Kola Appoints Tim McCutcheon to its Advisory Board

October 10, 2007
Vancouver, B.C., Kola Mining Corp. ("Kola" or the "Company") is pleased to announce that it has appointed Mr. Tim McCutcheon to its Advisory Board.

Tim McCutcheon is a partner at DBM Capital, a corporate advisory and asset management boutique, focusing on metals and mining companies in Russia and "CIS" countries. Prior to founding DBM, Tim was an Institutional Investor and Thomson Extel ranked EMEA metals analyst for Aton Capital, a large Russian investment bank. Tim has over a decade of experience working in the Russian capital markets, having started his career during voucher privatization and working through the evolution of the market, including the 1998 crisis and subsequent revival. Tim has a BA, cum laude from Columbia College, New York, NY and an MBA, Finance, from Columbia Business School. He is fluent in Russian.

Kola also announces that Damien Reynolds has resigned from Kola's board in order focus on Longview Capital Partners Incorporated. Kola's Board and management wish to thank Mr. Reynolds for his contributions to the Company and we wish him all the best in his future endeavors.

Kola is listed for trading on the TSX Venture Exchange under the symbol "CTM", on the OTCBB under the symbol "CTMHF" and on the Frankfurt Exchange under the symbol "C8M". To find out more about Kola Mining Corp., please visit the Company's 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.