Kola Announces Highest Grade Intercepts to Date; Souker Progress
Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - September 15, 2008) - Kola
Mining Corporation (TSX VENTURE: KM)(OTCBB: KMNFF)(FRANKFURT: C8M)
("The Company") announces assay results of this year's drilling
program, and progress update on its 100% owned, Souker Nickel Deposit
in Russia's Kola Peninsula.
The company continues to make steady progress toward completion of
the Russian feasibility study (TEO Konditsiy) and the Russian
resource calculation with an expected completion date of December
2008. Assay results for this year's spring/summer drilling program
since the completion of the drill holes included in the Company's
43-101 Resource estimate (See June 11, 2008 News Release) are
illustrated below. These holes were not included in the resource
calculation. The results from the latest drilling are consistent with
the orebody model developed to date. Results of the drill program
will be incorporated into new resource estimates, mine plans and
feasibility updates at appropriate intervals. It is expected that the
final average grade of the deposit that will be submitted to the
Russian Federation for registration will exceed the average grade
indicated in the most recent 43-101 technical report.
-----------------------------------------------------------
Hole ID From (m) To (m) Length (m) Ni (%)
-----------------------------------------------------------
cp-17 67.8 93.3 25.5 0.38
cp-33 2.4 185 182.6 0.30
cp-44 2.7 47.5 44.8 0.36
cp-84 226.9 253.1 26.2 0.47
cp-84 28.9 259.2 230.3 0.28
cp-87 205 335 130 0.30
cp-92 216 276 60 0.58
cp-92 128 276.9 148.9 0.40
cp-93 196 312 116 0.30
cp-97 97 120 23 0.31
cp-97 233 248 15 1.25
cp-97 182 251 69 0.28
In addition to the infill drilling this year, two hydrological test
wells have been completed and monitoring equipment has been
installed. Five geotechnical holes for infrastructure planning and
pit design have been completed. Preliminary metallurgical and rock
mechanics test work is in progress. In addition to completing
metallurgical test work in Russia, the company will be shipping an
ore sample to SGS Laboratories in Ontario Canada for further
metallurgical evaluation.
A preliminary two-stage engineering and ecological study has been
completed at Souker, resulting in the collection of data and
implementation of environmental monitoring programs. This data will
be included into an EIA (Environment Impact Assessment) in accordance
with Western standards. Environmental monitoring has been in place
for one year and will remain in place through the potential
development of the Souker Deposit. The conclusion from the
preliminary report indicated that future development and production
from the Souker deposit will not have an additional, negative impact
on the existing environment. A positive conclusion was made with
regard to the socio-economic impact the potential development of the
Souker Deposit would have on the Pechenga region.
"We are encouraged by these higher grade assay results from the
center of the deposit. We are making excellent progress, and are on
schedule to register the Souker deposit with Russian State Committee
on Resources (GKZ)," commented Igor Kovarsky, Kola Mining President &
CEO, upon his return from Russia.
Kola Mining Corp.'s headquarters is in Vancouver, Canada, with its
main operations office in Apatity, Russia. Additional exploration
offices are maintained in Kyrgyzstan and Kazakhstan. The company is
actively engaged in the exploration and acquisition of precious and
base metal projects in Russia and Central Asia. Kola Mining Corp. is
listed for trading on the TSX Venture Exchange under the symbol "KM",
on the Frankfurt Stock Exchange under the symbol "C8M" and on the
OTCBB under the symbol "KMNFF".
"The drill core was logged, photographed, sawn, sampled, and core
samples were prepared at the Central Kola Expedition laboratory in
Monchegorsk. Assaying was completed by the Kola Geological
Information Laboratory Centre in Apatity. This lab is certified under
GOST R ISO/MEK 17025-2000, the VIMS Institute in Moscow and is
subject to annual inspections. A full QA/QC program has been
initiated on the Souker project and check sample analyses were
performed by Alex Stewart Geo Analytical Laboratory in Moscow. All of
Kola's exploration programs are carried out under the supervision of
Bill Tafuri, P.Geol., the Company's Vice President of Exploration and
a "Qualified Person" for the purposes of NI 43-101."
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.
Igor Kovarsky, President & C.E.O.
Forward Looking Statements. This Company Press Release contains
certain "forward-looking" statements and information relating to the
Company that are based on the beliefs of the Company's management as
well as assumptions made by and information currently available to
the Company's management. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and
strategic partners, the interest rate environment, governmental
regulation and supervision, seasonality, technological change,
changes in industry practices, and one-time events. Should any one or
more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary
materially from those described herein.
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
Contacts:
Kola Mining Corp.
Andrew Fedak
(604) 688-4110
Website: www.kolamining.com
