June 27, 2008

Vancouver, British Columbia. Kola Mining Corporation (TSXV: KM, OTC: KMNFF, Frankfurt: C8M) (“The Company”) is pleased to announce a private placement of 33,333,334 units at $0.30 per unit to raise gross proceeds of $10,000,000. Each unit will consist of a share and one half of a warrant, each full warrant exercisable to purchase a share for $0.45 for two years from closing. The proceeds will be used for the development of the Company’s Souker Nickel Project in Russia and for working capital. The financing is being organized by a private group based in Moscow, Russia. There will be a finder’s fee equal to 5% of the funds raised payable in cash or in shares. The financing is subject to regulatory approval.

The Company’s Chairman, Cary Pinkowski, says: “This financing will help enable us to advance our Souker Nickel project, one of the largest undeveloped nickel sulphide deposits in the world.”

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"

_________________________________

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.

Contact:

Kola Mining Corp.

Andrew Fedak

604.694.1600

www.kolamining.com