Kola Mining Corp. (KM:TSXV)

Kola Mining Corp. announced the appointment of Robert Goldsobel as a new director of the Company. Robert Goldsobel started working in the London Metal Exchange in 1970. He was a ring dealer and was first employed by the most important copper trading house at that time Anglo Chemical and Ore. Robert was first associated with the Tin Industry in 1977 while working with Philip Brothers specialising in trade with former CIS countries. He was a member of the LME tin committee from 1983 until 2002 and was part of the steering committee that returned tin trading to the LME in 1987. He has been associated with all areas of tin production and consumption both in Russia and world-wide for more than 30 years. He is a director of Czvetmetholdings where he has advised on the acquisition and development of various tin assets in Russia.

Kola Mining Corp. reported unaudited consolidated earnings results for the first quarter ended August 31, 2009. For the quarter, the company reported net loss and comprehensive loss of CAD 369,657 or CAD 0.1 per basic and diluted share compared to net loss and comprehensive loss of CAD 1,413,110 or CAD 0.02 per basic and diluted share for the same period of last year. The company reported loss before special items of CAD 36,651 compared to loss before special items of CAD 182,898 for the same period of last year. The company reported net cash used in operating activities of CAD 295,408 and additions to equipment of CAD 7,549 compared to net cash used in operating activities of CAD 566,200 and additions to equipment of CAD 9,931 for the same period of last year.

Kola Mining Corp. announced that it has completed a Due Diligence study at the Bogunay Gold Prospect. The Company holds a 100% interest in the Bogunay Gold Property in Krasnoyarsk Territory, South Siberia, Russia. Since April, when the Company acquired its interest in the Bogunay Gold Prospect, the Company has been working on baseline geological works. The objective of the work program was to meet the work requirements of the license agreement.