Kola Mining Corp. Closes Short Form Offering Through Canaccord Capital Corp.

October 28, 2005
Kola Mining Corp. (the "Company") is pleased to announce that it has completed its Short Form Offering of Units through Canaccord Capital Corp. ("Canaccord") and has raised the maximum gross proceeds of $2,000,000, by the issuance of 3,076,923 Units at $0.65 per Unit. Each Unit consists of one share and one Warrant. Two Warrants will entitle the holder to acquire one additional share at a price of $0.78 on or before April 28, 2007 . The Warrants are transferable and will be listed and posted for trading on the TSX Venture Exchange commencing Monday, October 31, 2005 , under the ticker symbol "CTM.WT".

Canaccord has received a cash commission equal to 7.5% of the gross proceeds of the sale of Units ($150,000), and it has elected to take $129,061.40 of the fee by the issuance of 198,556 Units. In addition, it has received 100,000 Units as a corporate finance fee, and an agent's option entitling it to subscribe for 307,692 Units at $0.72 per Unit on or before April 28, 2005 , and an administration fee of $7,500. All securities issued to Canaccord are subject to hold periods expiring on February 28, 2006 .

The net proceeds received by the Company will be used to fund on-going work programs on the Company's Bulakashu Property, to fund new property investigations and acquisitions, and for general working capital purposes.


ON BEHALF OF THE BOARD

"Douglas Turnbull"

Douglas Turnbull,

President and Chief Executive Officer

KOLA MINING CORP.
Suite 300 , 1055 West Hastings Street
Vancouver, BC V6E 2E9
Telephone: (604) 688-4110 / Fax: (604) 688-4169
TSX Venture Exchange: CTM / OTCBB: CTMHF
Website www.kolamining.com