mine footprint, which is open at certain zones, to potentially extend mine life." The Company continues to develop the mine's potential for a significant mine life extension and production expansion. At year-end 2016, the Company doubled Bald Mountain's proven and probable mineral reserve estimates to 2.1 Au Moz., adding a total of 1.24 Au Moz., with approximately 0.68 Au Moz. from the North area, and approximately 0.57 Au Moz. from the South area1. The mineral reserve additions in the North area are primarily the result of continued exploration, definition drilling and mine plan optimization at the Saga, Duke and Top pits. The mineral reserve additions in the South area are a result of the Company's pre-feasibility work at the Vantage Complex project, and exploration and confirmatory drilling, geological modelling and metallurgical testing at the Vantage, Luxe and Saddle pits. The pre-feasibility study also contemplates construction of a new heap leach pad with associated processing facilities and infrastructure. The preliminary capital estimate for the Vantage Complex project is expected to be in the range of $90 - $120 million, with major works expected to begin in the first half of 2018. The proposed design of the facilities allows for the full development of the Vantage, Luxe and Saddle pits, which have a combined 28 million tonnes of ore at an average grade of 0.63 g/t, and makes accommodation for future development of additional potential satellite pits in the South area, with forecast incremental capacity for 34 million tonnes, for a total capacity of 62 million tonnes. A net addition, 0.27 Au Moz. of inferred mineral resources1 were added to estimates at Bald Mountain as of December 31, 2016, mainly as a result of drilling, refinements to mineral resource models, and engineering optimization. With a substantial mineral reserve and resources base and an under-explored land package of approximately 600 km2 located in one of the best mining jurisdictions in the world, Kinross envisions Bald Mountain as a long-life asset with significant upside potential and mineral resource growth. Tasiast Phase One and Phase Two expansion The Tasiast Phase One project continues to progress well and is on schedule and on budget, with full commercial production expected in Q2 2018. Engineering and procurement of all equipment packages are substantially concluded. Plant construction is about 20% complete, with significant progress made on earthworks, concrete, and the tailings storage facility (TSF). The first level of the TSF dam core is complete and liner placement is now underway. The foundations for the SAG mill and primary crusher are progressing, and installation contracts have been awarded for most key elements. Major components for the SAG mill and primary crusher have arrived at site, and the SAG mill installation is expected to begin later this month. Phase One is expected to increase plant throughput to 12,000 t/d, and almost double production to approximately 400,000 Au eq. oz. per year at an all-in sustaining cost of $760 per Au oz.2 The Tasiast Phase Two expansion feasibility study is also progressing well and is on schedule to be completed in Q3 2017. The feasibility study contemplates installing an additional 18,000 t/d of throughput capacity (for a total combined capacity of 30,000 t/d for both phases), an expanded power plant, upgraded water supply infrastructure, and additions to the mining fleet. The Phase Two project is expected to produce approximately 780,000 Au eq. oz. per year at an all-in sustaining cost of $665 per Au oz.2 The Company expects to make a development decision on Phase Two once the feasibility study has been completed. The combined Phase One and Two expansion is expected to transform Tasiast into the Company's largest operation, with a long mine life and estimated costs amongst the lowest in its portfolio. Kinross' Russian development projects continue to advance as planned. At September Northeast, located approximately 15 kilometres from Dvoinoye, stripping has commenced, with the project completed on time and on budget. At the Moroshka project, located approximately four kilometres from Kupol, decline development and the installation of limited surface infrastructure is underway, with portal construction now 30% complete. Mining is on schedule to commence in the first half of 2018. These two additional sources of ore are expected to add high-margin ounces into the mine plan, contributing to a one-year mine life extension at Kupol-Dvoinoye to 2021. A dry-stack tailings filter cake plant has been constructed at Kupol and is currently being commissioned. The plant allows for tailings storage for the current mineral reserve estimates, and flexibility to permit additional storage capacity for potential mine life extensions. Infill, geostatistical, geotechnical, and metallurgical drilling on the Phase W project continued during Q4 2016 to support the Phase W feasibility study. The drill program upgraded a total of 1.3 million Au oz. to the Company's measured and indicated mineral resource estimates and added 1.7 million Au oz. to its inferred mineral resource estimates as at December 31, 20161. Feasibility study activities are now fully underway, with a focus on mine plan optimization, geologic modelling, metallurgical and geotechnical test work, and engineering of required infrastructure. Permitting activities in support of the project are also ongoing. The feasibility study on Phase W is expected to be completed in Q3 2017. The Phase W expansion project could potentially extend life of mine at Round Mountain, one of the most consistent mines in the Company's portfolio. 2016 Mineral Reserves and Mineral Resources update (See also the Company's detailed Annual Mineral Reserve and Mineral Resource Statement estimated as at December 31, 2016 and explanatory notes starting at page 12.) In preparing the Company's 2016 year-end mineral reserves and mineral resource estimates as of December 31, 2016, Kinross has maintained gold price assumptions used since 2011: $1,200 per ounce for mineral reserves and $1,400 per ounce for mineral resources. Kinross continued to focus on estimated higher margin, lower cost ounces, and maintained its fully-loaded costing methodology. Kinross' total proven and probable gold reserve estimate of 31.0 million ounces at year-end 2016, was largely consistent compared with the previous year's estimate of 33.2 million ounces. The slight net year-over-year decrease was mainly the result of the 3.0 million Au oz. depletion across the Company's portfolio and the reclassification of 0.9 million Au oz. of mineral reserves at Maricunga to measured and indicated mineral resources, partially offset by additions of 1.1 million Au oz. from exploration and 0.6 million Au oz. from engineering. Proven and probable silver reserves at year-end 2016 were estimated at approximately 37.4 million ounces, a net decrease of 3.6 million ounces from year-end 2015, primarily due to production depletion. Silver reserves were estimated using a silver price assumption of $17.00 per ounce. Proven and probable copper reserves at year-end 2016 were estimated at 1.4 billion pounds, unchanged from year-end 2015. Copper reserves, which are exclusively at Cerro Casale, were estimated using a copper price assumption of $2.40 per pound. Kinross' total estimated measured and indicated mineral resources at year-end 2016 increased by approximately 2.0 million Au oz. to approximately 30.3 million Au oz. compared with year-end 2015. The 7% net increase in estimated measured and indicated mineral resources was mainly as a result of 1.3 million Au oz. that were added at Round Mountain and the reclassification of mineral reserve estimates at Maricunga. Measured and indicated silver resources were estimated to be 70.9 million ounces, assuming a $20.00 per ounce silver price, compared with 73.2 million ounces at year-end 2015. This decrease was mainly as a result of mineral resource estimate conversion to mineral reserves at Round Mountain. Kinross' total estimated inferred gold resources at year-end 2016 were approximately 6.5 million ounces, a net increase of approximately 2.0 million ounces, or 45% compared with year-end 2015, primarily due to the additional ounce estimates defined at Round Mountain's Phase W project and exploration results at Dvoinoye. During 2016, the Company's exploration efforts continued to focus within the footprint of existing mines and their immediate surrounding districts. In 2017, Kinross is intensifying its exploration focus to extensions of known zones and mineralization. 