Sao Luis Mining, Inc. Announces Joint Venture
Jun 6, 2006 10:00:00 AM
LAS VEGAS, NV -- (MARKET WIRE) -- 06/06/06 -- Sao Luis Mining, Inc., (PINKSHEETS: SAOL) announced today that it has acquired the rights to a 35% joint venture interest in a producing diamond mine located in Juina, Mato Grosso, Brazil. The mine has been operated by SL Mineradora LTDA for the past five years. Upon completion of the due diligence, Sao Luis Mining will contribute $2 million to the joint venture which will be used for capital improvements to the mine. In addition, the Company acquired an option to enter into a joint venture with SL Mineradora to develop a second diamond property, also in the Juina region. Sao Luis Mining will have a 65% interest in the second property.
Jack Lake, President and Chairman of the Board, said, "We believe that this is the first step in the implementation of our business plan. This property has produced over 119,000 carats of diamonds in the last two years. We believe that the improvements to the mine made possible by our investment in the joint venture will increase production three-fold within six months."
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, Inc. 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.iceminers.com.