Kinross reaches agreement in principle with Ecuadorian government on Fruta del Norte exploitation contract
TORONTO, ONTARIO-(Marketwire -12/05/11)- Kinross Gold Corporation (TSX:K.TO – News)(NYSE: KGC – News) announced todaythere are reached a non-binding agreement in principle using the government of Ecuador regarding key fiscal and legal parameters for any exploitation of the Fruta del Norte (FDN) deposit in Ecuador’s Zamora Chinchipe province. Several additional steps need to conclude your final and binding agreement, including: the culmination and approval of the project feasibility study by Kinross; changing project status from economic evaluation to exploitation in line with Ecuadorian law; and, following your completion of negotiations, entering into definitive exploitation and investment protection agreements from a form satisfactory to the parties.
“This agreement representsan essential milestone in the development of FDN,” said Kinross President and CEO Tye Burt. “Key objectives is to develop the mineral resources at FDN in a socially responsible manner and to work closely when using the government and native communities to establish FDN as a flagship mining project in Ecuador.”
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