Nilam Resources, Inc. Announces Reverse Split, New Symbol

LIMA, Peru, Oct. 9, 2008 (GLOBE NEWSWIRE) -- The Board of Directors of Nilam Resources, Inc. ("the Company") had determined that the number of common shares in the float is far too large given the size of the Company, which has caused our Common Stock being priced at pennies per share. The low share price has hampered the Company's ability to acquire new mineral properties, attract quality management and raise capital to develop our assets. For that reason, the Board of Directors and a majority of our shareholders have approved a one for fifty (1 for 50) reverse stock split to reduce the number of shares of Common Stock outstanding to approximately 1,160,800 shares. The Board of Directors is hopeful that the smaller number of shares outstanding will help the Company to develop an improved trading market and elevate the image... [read full story]