Mr. Louie Diaz of Kinross reports

KINROSS SELLS PORTION OF LUNDIN GOLD SHARES

Kinross Gold Corp. has signed an agreement with GMP Securities LP pursuant to which GMP has agreed to purchase, for resale on a private-placement basis, 5.5 million common shares of Lundin Gold Inc., representing approximately 4.6 per cent of currently outstanding common shares. GMP is purchasing the shares at a price per share of $5.60, resulting in gross proceeds of $30.8-million.

Prior to closing of the sale, Kinross holds 26,156,250 shares, representing approximately 22.1 per cent of the issued and outstanding shares. Upon closing of the sale, Kinross will hold 20,656,250 shares, representing approximately 17.4 per cent of the issued and outstanding shares. All share ownership percentages in this news release are based on Lundin Gold's latest publicly released information regarding the number of shares currently outstanding.

Closing of the sale is subject to customary closing conditions and is expected to occur on or about Oct. 5, 2016. Kinross is selling the Lundin Gold shares as part of its portfolio management strategy.

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