Nick Demare Acquires Securities of Kola Mining Corp.

NICK DEMARE  4438 Frances Street  Burnaby BC V5C 2R3 

NEWS RELEASE August 7, 2013

NICK DEMARE ACQUIRES SECURITIES OF KOLA MINING CORP.

Nick DeMare announces that on August 2, 2013, he acquired control over 1,400,000 units (“Units”) of Kola Mining Corp. (“Kola”) in connection with the financing originally announced by Kola on July 23, 2013. Of the Units, Mr. DeMare acquired 964,000 Units in his name and 436,000 through his wholly-owned private company, DNG Capital Corp.

Each Unit is comprised of one common share in the capital of Kola (a “Kola Share”) and one half of one common share purchase warrant (each whole share purchase warrant, a “Kola Warrant”). Each Kola Warrant entitles the holder thereof to acquire one Kola Share at a price of $0.05 per Kola Share until August 2, 2014, and, thereafter, at $0.10 per Kola Share until August 2, 2018. As such, Mr. DeMare has also acquired control over 700,000 Kola Warrants.

Assuming the full exercise of the 700,000 Kola Warrants, Mr. DeMare would acquire control over 2,100,000 Kola Shares representing approximately 15.44% of the outstanding Kola Shares, calculated on a partially diluted basis assuming the full exercise of the 700,000 Kola Warrants only.

Mr. DeMare has control or direction over a total of 2,101,901 Kola Shares, representing approximately 15.45% of the outstanding Kola Shares, and the right to acquire 700,000 Kola Shares through the exercise of 700,000 Kola Warrants.

In the event all of the 700,000 Kola Warrants are fully exercised, Mr. DeMare would acquire control over a maximum of 2,801,901 Kola Shares representing approximately 19.59% of the outstanding Kola Shares, calculated on a partially diluted basis assuming the full exercise of the 700,000 Kola Warrants only.

Mr. DeMare acquired the Units for investment purposes only and not with a view to materially affect control of Kola. Mr. DeMare is the President, CEO and a director of Kola.

For further information or to obtain a copy of the Early Warning Report filed by Mr. DeMare on SEDAR under Kola’s profile, please contact Mr. DeMare at [email protected].