SOURCE: Sao Luis Mining, Inc.

September 26, 2007 06:00 ET

Latest Bulk Sampling Reveals Additional Diamond Resources on Another Sector of Sao Luis Mining's JV Property 117 in Brazil

GARDNERVILLE, NV--(Marketwire - September 26, 2007) - Sao Luis Mining, Inc. (PINKSHEETS: SAOL) (FRANKFURT: F5G) (www.saolmining.com), a diamond mining and precious metals exploration company, reports additional diamond resources from its latest test mining conducted on another new sector of its Brazilian Joint Venture Property 117. This further validates the extraordinary diamond mining potential of the 859.38 hectares (approximately 2074 acres) site.

The most recent Bulk samplings on Property 117 processed 1016 cubic meters of gravel and recovered 880.50 carats of diamonds. This yielded a grade of 0.866 carats per cubic meter with an approximate value for this lot of $23 per carat. The four largest diamonds recovered are 7.33, 6.98, 4.76 and 4.45 carats; and the largest gemstone quality diamond is 2.62 carats.

Results are consistent with other tests carried out this year on Property 117 that produced grades reaching 1.05 carats per cubic meter, including the recovery of a 6.5-carat gemstone and a 10.2-carat near-gem quality diamond.

Numerous promising anomalies were also discovered on the Remote Sensing Report of Property 117 performed in 2007. Indicator minerals in the recent bulk samplings point to the possibility that primary kimberlite deposits may be present on the concession. To pinpoint these potential anomaly deposits, the Company will have a Ground Geomagnetic Survey carried out in November with the latest technology provided by Brazil's University of Belem, a leading institution specialized in mining.

Property 117 is adjacent to Sao Luis Mining's JV Property 231 that already has a defined diamond surface resource of over 12.7 million carats of diamonds, exclusive of the additional resources contained below the surface. These two properties encompass 2728.38 hectares, or 6742 acres, that the company anticipates should result in substantial diamond recovery for the next two decades and probably, far beyond that.

About Sao Luis Mining:

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