Technical Report for the Fort Knox Mine - Kinross Gold

Fort Knox Mine Technical Reportsuggested that gold mineralization was widespread and resulted in the prospectorsstaking an additional 34 mining claims.In 1984, Rob Blakestead, a consulting geologist, noted the presence of visible gold inquartz veins hosted by granite in the Fort Knox area. This discovery led to increasinglevels of exploration to locate the source of the gold. In 1986, the claims were leased toNye Minerals who entered into a joint venture agreement with Electrum Resources in1987. During 1987 to 1991 numerous small mining companies actively explored theclaims.The Denver, Colorado based Amax Gold, Inc (AMAX) purchased the Fort Knox projectin 1992 and established Fairbanks Gold Mining (FGMI) as a wholly owned subsidiary tooperate the project. FGMI initiated extensive exploration programs on the propertyincluding surface geochemical sampling, drilling and geophysics.Soil sampling proved the most useful exploration tool in delineating the ore body duringthe initial exploration of the deposit. Later surface trenching and mapping of theanomalies developed by the soil geochemistry identified the favorable explorationtargets.Ground magnetometer surveys performed in 1987, 1991 and 1992 were employed withlimited success. 427 drill holes totaling over 262,000 feet were completed on theproperty by late 1992. This work was followed by the completion of environmental andengineering studies examining the feasibility of beginning commercial production fromthe deposit.In 1991, Amax Gold Inc. (now Kinam Gold Inc. (“Kinam”), a subsidiary of Kinross)entered into a joint venture agreement with Teryl to explore the Gil property. In 1992,Kinam acquired ownership of the Fort Knox property. Kinross Gold Corporationacquired the property in 1998 as part of the merger with Amax Gold Inc., which involvedstock exchange with Cyprus.23