2016 exploration highlights include: Brownfields exploration drilling also identified several mineralized intercepts that will be followed up in 2017 with the goal of converting the identified mineralization to measured, indicated and inferred mineral resources. Greenfields exploration efforts in 2016 also focused on targets in Nevada, USA and the Abitibi region in Quebec and Ontario, Canada in 2016. The Company also continues to pursue strategic investments and partnerships with high quality junior exploration companies. A summary of the 2016 highlights is presented below. Additional details may be found in the Appendices. "Appendix A" provides illustrations, captions, and accompanying explanatory notes, and "Appendix B" provides complete drilling results and drill hole location data corresponding to the values below. Exploration efforts during the past year focused on expanding the existing mineral resource estimates and completing a comprehensive review of the site's geological information to generate targets in the large land holdings. (See Appendix A: Figure 1). Exploration drilling was carried out at the Saga, Duke, Vantage, Luxe, Saddle, Gator, Redbird, and Top deposits. Soil geochemical sampling and mapping was completed at Rattlesnake (located in the 50-50 joint venture area) and in the South area. The target delineation exercise generated a number of potential targets that are expected to be further explored in 2017. The 2016 drill program at Saga targeted a NW-trending structure that is interpreted to be controlling the high-grade ore in the previously block-modeled deposit. Short reverse circulation (RC) drill holes (totalling 6,498 metres) intersected mineralization with slightly higher grades than in the previous block model. (See Appendix A: Figure 2). The Vantage Complex, encompassing Vantage, Gator, Saddle, Luxe and Pentium, was drilled throughout 2016 with most of the activity carried out at Vantage and Gator. The program aimed to confirm the historical drill holes, and was mostly completed by conventional RC drilling. A total of 31,748 metres were drilled during the year. (See Appendix A: Figure 3). Infill diamond and RC drilling at Redbird totalling 5,064 metres was carried out in 2016 to confirm higher grades in the previously modelled open pit. The drilling also tested mineralization open at the south end of the Redbird pit. Follow-up drilling was conducted in the Top Gap area when condemnation hole T16-002 intersected high grade mineralization in Q2 2016 (67.1 metres at 4.9 g/t Au including 16.8 metres at 9.8 g/t Au, as set out in the table below). However, the subsequent RC drill holes did not intersect similar high grade mineralization. For full drill results and explanatory notes see Appendix B. The Company plans to spend approximately $9 million in 2017 at Bald Mountain with the goal of upgrading resources in the North area (including Redbird South, Top Gap, Rat, Big Saga, and Numbers) and at Yankee in the South area. The 2016 identified targets are expected to be drill tested, including those from the 50-50 JV area. The Round Mountain mineral resource model was updated in the first half of 2016 with a total of 2.4 Au Moz. being classified as inferred mineral resource estimates. Infill and geostatistical drilling, as well as geological re-interpretation and modelling for the Phase W project, upgraded a total of 1.3 Au Moz. from inferred mineral resources into measured and indicated mineral resources and added 1.7 Au Moz. to inferred mineral resources1. (See Appendix A: Figure 4). A recent comprehensive exploration review at Kupol generated a series of extension targets that were drilled during the second half of 2016. Mineralization remains open in all directions in certain zones, with the greatest potential for near-term extensions to the north and south. Current mining at Kupol is taking place in the northern, southern and at-depth extremities of the known ore body. A total of 13,918 metres of drilling was completed at a number of these targets, including the 650 zone in the south, Big Bend Deep, and North Extension (Star), which have all been targeted for potential additions to the Kupol resource model in 2017. (See Appendix A: Figure 5). In the south, the 650 zone is an extension of the main Kupol ore body. From there, the 650 zone splay is manifest as a quartz vein developed over widths of up to 10 metres for a strike length of approximately 300 metres. At the northern end of the Kupol main ore body, Q3 2016 drilling at the North Extension (Star) identified a large mineralized zone 50 metres north of the current mineral resource. Follow-up exploration drilling during Q4 2016 extended mineralization a further 400 metres along strike and 200 metres down dip. Geochemical surface sampling over the same area shows an indication of mineralization extending up to 1.8 km from the current resource. (See Appendix A: Figure 6). The depth extension of the Kupol zone was tested at the Big Bend area. Drilling has identified a mineralized structure with modest grades (up to 5g/t Au). Interpretation of structural controls and drilling will continue through 2017 to identify the down dip economic potential. In addition to the aforementioned extensions to the main zone, a separate mineralized zone was intersected approximately 400 metres to the east. A total of 12,614 metres of drilling defined narrow, high-grade quartz veining in splays off a west-dipping fault, opposite to the structure controlling the Kupol main vein. Continued drilling, geological interpretation and resource estimation for all four of these target areas will be a major focus for 2017. Drill intercepts from the 2016 Kupol extensions and Hanging Wall programs are included below. For full drill results and explanatory notes see Appendix B. The Dvoinoye Zone 1 mineral resource confirmation program was completed in Q3 2016, for a total of 1,318 metres of shallow infill drilling (See Appendix A: Figure 7). The drill holes intersected high-grade quartz-hematite veining with pyrite and polymetallic mineralization and lower-grade quartz-breccia veins with pyrite, which resulted in an increase to the existing block model grade below the current pit surface. (See Appendix A: Figure 8). The 2016 Curlew district drill program was a multi-phase effort focused around the historic K2 Mine (See Appendix A: Figure 9). Phase 1 of the Curlew program targeted a quartz veinlet stockwork proximal to the K2 Mine and the Lower Portal, and defined two NW-trending, stacked lenses of quartz veining, with a high grade NE trend plunging to the north. Phase 2 follow-up drilling tested the extensions of the Lower Portal mineralization. The program will continue in 2017 and combine the Lower Portal results with the previously identified K5 mineralized zone to determine the overall potential for the Curlew mine area (See Appendix A: Figure 10). A total of 8,937 metres of diamond drill core was completed in 