Module Resources Incorporated

Module Resources Incorporated

October 25, 2010 19:50 ET

Module Announces Commencement of Surface Diamond Drill Program at Its Ladner Gold Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) -


Module Resources Incorporated (TSX VENTURE:MLE) is pleased to announce that the Company has commenced a diamond drill program on the McMaster Zone at its Ladner Gold Property near Hope in southeast British Columbia. The objective of this drill program is to confirm and extend to the north previous drilling conducted in 2009 (refer to press releases of January 06 and 12, 2010). A new gold zone was intersected in 2009. Hole McM-32-09 assayed 2.86 gm/t gold over 43.6 metres, including 27.6 metres grading 3.96 gm/t gold.

The 2009 results indicated that extensive mineralization occurs to the east, which had not been previously drilled and that the McMaster Zone is open both to the south and to the north of previous drilling and at depth. 

Previous work consisting of diamond drilling, sampling and resource calculation by Athabaska Gold Resources Ltd. (Report to Shareholders, April 18, 2000) estimated a "defined diluted mineable reserve in all categories" of 204,600 tons grading 0.055 oz/ton gold. Note that this is a historical estimate only and was not approved and prepared in compliance with the CIM categories as referenced in NI 43-101 and as such cannot be relied on. It is, however, indicative of the potential gold contained in the McMaster Zone. The McMaster Zone is interpreted as a potential open pit resource.

The technical information contained in this release has been prepared by Bruce Downing, a qualified person who is the president and CEO of the Company.


Bruce W. Downing, M.Sc., PGeo., Hon.FEC, President & Chief Executive Officer

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Caution concerning forward-looking information

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Module in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Module's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability of suitable financing alternatives; fluctuations in gold and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at Module disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this press release.

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