SOURCE: Sao Luis Mining, Inc.

October 10, 2007 06:00 ET

Indicator Minerals on Sao Luis Mining's Brazilian Joint Venture Concession 117 Indicate the Presence of Primary Kimberlitic Deposits on the Property

GARDNERVILLE, NV--(Marketwire - October 10, 2007) - Sao Luis Mining, Inc. (PINKSHEETS: SAOL) (FRANKFURT: F5G) (, a diamond mining and precious metals exploration company, announced that indicator minerals found on its Brazilian Joint Venture Property 117 indicate the presence of primary kimberlitic deposits on the concession. A Ground Geomagnetic Survey is scheduled for November 2007 to locate the potential targets. The survey will use technology provided by Brazil's University of Belem, a leading institution specialized in the mining sector.

"Numerous promising anomalies were discovered in the Remote Sensing Report of the Property performed in 2007 along with numerous indicator minerals encountered in our recent bulk samplings, which leads geologists to believe that primary Kimberlite deposits may be present," says Michael J. Dillon, Sao Luis Mining's President and Chairman. "This is extremely significant for the Company," continued Mr. Dillon. "Our mining concessions have a history of significant diamond production. We first develop the easily accessible alluvial diamond deposits, while we aggressively explore and define the richer Kimberlitic deposits. An economically viable primary source located on Property 117 would add millions of carats to our diamond reserves and dramatically increase the shareholders equity."

The alluvial diamond deposits are located within river and terrace gravels in the Sao Luis River Basin, where Sao Luis Mining's concessions are located. They are transported from the primary Kimberlitic deposits where diamonds are formed at depths over 150 kilometers below the earth's surface. They are carried to the surface by volcanic activity in a mixture of magma (molten rock), minerals, and rock fragments through Kimberlitic Pipes, the "mother lode" of diamonds.

About Sao Luis Mining:

Sao Luis Mining, Inc. (PINKSHEETS: SAOL) 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 operates two diamond properties and an existing processing plant in the Sao Luis River Basin with their joint venture partner, SL Mineradora LTDA. The operation is located in the state of Mato Grosso, which is the most productive diamond district in Brazil and responsible for 61% of all the legally mined diamonds in Brazil in 2005. Additional information, including a photo gallery and geological report, is available at the Company's website

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.

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