Kinross Gold Corporation
12:48 p.m. Jul 28, 1998 Eastern
TORONTO, July 28 /CNW-PRN/ - Kinross Gold Corporation (TSE-K; NYSE-KGC)
announces that during the month of July, the Corporation repurchased
spot deferred sales contracts for 208,200 ounces of gold, sold 103,750
gold put options and closed out a substantial trading position. These
transactions generated approximately US$46 million of cash and
eliminated all of the gold hedging contracts of KINAM Precious Metals
Inc. (formerly Amax Precious Metals Inc.), a wholly owned subsidiary.
As a result of its merger with Amax Gold Inc., which became effective
June 1, 1998, Kinross has become the fifth largest North American based
gold producer.
%SEDAR: 00002968E SOURCE Kinross Gold Corporation
Copyright 1998, PR Newswire
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