Foundation Resources Inc.
TSX VENTURE : FDN

Foundation Resources Inc.

June 10, 2010 08:30 ET

Foundation Resources Commences 8,000 Metre Phase 2 Diamond Drilling Program at Coldstream

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2010) - Foundation Resources Inc. (TSX VENTURE:FDN) is pleased to announce the commencement of a minimum 8,000 metre phase 2 diamond drilling program on its Coldstream Property in Ontario. The main objective of the current diamond drilling program is to further define and expand the East Coldstream deposit. Drilling is also planned in the Span Lake area to confirm gold-bearing zones drilled by Inco in the 1980s, and test the potential continuity of the adjacent Moss Lake gold deposit (NI 43-101 compliant inferred resource of 1.5 million ounces contained gold) on to the southern-most claims in the Span Lake area of the property.

Foundation has contracted Coast Mountain Geological Ltd. of Vancouver, B.C. to manage the project.

About the Coldstream Property:

The East Coldstream Deposit, which occurs within the 5,394 hectare Coldstream Property, is located along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally. Mineralization at the East Coldstream Deposit is hosted in intensely sheared, silicified and iron-carbonate altered mafic to felsic metavolcanics and porphyries in a zone extending northeast over a 1.5 km strike length. Foundation has an option to earn up to a 70% interest in the Coldstream property from Alto Ventures Ltd.

For more details regarding the Coldstream Property, please visit our website at www.foundationres.com.

Ike Osmani, P.Geo., is the Qualified Person for Foundation who has reviewed and approved this news release.

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, 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.

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)
    or
    Rain Communications
    Ralph Biggar
    604-306-2525 (direct)
    or
    Foundation Resources Inc.
    Voice: (604) 687-7551
    1-800-667-4470
    (604) 687-4670 (FAX)
    info@foundationres.com
    www.foundationres.com