Module Resources Incorporated

Module Resources Incorporated

April 23, 2007 18:39 ET

Module Resources Incorporated Grants Stock Options

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) -


Module Resources Incorporated ("Module") (NEX:MLE.H) announces that, pursuant to the company's stock option plan adopted at its annual meeting on November 30, 2006, it has granted 350,000 stock options to directors and officers of the company, subject to approval by the TSX NEX Exchange. These options are exercisable into common shares of Module at an exercise price of C$0.50 per share for a period of five years. Module's common shares closed at C$0.35 on the TSX NEX exchange on April 20, 2007.

Module has 13,994,126 common shares issued and outstanding. Under the terms of the company's stock option plan, a maximum of 1,399,412 shares are available to be issued pursuant to the exercise of options at this time. Including this grant of 350,000 options, a total of 600,000 shares have been reserved for issuance pursuant to outstanding option grants. A further 799,412 shares are available for issuance pursuant to future option grants at this time, subject to approval by the TSX NEX Exchange.

About Module Resources Incorporated

Module recently optioned up to a 90% interest in the Carolin Mine. Carolin, located 150 km from Vancouver near the community of Hope, between the Coquihalla and Trans-Canada highways, produced 43,500 ounces of gold over a 27-month period from 1982-1984. The most recent available previous analysis of this 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 0.54 oz/t). Both grades might make economic recovery possible. The historic estimate is not compliant with the CIM classifications of NI 43-101 and while it is believed to be relevant, it should not be relied upon. The mine'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.

Contact Information