Kola Closes $2 Million Private Placement

Vancouver, B.C., December 21, 2006 -- Kola Mining Corp. ("Kola") announces that the non-brokered private placement previously announced on December 6, 2006 has closed. Pursuant to the private placement Kola has issued 4,000,000 units at $0.50 per unit, each unit consisting of one share and one half of one non-transferable warrant, each full warrant will entitle the holder to buy one share of Kola at $0.75 on or before June 20, 2008. Kola has also paid an aggregate of $56,875 and issued an additional 113,750 units as finders' fees.

The financing was placed with New York and Vancouver based institutional investors.

The gross proceeds of $2,000,000 will be used to conduct exploration programs on the Company's existing mineral exploration properties in Kyrgyzstan, for the acquisition of new properties, and for general working capital.

All securities issued pursuant to the placement are subject to a hold period ending April 21, 2007.

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.


"Douglas Turnbull"

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Douglas Turnbull
President & C.E.O.

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