Kinross Gold Corporation

Toronto, Canada

Kinross Gold Corporation

Toronto, Canada
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NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES White Gold Corp. (TSX VENTURE:WGO) (the "Company") is pleased to announce that it has entered into a binding purchase agreement dated May 18, 2017 (the "Agreement") with Kinross Gold Corporation ("Kinross") pursuant to which the Company has agreed to acquire the entities holding 100% of Kinross' properties in the White Gold District, Yukon (the "White Gold Properties"); consisting of the White Gold, Black Fox, JP Ross, Yellow, and Battle properties (the "Acquisition"). The Acquisition consolidates and expands the Company's already substantial land position in the White Gold District, and adds approximately one million ounces of gold grading between 2.7 to 3.19 g/t gold on the Golden Saddle area based on historic estimates of Measured and Indicated Resources on the White Gold Property. Total consideration to be paid to Kinross for the White Gold Properties will consist of the issuance of 17.5 million common shares of the Company, an upfront cash payment of C$10 million, which will mostly be funded from the proceeds of a non-brokered private placement (the "Agnico Financing") with Agnico Eagle Mines Limited ("Agnico") and up to C$15 million in future milestone payments (as discussed below). Following the completion of the Acquisition and the Agnico Financing, Agnico and Kinross will each own approximately 19.9% of the Company. Shawn Ryan, Chief Technical Advisor of the Company, commented, "We are very excited to be acquiring Kinross' Yukon portfolio; including the White Gold property. The acquisition adds significant exploration potential to our already dominant land position in the White Gold District. Our ultimate goal in the Yukon is to leverage our team's track record of successful exploration and discovering mineral resources in order to discover additional gold deposits and this acquisition greatly enhances our prospects. Historic reported resources on the White Gold Property indicate the potential for approximately one million ounces of gold grading between 2.7 - 3.19 g/t gold on the Golden Saddle in the Measured and Indicated Resources categories and we look forward to getting on the property to expand the mineral footprint. Furthermore, we are very pleased to now have strong support from both Agnico and Kinross as we advance our exploration programs in the Yukon. Both companies are world class, top tier gold producers and bring unique benefits to our other shareholders." "Agnico Eagle looks forward to working with White Gold and Kinross and to leveraging our respective expertise and experience to advance the exciting opportunities in the district," said Sean Boyd, Agnico Eagle's Vice-Chairman and CEO. "We look forward to working with Agnico Eagle and White Gold Corp. to support the pursuit of quality development opportunities in this highly prospective and largely underdeveloped district," said J. Paul Rollinson, President and CEO of Kinross. "This investment will allow the three companies to pool their expertise together to strengthen their position in this excellent mining jurisdiction." Summary of the Consideration Paid for the Acquisition The purchase price for the Acquisition consists of: In connection with the issuance of the common shares of the Company to Kinross, Kinross and the Company will enter into an investor rights agreement, similar to the existing agreement between the Company and Agnico, pursuant to which, and subject to certain conditions, Kinross will have the right to participate in any future equity offerings by the Company in order to maintain its proportionate interest in the Company and to nominate one person to the board of directors of the Company. Until such time as Kinross beneficially owns less than 10% of the common shares of the Company for the first time following completion of the Acquisition, the Company will have a right to designate a purchaser of first instance in the event that Kinross wishes to sell a block of more than 5% of the issued and outstanding common shares of the Company. Kinross will also be subject to a standstill restriction until December 13, 2018, which will prohibit Kinross from taking certain actions, including acquiring more than 19.99% of the issued and outstanding common shares of the Company, subject to certain exceptions. The project location map of the properties of Kinross to be acquired is attached as Schedule "A" to this News Release. The White Gold property is located approximately 95km south of Dawson City, Yukon and consists of 1,835 claims covering approximately 36,265 hectares. The property was historically explored by Underworld Resources from 2007 - 2009 and included the discovery of the Golden Saddle and Arc zones. In 2010, Underworld reported a resource estimate of 1,004,570 ounces contained in 9.80 Mt at a grade of 3.19 g/t Au in an Indicated