Module Resources Incorporated

Module Resources Incorporated

April 30, 2007 14:31 ET

Module Resources Incorporated Adds to Carolin Property by Acquiring Previously Producing Gold Mine Adjacent to Carolin Mine

SURREY, BRITISH COLUMBIA--(CCNMatthews - April 30, 2007) -


Module Resources Incorporated ("Module") (NEX:MLE.H) is pleased to announce that it has acquired the Emancipation Mine from a private owner for a cash payment of C$11,000.

The Emancipation property is on the Coquihalla Gold Belt and is adjacent to the Carolin Mine. Module optioned up to a 90% interest in the Carolin Mine on April 2, 2007. Additional substantial areas of these properties remain unexplored and are of significant interest, as the geology of the Coquihalla Gold Belt closely resembles the geology in the California Mother Lode district, which produced more than 9.9 million ounces of gold.

Exploration at Emancipation during the early 1980s encountered a series of intersections with grades from 0.32 oz. Au/tonne over 1.5m, up to 0.54 oz. Au/tonne over 1.4 m. Little additional work has been done to follow up on this discovery.

Carolin is the largest, and Emancipation the second largest, of the five gold mines that have operated on the Coquihalla Gold Belt. Carolin produced 43,500 ounces of gold over a 27-month period from 1982 - 1984. Emancipation produced 2,800 ounces of gold during intermittent operation from 1913 - 1941. Carolin and Emancipation are located 150 km from Vancouver, near the community of Hope, between the Coquihalla and Trans-Canada highways.

"We are very excited by the exploration potential of the Carolin area, and we are pleased to be able to add the Emancipation Mine to our property in the Coquihalla Gold Belt," said Greg Whiting, CEO of Module.

About Module Resources

Module's primary project is the Carolin Mine. The most recent available previous analysis of the Carolin property, done by previous owner Athabaska Resources in 1996, suggested that as much as 190,000 oz. of gold may remain in the existing mine (1.36 million tonnes at 0.14 oz/t), with up to 33,000 more ounces in the tailings (600,000 tonnes at 0.054 oz/t). Both grades might make economic recovery possible. A qualified person has not done sufficient work to classify this historical estimate as current mineral resources; the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

Carolin's previous owner commissioned a NI 43-101 report on the property, performed by George Cavey, P. Geo., which recommends further work on it, including updating the resource estimate to NI 43-101 standards and additional exploration and data analysis, with the intention of determining the resource in accordance with CIM classifications.

Module expects that the acquisition of the Carolin properties and the updating of the geological report will qualify the Company to successfully apply for a Tier 2 listing on the TSX Venture Exchange.

On behalf of the Board of Directors,

Greg S. Whiting, Chief Executive Officer

We seek Safe Harbor.

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 NEX Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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