September 11, 2008 09:50 ET

eResearch Issues Initiating Report on Kola Mining Corporation

TORONTO, ONTARIO--(Marketwire - Sept. 11, 2008) - Kola Mining Corporation (TSX VENTURE:KM), which is headquartered in Vancouver, BC, is engaged in the exploration and development of precious and base mineral properties in Russia and Central Asia.

Kola's primary focus is on the Souker project in Russia's Kola Peninsula. An NI 43-101 Technical Report, issued in July, 2008 reported a resource estimate comprising over 1.97 billion lbs (898,000 tonnes) of nickel (Indicated and Inferred) and 478 million lbs (218,000 tonnes) of copper (Indicated and Inferred).

The Company hopes to achieve the following milestones on Souker: scoping study in Q4/2008, pre-feasibility study in Q1/2009, feasibility study in 2010, and production during or by the end of 2011. Successfully meeting these challenges should continually increase investors' interest in Kola and its share price.

We are initiating coverage of Kola Mining Corporation with one-year and two-year Target Prices of $0.50 and $1.95, respectively. We recommend the shares as a Speculative Buy for risk-tolerant investors.

This Press Release was prepared by eResearch and was not vetted by Kola Mining Corporation. Further, the Recommendation and Target Price contained in this Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Kola Mining Corporation.

eResearch provides institutional-quality investment research, focused primarily on small- and mid-cap companies, with the potential of reaching millions of global investors through our extensive electronic distribution network.

Kola Mining Corporation paid eResearch a fee of $20,000 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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