Thanks for the info Jim, unfortunately the problem remains.
1) Linker optimisations - I tried all settings on all options here. I tried matching the same as the debug config.
2) .h #ifdef __cplusplus extern "C" - is present in the file. There are 2 preprocessor #IF scopes in the file, and I tried commenting either and both out, with no change.
3) The preprocessor DEFINES are different for both builds, but I tried setting the release ones to match the debug ones, and the link errors remain.
Some other things that I've tried:
4) Tried it on VS professional 2008 at work, same issue.
5) Rebuilt the minifmod library in 2008, same issue.
6) removed the library from the libs directory, and got the expected can't find lib linker errors.
7)

If I was to post the project, which large files can I saftley remove from the archive, without killing the project? (I know you'd mentioned this to Clyde b4 but I couldn't find it).