Kinross Announces Investment in White Bear Resources

Kinross Gold Corporation KGC announced today that it has subscribed for 2,350,000 units of White Bear Resources Inc. pursuant to a private placement. Each unit consists of one common share and one share purchase warrant. Each warrant allows the holder to purchase one common share at an exercise price of CAD$0.20 during the two year period following the closing of the private placement. Assuming the exercise of all warrants held by Kinross, Kinross would hold 4,700,000 common shares, constituting 18.1% of White Bear's outstanding common shares. The subscription price for the units is CAD$0.10 per unit for an aggregate purchase price of CAD$235,000. The private placement is subject to approval by the TSX Venture Exchange.