CybeRelease: (OTC: SAOL) Property Ranks as Top Diamond Producer in Brazil
(CybeRelease, October 5, 2006) - Lake Harmony, PA - Sao Luis Mining, Inc. (OTC PK : SAOL), a diamond mining and precious metals exploration company, has announced that the Company’s joint venture partner in Property 231, SL Mineradora Ltda., has been ranked as Brazil’s top diamond producer for 2005 in the state of Mato Grosso according to a recent government report.
"The report released by the Department of National Mineral Production (DNPM) states that SL Mineradora produced 92,062 carats of diamonds of which 59,373 carats came from property 231. The state of Mato Grosso was responsible for 61% of all the legally mined diamonds in Brazil in 2005.
The joint venture agreement with SL Mineradora Ltda. formed Comercio e Mineracao Sao Luis Ltda., of which Sao Luis Mining owns a 51% interest. It will operate two diamond properties, Property 231 and Property 117, and an existing processing plant in the Sao Luis River Basin located in the state of Mato Grosso, Brazil.
“We now have one of Brazil’s most productive diamond properties,” says Jack Lake, Sao Luis Mining’s President and Board Chairman. “As mining begins on Property 117, we anticipate results similar to the adjacent Property 231, which has already produced 119,334 carats of diamonds in 2004 and 2005 and delineated over 12,695,000 carats of diamonds.”
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