Nilam Resources Inc. Rated ‘Speculative Buy,’ Target Price $2.61 by Beacon Equity Research

Apr.29, 2008 in Market Outlook

Nilam Resources Inc. Rated ‘Speculative Buy,’ Target Price $2.61 by Beacon Equity
Research

DALLAS, Apr 29, 2008 (BUSINESS WIRE) — Nilam Resources Inc. (NILR) has been
rated Speculative Buy with a price target of $2.61 by Beacon Equity Research
Analyst, Victor Sula, Ph.D.

The full report is available at http://www.BeaconEquity.com.

Anyone interested in receiving alerts regarding Nilam Resources Inc. research
should e-mail members@beaconequity.com with “NILR” in the subject line.

In the report, the analyst writes, “We think NILR will warrant a valuation
comparable to peer group median levels once it begins processing ore and
generating revenues in the second half of 2008. We expect revenues from mining
and processing operations to approach $40 million in 2009. Multiplying our 2009
revenues estimate by a 4.3 times forward Price/Sales multiple, we derive a $180
million market capitalization target. Assuming 20 percent dilution and 69 million
shares outstanding at year-end 2009, we derive a $2.61 price target for NILR
shares.”

Other companies in the mining and resources sector include AngloGold Ashanti Ltd.
(AU), Barrick Gold Corp. (ABX), Goldcorp Inc. (GG), and Kinross Gold Corp. (KGC).

Beacon Equity Research Disclosure

The analysts contributing to this report do not hold any shares of Nilam
Resources Inc. (NILR). Additionally the analysts contributing to this report
certify that the views expressed herein accurately reflect the analysts’ personal
views as to the subject securities and issuers. The analyst(s) writing this
report recognize and aspire to all of the CFA Institute Guidelines for
Independent Research. Beacon Equity Research (”Beacon”) certifies that no part of
the analysts’ compensation was, is, or will be, directly or indirectly, related
to the specific recommendation or views expressed by the analysts in the report.
BER and its affiliates have been compensated a total of eight thousand dollars
directly from the company for enrollment of NILR in its research program and
other services. This report is based on data obtained from sources we believe to
be reliable, but is not guaranteed as to accuracy and does not purport to be
complete. As such, the report should not be construed as advice designed to meet
the particular investment needs of any investor. Any opinions expressed herein
are subject to change.