2016, and significant intercepts are included in the table below. For full drill results and explanatory notes see Appendix B. A new zone was intersected in Q3 2016 as part of the Tasiast Sud exploration drill program testing surface geochemical anomalies over 15 km along strike of the Tamaya-Kite shear zone. The Sadraya target is situated three kilometres to the south of Tamaya, and was defined by two phases of drilling in 2016 for a total of 2,480 metres. Quartz vein-hosted pyrrhotite and pyrite mineralization in an oxide-transitional zone was intersected along five drill fences over 850 metres (see table below). The mineralized zone occurs at approximately 30 metres depth along a moderate 20-45° east-dipping structure, which may be conducive to a potential satellite pit resource to the Tamaya deposit upon follow-up drilling and further definition in 2017 (See Appendix A: Figure 11). For full drill results and explanatory notes see Appendix B. At Fort Knox, a total of 2,300 metres were drilled into the East and South Wall of the Fort Knox pit during 2016 (See Appendix A: Figure 12). The 15-hole drill program tested the existing "blue sky" geologic resource model for a potential mineral resource addition, and refined the granite-schist contact defining the ore horizon at Fort Knox. Positive intercepts were intersected in every hole drilled (see table below), and an updated mineral resource estimate is expected to be presented in 2017. For full drill results and explanatory notes see Appendix B. At Chirano, exploration programs over the past two years have been challenged by a combination of significant drilling depths and the complexity of ore shoot geometry. As a result, meaningful recent additions to mineral reserve estimates have been limited to the Akoti deposit adjacent to Paboase. To address these challenges, and to take a new approach to generating targets, a camp-scale geologic and resource model for the entire Chirano trend was constructed in 2016 with the aim of identifying any additional zones that could be tested for economic potential. Current targets include the Obra open pit, Akoti South underground, a hanging wall breccia at Akwaaba beneath the current mined area, and depth extensions at Paboase. These areas will be drill tested in 2017 to evaluate the Chirano trend's full potential along strike and down dip. The Paboase orebody is open at depth, with existing mineral resource estimate sitting beneath the current life of mine mineral reserve estimates with grades above 10 g/t that are only partially drilled. Review in 2016 has identified the next 100 metres below the current reserve, which will be tested in 2017. The Obra target was delineated and drilled in two phases for a total of 17,945 metres during 2016. The programs targeted a potential pushback of the pit wall to the south. An update to the existing mineral resource model is expected in 2017. The Akoti South underground drill program was also initiated in 2016 with a total 5,048 metres of drilling completed. Select intercepts received to date are included in the table below. For full drill results and explanatory notes see Appendix B. At La Coipa, the Phase 7 district drill program was completed in Q3 2016 for a total of 9,257 metres drilled. The program identified mineralized extensions to Pompeya and Catalina, and defined the new Belen mineralized zone. The target will undergo further review, although drilling in 2017 may focus on other target zones in the Company's portfolio. In connection with this release and the Company's 2016 Q4/year-end results, Kinross will hold a conference call and audio webcast on Thursday, February 16, 2017 at 8 a.m. ET to present the results, followed by a question-and-answer session. To access the call, please dial: Canada & US toll-free -- 1-800-319-4610 Outside of Canada & US -- 1-604-638-5340 UK toll-free: 0808-101-2791 Replay (available up to 14 days after the call): Canada & US toll-free -- 1-800-319-6413; Passcode -- 00179 followed by #. Outside of Canada & US -- 1-604-638-9010; Passcode -- 00179 followed by #. You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on our website at www.kinross.com. This release should be read in conjunction with Kinross' 2016 Q4/year-end news release, 2016 year-end Financial Statements and Management's Discussion and Analysis report at www.kinross.com. Kinross' 2016 year-end Financial Statements and Management's Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedar.com) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company. Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange (TSX: K) and the New York Stock Exchange ( : KGC). For more information, please see Kinross' 2016 year-end Financial Statements, MD&A and results news release at www.kinross.com 1 Unless otherwise noted, the Company's mineral reserves are estimated using appropriate cut-off grades based on an assumed gold price of $US 1,200 per ounce, a silver price of $US 17.00 per ounce and a copper price of $US $2.40 per pound. Mineral reserves are estimated using appropriate process recoveries, operating costs and mine plans that are unique to each property and include estimated allowances for dilution and mining recovery. Mineral reserve estimates are reported in contained units and are estimated based on the following foreign exchange rates: 2 Unless otherwise noted, the Company's mineral resources are estimated using appropriate cut-off grades based on a gold price of $US 1,400 per ounce, a silver price of $US 20.00 per ounce, and a copper price of $US $3.00 per pound. Foreign exchange rates for estimating mineral resources were the same as for mineral reserves. 3 The Company's mineral reserve and mineral resource estimates as at December 31, 2016 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "CIM Definition Standards - For Mineral Resources and Mineral Reserves" adopted by the CIM Council (as amended, the "CIM Definition Standards") in accordance with the requirements of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101"). Mineral reserve and mineral resource estimates reflect the Company's reasonable expectation that all necessary permits and approvals will be obtained and maintained. 4 Cautionary note to U.S. Investors concerning estimates of mineral reserves and mineral resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States' securities laws. The terms "mineral reserve", "proven mineral reserve and "probable mineral reserve" are Canadian mining terms as defined in accordance with NI 43-101 and the CIM Definition Standards. The CIM Definition Standards differ from the definitions in the United States Securities and Exchange Commission ("SEC") Guide 7 ("SEC Guide 7") under the United States Securities Act of 1933, as amended. Under SEC Guide 7, a "final" or "bankable" feasibility study is required to report mineral reserves, the three-year historical average price is used in any mineral reserve or cash flow analysis to designate mineral reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under SEC Guide 7 or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever by upgraded to a higher category. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly, these mineral reserve and mineral resource estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Guide 7. 5 Except as provided in Note 8, the Company's mineral resource and mineral reserve estimates were prepared under the supervision of and verified by Mr. John Sims, an officer of Kinross, who is a qualified person as defined by NI 43-101. 6 The Company's normal data verification procedures have been used in collecting, compiling, interpreting and processing the data used to estimate mineral reserves and mineral resources. Independent data verification has not been performed. 