Kinross Gold Down After Reporting 2011 Prelim Results and 2012 Outlook

Kinross Gold Corporation

is getting hit hard this morning following its preliminary 2011 results and 2012 outlook. The company announced it expects to produce approximately 2.6-2.8 million gold equivalent ounces from its current operations. Production cost of sales per gold equivalent ounce is expected to be in the range of $670-715 for 2012. Additionally, Kinross Gold Corporation's forecast for exploration and business development expenses is approximately $255 million, of which $185 million is forecast for exploration. Capitalized exploration is forecast to be $35 million, for total 2012 forecast exploration expenditures of $220 million. Kinross Gold is currently trading at $10.53, a loss of $2.12 or 16.76%.