SOURCE: Sao Luis Mining, Inc.

November 29, 2006 09:00 ET

Sao Luis Mining Reports Positive Results During First Stages of Bulk Sampling Program on Property 117 in Brazil

LAS VEGAS, NV -- (MARKET WIRE) -- November 29, 2006 -- Sao Luis Mining, Inc., (PINKSHEETS: SAOL) a diamond mining and precious metals exploration company, reports that the preliminary results of the initial bulk sampling program on Property 117 in the Sao Luis River Basin show an increased percentage of mineralized gravels in the colluvial terraces where experimental mining has begun. The Company has commenced test mining with a 100 meter trench running at a 45 degree diagonal line to intersect adjacent deposits that have shown grades ranging from 0.80 carats to over 1.20 carats per cubic meter on the concession. The trench lies approximately 200 meters from the targeted area.

The trench has been divided into four sections. Three sections have been processed demonstrating an increase in the grade of diamonds recovered as the target area is approached. The grade has increased from 0.25 carats in section one to 0.38 carats in section three. Section four is moving toward a transitional zone of richer terrace gravels that are expected to approach a grade similar to the target area. To date, a total of 482 cubic meters of colluvial gravels have been processed from the first test pit resulting in 160 carats of diamonds. Once the transitional zone has been demarcated, two additional mobile plants will be added to accompany the existing plant on Property 117.

A planned site visit by world renowned geologist, Dr. Gerard Verraes, who is a member of the Company's Advisory Board, is planned for December 2006 to evaluate the work program on Property 117 and analyze the results. Jack Lake, Sao Luis Mining's President and Board Chairman, stated, "We are very pleased with the initial results of the experimental mining on Property 117 and are confident that we will achieve results in line with historical garimpeiro mining on the concession."

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 operates two diamond properties and an existing processing plant in the São Luis River Basin. The operation is located in the state of Mato Grosso, which is the most productive diamond district in Brazil. Additional information, including a photo gallery and geological report, is available at the Company's website

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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