Foundation Resources Inc.: Completed IP Geophysical Survey Identifies High Priority Drill Targets on Span Lake Claims of the ...

Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:52F) ("Foundation") and
Alto Ventures Ltd. (TSX VENTURE:ATV) ("Alto") are pleased to announce the
completion of a ground induced polarization ("IP") geophysical survey on their
Span Lake claims at the Coldstream Property ("Property"), Northwestern Ontario.
The 22-line-kilometre IP survey, using a Scintrex IPR-12 multichannel time
domain transmitter and a Scintrex TSQ3 3000W time domain receiver, was carried
out by JVX Ltd. of Richmond Hill, Ontario. The surveyed area, covering the
southern-half of the Span Lake claims, occurs adjacent to the Moss Lake Gold
Mines project which contains a NI 43-101 compliant resource of 1.1 million
ounces gold in 'indicated' and 520,000 ounces gold in 'inferred' categories
(Moss Lake Gold Mines Ltd. - News Release dated July 14, 2010).


The purpose of the survey is to define a potential extension of the Moss Lake
Gold Deposit onto the Span Lake claims and find new drill targets based on
chargeability/resistivity responses in areas of thick overburden and scarce
bedrock exposure. 


In the Span Lake area, gold is mainly associated with chargeable pyrite within
highly resistive host rocks (sheared and silicified) of intermediate to felsic
metavolcanics and quartz-feldspar porphyry intrusions. Preliminary
interpretation of the survey identified three areas (IP-1, IP-2 and IP-3) of
strongest chargeable bedrock responses coincident with strong to moderate
resistive anomalies (Figure 1). Within these three areas, nine high priority
drill targets are selected. The southwestern targets within the IP-1 are located
potentially on-strike to the North Zone of the Moss Lake Gold Deposit. The
southeastern anomaly (IP-2) suggests a potential extension of the QES Zone of
the Moss Lake Gold Deposit.


"We are very pleased by the successful completion and the encouraging results
obtained from the IP survey at Span Lake" comments Foundation's President and
Director, Ike Osmani. Foundation and Alto are planning to drill this area in the
next drilling program to confirm the existence of economic gold mineralization.


A 6000-summer drilling program is currently underway at the East Coldstream
Deposit located about 8.0 km northeast of the Span Lake claims. Results from two
drill holes of this drilling program have already been announced (News Release
dated July 11, 2011).


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


To view the Figure associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/fdn0816_map.pdf


The Span Lake Claims

The Span Lake area consists of 27 claims (442 ha) representing the southern-most
part of the 6,394 hectare Coldstream Property. The regionally extensive belt of
intermediate and felsic metavolcanic rocks that hosts a number of gold
occurrences and the Moss Lake Gold Deposit underlies the Span Lake claims. Gold
on the Span Lake claims is mainly associated with pyrite and occurs within
sheared/fractured and altered intermediate to felsic metavolcanic rocks,
diorite, quartz-feldspar and feldspar porphyry intrusions. Typical alteration
mineral assemblage, depending on the host rock composition, consists of silica,
albite, sericite, hematite and biotite or k-feldspar as potassic minerals.


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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