Foundation Resources Inc.

Foundation Resources Inc.

June 23, 2010 11:34 ET

Foundation Resources Management Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2010) - Foundation Resources Inc. (TSX VENTURE:FDN) (the "Company") is pleased to announce changes made recently to its management. Paul Chung, previously President, has become the Company's new Chief Executive Officer (CEO), in place of John Hiner, who remains the Company's Chairman of the Board, but has shifted priorities from the Company to other endeavours. Management would like to express its sincere thanks and appreciation to Mr. Hiner for his insights and leadership throughout the formative year of the Company.

Ike Osmani, P.Geo, has been appointed the Company's President and will also be managing exploration activities in addition to corporate development responsibilities. Mr. Osmani brings 27 years of Canadian and International mineral exploration experience in gold, platinum-group and base metals providing exploration consulting services for numerous resource companies as well with the Ontario Geological Survey. Most recently, he was the Chief Geologist of TNR Gold Corp. ("TNR"), a multi-commodity explorer in Canada and South America. Prior to joining TNR in 2007, Mr. Osmani was vice president - exploration and director of a Canadian junior company exploring for gold and base metals in India. His contribution while working with the Ontario Geological Survey included the discovery of numerous mineral occurrences of precious and base metals, which are documented in over 38 publications. His contribution to the mineral industry includes both exploration and development of mineral properties from grass-roots to advanced levels.

About Foundation Resources Inc.

Foundation is a mineral exploration company focused on exploration and development of high potential gold properties in Canada and Mexico. Its Coldstream Property is located in the Western Superior geological province of the Canadian Shield, which is noted for hosting prolific gold deposits in Ontario, Canada. The San Rafael property is located approximately 150km northwest of Durango in the Durango State, Mexico.

On behalf of the board,

Paul Chung, Chief Executive Officer

News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

CUSIP: # 350476107

ISIN CA3504761071

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 accuracy of this release.

Contact Information

  • Rain Communications
    Nelson Da Silva
    604-648-0523 (direct)
    Rain Communications
    Ralph Biggar
    604-306-2525 (direct)