I understand this is not an easy area to mine.TORONTO,...

I understand this is not an easy area to mine.


TORONTO, ONTARIO--(Marketwire - Nov. 20, 2008) - Kinross Gold Corporation ("Kinross") (TSX:K)(NYSE:KGC) announced today that it has entered into separate agreements with Teck Cominco Limited ("Teck") and certain subsidiaries of Anglo American plc ("Anglo") pursuant to which Kinross will acquire a 100% interest in Minera Santa Rosa SCM ("Minera") for an aggregate purchase price of approximately US$250 million, plus a royalty. Minera owns 100% of the Lobo-Marte gold project located in the Maricunga district of northern Chile, roughly midway between Kinross' Maricunga and La Coipa mines.

"This acquisition adds approximately 5.9 million ounces of resources to the front of our development pipeline," Mr. Burt said. Teck, as manager of Minera, reported Indicated Resources of 97,680,000 tonnes grading 1.72 g/t gold (approximately 5.4 million ounces of gold) and Inferred Resources of 9,250,000 tonnes grading 1.56 g/t gold (approximately 0.5 million ounces of gold) at Lobo-Marte on a 100% basis as at December 31, 2007 (see page 75 of Teck 2007 Annual Report).