Technical Report for the Fort Knox Mine - Kinross Gold

Fort Knox Mine Technical Reportproduction commences. The license tax ranges from 3% to 7% of taxable income.There has been no production from State claims situated outside the boundaries of theMillsite Lease at the Fort Knox mine.A brief summary of the mineral title is shown below in Table 4-1. Kinross maintains acurrent detailed listing of all Fort Knox Title and Ownership documents [Refer to Hansen,2008 “Mother of All Lists” 11 th edition, 1/2008]. This document is available from Kinrossupon request. The unpatented federal lode claim is owned by Kinross and is notcurrently subject to any royalty provisions. As a result of high metal prices, Kinrossroyalties and production taxes are estimated at $3.3 million for 2007 compared to $2.2million in 2006.All requisite permits have been obtained for mining and continued development of theexisting Fort Knox open pit mine and are in good standing. All federal and statepermits were received for the Heap Leach on or before October 31, 2007 at that timeconstruction commenced on the project.4.2 Gil PropertyThe Gil property mineral claims cover approximately 2,521 hectares located contiguousto the Fort Knox claim block. The claim block consists of 182 State of Alaska miningclaims and is subject to a joint venture agreement between Kinross and Teryl. Kinross’ownership interest in the Gil claim block is 80%. All production from the State of Alaskamining claims is subject to the State of Alaska Mine License Tax following a three-yeartax grace period after production commences. The State of Alaska Mine License tax isgraduated from 3% to 7% of taxable income. Kinross continues to actively explore theGil claims. The property package is located within the State of Alaska within UTM NAD27 zone 6 coordinates of 485,800mE, 7,204,800mN and 498,600mE, 7,212,400mN asillustrated in Figure 4-1.4.3 True North Open PitThe True North open pit mine mineral claims and leases cover approximately 1,993hectares, located 43 kilometres northeast of the City of Fairbanks, Alaska. Kinross owns16