Kola Mining Corporation

Kola Mining Corporation

May 06, 2008 09:01 ET

Kola Mining Advances Souker Ni Deposit

- Latest drill intersections continue to build confidence in grade continuity and width of ore zone at Souker - Preliminary petrographic studies confirm favorable mineralogy - only about 5% of total nickel contained in silicate minerals - Geotechnical drill program has commenced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) - Kola Mining Corporation (TSX VENTURE:KM)(OTCBB:KMNFF)(FRANKFURT:C8M) ("The Company") announces encouraging results of mineralogical investigation, commencement of geotechnical drilling program, and additional consistent drill results from the ongoing infill drill program at its 100% owned, Souker Nickel-Copper project ("Souker") in the Kola Peninsula of northwestern Russia.

Encouraging results have been received from recently completed mineralogical investigations. Preliminary petrographic studies indicate that only about 5% of the total nickel is present as silicate minerals which are normally not recovered by the same process as nickel sulphide minerals. Also, almost all of the sulfide nickel is contained in pentlandite with very little included in pyrrhotite. This is encouraging from the standpoint of recovering a high proportion of the nickel and in making a marketable nickel concentrate for sale to local smelters.

Two of four geotechnical holes, designed to collect engineering data for open pit planning, have been completed. The other two holes are in progress. Hydrological monitoring holes, also designed to collect data for pit planning will be drilled after the geotechnical holes are completed.

The mineralized intervals reported below, continue to be associated with varying degrees of disseminated to semi-massive sulphide mineralization (pentlandite, chalcopyrite, and pyrrhotite) within layered, medium to coarse grained peridotite and pyroxenite. The mineralized intervals reported below, continue to demonstrate the bulk tonnage target potential that would be amenable to open pit mining. The hosting stratigraphy dips variably to the south, and although holes have been oriented to intersect the mineralized horizon as optimally as possible, the intervals reported below may not represent true width. The holes were not drilled in numerical order. See attached map for drill hole collar locations. As of April 25, 2008, a total of 11,534 metres of drilling has been completed in 81 drill holes.

Hole From To Length, m Ni% Cu%
cp-30 3 90 87 0.28 0.03
cp-32 6.5 156 149.5 0.31 0.04
cp-34 21 210 189 0.29 0.05
cp-50 5.5 26.9 21.4 0.36 0.12
cp-52 1.4 102.1 100.7 0.31 0.05
cp-54 4.6 169 164.4 0.30 0.05

All principal intervals reported were selected using a Ni cut off grade of 0.20% Ni. The assay procedure used is a total acid digestion of the sample with analysis of the resulting solution by AA. This procedure yields a total Ni value for each sample. The current drill program was initially laid out to achieve a maximum 100 metre by 100 metre ore intercept spacing in order to verify and upgrade the historic Soviet resource estimate from a C2 to C1 category (See May 14, 2007 Press Release). The drill data from the current drill campaign will be used to convert the historic Soviet resource into a NI 43-101 compliant resource.

All of the 2007 and 2008 drilling is being completed with either NQ or HQ sized core using a Longyear LF 70 drill rig. Recoveries to date have been excellent. The drill core is being logged, photographed, sawn, sampled, and core samples are being prepared at the Central Kola Expedition laboratory in Monchegorsk. Assaying is being completed by the Kola Geological Information Laboratory Centre in Apatity. This lab is certified under GOST R ISO/MEK 17025-2000, the VIMS Institute in Moscow, and is subject to annual inspections. A full QA/QC program has been initiated on the Souker project, and check sample analyses are being performed by Alex Stewart Geo Analytical Laboratory in Moscow. All of Kola's exploration programs are carried out under the supervision of Bill Tafuri, P.Geol., the Company's Vice President of Exploration and a "Qualified Person" for the purposes of NI 43-101.

Kola Mining Corp.'s headquarters is in Vancouver, Canada, with exploration offices in Kyrgyzstan, Russia and Kazakhstan. The company is actively engaged in the exploration and acquisition of precious and base metal projects in Russia and Central Asia. The Company is listed for trading on the TSX Venture Exchange under the symbol "KM", on the Frankfurt Stock Exchange under the symbol "C8M" and on the OTCBB under the symbol "KMNFF".

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, CEO

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.

To view the Souker Ni/Cu Deposit Drill Plan, please click on the following link: http://media3.marketwire.com/docs/km0506.jpg

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

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