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2005
Exploration Update on Bulakashu Property
November 5, 2005
Structure associated with gold mineralization at Karabulak traced over 5 kilometres on surface
Kola Mining Corp. ("Kola") announces that its Phase I exploration program is well underway on its Bulakashu Property in the northern Tien Shan terrane of Kyrgyzstan. The Phase I program will consist of detailed sampling of the Karabulak Prospect and initial evaluations of other gold and copper prospects on the 240 square kilometre property.
The Karabulak prospect consists of a gold bearing, shallow-dipping quartz stockwork hosted in a thrusted block of sheared, altered volcanics and sediments. Historic trench sampling has delineated the surface expression of the stockwork for over 450 metres and up to 80 metres wide. The historic surface sample results suggest there is potential for the quartz stockwork mineralization to be open along strike and across strike into the adjacent sheared and altered volcanic rocks (for previously reported trench results, see Kola - formerly Baradero Resources - News release dated March 17, 2005). Drill results from a four hole diamond drill campaign completed in the fall of 2004 by the Bulakashu Mining Company returned the following drill results.
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Hole From To Interval Au
(metres)* (g/t)
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BK04-02 60 65 5.0 1.19
BK04-03 9 13 4.0 8.08
BK04-04 29 60 31.0 2.28
BK04-05 12 30 18.0 1.69
including 25 30 5.0 4.61
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Due to the late start of the Phase 1 program and deteriorating fall weather conditions, field crews initially focussed on a number of prospective gold and copper prospects at higher elevations, leaving the detailed sampling program for the Karabulak Prospect (located at a relatively lower elevations) until the end of the field season. To date, approximately 604 surface grab and chip samples have been collected and submitted for analyses. A 112 line kilometre, 100 metre line spaced, ground magnetic survey has also been initiated, covering a 11 square kilometre area including the Karabulak, Otradny and Severny prospects. A bulldozer road has been pushed through to the Severny Porphyry Cu/Au prospect and a second road is currently being pushed through to the Otradny prospect. Road construction has created new exposure and identified alteration and mineralization that were not previously exposed.
The Phase 1 reconnaissance prospecting, mapping and ground geophysics program to date has delineated the surface trace of the north northwest dipping thrust fault associated with the Karabulak prospect over 5 kilometres, linking a number of other mineral occurrences on the property including Otradny (Au) and Severny (Cu/Au porphyry). Kola believes that the thrust fault associated with Karabulak and other mineral showings on the property represents a large-scale structural target and has become the focus of Kola's exploration efforts on the property. This structural setting is similar to other significant gold occurrence in the Tien Shan belt of Central Asia.
It is Kola's intent to develop a portfolio of early stage to advanced base and precious metal projects in Central Asia through joint venture opportunities or direct acquisition by license application. In addition to its exploration activities on Bulakashu, Kola will continue to maintain an aggressive program of advanced project evaluations throughout Central Asia.
Kola is currently earning a 100% interest in the Bulakashu Mining Company whose sole asset is the exploration license granting the right to explore the 240 square kilometre Bulakashu Property. To earn a 100% interest, Kola must expend USD$2.2 million on exploration, issue 2.2 million shares and make cash payments to Marsa Gold LLP, the sole shareholder of BMC.
Douglas Turnbull, P. Geo., a qualified person for the purposes of NI 43-101 was responsible for the preparation of the technical information disclosed in this news release.
On behalf of the Board of Directors of
KOLA MINING CORP.
"Douglas Turnbull"
Douglas Turnbull
President & C.E.O.