TORONTO, ONTARIO, Nov 05 (MARKET WIRE) --
Kinross (TSX: K)(NYSE: KGC)announced today that it has entered into an
amended revolving credit facility which includes an increase of available
credit to US$450 million, on an unsecured basis, from US$404 million
under its previous secured facility.
The new facility will expire in November of 2012. The term loan for the
Paracatu property forms part of the revolving credit facility, and that
credit will be available to the Company as the term loan is repaid. The
new credit agreement was led and arranged by Scotia Capital and by Bank
of America Merrill Lynch.
Supplementary goodwill filing note
As part of the filing of its financial statements and MD&A for the third
quarter ended September 30, 2009, the Company has included a more
detailed accounting policy note regarding goodwill impairment (see Note 2
to the September 30th interim financial statements) and related
discussion and analysis in the September 30, 2009 interim MD&A, related
to the impairment of goodwill for the year ended December 31, 2008.
About Kinross Gold Corporation
Kinross is a Canadian-based gold mining company with mines and projects
in the United States, Brazil, Chile, Ecuador and Russia, and employs
approximately 5,500 people worldwide.
Kinross' strategic focus is to maximize net asset value and cash flow per
share through a four-point plan built on: delivering mine and financial
performance; attracting and retaining the best people in the industry;
achieving operating excellence through the "Kinross Way"; and driving new
opportunities through exploration and acquisition.
Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and
the New York Stock Exchange (symbol: KGC).
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or
incorporated by reference in this news release, including any information
as to the future performance of Kinross, constitute "forward-looking
statements" within the meaning of applicable securities laws, including
the provisions of the Securities Act (Ontario) and the provisions for
"safe harbour" under the United States Private Securities Litigation
Reform Act of 1995 and are based on expectations, estimates and
projections as of the date of this news release. Forward-looking
statements include, without limitation, possible events, statements with
respect to possible events, the future price of gold and silver, the
estimation of mineral reserves and resources and the realization of such
estimates, the timing, amount and costs of estimated future production,
expected capital expenditures, development and mining activities,
permitting time lines, currency fluctuations, requirements for additional
capital, government regulation, environmental risks, unanticipated
reclamation expenses, title disputes or claims. The words "plans,"
"expects," or "does not expect," "is expected," "budget," "scheduled,"
"estimates," "forecasts," "intends," "anticipates," or "does not
anticipate," or "believes," or variations of such words and phrases or
statements that certain actions, events or results "may," "could,"
"would," "might," or "will be taken," "occur" or "be achieved" and
similar expressions identify forward-looking statements. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by Kinross as of the date
of such statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Many of these
uncertainties and contingencies can affect, and could cause, Kinross'
actual results to differ materially from those expressed or implied in
any forward-looking statements made by, or on behalf of, Kinross. There
can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. All of the forward-looking
statements made in this news release are qualified by these cautionary
statements, and those made in the "Risk Factors" section of our most
recently filed Annual Information Form and our other filings with the
securities regulators of Canada and the U.S. These factors are not
intended to represent a complete list of the factors that could affect
Kinross. Kinross disclaims any intention or obligation to update or
revise any forward-looking statements or to explain any material
difference between subsequent actual events and such forward-looking
statements, except to the extent required by applicable law.
Contacts:
Media Contact:
Kinross Gold Corporation
Steve Mitchell
Vice-President, Corporate Communications
416-365-2726
steve.mitchell@kinross.com
Investor Relations Contact:
Kinross Gold Corporation
Erwyn Naidoo
Vice-President, Investor Relations
416-365-2744
erwyn.naidoo@kinross.com
Copyright 2009, Market Wire, All rights reserved.
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