7 Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration. 8 Estimates for the Cerro Casale project are based on a project update completed by Barrick Gold Corporation in the first half of 2011 and have been updated to reflect current guidance. Mineral reserves and mineral resources are estimated using appropriate cut-off grades based on the following commodity prices and foreign exchange rates: The mineral reserve and mineral resource estimates for Cerro Casale were prepared under the supervision of Mr. Rick Sims, who is a qualified person as defined by NI 43-101. 9 Includes mineral resources from the Puren deposit in which the Company holds a 65% interest. Mineral resources for the Phase 7 project are reported at 100% ownership, however Kinross has a 75% interest in the Phase 7 project. A 'Mineral Resource' is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve. A 'Measured Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. A 'Mineral Reserve' is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study. A 'Probable Mineral Reserve' is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve. A 'Proven Mineral Reserve' is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors. All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including but not limited to 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 harbor" 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 presentation. Forward-looking statements contained in this presentation include those statements on slides with, and statements made under, the headings "CEO commentary", "Organic Development Projects", "Exploration Update" and "Mineral Reserves and Resources Update" and include, without limitation, statements with respect to our guidance for production, production costs of sales, all-in sustaining cost and capital expenditures, project schedules, mine life, continuous improvement initiatives and other cost savings opportunities, as well as references and other statements with respect to other possible events and opportunities, including, without limitation, estimates and the realization of such estimates (such as mineral or gold reserves and resources, and mine life); future development, mining activities, production and growth (including but not limited to cost and timing); success of exploration or development of operations; project studies; restarting suspended or disrupted operations; the future price of gold and silver; currency fluctuations; expected capital requirements; government regulation; and environmental risks and proceedings. The words "ahead", "enhancing", "outlook", "possible", "principles", "trend", or variations of or similar such words and phrases, or statements that certain actions, events or results may, can, could, would, should, might, occur or will be taken or realized, 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. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our Management's Discussion and Analysis as well as: (1) there being no significant disruptions affecting the operations of the Company whether due to extreme weather events (including, without limitation, excessive or lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to following workforce reductions), supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Company's operations being consistent with Kinross' current expectations including, without limitation, the construction and operation of the TSF and SAG Mill at Tasiast; (3) political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any escalating political tensions and uncertainty in the Russian Federation and Ukraine or any related sanctions and any other similar restrictions or penalties imposed, or actions taken, by any government, including but not limited to potential power rationing, tailings facility regulation and amendments to mining laws in Brazil, potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, potential amendments to minerals and mining laws and dam safety regulation in Ghana, potential amendments to customs and mining laws (including but not limited amendments to the VAT) in Mauritania, and potential amendments to and enforcement of tax laws in Russia (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), being consistent with Kinross' current expectations; (4) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian rouble, Mauritanian ouguiya, Ghanaian cedi and the U.S. dollar being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts for the Company meeting expectations; (8) the accuracy of the current mineral reserve and mineral resource estimates of the Company (including but not limited to ore tonnage and ore grade estimates) and mine plans for the Company's mining operations (including but not limited to throughput and recoveries being affected by metallurgical characteristics at Paracatu); (9) labour and materials costs increasing on a basis consistent with Kinross' current expectations; (10) the terms and conditions of the legal and fiscal stability agreements for the Tasiast and Chirano operations being interpreted and applied in a manner consistent with their intent and Kinross' expectations; (11) goodwill and/or asset impairment potential; and (12) access to capital markets, including but not limited to maintaining credit ratings consistent with the Company's current expectations. Although Kinross believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: sanctions (any other similar restrictions or penalties) now or subsequently imposed, other actions taken, by, against, in respect of or otherwise impacting any jurisdiction in which the Company is domiciled or operates (including but not limited to the Russian Federation, Canada, the European Union and the United States), or any government or citizens of, persons or companies domiciled in, or the Company's business, operations or other activities in, any such jurisdiction; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, royalty, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Russia, Mauritania, Ghana, or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining or development activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, tailings dam failures, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). 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, including but not limited to resulting in an impairment charge on goodwill and/or assets. Statements representing management's financial and other outlook have been prepared solely for purposes of expressing their current views regarding the Company's financial and other outlook and may not be appropriate for any other purpose. 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 presentation are qualified by these cautionary statements, and those made in our filings with the securities regulators of Canada and the U.S., including but not limited to those cautionary statements made in the "Risk Factors" section of our most recently filed Annual Information Form, the "Risk Analysis" section of our FYE 2016 Management's Discussion and Analysis, and the "Cautionary Statement on Forward-Looking Information" in the news release titled "Kinross reports 2016 fourth-quarter and full-year results" dated February 15, 2017, to which readers are referred and which are incorporated by reference in this news release, all of which qualify any and all forward‐looking statements made in this presentation. 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. Other information Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable. The technical information about the Company's mineral properties contained in this news release has been prepared under the supervision of Mr. John Sims, an officer of the Company who is a "qualified person" within the meaning of National Instrument 43-101 ("NI 43-101").


