Technical Report for the Fort Knox Mine - Kinross Gold

Fort Knox Mine Technical ReportFort Knox is mined as a conventional truck and shovel open pit mine. The deposit hasyielded slightly less than 163 million tonnes (179.6 M tons) of ore containing 4.61 millionounces of gold since 1996.Production experience indicates the current mineral resource and reserve models arewithin a marginally acceptable tolerance of variance for both tonnage and grade of thedeposit when compared to surveyed mine production. The reconciliation showed that themineral model estimated total ore tones, grade and ounces to be less (2.4%, 9.4% and12.1% respectively) than the ore control model revealed. Over the two-year periodconsisting of 2006 and 2007 (not depicted), the mineral model underestimated totalounces by 4.7%.FGMI’s Life of Mine Plan (LMP) was based on the design pit and Proven and ProbableMineral Reserves at a $550.00 per ounce US gold price assumption. The LMP indicatesthe Fort Knox deposit host sufficient mineral reserves to support a seven year mine life.Pit production will continue from 2008 through 2014 at the Fort Knox deposit. Thereafter,re-handling of low-grade stockpiles to the leach pad will occur until early 2019. The LMPspecifies an annual production rate from the pit of 39.5 million tonnes, including 135.6million tonnes of mill and leach ore averaging 0.61 g/tonne Au. Mill recoveries areestimated at 85% during the life of mine, and long-term leach recoveries are estimatedto be 65%. FGMI estimated both operating and capital cost requirements in support ofthe LMP. The financial analysis indicates a positive cash flow. The LMP, cost estimates,budgets and financial analysis have been prepared using industry standard proceduresand assumptions. The authors of this report have reviewed these documents and foundthem to be complete and free of gross errors or omissions. FGMI considers thesedocuments to be confidential in nature and therefore, are not incorporated into the bodyof this report. Individuals requiring access to said documents are required to sign aconfidentiality agreement with Kinross Gold Corporation.The qualified person is of the opinion that this document supports the December 2007Fort Knox and Area Mineral Resource and Reserve Statement.11