Foundation Updates on its Ontario Projects
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/19/11 -- Foundation Resources Inc. (TSX VENTURE: FDN) ('Foundation') is pleased to provide an exploration update on its two Ontario projects, the Mitchell and the Coldstream. On the Coldstream Property, Foundation with joint venture partner Alto Ventures (TSX VENTURE: ATV), has recently completed an induced polarization (IP) survey on Span Lake claims (News Release dated August 19, 2011), and is now in the midst of completing a 6,000-metre drill program on the East Coldstream Deposit and Iris Lake target where recently they discovered a high-grade gold mineralization (8.39 g/t gold over 11.0m - News Release dated March 22, 2011). The Iris Lake discovery is located approximately 1.5 kilometres north of the East Coldstream Deposit.
On its wholly owned massive sulphide Mitchell Property (2,256 hectares) in the Red Lake Mining Districts, Foundation has recently completed a reconnaissance lithogeochemical survey and planning a follow-up high resolution airborne magnetic and electromagnetic survey on the Property. The results of the geophysical surveys will follow on selected targets by appropriate geological methods.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person for the Coldstream Project and Mitchell Project, has reviewed and approved the technical content of this news release.
For more details regarding the Coldstream Property, please visit our website at: www.foundationres.com
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on exploration and development of gold and base metal properties in Canada and Mexico. Its flagship Coldstream gold project in the Shebandowan greenstone belt and Mitchell base metal property in the Birch-Uchi greenstone belt east of Red Lake occur within the Western Superior geological province of the Canadian Shield, noted for hosting prolific gold and base metal deposits in Ontario, Canada. The San Rafael gold-silver property is located approximately 150 km northwest of Durango in the Durango State, Mexico.
On behalf of the board,
Ike Osmani, President & Director
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.
Contacts:
Foundation Resources Inc.
Paul Chung, MBA
CEO & Director
604-681-0405
604-687-4670 (FAX)
info@foundationres.com
Foundation Resources Inc.
Ike Osmani, M.Sc., P.Geo.
President & Director
604-681-0405
604-687-4670 (FAX)
info@foundationres.com
www.foundationres.com
Rain Communications
Nelson Da Silva
604-648-0523 (direct)
Rain Communications
Ralph Biggar
604-306-2525 (direct)