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Renowned Geologist States That Sao Luis Mining's Brazilian Diamond Concessions "Are at the Beginning of a Big Geological and Mining Event"advertisement
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All Market Wire NewsSao Luis Mining, Inc. (PINKSHEETS: SAOL), a diamond mining and precious metals exploration company, announced that renowned geologist and member of the Company's advisory board, Dr. Gerard G. M. Verraes, has summarized his site visit to the Company's joint venture diamond mines in Brazil stating that, "I feel that we are at the beginning of a big geological and mining event."
Dr. Verraes carried out his site visit during the week of October 23, 2006 in conjunction with the detailed work program Sao Luis Mining is conducting to evaluate the diamond bearing gravels contained on its joint venture diamond properties in the São Luis River Basin. Its concessions are located in the state of Mato Grosso, which is the most productive diamond district in Brazil. Dr. Verraes stated that his specific findings are based on three points:
1) "The deposit is very big and I feel that after years of garimpeiros mining about 10% of the total amount of diamonds have been taken, because only the upper part of the colluvial brechia has been partly explored."
2) "There is more than one colluvial event. This is normal in such a small sedimentary basin so the global amount of sediment related stones could be multiplied by three or four, perhaps more."
3) "There is probably more than one kimberlitic pipe, not really mapped, and not at all drilled. So we do not know its extension, but it is clear that outcrops of this kind of rock are related with more than one kimberlitic event."
Dr. Verraes was head of the Mines Department, Ales School of Mines, France; and professor of geology, metalogeny, mineral economy, and sedimentology. He was the creator and head of the post-graduate program for International Safety and Environment for Mines and Heavy Industries. Today he serves as a professor at various universities as well as a consultant to several companies. He has received a great many honours, including the Medal of Chevalier des Palmes Accademiques; Gold medal of the French Mines' Order; and Honour Professor of Baia Mare Mining University. He received his Ph.D. in Geology from Montpellier University as well as post-doctoral studies.
Sao Luis Mining's joint venture partner, 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 state of Mato Grosso was responsible for 61% of all the legally mined diamonds in Brazil in 2005. The largest gem quality diamond recovered to date from Property 231 was a 32-carat stone. The Juina region is well known for diamonds of 100 carats in size.
About Sao Luis Mining:
Sao Luis Mining, Inc. is a diamond mining and precious metals 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 operates two diamond properties and an existing processing plant in the São Luis River Basin. The operation is located in the state of Mato Grosso, which is the most productive diamond district in Brazil. Additional information, including a photo gallery and geological report, is available at the Company's website www.saolmining.com
This news release contains "forward-looking statements" within the meaning of the U.S. 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.