Kola Mining Corporation - Management Cease Trade Order Status Update

Vancouver, November 17, 2010 – Kola Mining Corporation ("Kola Mining", "the Company") (TSXV: KM, Frankfurt: C8M) is providing this news release in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12- 203”). In its news release on September 10, 2010 (the “Default Notice”), the Company announced that it would be unable to file its audited financial statements for fiscal year ended May 31, 2010, related management’s discussion and analysis and CEO and CFO certificates by the deadline of September 28, 2010.

As previously announced, the Company made an application to the applicable securities regulators under NP 12-203 requesting that a management cease trade order be imposed in respect of this late filing. On September 29, 2010, the British Columbia Securities Commission issued a temporary management cease trade order which prohibits trading in securities of the Company by certain insiders of the Company.

The Company has filed its audited financial statements for the fiscal year ended May 31, 2010, related management’s discussion and analysis and CEO and CFO certificates. The Company anticipates being able to file its unaudited interim financial statements for the three month period ending August 31, 2010, related management’s discussion and analysis and CEO and CFO certificates for such period before the end of this month.

The Company reports that since the Default Notice and its default status reports dated September 24, 2010, October 8, 2010, October 22, 2010 and November 5, 2010 (i) there have not been any material changes to the information set out therein that have not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default or anticipated default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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.

"Nick DeMare" 604.694.1600 www.kolamining.com Nick DeMare Director and Corporate Secretary

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