Technical Report for the Maricunga Gold Mine - Kinross Gold

Kinross Gold CorporationMaricunga Mine Technical ReportA 35,000 meter drill program was approved in September 2002 with the objective of adding20 million tonnes of Measured and Indicated resource at both Pancho and Verde. Thismineralization had to be recoverable through open pit mining methods. Follow-up work tofurther delineate the mineralization, provide representative metallurgical samples anddetailed geotechnical information would be contingent on the initial results of the drilling.The information was collated and incorporated in new mineral resource and mineral reserveestimates for Verde and Pancho. The reserves were based on a detailed engineering studyexamining the economics of the project assuming a capital investment of $101.1 million toupgrade the existing infrastructure, allowing the plant to process 40,000 tonnes per day ofVerde ore and 35,000 tonnes per day of Pancho ore. The capital investment was based onpreliminary design and first-principle engineering. Capital cost estimates were prepared andverified by two, independent, North American engineering consultants with significantexperience in Latin America.The Maricunga Mine resumed full production in October 2005 at a rate of 40,000 tpd. Totalproduction of 233,000 ounces from 14,333,000 tonnes at 0.74 g/t Au is reported for 2007.Table 6-1 summarizes the production history of Maricunga.Table 6-1: Annual Gold Production of the Maricunga MineMined Grade GoldYear tonnes Mined Production(x 1,000) (Au g/t) (ounces)1996 7,617 1.03 101,2761997 7,789 1.02 147,0851998 8,207 0.93 161,0461999 8,936 0.94 179,4652000 8,801 0.94 169,8322001 4,643 0.95 133,9472002 - - 26,0942003 - - 5,0002005 6,214 0.87 121,6702006 14,872 0.74 233,8362007 14,333 0.74 233,000TOTAL 81,412 0.88 1,512,25130