Kola Mining Corporation: Bogunay Gold Prospect Update
March 29 2010 - 5:00AM
Marketwired
Kola Mining (TSX VENTURE: KM)(FRANKFURT: C8M) is pleased to
announce that it has completed an Instrument 43-101 compliant
report specific to the Bogunay Gold Prospect ("Bogunay"). The
Report documents current and past exploration at Bogunay.
Exploration conducted from 2004-2007 was focused on evaluating
the Bogunay gold prospect both proximal to known gold occurrences
or past-producing mines and regional, grass-roots exploration
prospects. Drilling has been successful in establishing a resource
of oxide ore (less than 35 metres from surface) at the Krasnoyarsky
deposit of 160,000 ounces. A further 347,000 ounces are estimated
below the oxide cap(i).
Individual results from Krasnoyarsky included 7.36 g/t Au over
4.0 m. Exploration drilling has intersected new zones at Vostochny
and Ivanovskaya comprising 2.84 g/t Au over 4.6 m and 28.3 g/t Au
over 1.5 m, respectively.
Prolific sampling and trenching executed during this period has
generated targets that require follow up sampling, trenching and
drilling in addition to drilling to expand the resource potential
at Krasnoyarsky and Bogunay. A more thorough digital compilation of
the available data has commenced and once completed a comprehensive
exploration program will be designed to be completed during
2010-11.
(i) The quoted disclosure for the Bogunay Gold Prospect was
disclosed by TEO Konditsiy. The deposit is historical and should
not be relied upon since it is not compliant to standards set out
in National Instrument 43-101. However, it is relevant because: it
is indicative of mineralized zones within the Bogunay Prospect
making them worthy of follow up exploration. The resource is based
on historic drilling exploration and development carried out at
Bogunay (C2 Soviet Category Resource). A Qualified Person has not
classified historical estimates as current mineral
resources/reserves, and Kola is not treating them as current
mineral resources/reserves since recent work has not verified the
historical estimates. Kola has not done any work to confirm these
estimates.
Kola Mining's disclosure of a technical or scientific nature in
this news release was prepared under the supervision of Dean
Besserer, P.Geol., of APEX Geoscience Ltd., Edmonton, Alberta, who
is a Qualified Person under the definition set out in National
Instrument 43-101. Apex Geoscience Ltd. is an independent Canadian
geological consulting firm with offices in both Canada and
Australia.
KOLA MINING EXPLORATION UPDATE
Kola Mining is continuing with its review of acquisition
opportunities in Russia and has commenced detailed due diligence on
a significant developed tin property located in Russia. The
property is an advanced near term production opportunity and has
had significant expenditures in exploration and development over
the past several years.
Vancouver, British Columbia. Kola Mining Corporation (TSX
VENTURE: KM)(FRANKFURT: C8M) ("The Company")
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.
Viktor Tschovrebov, 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. 604.694.1600 www.kolamining.com
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