July 31, 2006 09:01 ET

(OTC PK: SAOL) Announces Formation of Joint Venture Company

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO Circuit.

LAKE HARMONY, PA -- (MARKET WIRE) -- July 31, 2006 --Sao Luis Mining, Inc. (PINKSHEETS: SAOL) announced today that it has reached an agreement in principle with SL Mineradora Ltda. to modify the joint venture structure of the Sao Luis River Basin Diamond Project located in Juina, Mato Grosso, Brazil. The mineral and exploration rights to a second adjacent property, DNPM Process # 866-117/98, consisting of 889.38 hectares (2197 acres) will be transferred to the joint venture. The property was previously under option and will now be included in the joint venture. The revised structure will provide the Company with a 51% interest in the joint venture company, Comercio e Mineracao Sao Luis Ltda., which will own and operate the mining properties. This changes the Company's original interest from 35% in the original joint venture property and 65% in the option property to 51% in both properties.

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