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(CybeRelease, August 8, 2006) - Lake Harmony, PA -Sao Luis Mining, Inc. (OTC PK: SAOL) announced 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.

Jack Lake, President and Board Chairman said, “With the formation of Comercio e Mineracao Sao Luis Ltda., and the addition of the second property to the joint venture, the Company not only enhances its presence in the region, but significantly simplifies the operating activities to provide us the control we believe is necessary to insure our success. We expect to finalize the agreements and commence operations in Brazil by mid to late August.”

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