Vancouver B.C. August 19, 2011: Foundation Resources Inc. (FDN: TSX-V) ("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 (ATV: TSX-V), 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