category, with an additional 407,410 ounces contained in 5.02 Mt at a grade of 2.5 g/t Au in an Inferred category on the Golden Saddle. At the Arc Zone, the initial resource included 170,470 ounces contained within 4.37 Mt at a grade of 1.21 g/t Au in the inferred category (reported in Underworld Resources New Release UW2010-NR#2 dated January 19, 2010 and the 43-101 report titled "White Gold Property Dawson Range Yukon, Canada" dated March 3, 2010, prepared by Lars Weiershäuser, P.Geo, Marek Nowak, P.Eng and Wayne Barnett, Pr.Sci.Nat. of SRK Consulting (Canada) Inc.). Kinross purchased Underworld shortly after the initial resource was released in 2010 and explored the property from 2010 - 2012. In 2013, Kinross released the results of a resource estimate on the Golden Saddle zone and reported a resource of 840,000 ounces within 9.79 Mt at a grade of 2.67 g/t Au in an Indicated category, with an additional 125,000 ounces within 2.17 Mt at a grade of 1.8 g/t Au in an Inferred category (reported in Kinross Gold Corp.'s 2016 Mineral Reserves and Resource Statement). Both Underworld's and Kinross' resource estimates are considered historical estimates and the Company is not treating them as current mineral resources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. In addition to the Golden Saddle and Arc zones, there are numerous other targets known on the property that warrant follow-up work (for more information see Yukon Assessment Report #'s 095338, 096206, & 096207). The JP Ross property is located approximately 70km south of Dawson City, Yukon and consists of 2,251 claims covering approximately 45,600 hectares and numerous placer gold bearing creeks. Historic exploration performed on the property by Underworld and Kinross include geochemical surveys, trenching, airborne magnetic and radiometric surveys, and 8,592m of diamond drilling over 64 holes. Fourteen target areas are currently known and large portions of the property are unexplored (see Yukon Assessment Report #'s 096204 & 096204 for more information). The Black Fox, Yellow, and Battle properties are early stage properties with limited historic exploration performed on them to date consisting of prospecting, reconnaissance soil sampling, and limited drilling (Black Fox). Collectively, the three properties consist of 238 claims covering approximately 4,895 hectares of ground (see Yukon Assessment Report #'s 095270, 095338, 096202, 096206, & 096207 for more information.) Additional information on all the properties and the Company's planned exploration activities will be reviewed in future news releases. The White Gold Properties are subject to two pre-existing annual advance royalty payments in the aggregate amount of $130,000 that will remain in force should commencement of commercial production begin with respect to certain claims, and three pre-existing net smelter returns royalties equal to 4%, 2% and 2%, respectively, each relating to different claims and each subject to reduction options. Furthermore, if either mineral reserves, measured mineral resources or indicated mineral resources are located on certain claims comprising the White Gold Properties and are disclosed in a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report then the Company will be obligated to pay a royalty equal to $1.00 per ounce for any ounces of gold (using a cut off of 0.5g/t). Each of these royalties is held by Shawn Ryan, a director of the Company. In connection with the Acquisition, the Company, Kinross and Mr. Ryan have entered into an agreement (the "Amending Agreement") pursuant to which the Company has, among other things, agreed to assume the royalty payment obligations in respect of the White Gold Properties, and the parties have agreed that the Company may elect to satisfy part of its $130,000 advance royalty payment obligation through the issuance of common shares of the Company. The Amending Agreement, which will be effective upon closing of the Acquisition, also provides for the issuance to Mr. Ryan of 70,500 common shares of the Company upon completion of a bankable feasibility study with respect to the White Gold Properties. The entering into of the Amending Agreement by Mr. Ryan will be considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the entering into of the Amending Agreements in reliance of sections 5.5(b) and 5.7(a) of MI 61-101. In connection with the Acquisition, Agnico has exercised its right to maintain its approximately 19.9% equity ownership in the Company. To maintain its equity ownership, Agnico will subscribe for approximately 4.4 million common shares of the Company at a price of C$2.01 per share on a non-brokered basis for gross proceeds to the Company of approximately C$8.75 million. The common shares of the Company to be issued to Agnico will be subject to a statutory 4-month hold period. The net proceeds of the Agnico Financing are expected to be used to substantially fund the upfront cash payment portion of the Acquisition as more