MONTRÉAL, QUÉBEC--(Marketwired - 14 fév. 2017) - Les Ressources Yorbeau Inc. (TSX:YRB.A) (la Compagnie ou Yorbeau) est heureuse d'annoncer une augmentation significative des Ressources Minérales mises à jour à son projet de cuivre, zinc, or et argent situé dans le canton Scott, à Chibougamau, PQ. L'estimé des ressources minérales a été réalisé par William E Roscoe, Ph.D., P. Eng., et Katharine Masun, MSA, M.Sc., P.Geo de Roscoe Postle Associates Inc (''RPA"). Un rapport technique en conformité avec la norme canadienne 43-101 sera déposé auprès de SEDAR dans un délai de 45 jours suivant ce communiqué. Les Ressources Minérales ont été classées dans les catégories Indiquées et Présumées comme suit: La présente estimation des ressources a été réalisée avec la technique des modèles de blocs utilisant une largeur horizontale approximative de 2 mètres et une valeur de coupure basée sur un revenu net de fonderie (NSR1) tel que suggéré par le style de la minéralisation. Les ressources comprennent des sulfures massifs et des zones à filonnets d'une valeur de coupure fixée à 100$CA par tonne, à l'exception des enveloppes de sulfures en filonnets de grande largeur où la valeur de coupure a été fixé à 65 $ par tonne pour tenir compte de la géométrie favorable à l'extraction souterraine en vrac. Tous les paramètres techniques seront largement décrits dans le Rapport Technique de RPA, lequel sera aussi affiché sur le site Web de Yorbeau aussitôt qu'il sera disponible. 1 Les hypothèses de travail utilisées par RPA pour la détermination du NSR comprennent : un dollar canadien à $US 0.80, et les prix des métaux suivants: cuivre- US$ 3.25/lb, zinc- US$ 1.20 /lb, or -US$1500/ oz et l'argent- US$ 22/oz. La récupération à l'usine pour le cuivre, le zinc, l'or, et l'argent fut établie à 90%, 90 %, 75% et 70 % respectivement. Les ressources actuelles mises à jour comprennent plusieurs lentilles de sulfures massifs volcanogènes (SMV) ainsi que des zones à filonnets ("stringers"), distribuées sur une distance latérale de plus de deux kilomètres. Les différents corps minéralisés sont distribués avec une faible plongée vers l'ouest à partir de la surface (Lentille Selco) jusqu'à une profondeur de 1 000 mètres. Un modèle isométrique 3D ("wireframes") des corps minéralisés est présenté à la Figure 1 ci-jointe. Pour voir la Figure 1 : http://media3.marketwire.com/docs/1085745Figure1.pdf L'augmentation des Ressources Minérales en comparaison des estimés précédents de RPA préparé en 2011 pour Ressources Cogitore est attribuable principalement aux facteurs suivants: Gérald Riverin, président de la Compagnie a déclaré « Nous sommes très enthousiastes à l'égard des résultats de ce nouvel estimé des ressources qui, sans aucun doute, marque un jalon important pour le projet et pour la Compagnie. Avec la remarquable hausse du prix du zinc observée sur les marchés depuis l'été 2015 nous considérons le dévoilement de ce nouvel estimé de ressources comme étant très opportun et positif pour la Compagnie. La prochaine étape sera de compléter des tests métallurgiques et débuter une étude économique préliminaire pour avoir une meilleure idée de ce que nous avons entre les mains ». Les travaux des employés de Yorbeau sont effectués sous la supervision de M. Gérald Riverin, PhD, géo. Il est la personne qualifiée (tel que défini par le NI 43-101) affiliée à Yorbeau, et a révisé et approuvé le contenu de ce communiqué. L'estimé des ressources daté du 12 février 2017 et publié dans ce communiqué de presse a été réalisé par William Roscoe et Katherine Masun. Tous deux sont à l'emploi de RPA et sont indépendants de Yorbeau. En vertu de leurs formations et de leurs expériences pertinentes, ils sont des personnes qualifiées selon les exigences de la norme canadienne 43-101. William Roscoe et Katherine Masun ont lu et approuvé le contenu de ce communiqué de presse concernant la divulgation de l'estimé des ressources. La propriété Rouyn détenue à 100 % par la Société contient quatre gîtes aurifères connus dans le corridor Augmitto-Astoria, long de six kilomètres et situé dans la partie ouest de la propriété. Deux des quatre gîtes, Astoria et Augmitto, ont des infrastructures souterraines substantielles et ont fait l'objet de rapports techniques conformes au Règlement 43-101, lesquels comprennent des estimations de ressources. Yorbeau et Kinross Gold Corporation (« Kinross ») ont récemment signé une convention d'option qui prévoit l'octroi à Kinross d'une option permettant d'acquérir une participation de 100% dans la propriété Rouyn de la Société (communiqué de presse daté du 25 octobre, 2016). En 2015, la Société a élargi son portefeuille de propriétés d'exploration en effectuant l'acquisition de propriétés stratégiques de métaux de base dans des régions à haut potentiel dans la ceinture Abitibi du Québec et de l'Ontario, et qui offrent une infrastructure favorable au développement minier. Les propriétés de métaux de base nouvellement acquises incluent la propriété Scott Lake, laquelle est l'hôte de ressources minérales importantes. Des renseignements additionnels concernant la Société sont disponibles sur le site web de la Société au www.yorbeauresources.com. Énoncés prospectifs : À l'exception des données historiques, toutes déclarations faites dans le présent communiqué en ce qui concerne, mais sans s'y limiter, les nouveaux projets, les acquisitions, les plans futurs et les objectifs sont des énoncés prospectifs qui peuvent contenir certains éléments impliquant des risques et des incertitudes. Rien ne saurait garantir que de tels énoncés s'avéreront exacts. Les événements et résultats réels pourraient grandement différer des prévisions et attentes exprimées par la société.


