Kinross Announces Definitive Agreement to Acquire Underworld Resources

ENPNewswire-16 March 2010-Kinross announces definitive agreement to acquire Underworld Resources(C)2010 ENPublishing - http://www.enpublishing.co.uk Release date- 16032010 - Toronto, Ontario - Kinross Gold Corporation (TSX: K, NYSE: KGC) announced today that, further to Kinross' press release dated March 11, 2010, it has entered into a support agreement with Underworld Resources Inc. ('Underworld') (TSX-V: UW). Pursuant to the agreement, Kinross will offer to acquire 100% of the outstanding common shares of Underworld (the 'Common Shares'), other than the 8.5% of the Common Shares already owned by Kinross (on a fully-diluted basis), by way of a friendly take-over bid on the basis of 0.141 of a Kinross common share plus $0.01 in cash per Common Share, and Underworld has agreed to support the offer. In addition, Underworld's directors and senior management have entered into lock-up agreements with Kinross pursuant to which they have agreed to tender their Common Shares to the offer.