Kola Receives First Assay Results from 2007 Drill Program at Souker

August 14, 2007

Hole CP07-05 Intersects Zone of Higher Grade Mineralization from Surface -21.5 Metres of 0.53% Nickel, 0.24% Copper

Vancouver, B.C., -Kola Mining Corp. ("Kola") announces it has started to receive assay results from the 2007 drill program at Kola's Souker Nickel Copper deposit in the Kola peninsula of northwest Russia. To date a total of 2810 metres of drilling has been completed in 22 drill holes at Souker. Kola anticipates that a further 6000 metres of drilling will be completed by the end of 2007 and a second drill rig will be mobilized to the property in September. The majority of the 2007 drill campaign at Souker are infill drill holes, designed to tighten up the intercept spacing on the previous drilling that was the basis of the historical resource estimate for Souker (See May 14, 2007 Press Release).

The mineralized intervals reported below were all associated with disseminated sulphide mineralization (pentlandite, chalcopyrite, and pyrrhotite) within layered, medium to coarse grained peridotite and pyroxenite and were calculated using a 0.25% Ni cut off grade. Assay values in the intervals reported were remarkably consistent and none of the averages were influenced by included, higher grade intervals. The hosting stratigraphy dips variably to the south and although holes have been oriented to intersect the mineralized horizon as optimally as possible, the intervals reported below may not represent true width. See attached map for drill hole collar locations.

Drill Hole	From (m)	To (m)	Interval (m)	Ni (%)	Cu (%)
CP07-05	2.8	24.3	21.5	0.53	0.24
CP07-06	18.5	40.5	22.0	0.29	0.08
CP07-11	0.0	46.5	46.5	0.29	0.06

The 2007 drill program was initially laid out to achieve a maximum100 metre by 100 metre ore intercept spacing in order to verify and upgrade the historic Soviet resource estimate from a C2 to C1 category (See May 14, 2007 Press Release). The 22 holes completed to date, range from 50 metres to 287.7 metres in depth, for a total of 2810 metres. The drill data from the 2007 drill campaign will also be used to convert the historic Soviet resource into a NI43-101 compliant resource at the end of 2007. All drill data to date from the Souker Deposit is being currently modeled in house and statistics from analytical results will be used to determine what intercept spacing will be required for classifying JORC ("Australasian Joint Ore Reserves Committee") defined resource categories.

Douglas Turnbull, the company's President and C.E.O. states, "Hole CP07-05 has verified what we saw evidence of in the historic drilling. It confirms that we have a fairly wide zone of higher grade nickel mineralization that comes to surface within our bulk tonnage target. In addition to our infill drill program, it will be very important for us to delineate these zones of higher grade nickel mineralization as potential starter pit material."

All of the drilling is being completed with NQ sized core using a Longyear LF 70 drill rig. Recoveries to date have been excellent. The drill core is being logged, photographed, sawn, sampled, and core samples are being prepared at the Central Kola Expedition laboratory in Monchegorsk. Assaying is being completed by the Kola Geological Information Laboratory Centre in Apatity. This lab is certified under GOST R ISO/MEK 17025-2000. It is also certified by the VIMS Institute in Moscow and is subject to annual inspections under that certification. Kola has retained SRK Consulting to conduct an independent audit of Kola Geological Information Laboratory and effective immediately, a full QA/QC program will be initiated on the Souker project. All of Kola's exploration programs are carried out under the supervision of the Bill Tafuri, P.Geol., the Company's Vice President of Exploration and a "Qualified Person" for the purposes of NI 43-101.

Kola's headquarters is in Vancouver, Canada, with exploration offices in Bishkek (Kyrgyzstan), Almaty (Kazakhstan) and Apatity (Russia). The company is actively engaged in the exploration and acquisition of precious and base metal projects in Central Asia, Russia and Eastern Europe. Kola is listed for trading on the TSX Venture Exchange under the symbol "CTM", on the Frankfurt Stock Exchange under the symbol "C8M" and on the OTCBB under the symbol "CTMHF".

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.

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.