Kola Announces Highest Grade Intercepts to Date; Souker Progress Update
September 12 2008 - 6:00AM
Marketwired
Kola Mining Corporation (TSX VENTURE: KM)(OTCBB: KMNFF)(FRANKFURT:
C8M) ("The Company") announces assay results of this year's
drilling program, and progress update on its 100% owned, Souker
Nickel Deposit in Russia's Kola Peninsula.
The company continues to make steady progress toward completion
of the Russian feasibility study (TEO Konditsiy) and the Russian
resource calculation with an expected completion date of December
2008. Assay results for this year's spring/summer drilling program
since the completion of the drill holes included in the Company's
43-101 Resource estimate (See June 11, 2008 News Release) are
illustrated below. These holes were not included in the resource
calculation. The results from the latest drilling are consistent
with the orebody model developed to date. Results of the drill
program will be incorporated into new resource estimates, mine
plans and feasibility updates at appropriate intervals. It is
expected that the final average grade of the deposit that will be
submitted to the Russian Federation for registration will exceed
the average grade indicated in the most recent 43-101 technical
report.
-------------------------------------------------
Hole ID From (m) To (m) Length (m) Ni (%)
-------------------------------------------------
cp-17 67.8 93.3 25.5 0.38
cp-33 2.4 185 182.6 0.30
cp-44 2.7 47.5 44.8 0.36
cp-84 226.9 253.1 26.2 0.47
cp-84 28.9 259.2 230.3 0.28
cp-87 205 335 130 0.30
cp-92 216 276 60 0.58
cp-92 128 276.9 148.9 0.40
cp-93 196 312 116 0.30
cp-97 97 120 23 0.31
cp-97 233 248 15 1.25
cp-97 182 251 69 0.28
In addition to the infill drilling this year, two hydrological
test wells have been completed and monitoring equipment has been
installed. Five geotechnical holes for infrastructure planning and
pit design have been completed. Preliminary metallurgical and rock
mechanics test work is in progress. In addition to completing
metallurgical test work in Russia, the company will be shipping an
ore sample to SGS Laboratories in Ontario Canada for further
metallurgical evaluation.
A preliminary two-stage engineering and ecological study has
been completed at Souker, resulting in the collection of data and
implementation of environmental monitoring programs. This data will
be included into an EIA (Environment Impact Assessment) in
accordance with Western standards. Environmental monitoring has
been in place for one year and will remain in place through the
potential development of the Souker Deposit. The conclusion from
the preliminary report indicated that future development and
production from the Souker deposit will not have an additional,
negative impact on the existing environment. A positive conclusion
was made with regard to the socio-economic impact the potential
development of the Souker Deposit would have on the Pechenga
region.
"We are encouraged by these higher grade assay results from the
center of the deposit. We are making excellent progress, and are on
schedule to register the Souker deposit with Russian State
Committee on Resources (GKZ)," commented Igor Kovarsky, Kola Mining
President & CEO, upon his return from Russia.
Kola Mining Corp.'s headquarters is in Vancouver, Canada, with
its main operations office in Apatity, Russia. Additional
exploration offices are maintained in Kyrgyzstan and Kazakhstan.
The company is actively engaged in the exploration and acquisition
of precious and base metal projects in Russia and Central Asia.
Kola Mining Corp. is listed for trading on the TSX Venture Exchange
under the symbol "KM", on the Frankfurt Stock Exchange under the
symbol "C8M" and on the OTCBB under the symbol "KMNFF".
"The drill core was logged, photographed, sawn, sampled, and
core samples were prepared at the Central Kola Expedition
laboratory in Monchegorsk. Assaying was completed by the Kola
Geological Information Laboratory Centre in Apatity. This lab is
certified under GOST R ISO/MEK 17025-2000, the VIMS Institute in
Moscow and is subject to annual inspections. A full QA/QC program
has been initiated on the Souker project and check sample analyses
were performed by Alex Stewart Geo Analytical Laboratory in Moscow.
All of Kola's exploration programs are carried out under the
supervision of Bill Tafuri, P.Geol., the Company's Vice President
of Exploration and a "Qualified Person" for the purposes of NI
43-101."
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.
Igor Kovarsky, 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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
Contacts: Kola Mining Corp. Andrew Fedak (604) 688-4110 Website:
www.kolamining.com