particularly described above. Closing of the Agnico Financing is expected to take place concurrently with the closing of the Acquisition. Following the completion of the Acquisition and the Agnico Financing, the Company expects to have approximately C$22 million of cash on its balance sheet. Completion of the Acquisition, the Agnico Financing and the transactions contemplated by the Amending Agreement are subject to a number of standard conditions, including receipt of all regulatory approvals and the acceptance of the TSX Venture Exchange (the "Exchange"). The transactions are expected to close during the second quarter of 2017. The Company has retained GMP Securities L.P. as financial advisor and Cassels Brock & Blackwell LLP as legal advisor. Unless otherwise indicated, the scientific and technical information contained in this news release has been reviewed and approved by Jodie Gibson, P.Geo, of GroundTruth Exploration Inc. who is a "qualified person" within the meaning of NI 43-101. GroundTruth Exploration Inc. is owned by the spouse of a director of the Company. The Company owns a portfolio of 15,134 quartz claims across 25 properties covering approximately 305,000 hectares representing approximately 30% of the Yukon's White Gold District. Preliminary exploration work has produced several prospective targets. The claim packages are bordered by sizable gold discoveries owned by majors including Kinross, Goldcorp Inc. and Western Copper and Gold Corporation. The Company has outlined an aggressive exploration plan to further explore its properties. For more information visit www.whitegoldcorp.ca. This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the completion of the Acquisition; the anticipated benefits of the Acquisition to the Company and its shareholders including expectations respecting the exploration activities to be conducted at the White Gold Property; the timing and receipt of the required regulatory approvals for the Acquisition and the Offering; the timing and ability of the Company to satisfy the conditions precedent to completing the Acquisition; completion of the Offering; anticipated use of proceeds from the Offering; future growth potential of the Company on a post-Acquisition basis; and future exploration plans. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as 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 materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: satisfaction or waiver of all applicable conditions to the completion of the Acquisition (including receipt of all necessary regulatory approvals or consents, and the absence of material changes with respect to the parties and their respective businesses, all as more particularly set forth in the Agreement); the results expected from the Acquisition not being realized; ability to close the Offering on the proposed terms or at all; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the White Gold Property and the Company's other properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; 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 and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described under the heading "Risks and Uncertainties" in the Company's most recently filed management's discussion and analysis. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. All scientific and technical information relating to the White Gold Property is based on and derived from a technical report entitled "White Gold Property White Gold Property Dawson Range Yukon, Canada" dated March 3, 2010, prepared by Lars Weiershäuser, P.Geo, Marek Nowak, P.Eng and Wayne Barnett, Pr.Sci.Nat. of SRK Consulting (Canada) Inc. (the "Technical Report"). The information contained herein is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full details of the Technical Report which may be obtained from the Company by contacting dschmidt@whitegoldcorp.ca. Disclosure of the historical estimate in this news release is derived from the Technical Report and has been judged to be relevant and therefore suitable for disclosure, however should not be relied upon. There are numerous uncertainties inherent in the historical estimate, which is subject to all of the assumptions, parameters and methods used to prepare such historical estimate and reference is made to the full text of the Technical Report with respect thereto. The historic estimate of mineral resources was estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserve Best Practices" Guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There are no other recent estimates or data are available to the Company as at the date of this news release and a detailed exploration program is required to be conducted by the Company in order to verify or treat the historical estimate as a current mineral resource. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources. To view Schedule "A" - Project Property Map, please visit the following link: http://media3.marketwire.com/docs/wgo0518map.pdf.


