Kola Mining Closes $10,000,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA–(EMWNews – July 16, 2008) – Kola Mining Corporation (TSX VENTURE:KM)(OTCBB:KMNFF)(FRANKFURT:C8M) (“The Company”) is pleased to announce that it has closed the private placement announced in its June 27, 2008 news release. A total of 33,333,334 units have been issued at $0.30 per unit raising gross proceeds of $10,000,000. Each unit consists of a share and one half of a warrant, each full warrant is exercisable to purchase a share for $0.45 on or before July 15, 2010. The proceeds will be used for the development of the Company’s Souker Nickel Project in Russia and for working capital. The financing was organized by a private group based in Moscow, Russia. A finder’s fee of $250,000 in cash and 833,334 shares has been paid in respect of the placement. All securities issued are subject to a hold period expiring on November 16, 2008.

The Company’s Chairman, Cary Pinkowski, says: “We remain very excited of the potential of Russia and look forward to working with this very strong partnership.”

To find out more about Kola Mining Corp., please visit the company website at www.kolamining.com.

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

Cary Pinkowski, Chairman of the Board of Directors

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.