July 21, 2008

Igor A. Kovarsky, Kola Mining’s President and Director, Appointed As CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2008) - Kola Mining Corporation (TSX VENTURE:KM)(OTCBB:KMNFF)(FRANKFURT:C8M) ("The Company") is pleased to announce the appointment of Mr. Igor A. Kovarsky, President and Director, as Chief Executive Officer of Kola Mining effective retroactively as of June 1, 2008. Mr. Pinkowski will remain Chairman of the Board of Directors.

"Igor is ideally suited to lead this company through its next phase of development and beyond. His expertise as a mine developer in the former Soviet Republics and Mongolia along with his expertise in working with Russian legislative and regulatory authorities is exceptional." states Mr. Cary Pinkowski, Kola Mining's Chairman.

Mr. Kovarsky has almost 30 years of experience in the construction and mineral sectors in exploration, engineering, development and operations. Since 1992, he worked with Centerra Gold Inc. and Cameco Gold in various roles including Director and Vice- President, Government Affairs & Business Development.

Mr. Kovarsky played a key role in the acquisition, feasibility work and successful development of the Kumtor gold mine in Kyrgyzstan. He was instrumental in acquiring an ownership interest in the Australian gold exploration company AGR Limited, which directly led to the development of the Boroo mine in Mongolia and growth of Boroo Gold Company and Centerra Gold Mongolia LLC.

Mr. Kovarsky worked for 15 years with various organizations in the former Soviet Union, including the Moscow regional government as Chief of the Construction Department. Mr. Kovarsky spent years cultivating extensive relationships with the most influential decision-makers at all levels of government in the former Soviet Union, Central Asia, Mongolia and North America.

Mr. Kovarsky received his Masters in Civil/Structural Engineering from Moscow Technical University (MADI) in 1980, and Diploma in Foreign Relations & International Politics from Moscow Political University in 1985. He completed the Queen's Strategy Program at Queen's School of Business, Queen's University, Canada in 2005, and the Ivey Leadership Program at Richard Ivey School of Business, University of Western Ontario, Canada in 2004.

He is a member of the Prospectors and Developers Association of Canada. He was made an Honorary Miner of Kyrgyz Republic and Mongolia in 1998 and 2004 respectively.

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

Cary Pinkowski, Chairman

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