CybeRelease: (OTC: SAOL) Reports Plan to Become Fully Reporting Company
(CybeRelease, November 3, 2006) - Lake Harmony, PA - Sao Luis Mining, Inc. (Other OTC PK: SAOL), a diamond mining and precious metals exploration company, has announced today that it has initiated the process to become a fully reporting company under U.S. Securities and Exchange Commission (SEC) regulations. Presently Sao Luis Mining is a non-reporting company trading on the U.S. over-the-counter (OTC) Pink Sheets as well as on the Frankfurt Stock Exchange, the world’s third largest securities exchange.
“Our aggressive acquisition of mineral rich diamond properties, coupled with the Company’s recently acquired permit to begin diamond mining on Property 117 in Brazil, has put us well ahead of our strategic business plan,” says Jack Lake, the Company’s Chairman and President. "For these reasons, we will accelerate our efforts to become a fully reporting company to further enhance investor confidence, lower the cost of capital to increase our mining operations, and to attract institutional investors.
“As a first step, we will begin the auditing of our company operations and its mining assets in Brazil,” continues Mr. Lake. “We will then prepare the appropriate SEC filings and anticipate a transition to reporting status sometime next year.”
Sao Luis Mining recently announced that it received the Guia de Utilizacao Permit from Brazil’s Department of National Mineral Production (DNPM), allowing the Company to commence mining operations on its Property 117. The Company anticipates results similar to its Property 231, which is located adjacent to Property 117. To date Property 231 has produced over 175,000 carats of diamonds since 2000 and delineated over 12,695,000 carats of diamonds.
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