KM

Kola Mining Corporation ("Kola Mining", "the Company") (TSX
VENTURE:KM)(FRANKFURT:C8M) announces that, further to its news release of April
6, 2010, the Company is in receipt of preliminary results of the metallurgical
tests for the Souker Nickel deposit. The preliminary results indicate that the
recovery of nickel in the deposit is much lower than anticipated. These tests
were conducted by Moscow Steel and Alloys Institute. At this time additional
follow up work is required, however if there is no improvement in recovery
rates, the Company believes the project to be uneconomical at today's nickel
prices. 


The Company is considering its options for the project and will apply to the
State Resource Committee (the GKZ) in order to extend the license term and to
keep the property until, and in the event that, technical advances are made that
would allow for better metallurgical recoveries. The Company will be recording
an impairment charge to the carrying value of the Souker project in its
financial statements.


On behalf of the Board of Directors of KOLA MINING CORPORATION

Victor Tskhovrebov, President & C.E.O.

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.

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