Kola Terminates Negotiations To Acquire Base Metal Properties In Kazakhstan

July 12, 2006
Vancouver, B.C., - Kola Mining Corp. ("Kola") advises that it has been unable to reach acceptable terms that would allow it to acquire a 90% interest in two base metal projects in Kazakhstan (see May 26, 2006 Press Release).

Kola will continue to aggressively seek advanced project opportunities in central Asia and the board will be discussing expanding the company's area of focus beyond central Asia. In the short term, Kola will continue with its 2006 exploration programs on the Bulakashu, Kokjar and Eastern Sary Jaz precious metal exploration projects in Kyrgyzstan.

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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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.