Kola Mining Provides Update on Debt Settlement

Kola Mining Corp. ("Kola Mining" or "the Company") (TSX
VENTURE:KM)(FRANKFURT:C8M) - Mr. Sergei Dubovik, President & CEO of the Company,
announces a debt settlement with Petesteri Enterprises Limited ("Petesteri").
The Company owed to Petesteri US$1,800,000 (one million and eight hundred
thousand US dollars) as the principal debt and the interest accrued thereon (the
"Debt"). The Company has reached an agreement in principle to settle all amounts
owing, including interest, for 4,600,000 (four million and six hundred thousand)
units of the Company with each unit comprising a share and a warrant. Each
warrant will entitle the holder to purchase an additional share for a period of
three years at a price of $0.375 per share. Petesteri is an arm's length
investor.


The debt settlement is subject to approval by the TSX Venture Exchange.

Mr. Dubovik stated, "This is a key agreement that has been concluded. The debt
burden of the Company has been significantly decreased as a result of this
agreement."


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.

Sergei Dubovik, President and CEO

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