Foundation Resources Inc.
TSX VENTURE : FDN

Foundation Resources Inc.

August 06, 2009 14:03 ET

Foundation Resources Oversubscribes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2009) - Foundation Resources Inc. ("Foundation" or the "Company") (TSX VENTURE:FDN) is pleased to announce that the Company has increased the size of the private placement originally announced on June 26th, 2009.

The non-brokered private placement will now consist of up to 755,000 units at a price of $0.15 per unit for gross proceeds of $113,250 (the "Offering"). Each Unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.15 for a period of twelve months from the date of closing. A finders fee, in accordance with the policies of the TSX Venture Exchange, will be payable in cash, units, or a combination of cash and units.

All securities issued pursuant to this Offering are subject to a 4-month hold period from the date of closing. The Offering is subject to TSX Venture Exchange approval and any regulatory approvals.

Proceeds of the Offering will be used for general corporate purposes.

ABOUT FOUNDATION

Foundation is a mineral exploration company focused on exploration and development of high potential gold zones on the Coldstream and Burchell properties. The properties are located in the Western Superior geological province of the Canadian Shield which is noted for hosting prolific gold deposits in Ontario, Canada.

On behalf of the board,

John Hiner, President

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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

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