Thom Calandra reports on the LBMA convention in San Francisco

Kinross press release

TORONTO/EDMONTON, June 10 (PRNewswire-FirstCall) --
Kinross Gold Corp., Echo Bay Mines Ltd., and TVX Gold
Inc. are pleased to announce the proposed combination
of the three companies and the concurrent acquisition of
the 49.9 percent interest in the TVX Newmont Americas
joint venture owned by Newmont Mining Corp.

Kinross, after having combined with Echo Bay and TVX and
after having acquired the TVX NA interest will possess the
following attributes:

-- Top 10 global gold company with market capitalization in
excess of US$2 billion.

-- 2 million ounce per year gold producer with total cash
costs less than US$200 per ounce.

-- Only senior North American primary producer with a
non-hedging policy and less than 5 percent of reserves hedged
One of the best capitalized gold producers in North America.

-- 65% of annual production in the United States and Canada.

-- Highest leverage to gold prices among major North American
producers.

-- and strong organic growth from a global resource base
exceeding 40 million ounces of gold

The combination of the companies will be achieved by a Plan
of Arrangement, whereby Echo Bay shareholders receive 0.52
of a Kinross share for each Echo Bay share and TVX
shareholders receive 0.65 of a Kinross share for each TVX
share (adjusted accordingly in the event TVX completes the
previously approved 10-for-one share consolidation).

Concurrently with the combination taking effect, TVX will
acquire Newmont's TVX NA interest for US$180 million.

The parties expect to enter into a combination agreement which
will provide that the combination will be effected pursuant to
the Plan of Arrangement.

Based on the 30-day average trading prices on the TSX of
Kinross, Echo Bay and TVX prior to the announcement of the
combination, the exchange ratios imply a price of Cdn$1.81
per Echo Bay share, or a 23 percent premium, and a price of
C$ 2.27 a TVX share, or a 47 percent premium.