SOURCE: Sao Luis Mining, Inc.

November 20, 2008 09:15 ET

Sao Luis Mining, Incorporated Shareholder Update

GARDNERVILLE, NV--(Marketwire - November 20, 2008) - Sao Luis Mining, Inc. (PINKSHEETS: SAOL) (FRANKFURT: F5G.F) (www.saolmining.com), a diamond mining and precious metals exploration company, reassures shareholders that the recent decline in the price of the company's shares is not related to any change in the fundamentals of the company. The company believes the share price has been affected by the current external market volatility. The company has been in contact with ProMet engineering and they have been working with the company to ship the plant to Brazil. The company is in the process of raising funds to import the plant to Brazil.

About Sao Luis Mining:

Sao Luis Mining, Inc. (PINKSHEETS: SAOL) (FRANKFURT: F5G.F) 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 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.

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