Sao Luis Mining discovers diamond reserves in Brazil

Test mining at the Brazilian JV 117 property undertaken by Sao Luis Mining, has revealed additional diamond resources, with 880.50 carats being mined from 1016 cubic meters of gravel. The average was 0.866 carats per cubic meter with an approximate value of $23 per carat. The four largest diamonds recovered weighed 7.33, 6.98, 4.76 and 4.45 carats.

Sao Luis has discovered diamonds weighing 6.5 and 10.2 carats during the beginning of 2007, and said that several promising anomalies were also discovered, seemingly indicating the presence of additional diamonds. Sao Luis Mining will carry out more tests in November to examine the deposits, and is hopeful that the anticipated diamond recovery will last for a minimum of two decades.