Kola Completes Acquisition of Bulakashu Property, Kyrgyzstan

August 28, 2007
Vancouver, B.C., Kola Mining Corp. ("Kola" or the "Company") is pleased to announce that it has entered into an amending agreement with the vendor of the Bulakashu Property, pursuant to which the vendor has agreed to forego the aggregate US$1,890,000 in exploration expenditures for 2007 and 2008, which was one of the requirements for Kola to acquire the remaining 62.5% interest in the Bulakashu Property that it has not acquired to date. The other requirement was the issuance of 375,000 shares to the vendor, which Kola has now issued. Thus Kola has acquired the remaining 62.5% interest in the Bulakashu Property and now owns the entire Property.

There are currently four drill rigs operating on the Severny Porphyry Copper Gold Prospect at the company's Bulakashu Property. To date a total of 1895 meters of a proposed 6000 metre drill program has been completed in eight drill holes. The holes have been targeted to test Induced Polarization ("I.P.") anomalies associated with gold mineralization encountered in surface trenching (48 metres of 2.27 g/t Au) and the single drill hole (50.5 metres of 1.15 g/t Au) completed in the fall/winter of 2006 (See October 23, 2006 and January 29, 2007 Press releases).

Kola is listed for trading on the TSX Venture under the symbol "CTM", on the OTCCBB 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 website at www.kolamining.com.

On behalf of the Board of Directors of
KOLA MINING CORP.

"Douglas Turnbull"
_________________________________
Douglas Turnbull
President & C.E.O.

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