Vancouver B.C. November 16, 2009: Foundation Resources Inc. (FDN: TSX-V) is pleased to announce results of the summer field program demonstrating strong potential to expand the historic resource (non 43-101 compliant) on the East Coldstream Deposit of the Coldstream Property in Ontario.
This is the second in a series of news releases presenting the results of the recently completed 2009 summer field program on the Property. This news release presents the results for the East Coldstream Deposit only. Further news releases providing results for the Coldstream Property are planned in coming weeks.
Highlights of the East Coldstream Deposit:
Some of the most significant gold assays obtained from 2009 channel sampling include:
| Channel Sample | Au g/t | Length (m) |
| EC-06 | 1.69 | 5.8 |
| includes | 5.26 | 1.6 |
| EC-09 | 1.29 | 6.5 |
| includes | 2.48 | 3.2 |
These very positive channel samples were taken at the Sanders Zone, east of a drill hole completed in 2006 by partner Alto Ventures with results including 1.1 g/t Au over 23 m. The Sanders Zone was not included in the Noranda resource calculation. It shows excellent potential to expand the historic East Coldstream Deposit resource along strike to the east.
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.
The East Coldstream Deposit is located on the 5,394 hectare Coldstream Property. The East Coldstream Deposit is easily accessed by logging and drill roads from the nearby Trans Canada highway.
A historical non 43-101 compliant resource of 5.1 million tonnes grading 1.43 g/t Au, with 234,000 contained ounces gold was calculated by Noranda in 1990. This resource estimate was based on relatively shallow drilling at 3 zones (the Main, North, and East zones). The Company is not treating the historical estimate as a current mineral resource, as defined in NI 43-101. Therefore, the resource estimate should not be relied upon.
2009 field work has succeeded in identifying areas with strong potential to add tonnage to the East Coldstream Deposit. Channel sampling and mapping has identified the Sanders Zone as a potential extension along strike to the east. It has also been noted that historic drilling at all zones has been shallow and significant potential to expand the deposit to depth remains.
From a total of 78 grab samples taken in the area of the East Coldstream Deposit, 35 returned gold results greater than 0.5 g/t Au, and 9 of the samples returned greater than 5 g/t Au. These results confirm the historic mineralization and demonstrate a mineralized strike length of at least 1.5 km.
Foundation plans to complete drilling to test these potential extensions of the East Coldstream Deposit at depth, and to the east in the area of the Sanders Zone, in addition to confirmation drilling aimed at moving the East Coldstream Deposit toward a 43-101 compliant resource estimate.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims 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.
For more details regarding the Coldstream Property, please visit our website at www.foundationres.com
Quality Control
Channel samples were cut approximately 5 cm wide perpendicular to the strike of the sampled material (foliated/sheared rock units). The channels were cut continuously across the desired width of the sample with a diamond-blade rock saw to an approximate depth of 10 cm and then the cut rock was chipped out with hammer and chisel. Geologists described the samples, such as rock type and mineralization, and then bagged the samples and brought them to the campsite where blanks and standards were inserted into every 20 sample series. The bagged samples were then placed into large rice bags and marked for delivery to the assay lab for analyses of gold and other selected elements. The staff of the Coast Mountain Geological Ltd, the contractor for Foundation, delivered the samples to certified ALS Laboratory (ISO 9001:2000 and ISO 17025:2005) in Thunder Bay, Ontario. The samples were weighed, crushed (70% - <2mm), pulverized (split to better than 85% passing 75 microns), and then analyzed for gold and other trace elements by the lab. Gold is analyzed by the lab for up to lOppm upper detection limit using the fire assay procedure on a 30g sample with ICP finish. Any sample exceeding this upper limit value was then re-analyzed by the same fire assay method but with gravimetric finish.
Ike Osmani, P. Geo., is the Qualified Person 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 zones on the Coldstream Property. The Property is 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 E. Hiner
Chief Executive Officer
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. " 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.
