/NOT FOR DISTRIBUTION IN THE UNITED STATES/
BLAINE, WA, Sept. 30 /CNW/ - Module Resources Incorporated (TSX-NEX:
MLE.H) announced its operating results for the nine-month period ended
July 31, 2008. The Company reported a net loss of C$209,722 or $0.01 per
share. As at July 31, 2008 the Company had cash and cash equivalents of
The Company has carried out grassroots mapping and taken surface grab
samples on the Module claims on the Ladner Gold Project near Hope in southern
British Columbia. A tenure assessment report on some of Module's claims has
been carried out and an environmental assessment liability report is pending.
The Company also announced that it granted 500,000 stock options to its
new Chief Executive Officer on September 17, 2008. The stock options are
exercisable into common shares of Module at an exercise price of C$0.10 per
share for a period of five years. Module's common shares closed at C$0.09 per
share on the TSX Venture Exchange NEX Board on September 16, 2008. Module has
17,294,126 common shares issued and outstanding. Under the terms of the
Company's "rolling" Incentive Stock Option Plan, a maximum of 1,729,413 shares
are available to be issued pursuant to the exercise of options at this time.
Including this grant of 500,000 options, a total of 750,000 shares have been
reserved for issuance pursuant to outstanding option grants. A further 979,413
shares are available for issuance pursuant to future option grants at this
"J. Graham Eacott"
The TSX-NEX Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of this 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.
For further information:
For further information: Brent Jones, Manager of Investor Relations,
E-mail: email@example.com, Phone: (360) 332-4653, Fax: (360)