Repeat: Sao Luis Mining Announces Plan to Become Fully Reporting Company

Sao Luis Mining, Inc. (PINKSHEETS: SAOL), a diamond mining and precious metals exploration company, has announced today that it has initiated the process to become a fully reporting company under U.S. Securities and Exchange Commission (SEC) regulations. Presently Sao Luis Mining is a non-reporting company trading on the U.S. over-the-counter (OTC) Pink Sheets, as well as on the Frankfurt Stock Exchange, the world's third largest securities exchange.

"Our aggressive acquisition of mineral rich diamond properties, coupled with the Company's recently acquired permit to begin diamond mining on Property 117 in Brazil, has put us well ahead of our strategic business plan," says Jack Lake, the Company's Chairman and President. "For these reasons, we will accelerate our efforts to become a fully reporting company to further enhance investor confidence, lower the cost of capital to increase our mining operations, and to attract institutional investors."

"As a first step, we will begin the auditing of our company operations and its mining assets in Brazil," continues Mr. Lake. "We will then prepare the appropriate SEC filings and anticipate a transition to reporting status sometime next year."

Sao Luis Mining recently announced that it received the Guia de Utilizacao Permit from Brazil's Department of National Mineral Production (DNPM) allowing the Company to commence mining operations on its Property 117. The Company anticipates results similar to its Property 231 which is located adjacent to Property 117. To date, Property 231 has produced over 175,000 carats of diamonds since 2000 and delineated over 12,695,000 carats of diamonds.

About Sao Luis Mining:

Sao Luis Mining, Inc. is a diamond mining and precious metals exploration company. Its strategy is to acquire interests in producing mines and develop properties that have the promise to be economically viable. Sao Luis Mining has a 51% joint venture interest in Comercio e Mineracao Sao Luis Ltda., which will operate two diamond properties and an existing processing plant in the São Luis River Basin. The operation is located in the state of Mato Grosso, which is the most productive diamond district in Brazil. Additional information, including a photo gallery and geological report, is available at the Company's website www.saolmining.com.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, not guarantees of Sao Luis Mining, Inc.'s future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Jack Lake (702) 990-3797 jlake@saolmining.com www.saolmining.com

SOURCE:  Sao Luis Mining, Inc.

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