FDN Birch Hill Gold Corporation

Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation") and Alto Ventures
Ltd. (TSX VENTURE:ATV) ("Alto") are pleased to announce the receipt of a draft
of an NI43-101 Technical Report ( the "Report") including a Mineral Resource
Estimate for the East Coldstream Gold Deposit ("Deposit") located on the
Coldstream Property (the "Property) in Northwestern Ontario. There are currently
four other significant gold targets (e.g., Iris Lake, Goldie Zone, Burchell West
and Span Lake) on the Property which are not part of the current resource
estimates. The Report was prepared by Wardrop, a Tetra Tech Company (Wardrop)
and incorporates over 26,000 m of drilling that was completed on the deposit.
Foundation is the operator of this project and owns 60% interest in the
Property. Alto owns the remaining 40%.


Indicated and Inferred resources have been determined for the East Coldstream
Deposit (see Table 1). At a cut-off grade of 0.4 g/t gold and using the Inverse
Distance Squared (ID2) estimation method, the two parallel gold horizons contain
an Indicated Resource of about 3.5 million tonnes with an average grade of 0.85
g/t gold. In addition, the Inferred Resource totals approximately 30.5 million
tonnes with an average grade of 0.78 g/t gold. Table 1 provides a summary of the
Resource Estimate at the 0.4 g/t cut-off. The Deposit estimated to contain
763,276 ounces of gold in inferred category and 96,400 ounces of gold in
indicated category.




Table 1. East Coldstream Deposit Resource Estimation Summary at 0.4 g/t
         gold cut-off (using ID2 method)                                
--------------------------------------------------------------------
Class       Horizon     Tonnes Above         Average       Au Ounces
                       Cut-off Grade           Grade                
                                                (g/t)                
--------------------------------------------------------------------
Inferred    EC-1          20,732,000            0.77         515,454
--------------------------------------------------------------------
            EC-2           9,801,000            0.79         247,822
--------------------------------------------------------------------
            Total         30,533,000            0.78         763,276
--------------------------------------------------------------------
                                                                    
--------------------------------------------------------------------
Indicated   EC-1           1,371,900            0.89          39,376
--------------------------------------------------------------------
            EC-2           2,144,800            0.83          57,024
--------------------------------------------------------------------
            Total          3,516,700            0.85          96,400
--------------------------------------------------------------------



The Deposit is made up of two parallel horizons of strong alteration and
deformation, the EC-1 and EC-2. These horizons contain "shoots" of significant
gold mineralization. The EC-1 in this Report is the southern horizon and
includes the previously known Main and Sanders zones which are on strike with
each other and are connected by areas of low gold mineralization (see Figure 1).
The EC-2 in this Report lies north of EC-1 and includes the previously referred
North and East zones. These zones are also on strike with each other and are
also connected by areas of lower grade gold mineralization. The EC-1 and EC-2
horizons appear to converge at depth into one wide zone of mineralization.




Table 2. Cut-off Sensitivities for the East Coldstream Deposit Resource 
         Estimate
--------------------------------------------------------------------------
Class        ID2 Cut-off          Tonnes   Average Grade  Contained Ounces
                 (Au g/t)                        (Au g/t)               Au
--------------------------------------------------------------------------
Inferred             0.2      55,563,000            0.56           994,157
--------------------------------------------------------------------------
                     0.3      40,768,000            0.67           876,682
--------------------------------------------------------------------------
                     0.4      30,533,000            0.78           763,276
--------------------------------------------------------------------------
                     0.5      23,001,000            0.89           655,104
--------------------------------------------------------------------------
                     0.6      16,976,000            1.01           549,109
--------------------------------------------------------------------------
                                                                        
--------------------------------------------------------------------------
Indicated            0.2       5,814,100            0.63           117,672
--------------------------------------------------------------------------
                     0.3       4,514,500            0.74           107,522
--------------------------------------------------------------------------
                     0.4       3,516,700            0.85            96,400
--------------------------------------------------------------------------
                     0.5       2,807,200            0.96            86,194
--------------------------------------------------------------------------
                     0.6       2,251,400            1.06            76,383
--------------------------------------------------------------------------



A cut-off grade of 0.4 g/t gold was selected to tabulate the total resources
based on the results of similar gold projects located in Ontario and Quebec. In
addition, the following parameters were considered; 4:1 stripping ratio,
operating costs of $14.30/tonne at 10,000 tonnes per day, long term gold price
of $US1,139/troy ounce, $US to $Cdn conversion of 1.00, and gold recovery of
95%. The resources block considers the mineralization to start at surface down
to a depth of 400 m vertical for the deepest zone. 


Mineral Resources are not Mineral Reserves and by definition do not demonstrate
economic viability.


Resource Classification and Description of Block Model

Several factors were considered in the definition of a resource classification
including: National Instrument 43-101 requirements, Canadian Institute of
Mining, Metallurgy and Petroleum guidelines, the report author's experience with
Archean and Proterozoic gold deposits, and spatial continuity based on
variography of the assays within the drill holes.


Individual block models were established in Datamine for the zones using one
parent model as the origin. Drill hole spacing varies from 25 m to 50 m. A block
size of 10 x 10 x 10 m was selected in order to accommodate the drilling spacing
and the nature of the mineralization. Sub-celling of the block model was used to
allow the parent block to be split once in each direction to more accurately
fill the volume of the wireframes, thus more accurately estimate the tonnes in
the resource.


The interpolations of the two zones were completed using the Inverse Distance
Squared (ID2) estimation method. The global block model statistics for the ID2
model were compared to the Nearest Neighbour (NM) model and the Ordinary Kriging
(OK) model. In general there is agreement between the three models and larger
discrepancies were reflected as a result of lower drill density in some portions
of the model. 


A copy of the final Report will be filed on SEDAR within 45 days of the date of
this news release.


To view Figure 1, visit the following link:
http://media3.marketwire.com/docs/FDNfigure1.pdf


Qualified Person

Todd McCracken, P.Geo, is a Qualified Person ("QP") for purposes of NI 43-101.
He is responsible for preparing the Report and the Resource Estimate disclosed
in the Report. Mr McCracken is an employee of Wardrop, and independent from the
Companies as described in section 1.5 of NI 43-101. He has read and approved the
technical disclosure in this press release. 


About the East Coldstream Gold Deposit

The East Coldstream Gold Deposit is only one of several areas of significant
gold mineralization on the Coldstream Property. Other areas include Iris Lake,
Span Lake, Goldie Zone and Burchell West. The Iris Lake area is located 1.5
north of the Deposit and drilling during the 2011 winter program intersected
8.39 g/t gold over 11 m (see news release dated March 22, 2011). Further
drilling was carried out at Iris Lake as part of the recently complete 6,000 m
summer program on the Coldstream Property. Results for the holes drilled in the
Iris Lake area are pending.


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 6,250 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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