Technical Report for the Fort Knox Mine - Kinross Gold

Fort Knox Mine Technical ReportConstruction of the Fort Knox mine and mill operations began in 1995 and werecompleted in 1997. Commercial production at Fort Knox was achieved in March 1997,and the property has operated continuously since start up. Construction of the mine wascompleted at a capital cost of approximately $373 million, which included approximately$28 million of capitalized interest.Fort 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.After acquiring ownership of the True North property in 1999, Kinross completed preproductioncapital expenditures, primarily permitting and the building of a haulage roadto the Fort Knox mill. Commercial production at True North was achieved on April 1,2001, but is currently suspended.In 2006, Kinross Gold began negotiations with the National Oceanographic andAtmospheric Administration (NOAA), the Bureau of Land Management (BLM), and theState of Alaska’s Trust Land Office (TLO) to acquire a section of land bordering theexisting claim group on the western boundary of the existing Fort Knox pit. Acquisitionof the land package was completed on December 31, 2007, allowing for a Phase 7 pitexpansion.24