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Foundation starts 8,000 m drill program on Coldstream

2010-06-10 08:43 ET - News Release

Mr. Paul Chung reports

FOUNDATION RESOURCES COMMENCES 8,000 METRE PHASE 2 DIAMOND DRILLING PROGRAM AT COLDSTREAM

Foundation Resources Inc. is starting 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 southernmost 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 kilometres west of the city of Thunder Bay, Ont. 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-per-cent interest in the Coldstream property from Alto Ventures Ltd.

For more details regarding the Coldstream property, please visit the company website.

Ike Osmani, PGeo, is the qualified person for Foundation who has reviewed and approved this news release.

We seek Safe Harbor.