Kinross Gold

We have begun the drilling program at FDN. It began this week with one drill turning and will increase over the next few weeks to all four rigs on the property working.

We have retained property rights to other concessions. A few concessions that were non-material to Kinross were let go. The focus of the current drilling program will be in-fill drilling to prove up the existing resource at FDN rather than step out drilling for new exploration.

We have reduced throughput at the Paracatu mine to improve recoveries and are currently evaluating the adding more grinding capacity to the circuit. We currently expect the operation to produce approximately 35,000 ounces of gold per month.

The terms of the offer made to Teryl cannot be publicly disclosed at present.