SAOL news SAO LUIS MINING INC (U-SAOL) - News Release
Sao Luis Mining Signs Marketing Agreement With South Africa's Chase Diamonds
2006-09-18 06:30 ET - News Release
LAS VEGAS, NV -- (MARKET WIRE) -- 09/18/06
Sao Luis Mining, Inc. (PINKSHEETS: SAOL), a diamond mining and precious metals exploration company, has announced an agreement with South Africa's Chase Diamonds C.C. to represent the Company's production from its Brazilian diamond mining operations at the South African tenders.
The tenders are held at locations throughout the country. Chase Diamonds is one of only 65 government-licensed diamond dealers allowed to attend the largest free market tender held approximately every two weeks at Wolmaransstad, a diamond trading center. Buyers from around the world gather at the auction to bid on a minimum of $25,000,000 in diamonds offered for sale through a bidding system that ensures fair market value on production. Chase Diamonds supplies the South African and international markets with rough and polished stones produced in its own factory.
"We are delighted that as experienced and highly regarded a firm as Chase Diamonds will be managing sales for us in South Africa, the epicenter of the diamond industry," says Jack Lake, Sao Luis Mining President and Board Chairman. "Most important, we wanted to begin to have sales agents on board to coincide with the anticipated start of production later this month."
About Sao Luis Mining:
Sao Luis Mining, Inc. is a diamond and precious metals mining and 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 will operate two diamond properties and an existing processing plant in the SÃ£o Luis River Basin. The operation is located in the state of Mato Grosso, considered one of the most productive diamond districts in Brazil. Additional information, including a photo gallery and geological report, is available at the Company's website São Luis Mining, Inc..
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.