6-K 1 km0202.txt KOLA NEWS RELEASE FEB 2, 2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of FEBRUARY, 2009. Commission File Number: 0-30920 KOLA MINING CORP. -------------------------------------------------------------------------------- (Translation of registrant's name into English) #1305 - 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7, Canada -------------------------------------------------------------------------------- (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: FORM 20-F [X] FORM 40-F [ ] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _______ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _______ Indicate by check mark whether the registrant by furnishing the information contained in this Form, is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. YES [ ] NO [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3- 2(b): 82-_____________ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. KOLA MINING CORP. ------------------------------------- Date: February 2, 2009 /s/ Mikhail Yuryev ------------------------------ ------------------------------------- Mikhail Yuryev, Chairman KOLA MINING CORPORATION KOLA MINING APPOINTS SERGEI DUBOVIK AS CEO February 2, 2009 VANCOUVER, BRITISH COLUMBIA, Kola Mining Corporation (TSXV: KM, OTC: KMNFF, Frankfurt: C8M) announces that Mr. Igor Kovarsky has resigned as President and CEO of the Company and Mr. Sergei Dubovik has been appointed as the new President and CEO. Mr. Sergei Dubovik is a partner of AGA Management Ltd. AGA Management Ltd. is a leading, Moscow based consulting company specializing in Russian M&A market and management consulting and played an instrumental role in acquisition of Rudprominvest in 2007 as agent for the vendor. Before joining AGA Management Ltd. in 2006 he had fourteen years of experience as a businessman, consultant and manager with KPMG (Moscow-Bahrain), JSFC Systema, Regional Development Company etc. His major focus is M&A and business restructuring. Mr. Dubovik has a Master Diploma in Applied Math (Moscow Institute of Physics and Technology, 1991). The Board would like to thank Mr. Kovarsky for his services to Kola and wish him well in his endeavours. ABOUT KOLA MINING CORP. Kola Mining Corporation is a Vancouver, Canada based mineral exploration Company, with its head office in Vancouver, Canada, and exploration offices in Apatity, Russia, Bishkek, Kyrgyzstan and Almaty, Kazakhstan. The Company is engaged in the identification, acquisition, exploration and development of precious and base mineral properties in Russia, Eastern Europe and Central Asia. 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. /s/MIKHAIL YURYEV _____________________ Mikhail Yuryev Chairman of the Board The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release. Certain information in this release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com. For further information please contact: Kola Mining Corp. 604.688.4110 www.kolamining.com

THREE MONTHS ENDED SIX MONTHS ENDED NOVEMBER 30, NOVEMBER 30, ---------------------------- ---------------------------- 2008 2007 2008 2007 $ $ $ $ EXPENSES Accounting and administrative 32,700 28,300 56,200 48,475 Amortization 9,960 30,808 43,314 45,084 Audit 38,131 - 88,371 - Corporate development 8,473 106,866 45,553 138,935 General exploration 2,052 6,992 26,421 11,056 Investor relations 22,250 39,621 49,750 48,621 Legal 39,802 80,328 81,238 98,580 Management fees - 24,000 - 58,145 Office 148,107 75,994 210,745 136,947 Professional fees 5,652 67,685 28,902 134,289 Regulatory fees 8,893 8,899 11,437 15,865 Rent 17,537 27,461 47,855 45,726 Salaries and benefits 177,980 136,168 462,932 214,470 Shareholder costs 8,769 3,659 17,809 8,946 Stock-based compensation (Note 8) 2,000 1,187,800 538,250 1,487,676 Transfer agent 2,086 7,953 3,953 10,853 Travel 92,744 127,779 134,618 300,670 ------------ ------------ ------------ ------------ 617,136 1,960,313 1,847,348 2,804,338 ------------ ------------ ------------ ------------ LOSS BEFORE OTHER ITEMS (617,136) (1,960,313) (1,847,348) (2,804,338) ------------ ------------ ------------ ------------ OTHER ITEMS Write-off of equipment (189,330) - (189,330) - Interest income 6,790 45,104 17,067 99,496 Foreign exchange gain (loss) (182,583) 354,816 (375,758) 331,404 ------------ ------------ ------------ ------------ (365,123) 399,920 (548,021) 430,900 ------------ ------------ ------------ ------------ NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD (982,259) (1,560,393) (2,395,369) (2,373,438) DEFICIT - BEGINNING OF PERIOD (11,613,473) (4,427,183) (10,200,363) (3,614,138) ------------ ------------ ------------ ------------ DEFICIT - END OF PERIOD (12,595,732) (5,987,576) (12,595,732) (5,987,576) ============ ============ ============ ============ BASIC AND DILUTED LOSS PER COMMON SHARE $(0.01) $(0.03) $(0.03) $(0.05) ============ ============ ============ ============ WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 88,004,125 53,282,061 79,842,088 45,847,815 ============ ============ ============ ============

