Kola Mining Corporation Announces $200,000 Financing

Vancouver, March 16, 2011 – Kola Mining Corporation ("Kola Mining", "the Company") (TSXV: KM, Frankfurt: C8M) Mr. Mikhail Yuryev, Chairman of the Company, announces a non-brokered private placement financing of up to 2,000,000 units at $0.05 per unit. Each unit comprises one common share and one share purchase warrant. Each warrant will be exercisable into one additional common share for a period of two years from the date of closing of the financing at an exercise price of $0.10. The proceeds from the financing will be used for general working capital.

The financing is subject to regulatory approval by the TSX Venture Exchange.

To find out more about Kola Mining Corp., please visit our website at www.kolamining.com.

On behalf of the Board of Directors of Contact:

KOLA MINING CORP.

Kola Mining Corp.

"Mikhail Yuryev" 604.694.1600 www.kolamining.com Mikhail Yuryev Chairman

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.