SOURCE: Sao Luis Mining, Inc.

July 28, 2006 08:00 ET

Sao Luis Mining, Inc. Announces Completion of First Round Financing

LAS VEGAS, NV -- (MARKET WIRE) -- July 28, 2006 -- Sao Luis Mining, Inc. (PINKSHEETS: SAOL) announced today the completion of its first round of financing. The Company's private placement offering generated $500,000 and was secured by the Company's common stock and stock warrants.

Jack Lake, Chairman of the Board and President, said, "The proceeds of this private placement are one of the first steps in the Company's capital formation. We believe that this offering will enable us to commence implementing our business plan."

About Sao Luis Mining, Inc.

Sao Luis Mining, Inc. (PINKSHEETS: SAOL) is a diamond and precious metals mining and exploration company. Its strategy is to acquire interests in producing mines and the development of properties that have the promise to be economically viable. On June 6, 2006, the Company announced that it had acquired the rights to a 35% joint venture interest in a producing diamond mine located in Juina, Mato Grosso, Brazil. SL Mineradora LTDA has operated the mine for the past five years. Upon the completion of the Company's due diligence, Sao Luis Mining will contribute $2 million to the joint venture for capital improvements to the mine. In addition, the Company acquired an option to enter into a joint venture with SL Mineradora to develop a second diamond property, also in the Juina region. Sao Luis Mining will have a 65% interest in the second property.

Additional information, including a photo gallery and geological report, is available at the Company's website: www.icemining.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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