Module Resources announces up to C$100,000 non-brokered flow-through private
placement

/NOT FOR DISTRIBUTION IN THE UNITED STATES/

VANCOUVER, Dec. 23 /CNW/ - Module Resources Incorporated (TSX-V: MLE) announces today that, subject to regulatory approval, it intends to complete a non-brokered private placement of up to 1,000,000 flow-through shares at C$0.10 per flow-through share for gross proceeds of up to C$100,000 (the "Offering"). Module may pay a finder's fee in respect of investors introduced to the Company of up to 6% of the gross proceeds of the private placement in cash. All of the securities issued under this private placement will be subject to a four-month hold period. The private placement is expected to close no later than December 31, 2009.

The proceeds from the sale of the flow-through shares will be used to incur Canadian Exploration Expense ("CEE"), as defined in the Income Tax Act (Canada). The Company will renounce such CEE to the subscribers effective for the 2009 tax year. The funds will be used for drilling and grass roots exploration on the Company's Ladner Gold property in British Columbia.

About Module Resources

Module Resources' Ladner Gold Project includes the Ladner Mine (formerly called the Carolin Mine, a former underground gold producer from 1982-84), Emancipation Mine (intermittent gold producer from 1916-41), Pipestem Mine (intermittent gold producer from 1935-37), and numerous gold prospects situated along the under-explored Coquihalla Gold Belt. Based on historical exploration and development work in 1995-1996 and historical production records of the Carolin Mine, the Company believes that there is potential to reopen the mine at some time in the future if the exploration and development programs are successful and a positive feasibility study is obtained given a favorable gold price.

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.

    
    ON BEHALF OF THE BOARD OF DIRECTORS

    "Bruce W. Downing"
    Bruce W. Downing, M.Sc., PGeo., Hon.FEC
    

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this press release. 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 www.sedar.com. Module disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

SOURCE MODULE RESOURCES INCORPORATED

For further information: For further information: Bruce W. Downing, M.Sc., PGeo., Hon.FEC, President & Chief Executive Officer, Office (778) 294-3211, Email bwdowning@shaw.ca, Website www.moduleresources.com

Organization Profile

MODULE RESOURCES INCORPORATED

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