NEWS RELEASES

Resignation of Nick DeMare as CFO

Kola Mining Corporation announces that Mr. Nick DeMare has resigned as CFO of the Company and Mr. Sergei Dubovik has been appointed as the new CFO.  Mr. DeMare remains Corporate Secretary and a director of the Company.

Mr. Sergei Dubovik, a former officer of the Company, is a partner of AGA Management Ltd., a leading Moscow based consulting company specializing in the Russian M&A market and management consulting and played an instrumental role in acquisition of Rudprominvest in 2007. Before joining AGA Management Ltd. in 2006 he had fourteen years of experience as a businessman, consultant and manager with KPMG (Moscow-Bahrain), JSFC Systema, Regional Development Company etc. His major focus is M&A and business restructuring.

Mr. Dubovik has a Master Diploma in Applied Math (Moscow Institute of Physics and Technology, 1991).

For further information on Kola Mining Corp., please visit the company website at www.kolamining.com.

On behalf of the Board of Directors of
KOLA MINING CORP.

Victor Tskhovrebov
President & C.E.O.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward Looking Statements

This Company Press Release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

TEL:  604.694.1600  Kola Mining Corp.

Website: www.kolamining.com