Kola Mining Corporation Appoints Denis Saklakov to Advisory Board

Vancouver, October 21, 2011 – Kola Mining Corporation ("Kola Mining", "the Company") (TSXV: KM, Frankfurt: C8M) is pleased to announce that Mr. Denis Saklakov has been appointed to the advisory board effective immediately.

Mr. Denis Saklakov is a founder and a Managing partner of Eurasia Investment Solutions (“Eurasol”), a Moscow based investment firm specializing in providing full round investment banking services, private equity and venture fund services to investors. Before founding Eurasol in 2008, he had twelve years of experience in investment banking, including M&A and fund raising. Mr. Saklakov worked on top legal and investment positions in German and Dutch corporate and investment banks, an international law firm and the largest industrial investment fund operating in Russia on high-level managerial positions. Mr. Saklakov holds a bachelor degree in civil law, a post-graduate degree in international law, an MBA from Kellogg School of Management of Northwestern University (USA) and he has also completed a number of educational courses including finance and accounting at Stanford University Graduate School of Business (USA).

“Mr. Saklakov has extensive experience in fund raising for Russian and international companies from various industries including metals and mining. We look forward to working with Mr. Saklakov on financing Kola Mining’s current activities and new projects”, states Sergei Dubovik, CEO of Kola Mining.

The Company also announces the granting of director and officer stock options for the purchase of up to 4,000,000 shares, at a price of $0.10 per share, exercisable for 3 years.

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 Contact:

KOLA MINING CORP.

Kola Mining Corp.

"Sergei Dubovik" 604.694.1600 www.kolamining.com Sergei Dubovik Director and CEO

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