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

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2017) - Bravada Gold Corporation (the "Company" or "Bravada") (TSX VENTURE:BVA)(STUT:BRTN)(OTCQB:BGAVF) has received notice that a third-phase drilling program is underway at the Company's Baxter Low-sulfidation gold property in the Walker Lane Gold trend in Nevada. Kinross Gold U.S.A., Inc., a wholly owned subsidiary of Kinross Gold Corporation ("Kinross"), plans to drill 8 to 12 reverse-circulation (R.C.) holes for approximately 2,600 meters. Kinross completed two phases of R.C. drilling at the Baxter property during 2016, which consisted of 41 holes for a total of 8,278 meters. The program resulted in the discovery of a new zone of shallow, oxide gold mineralization at the Sinter target and identified several target areas for additional exploration drilling. Hole BAX16-13 at Sinter, for example, intersected 6.1m averaging 2.199 grams gold per ton (g/t gold) beginning at 32m depth within a thicker interval of 32.0m averaging 0.880g/t gold (for details, see news releases NR-07-16 and NR-12-16). Other holes in the target area intersected gold mineralization at approximately the same horizon. Geophysical data for several target areas indicates that gold mineralization may be related to features not yet tested with drilling. President Joe Kizis commented, "Baxter is a good example of our business plan to acquire projects with exploration potential for high-margin gold deposits and to conduct the work necessary to make them attractive to larger partners that can advance the projects via work programs to earn equity positions in the properties. Our partners spent approximately US$1.5million on Bravada's properties in Nevada during 2016. That work resulted in the discovery of shallow, oxide gold mineralization at Baxter and in a refined high-grade gold target at Quito, where drilling is expected to begin in July." The Baxter property consists of 240 unpatented lode claims (~1,940 hectares) in the Walker Lane Gold trend of western Nevada. Bravada previously demonstrated extensive low-sulfidation gold and silver mineralization at surface and in relatively shallow reverse-circulation drill holes at several target areas. Kinross has the option to earn a 60% interest in the property by spending $2.0 million over five years and it can earn an additional 15% interest by spending an additional $2 million on exploration and development expenses over two additional years. Upon Kinross completing its earn-in, Bravada may contribute to expenditures at its percentage of interest or be diluted. Should Bravada's working interest reduce below 10% as a consequence of Kinross contributing Bravada's working interest share of agreed exploration program expenditures, Bravada would convert its working interest to a 1% NSR royalty (see NR-01-15 dated February 3, 2015). Bravada is an exploration company with a portfolio of high-quality properties in Nevada, one of the best mining jurisdictions in the world. During the past 12 years, the Company has successfully identified and advanced properties that have the potential to host high-margin deposits while successfully attracting partners to fund later stages of project development. Currently, five of its Nevada properties are being funded by partners, which in aggregate include earn-in work expenditures of up to $6.5 million and payments to Bravada of up to +$3.0 million in cash and shares, with Bravada retaining residual working or royalty interests. Joseph Anthony Kizis, Jr. (AIPG CPG-11513, Wyoming PG-2576) is the Qualified Person responsible for reviewing and preparing the technical data presented in this release and has approved its disclosure. On behalf of the Board of Directors of Bravada Gold Corporation For further information, please visit Bravada Gold Corporation's website at bravadagold.com 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.


