LIMA, Peru, Aug. 5, 2008 (PRIME NEWSWIRE) -- Len DeMelt, Director of Nilam Resources, Inc. (OTCBB:NILR) (Frankfurt:3NL), has announced that the Company is moving forward with new plans to refocus the Company after the disappointing loss of the Pativilca Mineral property. Due to the recent instability of the international financial markets, the Company was unable to secure the funding necessary to complete the acquisition of the Peruvian mine. Mr. Vare Grewal, the CFO, Treasurer and Director has resigned from all positions within the Company to pursue other opportunities.
"Nilam is now conducting an international search for experienced and well qualified financial professionals to partner with the Company to ensure we reach our goals," said Mr. DeMelt. "We have world class mining engineers and geologists working with our Company and we expect an equal level of performance and commitment from our finance team."
The management is actively exploring its current options to add value to Company and its shareholders. "At this point, everything is on the table," said Mr. Alain Vachon, President. "We are continuing to look for exceptional properties and are working very hard to find the right financial partners in Germany."
Nilam Resources has offices in Lima, Peru and Quebec.
Safe Harbor 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.