Kinross Gold (KGC) to Sell 50% Stake in Goias Mine for $220M to AngloGold (AU)

Kinross Gold Corporation (NYSE: KGC) has entered into a purchase and sale agreement with subsidiaries of AngloGold Ashanti Ltd. (NYSE: AU), pursuant to which Kinross will sell its 50% interest in the Crixas gold mine (Serra Grande), located in the State of Goias, Brazil, to AngloGold Ashanti for gross cash proceeds of US$220 million. AngloGold Ashanti is the other 50% owner and operator of Crixas.

Kinross' share of Crixas' proven and probable gold reserves was approximately 375,000 ounces as of December 31, 2011, and its share of forecast production for 2012 was approximately 70,000 gold equivalent ounces. The Company expects to provide updated production guidance for 2012 with its second quarter earnings announcement.

The completion of the transaction is subject to the receipt of certain required regulatory approvals and other customary conditions of closing. The transaction is expected to be completed during the second quarter of 2012.

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