LIMA, Peru, Oct. 29, 2008 (GLOBE NEWSWIRE) -- Mr. Len DeMelt, Chairman of the Board of Directors of Nilam Resources, Inc. (OTCBB:NILA), is pleased to report that the Company has reached a tentative agreement to purchase six Peruvian mineral properties from Mr. Jose Rodriguez. Under the terms of the agreement, Mr. Rodriguez will receive 20 million shares of Nilam, valued at $1.00 per share, in exchange for the mineral properties. The Company has begun due diligence on the first of the six properties. The Company has reviewed reports from the Peruvian government indicating significant gold reserves, reported to be in excess of 1 million ounces, on the Linderos property. A second property, Senor De La Solidad, already contains geophysics, geochem targets, drill pads and is ready for immediate drilling.
Mr. DeMelt stated, "All six properties are quality properties, similar to Linderos, however we will remain cautiously optimistic until all the due diligence is completed." The Company expects to execute a Purchase Agreement and close on the six property package within 45 days, pending the outcome of the due diligence investigation.
About Nilam Resources
Nilam Resources Inc. (OTCBB:NILA) focus is to become a precious and base metal producer in South America. Nilam currently owns two mineral properties in Peru.
Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.