THREE MONTHS ENDED SIX MONTHS ENDED NOVEMBER 30, NOVEMBER 30, ---------------------------- ---------------------------- 2008 2007 2008 2007 $ $ $ $ CASH PROVIDED FROM (USED FOR) OPERATING ACTIVITIES Loss for the period (982,259) (1,560,393) (2,395,369) (2,373,438) Adjustments for items not involving cash Amortization 9,960 30,808 43,314 45,084 Stock-based compensation 2,000 1,187,800 538,250 1,487,676 Write-off of equipment 189,330 - 189,330 - Foreign exchange gain 257,768 (379,470) 464,626 (379,470) ------------ ------------ ------------ ------------ (523,201) (721,255) (1,159,849) (1,220,148) Decrease (increase) in amounts receivable 9,391 (33,931) 5,158 26,895 Decrease in prepaids 70,851 3,519 85,319 75,757 Increase (decrease) in accounts payable and accrued liabilities (320,983) 74,241 (260,770) (766,603) ------------ ------------ ------------ ------------ (763,942) (677,426) (1,330,142) (1,884,099) ------------ ------------ ------------ ------------ INVESTING ACTIVITIES Cash assumed on acquisition of RPIM - - - 8,399 Additions to equipment (662) (79,043) (10,593) (145,946) Additions to unproven mineral interests (269,012) (1,955,762) (1,171,068) (9,399,089) Deposits and exploration advances 675 - 97,080 - ------------ ------------ ------------ ------------ (268,999) (2,034,805) (1,084,581) (9,536,636) ------------ ------------ ------------ ------------ FINANCING ACTIVITIES Repayment of loans and advances - - (5,316,675) (540,503) Issuance of common shares - 1,335,104 10,000,000 14,132,604 Share issue costs - 10,199 (291,980) (1,049,410) ------------ ------------ ------------ ------------ - 1,345,303 4,391,345 12,542,691 ------------ ------------ ------------ ------------ INCREASE (DECREASE) IN CASH FOR THE PERIOD (1,032,941) (1,366,928) 1,976,622 1,121,956 CASH - BEGINNING OF PERIOD 3,833,619 6,070,083 824,056 3,581,199 ------------ ------------ ------------ ------------ CASH - END OF PERIOD 2,800,678 4,703,155 2,800,678 4,703,155 ============ ============ ============ ============

NOVEMBER 30, 2008 MAY 31, 2008 -------------------------------------------- -------------------------------------------- ACQUISITION EXPLORATION ACQUISITION EXPLORATION COSTS EXPENDITURES TOTAL COSTS EXPENDITURES TOTAL $ $ $ $ $ $ Russia: Souker 35,635,248 5,092,862 40,728,110 35,352,998 3,946,865 39,299,863 Tsaga - 567,590 567,590 - 561,803 561,803 Uleeta - 176,824 176,824 - 175,748 175,748 ------------ ------------ ------------ ------------ ------------ ------------ 35,625,248 5,837,276 41,472,524 35,352,998 4,684,416 40,037,414 ============ ============ ============ ============ ============ ============

Issued: NOVEMBER 30, 2008 MAY 31, 2008 ---------------------------- ---------------------------- NUMBER OF AMOUNT NUMBER OF AMOUNT SHARES $ SHARES $ Balance, beginning of period 53,837,457 34,327,986 26,087,630 8,490,285 ------------ ------------ ------------ ------------ Issued for cash Private placement 33,333,334 10,000,000 10,500,000 12,600,000 Exercise of options - - 50,000 10,000 Exercise of warrants - - 3,517,212 1,522,604 Issued for unproven mineral interests - - 375,000 405,000 Issued for finder's fee 833,334 250,000 - - Issued for corporate finance fee - - 100,000 120,000 Issued for acquisition (Note 3) - - 13,207,615 12,679,310 Reallocation from contributed surplus on exercise of stock options - - - 14,750 ------------ ------------ ------------ ------------ 34,166,668 10,250,000 27,749,827 27,351,664 Share issue costs - (541,980) - (1,513,963) ------------ ------------ ------------ ------------ 34,166,668 9,708,020 27,749,827 25,837,701 ------------ ------------ ------------ ------------ Balance, end of period 88,004,125 44,036,006 53,837,457 34,327,986 ============ ============ ============ ============

