SAOL - Sao Luis Mining, Inc. Announces Completion of Joint Venture Agreement
This is really big news for them.
Sao Luis Mining, Inc. Announces Completion of Joint Venture Agreement
By Market Wire
Last Update: 8/17/2006 8:01:26 AM Data provided by
LAS VEGAS, NV, Aug 17, 2006 (MARKET WIRE via COMTEX) -- Sao Luis Mining, Inc. (PINKSHEETS: SAOL) announced today that it has executed the joint venture agreement with SL Mineradora Ltda. The joint venture company, Comercio e Mineracao Sao Luis Ltda., has been formed and registered in Brazil to conduct business. The agreement provides Sao Luis Mining with 51% interest in the joint venture which will operate two diamond properties and an existing processing plant in the Sao Luis River Basin. The operation is located in the state of Mato Grosso, considered one of the most productive diamond districts in Brazil.
Jack Lake, President and Board Chairman, said, "With the execution of our Joint Venture agreement with SL Mineradora and the registration of Comercio e Mineracao Sao Luis Ltda. we have moved one step closer to the Joint Venture commencing production. We expect operations to begin within the next 30 days."
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.
About Sao Luis Mining:
Sao Luis Mining 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. Additional information, including a photo gallery and geological report is available at the Company's website www.saolmining.com
SOURCE: Sao Luis Mining, Inc.