News Article | February 15, 2017
Site: www.marketwired.com

Company achieves fifth straight year of meeting or exceeding production and cost guidance; 2016 operating cash flow up 32% to $1.1 billion year-over-year TORONTO, ON--(Marketwired - February 15, 2017) - Kinross Gold Corporation (TSX: K) ( : KGC) today announced its results for the fourth-quarter and year-end December 31, 2016. 1 Unless otherwise stated, production figures in this news release are based on Kinross' 90% share of Chirano production. 2 These figures are non-GAAP financial measures and are defined and reconciled on pages 14 to 18 of this news release. 3 Net earnings/loss figures in this release represent "net earnings (loss) from continuing operations attributable to common shareholders". CEO Commentary J. Paul Rollinson, President and CEO, made the following comments in relation to 2016 fourth-quarter and year-end results: "Kinross ended 2016 on a strong note, establishing a new record of almost 2.8 million Au eq. oz. for full-year gold production, and meeting our annual guidance on production, costs, and capital expenditures for the fifth straight year. We generated operating cash flow of $1.1 billion for the full year, a 32% increase over the previous year, and improved our adjusted net earnings by more than $180 million. "We are forecasting another year of solid production in 2017, with costs expected to be consistent with 2016 levels. We are making excellent progress advancing our development projects at Tasiast and Bald Mountain, and continue to advance attractive organic development opportunities at other sites. With cash and cash equivalents of $827 million at year-end, and total liquidity of approximately $2.3 billion, we have the balance sheet strength and financial flexibility to fund these organic opportunities and secure strong, steady production and cash flow in the years ahead. "With an impressive operational track record, one of the strongest balance sheets in the industry, and exciting organic development opportunities, we believe Kinross continues to offer compelling relative value for shareholders."​ Summary of financial and operating results The following operating and financial results are based on fourth-quarter and year-end 2016 gold equivalent production. Production and cost measures are on an attributable basis: Production: Kinross produced 746,291 attributable Au eq. oz. in the fourth quarter of 2016, an increase compared with the fourth quarter of 2015, mainly due to the acquisition of Bald Mountain and the remaining 50% of Round Mountain that the Company did not already own. Kinross produced 2,789,150 attributable Au eq. oz. for full-year 2016, which was within the Company's 2016 guidance range. This compares with 2,594,652 ounces for full-year 2015. The 7% year-over-year increase was primarily due to the acquisition described above. Production cost of sales: Production cost of sales per Au eq. oz.2 was $712 for the fourth quarter of 2016, compared with $688 for the fourth quarter of 2015, largely due to a higher per ounce cost at Round Mountain and Paracatu, and higher cost ounces from Bald Mountain. Production cost of sales per Au oz. on a by-product basis2 was $701 in Q4 2016, compared with $676 in Q4 2015, based on Q4 2016 attributable gold sales of 718,343 ounces and attributable silver sales of 1,399,445 ounces. Production cost of sales per Au eq. oz. was $712 for full-year 2016, which was within the Company's 2016 guidance range. This compares with production cost of sales of $696 per Au eq. oz. for full-year 2015. The full-year increase was mainly due to higher costs per ounce at Fort Knox and Chirano, and higher cost ounces from Bald Mountain. Production cost of sales per Au oz. on a by-product basis was $696 for full-year 2016, compared with $684 for full-year 2015, based on 2016 full-year attributable1 gold sales of 2,677,367 ounces and attributable silver sales of 5,909,364 ounces. All-in sustaining cost: All-in sustaining cost per Au eq. oz. sold2 was $1,012 in Q4 2016, compared with $991 in Q4 2015, mainly due to higher production cost of sales. All-in sustaining cost per Au oz. sold on a by-product basis2 was $1,010 in Q4 2016, compared with $988 in Q4 2015. All-in sustaining cost per Au eq. oz. sold was $984 for full-year 2016, compared with $975 for full-year 2015, which was within the Company's 2016 guidance range. The year-over-year increase was mainly due to higher production cost of sales and higher capital expenditures. All-in sustaining cost per Au oz. sold on a by-product basis was $975 for full-year 2016, compared with $971 for full-year 2015. Revenue: Revenue from metal sales was $902.8 million in the fourth quarter of 2016, compared with $706.2 million during the same period in 2015, due to higher gold sales and a higher average realized gold price. Revenue was $3,472.0 million for full-year 2016, compared with $3,052.2 million for full-year 2015, due to higher gold sales and a higher average realized gold price. Average realized gold price: The average realized gold price in Q4 2016 increased to $1,217 per ounce, compared with $1,108 per ounce in Q4 2015. The average realized gold price per ounce increased to $1,249 for full-year 2016, compared with $1,159 per ounce for full-year 2015. Margins: Kinross' attributable margin per Au eq. oz. sold4 was $505 per Au eq. oz. for the fourth quarter of 2016, compared with the Q4 2015 margin of $420 per Au eq. oz. Full-year margin per Au eq. oz. was $537, compared with $463 for full-year 2015. Operating cash flow: Adjusted operating cash flow2 was $211.6 million for the fourth quarter of 2016, compared with $203.8 million for Q4 2015. Adjusted operating cash flow for full-year 2016 was $926.7 million, compared with $786.6 million for full-year 2015. Net operating cash flow was $302.6 million for the fourth quarter of 2016, compared with $182.2 million for Q4 2015. Operating cash flow for full-year 2016 was $1,099.2 million, compared with $831.6 million for full-year 2015. Earnings/loss: Adjusted net loss2,3 was $50.9 million, or $0.04 per share, for Q4 2016, compared with an adjusted net loss of $68.8 million, or $0.06 per share, for Q4 2015. Full-year 2016 adjusted net earnings were $93.0 million, or $0.08 per share, compared with an adjusted net loss of $91.0 million, or $0.08 per share, for full-year 2015. Reported net loss3 was $116.5 million, or $0.09 per share, for Q4 2016, compared with a loss of $841.9 million, or $0.73 per share, in Q4 2015. Full-year 2016 reported net loss was $104.0 million, or $0.08 per share, compared with a loss of $984.5 million, or $0.86 per share, for full-year 2015. The reported loss has significantly decreased due to lower impairment charges. Capital expenditures: Capital expenditures increased to $226.5 million for Q4 2016, compared with $160.7 million for the same period last year, due mainly to increased spending at Tasiast and Bald Mountain. Capital expenditures for full-year 2016 were $633.8 million, an increase compared with $610.0 million for 2015, primarily due to increased spending resulting from the Tasiast Phase One development and the acquisition of Bald Mountain and 50% of Round Mountain. Capital expenditures were below the Company's original guidance of $755 million, mainly due to deferred spending at Tasiast. 4 Attributable margin per equivalent ounce sold is a non-GAAP measure defined as "average realized gold price per ounce" less "attributable production cost of sales per gold equivalent ounce sold." As of December 31, 2016, Kinross had cash and cash equivalents of $827.0 million, compared with $1,043.9 million on December 31, 2015. The decrease was mainly a result of net cash used in the Nevada asset acquisition, capital expenditures, and debt repayment, partially offset by operating cash flow and net proceeds received from the equity issuance in 2016. The Company has available credit of $1,430.4 million as of year-end 2016, for total liquidity of $2,257.4 million. Kinross repaid $250 million in senior notes in September 2016, and has no debt maturities until 2020. With a strong balance sheet and excellent liquidity, the Company is well-positioned to fund its pipeline of organic development opportunities. Operating results Mine-by-mine summaries for 2016 fourth-quarter and full-year operating results may be found on pages nine and 13 of this news release. Highlights include the following: The Americas region, which represented 60% of Kinross' production in 2016, performed well and met its production guidance range for the year. The 22% year-over-year increase in regional production was mainly a result of the acquisition of Bald Mountain and the 50% of Round Mountain the Company did not already own. At Fort Knox, full-year production increased slightly compared with 2015 mainly as a result of record production from the heap leach, partially offset by lower mill grades. At Round Mountain, full-year production increased mainly as a result of the acquisition noted above, and higher grades and recoveries from the mill. Bald Mountain's production increased progressively over the year as a result of higher grades and an increased amount of ore placed on the leach pads. Kettle River-Buckhorn continued to perform