TORONTO, ON--(Marketwired - May 18, 2017) - Kinross Gold Corporation (TSX: K) ( : KGC) ("Kinross") announced today that it has entered into an agreement to acquire an approximately 19.9% interest in White Gold Corp. (TSX VENTURE: WGO) by selling its 100% interest in the White Gold exploration project in the Yukon Territory to the company. The strategic ownership in White Gold Corp. will provide Kinross with future optionality in the highly prospective White Gold District, and in the larger Yukon Territory. Agnico Eagle Mines Limited (TSX: AEM) ( : AEM) ("Agnico Eagle") also holds an approximately 19.9% equity investment in White Gold Corp., and both Kinross and Agnico Eagle are expected to leverage their deep technical and operational experience to support White Gold Corp.'s pursuit of exploration and development opportunities in the Yukon, including at the White Gold exploration property. "We look forward to working with Agnico Eagle and White Gold Corp. to support the pursuit of quality development opportunities in this highly prospective and largely underdeveloped district," said J. Paul Rollinson, President and CEO of Kinross Gold. "This investment will allow the three companies to pool their expertise together to strengthen their position in this excellent mining jurisdiction." Kinross' sale of the White Gold exploration property to White Gold Corp. includes the following consideration: Kinross will also enter into an investor rights agreement with White Gold Corp. that will provide Kinross with the right to maintain its ownership position through participation in any future equity financings, and the right to nominate a board member in White Gold Corp. White Gold Corp. is the largest landholder in the White Gold District and its experienced exploration team has been involved in multiple major discoveries in the Yukon. The transaction is expected to be completed during the second quarter of 2017, subject to customary conditions of closing, as well as the concurrent closing of a private placement to Agnico Eagle to maintain its proportionate interest in White Gold Corp., and obtaining TSX-V approval. Kinross expects to acquire the securities for investment purposes and may or may not purchase or sell White Gold Corp. securities in the future on the open market or in private transactions, depending on market conditions and other factors, subject to certain contractual restrictions agreed to with White Gold Corp. Specifically, Kinross has agreed that it will not trade its White Gold Corp. common shares until four months following closing. For further information, a copy of the early warning report filed on SEDAR in connection with the transaction may be obtained from Kathleen Grandy, Vice-President, Assistant General Counsel and Corporate Secretary at 416-365-2496. Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross' 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). All statements, other than statements of historical fact, contained in this news release, including 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 "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995 and are based on the expectations, estimates and projections of management as of the date of this news release unless otherwise stated. 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 and assumptions of Kinross contained in this news release, which may prove to be incorrect, include, but are not limited to: (i) the various assumptions set forth herein; (ii) that Kinross will complete the sale of its interest in the White Gold exploration project in accordance with, and on the timeline contemplated by, the terms and conditions of the relevant agreements, on a basis consistent with our current expectations; (iii) that any contingent payment contemplated by the purchase agreement governing the sale will be paid to Kinross, and (iv) that a construction decision will be made in respect of the White Gold Project. The forward-looking information set forth in this news release is subject to various risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward-looking information, including the risk that the sale transaction will not be completed for any reason. Certain of these risks, factors, estimates and assumptions are described in more detail in Kinross' most recently filed Annual Information Form in the section entitled "Risk Factors" and the "Risk Analysis" section of our most recently filed Management's Discussion and Analysis, to which readers are referred and which are incorporated by reference in this news release. In addition, all forward-looking statements made in this news release are qualified by the full "Cautionary Statement" in such Annual Information Form and the "Cautionary Statement on Forward Looking Information" in such Management's Discussion and Analysis. These risks, factors, estimates and assumptions are not exhaustive. Kinross disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.


