FDN Birch Hill Gold Corporation

Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:52F) ("Foundation") and
Alto Ventures Ltd. (TSX VENTURE:ATV) ("Alto") or together "the Companies" are
pleased to announce the commencement of their 6,000-metre summer diamond
drilling and other surface exploration programs on the Coldstream Property ("the
Property") in northwestern Ontario. Foundation is the operator of this program
and owns a 60% interest in the Property. Alto owns the remaining 40%. The two
primary objectives of this 2011 summer drill program are: 


(1) Expand high-grade gold mineralization (8.39 g/t gold over 11.0m) discovered
at Iris Lake during the 2011 winter drilling program. This high-grade gold
discovery is open along strike to the northeast and southwest of the
mineralization site and located approximately 1500 metres north of the East
Coldstream Deposit.


(2) Continue expanding the East Coldstream Gold Deposit ("the Deposit") both
laterally and down plunge immediately west of the Deposit in a virtually
unexplored area.  


In addition to the drilling, a pole-dipole induced potential (IP) survey is
currently in progress to obtain drill targets on the Span Lake claims adjacent
to the Moss Lake Gold Deposit (1.1 million ounces in 'Indicated' and 520,000
ounces in 'Inferred' categories (Moss Lake Gold Mines Ltd. - News Release dated
July 14, 2010). Historical drilling by Inco Ltd. (now "Vale") in the 1980s from
this area returned anomalous gold values (e.g., 0.99 g/t gold over 24.5 m and
1.5 g/t gold over 3.5 m) suggesting a potential extension of the Moss Lake Gold
Deposit (QES Zone) onto the Property. Also, a surface program, consisting of
litho-structural study, prospecting and lithogeochemical sampling is in progress
in other areas in order to identify new mineralized zones of economic potential
within the Property. 


Over 6,000 metres of diamond drilling were completed during the 2011 winter
exploration program on the East Coldstream Deposit and exploration drilling
elsewhere on the Property. The drilling expanded the down-plunge and lateral
continuity of the Deposit and resulted in a new high-grade gold discovery (8.39
g/t gold over 11.0m - News Release dated March 22, 2011) south of Iris Lake in
the northeastern part of the Property. The high-grade gold discovery is located
approximately 1500 metres north of the East Coldstream Deposit. The current
summer drilling program is designed as a follow up to the successful completion
of the winter drilling on the Property.


Encouraged by the positive drilling results, the Companies strongly believe that
the 2011 winter drilling program was executed successfully and has potentially
increased the area of gold mineralization at the East Coldstream Deposit. The
program also produced several significant exploration targets, such as the
high-grade gold mineralization in the Iris Lake area, for follow-up exploration
in the 2011 summer exploration programs. The current drilling program will
further advance the East Coldstream Deposit by adding potentially more
gold-enriched areas to the Deposit which is currently subject to a NI 43-101
compliant resource estimation by Wardrop, a Tetra Tech Company (News Release
dated March 01, 2011).


Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person
for the Coldstream Project supervised the drill program and has reviewed and
approved the technical content of this news release.


About the East Coldstream Deposit

The East Coldstream Deposit is hosted within mafic to intermediate metavolcanic
rocks which have been intruded by dike/sill-like bodies of quartz-feldspar
porphyries and gabbros. All these rock types have been variably altered (silica,
hematite, carbonate, chlorite) and deformed by east- to east-northeast striking
North Coldstream Shear/Deformation Zone. Gold is associated with 1 to 5 percent,
fine-grained pyrite. 


About the Coldstream Property

The 6,234-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. 


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

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