Kinross Gold Corporation announced that it has subscribed for 625,000 units of Edgewater Exploration Ltd. pursuant to a private placement.

Each unit consists of one common share and one half of one share purchase warrant. Each full warrant allows the holder to purchase one common share at an exercise price of CAD$1.10 during the two year period following the closing of the private placement. Prior to the private placement, Kinross held 2,000,000 common shares and 6,000,000 warrants (5,000,000 of which are only exercisable in the event that Edgewater delineates a 3,000,000 Au oz resource for the Enchi project). After giving effect to the private placement and assuming the exercise of all warrants held by Kinross, Kinross would hold 8,937,500 common shares, constituting 12.7% of Edgewater’s outstanding common shares. The subscription price for the units is CAD$0.80 per unit for an aggregate purchase price of CAD$500,000. The private placement is subject to approval by the TSX Venture Exchange.

Kinross is acquiring the Edgewater units for investment purposes. Edgewater is a junior exploration company focused on exploring the Enchi project (90% owned by a Kinross subsidiary and under option to Edgewater) in Ghana and the Corcoesto project in Spain.

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