UPDATE 1-Kinross says Glass Lewis advises for Red Back deal

* Glass Lewis provides positive recommendation for merger

* Kinross and Red Back boards both approve deal (In U.S. dollars unless noted)

TORONTO, Sept 1 (Reuters) - Kinross Gold (K.TO) said on Wednesday that risk advisory firm Glass Lewis & Co has advised Kinross's shareholders to vote for a plan to buy Red Back Mining RBI.TO for around $7 billion.

The Toronto-based gold miner will issue stock and warrants to pay for the deal, under which Kinross will pay around C$30.50 for each Red Back share.

Red Back shareholders will end up holding about 37 percent of the combined company when the deal closes.

Separately, Vancouver-based Red Back advised that Glass Lewis has recommended its shareholders vote in favor of the deal, which will create one of the biggest gold miners in the world with properties in Canada, the United States, South America, West Africa and Russia.

Kinross said both companies' boards have unanimously approved the deal.

Shareholders of both companies will vote on the deal on Sept. 15.

Shares of Red Back were steady at C$31.87 on the Toronto Stock Exchange Wednesday morning, while Kinross was trading about 1 percent lower at C$18.22.

($1=$1.06 Canadian) (Reporting by Julie Gordon; editing by Peter Galloway)