well, despite nearing the end of its mine life, which is expected in Q1 2017. The mine increased its full-year production compared with 2015 mainly as a result of higher grades and mill recoveries, as successful drilling results allowed the operation to extend mine life. At Paracatu, full-year production was higher compared with 2015 mainly as a result of gold recovered from the Santo Antonio tailings reprocessing initiative, which produced approximately 74,200 Au eq. oz. in 2016, partially offset by lower mill recoveries. At Maricunga, production was lower year-over-year due to the suspension of mining operations in the third quarter of 2016. In the fourth quarter, regional production was higher compared with Q3 2016 mainly as a result of increased production at Paracatu and Bald Mountain. Paracatu's increased production quarter-over-quarter is mainly due to a return to a full quarter of operations following the temporary curtailment of production in Q3 due to lack of rainfall. The region ended the year within its production cost of sales per ounce guidance range for 2016. Fort Knox's full-year cost of sales per ounce was higher compared with the previous year mainly due to a higher percentage of operating waste mined. Kettle River-Buckhorn cost of sales per ounce for 2016 decreased compared with 2015 primarily due to lower labour and contractor costs. Paracatu cost of sales per ounce decreased versus 2015 mainly due to favourable foreign exchange movements net of currency hedges. Maricunga cost of sales per ounce decreased compared with 2015 as a result of higher than expected ounces recovered. During the quarter, cost of sales per ounce for the region was lower compared with the previous quarter, mainly as a result of decreases at Maricunga and Kettle River. The region outperformed both its production and cost guidance ranges for the year, with production higher than the top end of its guidance and production cost of sales per ounce $19 below the low end of its guidance. The combined full-year production at Kupol and Dvoinoye was lower compared with 2015 mainly as a result of lower grades at Dvoinoye, which were anticipated, and were partially offset by higher mill throughput. During the fourth quarter, production increased compared with Q3 2016 largely due to higher grades. Full-year cost of sales per ounce was lower compared with the previous year mainly as a result of a decrease in labour and fuel costs due to favourable foreign exchange movements and lower maintenance costs. Cost of sales per ounce in Q4 2016 was lower compared with the previous quarter mainly due to higher grades. The filter cake plant at Kupol is currently in commissioning, with construction now completed. The plant allows for tailings storage of the current mineral reserve estimate, and flexibility to permit additional storage for potential mine life extensions. The region performed well during the year, coming within its production guidance range despite temporary mining stoppages at Tasiast and the transition to the Paboase underground deposit at Chirano. Tasiast full-year production was lower compared with 2015 mainly due to the temporary six-week suspension of mining. At Chirano, full-year production was lower compared with 2015 mainly due to lower grades as the site transitioned to mining the Paboase deposit. Both mines performed well in Q4 2016, with Tasiast substantially increasing production compared with Q3 2016 mainly due to higher grades and full quarterly production. Chirano production in Q4 2016 was up slightly compared with the previous quarter, as the site continued to mine higher grades and larger volumes at Paboase compared with the first half of 2016. Full-year cost of sales per ounce at Tasiast was higher compared with the previous year mainly as a result of lower grades. Full-year cost of sales per ounce at Chirano was higher compared with 2015 mainly due to an increase in costs for power and lower grades. During the fourth quarter, Tasiast cost of sales was lower compared with Q3 2016 mainly as a result of higher grades. At Chirano, cost of sales per ounce in Q4 2016 decreased versus Q3 2016 mainly as a result of lower power costs and higher grades. In late January, Tasiast was certified in full compliance under the International Cyanide Management Code, a voluntary code that focuses on the safe manufacture, transportation, storage, use and decommissioning of cyanide and associated facilities used for the production of gold. The Code was developed by the international mining industry under the guidance of the United Nations Environment Program with the goal of ensuring the responsible management of cyanide used in gold mining by protecting human health and the environment. Kinross was one of the original signatory companies, and all of the Company's operations around the world are now certified under the Code. Outlook The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on page 19 of this news release. In 2017, Kinross expects to produce 2.5 - 2.7 million Au eq. oz. from its operations, which is consistent with the Company's average production over the past five years. The forecast decrease compared with full-year 2016 production is mainly a result of the suspension of mining activities at Maricunga, the anticipated lower grades at the Russia operations due to mine sequencing, and the expected closure of Kettle River-Buckhorn in Q1 2017, partially offset by significantly higher forecast production at Bald Mountain, and expected increases from the West Africa region. Production guidance once again takes into consideration the potential for a temporary curtailment of mill operations at Paracatu due to the possibility of seasonal rainfall shortages in south central Brazil. Production in the second half of 2017 is expected to be higher compared with the first half of the year, mainly due to the seasonal impact of the heap leaches at Fort Knox and Round Mountain, and the significantly higher production expected at Bald Mountain in Q4 2017 due to mine sequencing and a lag from the heap leach. Production cost of sales per Au eq. oz. is expected to be in the range of $660 - $720 for 2017, the mid-point of which is lower compared with full-year 2016 production cost of sales of $712 per Au eq. oz. Lower production in the first half of 2017 is expected to result in higher production costs compared with the second half of 2017. The Company has forecast an all-in sustaining cost of $925 - $1,025 per ounce sold on both a gold equivalent and by-product basis for 2017. The mid-point of the all-in sustaining cost guidance range is lower compared with 2016 all-in sustaining cost of sales of $984 per Au eq. oz. The table below summarizes the 2017 forecasts for production and average production cost of sales on a gold equivalent and a by-product accounting basis: The following table provides a summary of the 2017 production and production cost of sales forecast by region: Material assumptions used to forecast 2017 production cost of sales are as follows: 5 The percentages are calculated based on the mid-point of regional 2017 forecast production. Total capital expenditures for 2017 are forecast to be approximately $900 million (including capitalized interest of approximately $25 million) and are summarized in the table below: The 2017 forecast for exploration is approximately $70 million, none of which is expected to be capitalized, with 2017 overhead (general and administrative and business development expenses) forecast to be approximately $165 million, both of which are consistent with last year's guidance. Other operating costs expected to be incurred in 2017 are approximately $60 million, which includes approximately $30 million of care and maintenance costs in Chile. Based on our assumed gold price and other inputs, net income tax expense is expected to be $90 million and taxes paid are expected to be $150 million, with both increasing at 26% of any profit resulting from higher gold prices. Depreciation, depletion and amortization is forecast to be approximately $350 per Au eq. oz. In connection with the release, Kinross will hold a conference call and audio webcast on Thursday, February 16, 2017 at 8 a.m. ET to discuss the results, followed by a question-and-answer session. To access the call, please dial: Canada & US toll-free - 1-800-319-4610 Outside of Canada & US - 1-604-638-5340 UK toll-free: 0808-101-2791 Replay (available up to 14 days after the call): Canada & US toll-free - 1-800-319-6413; Passcode - 00179 followed by #. Outside of Canada & US - 1-604-638-9010; Passcode - 00179 followed by #. You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on our website at www.kinross.com. This release should be read in conjunction with Kinross' 2016 year-end Financial Statements and Management's Discussion and Analysis report at www.kinross.com. Kinross' 2016 year-end Financial Statements and Management's Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedar.com) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company. Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross maintains listings on the Toronto Stock Exchange (TSX: K) and the New York Stock Exchange (NYSE: KGC). The Company has included certain non-GAAP financial measures in this document. These measures are not defined under IFRS and should not be considered in isolation. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These measures are not necessarily standard and therefore may not be comparable to other issuers. Adjusted net earnings attributable to common shareholders and adjusted net earnings per share are non-GAAP measures which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges, gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures are not necessarily indicative of net earnings and earnings per share measures as determined under IFRS. The following table provides a reconciliation of net earnings (loss) to adjusted net earnings (loss) for the periods presented: The Company makes reference to a non-GAAP measure for adjusted operating cash flow. Adjusted operating cash flow is defined as cash flow from operations excluding certain impacts which the Company believes are not reflective of the Company's regular operating cash flow, and excluding changes in working capital. Working capital can be volatile due to numerous factors, including the timing of tax payments, and in the case of Kupol, a build-up of inventory due to transportation logistics. The Company uses adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the adjusted operating cash flow measure is not necessarily indicative of net cash flow from operations as determined under IFRS. The following table provides a reconciliation of adjusted operating cash flow for the periods presented: Consolidated production cost of sales per gold equivalent ounce sold is a non-GAAP measure and is defined as production cost of sales as per the consolidated financial statements divided by the total number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production. Attributable production cost of sales per gold equivalent ounce sold is a non-GAAP measure and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company's non-gold production into gold equivalent ounces and credits it to total production. Management uses these measures to monitor and evaluate the performance of its operating properties. The following table presents a reconciliation of consolidated and attributable production cost of sales per equivalent ounce sold for the periods presented: Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP measure which calculates the Company's non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this measure provides investors with the ability to better evaluate Kinross' production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting. The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented: In June 2013, the World Gold Council ("WGC") published its guidelines for reporting all-in sustaining costs and all-in costs. The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these non-GAAP measures. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures reported by Kinross. All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations. All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations. Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting total production cost of sales, as reported on the consolidated statement of operations, as follows: The Company also assesses its all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP measures, the Company's production of silver is converted into gold equivalent ounces and credited to total production. Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting total production cost of sales, as reported on the consolidated statement of operations, as follows: All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute "forward-looking information" or "forward-looking statements" within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbor" 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 contained in this news release, include, but are not limited to, those under the headings (or headings that include): "CEO commentary", "Outlook" and "Balance sheet", and include, without limitation, statements with respect to our guidance for production; production costs of sales, all-in sustaining cost and capital expenditures; and continuous improvement initiatives, as well as references to other possible events, the future price of gold and silver, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations; continuous improvement initiatives; and resolution of pending litigation. The words "forward", "intend", "optimize", "opportunity", "phased", "projection", or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such 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. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our most recently filed Annual Information Form and our Management's Discussion and Analysis as well as: (1) there being no significant disruptions affecting the operations of the Company whether due to extreme weather events (including, without limitation, excessive or lack of rainfall) and other or related natural disasters, labour disruptions (including but not limited to following workforce reductions), supply disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the Company's operations being consistent with Kinross' current expectations including, without limitation, land acquisitions and permitting for the construction and operation of the new tailings facility, water and power supply and launch of the new tailings reprocessing facility at Paracatu; (3) political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any escalating political tensions and uncertainty in the Russian Federation and Ukraine or any related sanctions and any other similar restrictions or penalties imposed, or actions taken, by any government, including but not limited to potential power rationing, tailings facility regulation and amendments to mining laws in Brazil, potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, potential amendments to minerals and mining laws and dam safety regulation in Ghana, potential amendments to customs and mining laws (including but not limited amendments to the VAT) in Mauritania, and potential amendments to and enforcement of tax laws in Russia (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), being consistent with Kinross' current expectations; (4) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Russian rouble, Mauritanian ouguiya, Ghanaian cedi and the U.S. dollar being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7) production and cost of sales forecasts for the Company meeting expectations; (8) the accuracy of the current mineral reserve and mineral resource estimates of the Company (including but not limited to ore tonnage and ore grade estimates) and mine plans for the Company's mining operations (including but not limited to throughput and recoveries being affected by metallurgical characteristics at Paracatu); (9) labour and materials costs increasing on a basis consistent with Kinross' current expectations; (10) the terms and conditions of the legal and fiscal stability agreements for the Tasiast and Chirano operations being interpreted and applied in a manner consistent with their intent and Kinross' expectations; (11) goodwill and/or asset impairment potential; and (12) access to capital markets, including but not limited to maintaining credit ratings consistent with the Company's current expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: sanctions (any other similar restrictions or penalties) now or subsequently imposed, other actions taken, by, against, in respect of or otherwise impacting any jurisdiction in which the Company is domiciled or operates (including but not limited to the Russian Federation, Canada, the European Union and the United States), or any government or citizens of, persons or companies domiciled in, or the Company's business, operations or other activities in, any such jurisdiction; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, royalty, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Russia, Mauritania, Ghana, or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining or development activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit rating; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, tailings dam failures, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can directly or indirectly 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,including but not limited to resulting in an impairment charge on goodwill and/or assets. 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. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the "Risk Factors" section of our most recently filed Annual Information Form and the "Risk Analysis" section of our full year 2016 MD&A. 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. Other information Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable. The technical information about the Company's mineral properties contained in this news release has been prepared under the supervision of Mr. John Sims, an officer of the Company who is a "qualified person" within the meaning of National Instrument 43-101. For more information, please see Kinross' 2016 year-end Financial Statements, MD&A and Projects and Exploration news release at www.kinross.com

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