Kola Announces Amendment to Deal to Acquire Nickelcopper Projects in Russia - Extension of Closing Date - Grant of Options

Vancouver, B.C., June 25, 2007 - Kola Mining Corp. ("Kola" or the "Company") is pleased to announce that, further to its news releases of May 14th and June 19th, it has negotiated a further amendment to its agreement to acquire Nickel-Copper Projects in Russia. The original Agreement contains provisions that, if the transaction does not close by June 25, 2007, Kola may have to pay penalties which in the first instance would amount to US$800,000. The Agreement has now been amended to provide that, if the Company advances US$1.5 million of the US$6 million purchase price on or before June 25, 2007, no penalties will be payable by Kola to the vendor so long as the transaction closes by July 20, 2007. This advance has now been made and the Company is working diligently with its professional advisors to close the transaction by July 20, 2007. The acquisition remains subject to regulatory and shareholder approval.

In conjunction with the closing and subject to shareholder and regulatory approval of the acquisition, the Company will grant 500,000 options exercisable at $1.20 per share for a term of 5 years from the closing.

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"

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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.

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.