Kinross Gold : 09.17.15 - Kinross updates 2015 full-year guidance

Lowers all-in sustaining cost, cost of sales and capital expenditure guidance

Toronto, Ontario - September 17, 2015 - Kinross Gold Corporation (TSX:K; NYSE:KGC) announced today that it has updated its 2015 full-year guidance for all-in sustaining cost, cost of sales, capital expenditures, production and overhead.

The positive adjustments are:

• All-in sustaining cost per gold equivalent ounce (Au eq. oz.) sold guidance lowered to $975-$1,025 from $1,000-$1,100.
• Cost of sales per Au eq. oz. guidance range lowered to $690-$730 from the previous guidance range of $720-$780.
• Capital expenditure guidance lowered to $650 million from $725 million.
• Production guidance range narrowed upward to 2.5-2.6 million Au eq. oz. from the previous guidance range of 2.4-2.6 million Au eq. oz.
• Overhead (general and administrative, and business development expenses) expected to be below guidance of $205 million. Kinross is also exploring additional opportunities to reduce overhead costs as part of a company-wide spending review, the results of which will be announced in the third quarter of 2015.

"We are on track for another strong year as a result of our continued focus on cost reduction and drive to enhance production," said Kinross President and CEO J. Paul Rollinson. "Every region has stepped up and is expected to produce at, or above, its prior guidance range, and below prior cost guidance ranges. Capital expenditures, which we have decisively reduced in recent years, are expected to come in significantly below prior guidance. Expected savings from sustaining capital represents roughly half the reduction, with the remainder coming from a combination of planned deferrals and savings of discretionary capital spending. This, along with measured reductions in overhead, have contributed to a sizable reduction in our all-in sustaining cost guidance."

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