SOURCE: Sao Luis Mining, Inc.

September 22, 2006 16:05 ET

San Luis Mining Receives Permit to Begin Diamond Mining

LAS VEGAS, NV -- (MARKET WIRE) -- September 22, 2006 -- Sao Luis Mining, Inc., (PINKSHEETS: SAOL) a diamond mining and precious metals exploration company, announced today that it has 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 will process an 18,000 cubic meter bulk sampling along with a comprehensive drilling and delineation program to further define the extent of the resources on Property 117.

Sao Luis Mining President and Board Chairman, Jack Lake, says, "We anticipate results similar to 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. We are excited about the potential of Property 117 since all indications are that it should prove to be extremely productive."

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, considered one of the most productive diamond districts 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 US 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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