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Kinross Sells Part of Lundin Gold Shares

Kinross Gold Corporation, which operates mines and projects in Ghana and five other countries across the world, has announced the signing of an agreement with GMP Securities L.P. pursuant to which GMP has agreed to purchase, for re-sale on a private placement basis, 5,500,000 common shares of Lundin Gold Inc., representing approximately 4.6% of currently outstanding common shares.

GMP is purchasing the shares at a price per share of CAD$5.60, resulting in gross proceeds of CAD$30,800,000.

Prior to closing of the sale, Kinross holds 26,156,250 shares, representing approximately 22.1% of the issued and outstanding shares.

Upon closing of the sale, Kinross will hold 20,656,250 shares, representing approximately 17.4% of the issued and outstanding shares.

Kinross said closing of the sale is subject to customary closing conditions and is expected to occur on or about October 5, 2016. Kinross is selling the Lundin Gold shares as part of its portfolio management strategy.

Apart from Ghana, the Canadian-based senior gold mining company has mines and projects in the United States, Brazil, Russia, Mauritania and Chile. Kinross maintains listings on the Toronto Stock Exchange (TSX: K) and the New York Stock Exchange (NYSE: KGC).

Source: radioxyzonline.com

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