Kola Mining Corporation
TSX VENTURE : KM
FRANKFURT : C8M

Kola Mining Corporation

May 22, 2009 13:34 ET

Kola Mining Appoints CEO to Focus on Development of Gold Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2009) - Kola Mining Corporation (TSX VENTURE:KM)(FRANKFURT:C8M) ("The Company") announces that Mr. Victor Tskhovrebov has been appointed as President and CEO.

Prior to joining Kola Mining, Mr. Victor Tskhovrebov was an independent consultant specializing in infrastructure projects and M&A in Russia. He has eight years of experience as an investment director, investment associate and equity analyst with JSC "Sovfracht" (a major Russian transportation company), Alfa Capital Partners (Private equity fund) and Renaissance Capital. He holds a Master's degree in Economics from North Caucasus Mining and Metals Institute, 2000.

Mr. Tskhovrebov's major focus will be on the Bogunay gold property and the implementation of the Company's development plans for this property. Bogunay is a near term gold production property and the company is fast tracking resumption of operations. It is anticipated that production can resume this year. Concentrate production is planned to be conducted by using outsource facilities of the Artemovskaya processing plant or using our own equipment to be bought and installed before production commences.

In addition, Mr. Tskhovrebov will lead further expansion of the company in terms of evaluation, acquisition and development of gold and precious metals deposits in Russia and CIS countries. With regard to the Souker NI-Cu deposit new management of the company will concentrate on the completion of metallurgical testing and other ongoing technology tests.

The Board would like to thank Mr. Dubovik for his important contribution to the company. Mr. Dubovik will continue to serve Kola Mining on the Advisory Board.

About Kola Mining Corp.

Kola Mining Corporation is a mineral exploration company, with offices in Moscow, Russia, and Vancouver, Canada.

The Company is engaged in the identification, acquisition, exploration and development of precious and base mineral properties in Russia, Eastern Europe and Central Asia. 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.

Mikhail Yuryev, Chairman of the Board

Certain information in this release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.

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

Contact Information

  • Kola Mining Corporation
    Mikhail Yuryev
    Chairman of the Board
    604.694.1600
    www.kolamining.com