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Market: TSX
Sector: Gold Mining
Epic: TSX:K
News: Latest news
Web Site: Kinross Gold Corp
Other Articles: 05-05-201027-04-201006-04-2010

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Kinross Gold Corp

Kinross Gold Corp

Kinross Gold Corporation was established in 1993 and has since grown to become the third largest primary gold producer in North America by reserves.  Based in Canada, with nine mines in stable countries including the United States, Brazil, Chile and Russia, Kinross employs more than 5,000 people worldwide
Thursday, January 21, 2010

Kinross Gold shells out $368 million in cash and shares for two gold projects in Russia

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By Dorothy Kosich, Mineweb.com

Kinross announced Wednesday that the gold miner has "agreed in principle" to acquire the Dvoinoye deposit and the Vodorazdelnaya property for US$368 million cash and shares deal.

Both Dvoinoye and Vodorazdelnaya are located 90 kilometers north of Kinross' Kupol operation.

Dvoinoye is also an open pit mine, which the owner has operated for six months annually with a throughput of 250 tpd. Kinross plans to expand the operation as a larger underground mine and transport the ore to the Kupol mill.

The Vodorazdelnaya property comprises 922 square kilometers including an exploration and mining license.

In a statement, Kinross CEO Tye Burt said, "This acquisition is a valuable addition to a world-class asset, which will allow us to bring additional high-grade resources to existing facilities. It also gives us additional opportunities for exploration in a highly prospective and mining-friendly district where we have operated for a number of years."

The transaction involves the indirect acquisition of 100% of the participatory interests in Northern Gold LLC and Regionruda LLC, the owners of the Dvoinoye and Vodorazdelnaya exploration and mining licenses. Northern Gold said it has completed a 30,000 meter infill drilling campaign last year and has submitted an update reserve to Russian authorities.

Kinross plans to complete the necessary additional work to report a Canadian National Instrument 43-101 compliant resource estimate for Dvoinoye this year. After the deal closes, Kinross intends to begin permitting and feasibility work including engineering and baseline studies.

The deal requires Kinross to pay US$165 million in cash and issue 10.56 million new Kinross shares with a market value of US$203 million.

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