error #7002: Error in opening the compiled module file

I have a Visual Studio 2008 project where some of the fortran files 'use' a module containing interface definitions. When I rebuild the project, I get the following error at the point where the USE statement is:

error #7002: Error in opening the compiled module file Check INCLUDE paths

However, if I compile the module files first (right click then compile), and then build the project (not a rebuild) I do not get the error. The module files are definitely included in the project. Its almost as if there something wrong with the build order but I dont think I can change that.

Any ideas?

For info, I am using Intel FORTRAN compiler 11.0.075