Kyrgyzstan Lifts Restrictions on Kola Mining's Gold Assets; Kola Mining Drills 40m of 1.89g/t Au at Bulakashu, Kyrgyzstan
September 22 2008 - 6:00AM
Marketwired
Kola Mining Corporation (TSX VENTURE: KM)(OTCBB: KMNFF)(FRANKFURT:
C8M) ("The Company") announces that according to publicly available
information, on September 5, 2008 the Bishkek Inter District Court
of the Kyrgyz Republic lifted all restrictions on its wholly owned
subsidiary, Bulakashu Mining Company ("BMC") assets, licenses and
accounts. The company concludes from this development there are no
further impediments to the company's normal operations in the
country. The Court also dismissed the previously imposed
prohibition to the Kyrgyz State Agency on Geology and Mineral
Resources to issue any additional mineral rights for Bulakashu
property. There remains a lawsuit filed against the Company in
respect of BMC by Marsa Aktiengesellschaft, which Management
continues to consider to be without merit.
Work on BMC's, Bulakashu Property in Kyrgyzstan was suspended
subsequent to the acquisition of the Company's Souker Project and
the filing of the legal actions against BMC. Exploration work
previously completed on Bulaskhu Property returned encouraging
results from the Severny Copper-Gold prospect where drilling had
intersected 40 metres of 1.89 g/t Au in hole 07-17. Three holes
have now intersected a gold zone at Severny characterized by long
intervals of gold mineralization over 1 g/t Au including drill hole
07-17, 06-06 (see 01/29/07 news release) and 07-09 (see 09/06/07
news release). Drill holes 07-08, 07-23, 07-24, and 07-25 drilled
on the fringes of the gold zone intersecting sporadic intervals of
gold mineralization above 1 g/t Au. Drilling to date has only
defined the northern limit of the gold mineralization and the
strongest part of the geophysical and geochemical anomaly defining
the gold zone is yet to be drilled.
Drilling on the porphyry copper gold zone has returned sporadic
results for gold and only one interval of copper higher than 0.10%
Cu. The geophysical and geochemical anomaly appears to have been
caused pyrite mineralization associated with a strong porphyry
system. However, only sporadic amounts of gold and silver have been
encountered in this pyritic zone. Holes 07, 10, 11, 12, 13, 14, 15,
16, 18, 19, 20, 21, 22 were drilled in the porphyry copper-gold
zone.
A summary of the significant drill results from the Severny
Cu/Au Propsect are presented in the table below.
--------------------------------------------------------
Interval
Hole Year From To in Meters Au in g/t
--------------------------------------------------------
92 144 52 1.41
--------------------------------------------------------
07-10 2007 NSI
--------------------------------------------------------
07-11 2007 99.8 101 1.2 7.45
--------------------------------------------------------
07-12 2007 248 251 3 2.64
--------------------------------------------------------
07-13 2007 NSI
--------------------------------------------------------
07-14 2007 171 172 1 7.57
--------------------------------------------------------
07-15 2007 7 sporadic intervals greater than 1 g/t
--------------------------------------------------------
07-16 2007 204 210 6 3.3
--------------------------------------------------------
222.7 227 4 2.21
--------------------------------------------------------
07-17 2007 84 89 5 1.4
--------------------------------------------------------
104 144 40 1.89
--------------------------------------------------------
Including 129 132 3 8.28
--------------------------------------------------------
07-18 2007 NSI
--------------------------------------------------------
07-19 2007 2 sporadic intervals greater than 1 g/t
--------------------------------------------------------
07-20 2007 NSI
--------------------------------------------------------
07-21 2007 NSI
--------------------------------------------------------
07-22 2007 21 23 2 1.3
--------------------------------------------------------
07-23 2007 119 121 2 1.71
--------------------------------------------------------
Including 210 213 3 2.32
--------------------------------------------------------
217 224 8 1.96
--------------------------------------------------------
221 224 4 2.91
--------------------------------------------------------
07-24 2007 171 177 7 1.14
--------------------------------------------------------
07-25 2007 6 10 4 1.6
--------------------------------------------------------
NSI, no significant intervals
Intervals were defined using a cutoff grade of 0.5 g/t Au
PR, previously released data
While at this time the Souker project remains the Company's
focus, the results to date at Bulakashu indicate there are
opportunities for additional work and management will continue to
identify opportunities to realize value from this project.
Bill Tafuri, P.Geol., the Company's Vice-President of
Exploration, a qualified person as defined by NI 43-101, supervised
the preparation of the information in this news release.
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