News Article | May 16, 2017
Site: www.prnewswire.com

Weaker-than-expected, U.S. economic data has also helped support the rise in gold prices. The Labor Department stated on Friday, that the consumer price index rose 0.2 percent in April and increased 2.2 percent over the past 12 months, which is at a slower pace than the 2.3 percent advance economists' had estimated. The U.S. Retail sales increased 0.4 percent in April, which is also a lower accrual than the 0.6 percent gain economists' forecasted; as gold is highly sensitive to changes in the interest rate. Argonaut Securities analyst, Helen Lau said, "The data seems to be pointing to a weakening trend (in the U.S. economy). Based on what we have so far, unless there is more stronger data, more than two (U.S.) rate hikes are not very likely." - Reuters reported. BonTerra Resources Inc. (TSX-V: BTR), just this morning announced that, ongoing drilling to the west of the main Gladiator Deposit within the 'Rivage Gap' has encountered multiple high grade intersections as well as a major strike length extension of the new North horizon. -Multiple high grade intersections encountered in the Rivage Gap and extends the new North zone to the west. -Four distinct zones intersected in the 'Rivage Gap' area, confirming the existence of the Main and Footwall zones, plus extending to the West, the North and Mid zones. -Main and Footwall zones extended to the west, connecting them with the Rivage Gap area. -Results confirm the strike length of over 1 km for each of the Main and Footwall Zones. -Drilling intersects deepest mineralization to-date in Rivage Gap area, at 330m below surface. -Continuity of mineralization demonstrated in multiple horizons between the Gladiator Deposit and the Rivage Zone. -Drilled dimensions of the Gladiator Deposit now outlined to a depth of 850 meters below surface, and a strike length of 1,200 meters (1.2 km). -Gladiator remains open in all directions with drilling currently focused on the Deep East Zone, the Rivage Gap western side, and within large gaps or voids with currently little drill information. Nav Dhaliwal, CEO and President of Bonterra, stated: "Results from the Rivage Gap, or the western area of the Gladiator Gold Deposit, continue to add positive value to the understanding of the geological model and the potential addition of significant new resources. A recent interpretation has determined that the Rivage Gap is part of the main mineralized system, and our technical team is currently confirming the impact of what the most recent results clearly demonstrate. We are excited with the continued positive results from within the Rivage Gap area, and look forward to further extending these zones, similar to our success within the main Gladiator area." Robert Gagnon, P.Geo. has approved the information contained in this release. Mr. Gagnon is a director of Bonterra and is a Qualified Person as defined by NI 43-101. Kinross Gold Corporation (NYSE: KGC) is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. On March 28th, the company announced that it has agreed to sell its 25% interest in the Cerro Casale project in Chile, and its 100% interest in the Quebrada Seca exploration project located adjacent to Cerro Casale, to Goldcorp Inc. Additionally, on closing Kinross will enter into a water supply agreement with the Cerro Casale joint venture. After certain conditions are met, the agreement will provide Kinross with certain rights to access up to a fixed amount, water not required by the Cerro Casale joint venture. Kinross expects to use this water for its Chilean assets and would be responsible for the incremental capital costs to accommodate the supply of water to the Company, along with it's pro rata share of operating and maintenance costs. Eldorado Gold Corp. (NYSE: EGO) announce that it has entered into a definitive agreement with Integra Gold Corp. (OTCQX: ICGQF), pursuant to which Eldorado has agreed to acquire all of the issued and outstanding common shares of Integra that it does not currently own, by way of a plan of arrangement under the Business Corporations Act (British Columbia). Eldorado's offer represents: A value of C$1.21250 for each Integra common share based on the May 12, 2017 closing price of Eldorado common shares on the Toronto Stock Exchange. A premium of approximately 52% to Integra's May 12, 2017 closing price and a premium of 46% based on the volume weighted average prices ("VWAP") of both companies on the Toronto Stock Exchange, for the 20-day period ending May 12, 2017. IAMGOLD Corp. (NYSE: IAG) on May 11th provided an update on the ongoing exploration program at its Monster Lake joint venture project located 50 kilometers southwest of Chibougamau, Quebec, Canada. The company is reporting assay results from the first eleven drill holes, totaling just over 5,100 meters, from a total of 24 diamond drill holes, totaling 10,657 meters, completed this past winter. Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "Assays from this winter drilling program continue to return encouraging results, including those from a new zone along the main hosting structure, as well as from a lower parallel shear zone. The potential for the discovery of additional mineralized shoots is considered favorable." Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News" Subscribe Now! 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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

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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