2008 2007 ---------------------------- ---------------------------- WEIGHTED WEIGHTED AVERAGE AVERAGE EXERCISE EXERCISE NUMBER PRICE NUMBER PRICE $ $ Balance, beginning of period 7,898,750 1.47 5,225,962 0.54 Issued 16,666,667 0.45 6,190,000 1.67 Exercised - - (3,517,212) 0.43 Expired (1,708,750) 0.75 - - ------------ ------------ Balance, end of period 22,856,667 0.78 7,898,750 1.47 ============ ============

2008 2007 ---------------------------- ---------------------------- WEIGHTED WEIGHTED AVERAGE AVERAGE OPTIONS EXERCISE OPTIONS EXERCISE OUTSTANDING PRICE OUTSTANDING PRICE $ $ Balance, beginning of period 6,175,000 0.79 3,250,000 0.38 Granted 3,100,000 0.36 3,055,000 1.22 Exercised - - (50,000) 0.20 Cancelled / expired (100,000) 1.08 (20,000) 0.70 ------------ ------------ Balance, end of period 9,175,000 0.64 6,235,000 0.79 ============ ============

NOVEMBER 30, 2008 MAY 31, 2008 ---------------------------- ---------------------------- UNPROVEN UNPROVEN MINERAL MINERAL EQUIPMENT INTERESTS EQUIPMENT INTERESTS $ $ $ $ Canada 5,936 - 11,239 - Kyrgyz Republic - - 205,748 - Russia 100,682 41,472,524 111,682 40,037,414 ------------ ------------ ------------ ------------ 106,618 41,472,524 328,669 40,037,414 ============ ============ ============ ============

2008 2007 $ $ Financing activities Issuance of common shares for finder's fee 250,000 - Contributed surplus - 322,800 Issuance of common shares for unproven mineral interest - 405,000 Issuance of common shares for corporate finance fee - 120,000 Share issue costs (250,000) (442,800) Long-term debt issued on acquisition - 7,209,930 Accretion of discount of debt 282,250 - ------------ ------------ 282,250 7,614,930 ============ ============ Investing activity Additions to unproven mineral interests (441,899) (7,996,813) ============ ============ Operating activity Increase in accounts payable and accrued liabilities 159,649 381,883 ============ ============

----------------------- ------------------------------------------------- ----------------------- FISCAL 2009 FISCAL 2008 FISCAL 2007 ----------------------- ------------------------------------------------- ----------------------- THREE MONTH PERIODS ENDING NOV 30/08 AUG 31/08 MAY 31/08 FEB 29/08 NOV 30/07 AUG 31/07 MAY 31/07 FEB 28/07 $ $ $ $ $ $ $ $ ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- OPERATIONS: Revenues Nil Nil Nil Nil Nil Nil Nil Nil Expenses (617,136) (1,230,212) (634,263) (663,753) (1,960,313) (844,025) (217,061) (836,676) Other Items (365,123) (182,898) (3,051,790) 137,019 399,920 30,980 (63,832) (35,321) Net income (loss) (982,259) (1,413,110) (3,686,053) (526,734) (1,560,393) (813,045) (280,893) (871,997) Basic and diluted earnings (loss) per share (0.01) (0.02) (0.07) (0.01) (0.03) (0.02) (0.01) (0.04) Dividends per share Nil Nil Nil Nil Nil Nil Nil Nil BALANCE SHEET: Working capital (deficiency) 831,600 2,351,642 (4,612,942) (2,491,894) (1,044,669) 128,417 3,381,371 2,298,846 Total assets 44,613,581 45,186,981 41,611,457 46,450,827 47,247,472 46,525,762 5,843,162 3,971,122 Total long-term liabilities Nil Nil 1,290,380 1,543,185 1,576,260 1,663,830 Nil Nil Future income tax liabilities 8,157,000 8,157,000 8,157,000 8,700,000 8,700,000 8,700,000 Nil Nil

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