A correction from source is issued with respect to the release dated October
11th, 2011 at 6:30AM ET. Under the results descriptions a new line about hole
C11-83 has been added, along with a quotation from Foundations President Ike
Osmani. The complete and corrected version follows.


Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation") and Alto Ventures
Ltd. (TSX VENTURE:ATV) ("Alto") are pleased to announce the results of the last
ten (10) holes drilled this summer on the East Coldstream Gold Deposit
("Deposit"), Northwestern Ontario. Of the total fifteen (15) holes, totaling
3,897 metres, drilled on the deposit, the results of five holes have already
been reported (News Releases: July 16 and August 23, 2011). The fifteen
completed holes on the Deposit are part of a 6,133-metre drill program with the
objectives of expanding the Deposit both laterally and down- plunge. Eleven
holes, totaling 2,236 metres, were drilled in the Iris Lake area and the results
of these holes are pending. Foundation is the operator of this program and owns
60% interest in the Property. Alto owns the remaining 40%.




Table 1: Significant Gold Assays                                           
---------------------------------------------------------------------------
                                                                    Gold(ii)
                           Gold       From         To   Width(ii)    (grams
Drill Hole              Horizon    (metres)   (metres)    (metres)   /tonne)
----------------------------------------------------------------------------
C-11-75                    EC-2     172.65     180.00        7.35      3.13
---------------------------------------------------------------------------
Including                           172.65     174.00        1.35     11.65
---------------------------------------------------------------------------
                                    197.00     199.00        2.00     10.95
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
C-11-76                    EC-2     152.00     160.50        8.50      1.06
---------------------------------------------------------------------------
                                                                           
C-11-77                    EC-2      79.00      96.00       17.00      1.21
---------------------------------------------------------------------------
including                            94.00      96.00        2.00      3.44
---------------------------------------------------------------------------
C-11-78             EC-1 (south      56.40      59.50        3.10      1.04
---------------------------------------------------------------------------
                    -west ext.)      76.00      78.00        2.00      2.15
---------------------------------------------------------------------------
                                     85.40      89.00        3.60      1.36
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
C-11-80             EC-1 (south     314.00     316.10        2.10      1.44
----------------------------------------------------------------------------
                    -west ext.)     333.00     335.00        2.00      0.56
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
C-11-81             EC-1 (south     281.95     283.30        1.35      1.86
---------------------------------------------------------------------------
                    -west ext.)     308.65     309.65        1.00      1.33
---------------------------------------------------------------------------
                                    342.05     343.10        1.05      1.58
---------------------------------------------------------------------------
                                    350.70     352.70        2.00      0.50
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
C-11-83             EC-1 (south      31.50      34.00        2.50      1.61
---------------------------------------------------------------------------
                    -west ext.)      49.00      51.50        2.50      1.08
---------------------------------------------------------------------------
                                     70.30      73.95        3.65      1.03
---------------------------------------------------------------------------
including                            70.30      71.95        1.65      2.16
---------------------------------------------------------------------------
(ii)Mineralized zones generally start at 0.1 g/t gold and assay averages may
include minimal intervals of waste material. No top cuts of assays were    
used. Drill holes C-11-79, 82 and 84 yielded no significant gold values.   



All intervals are represented as down-hole core lengths with true widths
estimated at 70 to 75 percent.


Three drill holes (C-11-75, 76 and 77) were drilled into the EC-2 horizon
(formerly west end of the East Zone) of the Deposit to test the western
extension of the mineralized horizon to a vertical depth of 100- 150 metres
while maintaining 50 metre spacing between the holes. Drill hole C-11-75
intersected multiple gold intercepts of variable grades and widths. It
intersected 11.65 g/t gold over 1.35 m within a 7.35 metre-wide zone averaging
3.13 g/t gold. Drill holes C-11-76 and C-11-77 intersected respectively 1.06 g/t
gold over 8.50 metres and 1.21 g/t gold over 17.0 metres, including 3.44 g/t
gold over 2.0 metres. These results extend the EC-2 horizon laterally by
approximately 100 metres to the west, closer to the formerly known North Zone.
The previously reported drill holes C-11-70, 71 and 72 have extended the EC-2
horizon laterally to the northeast by approximately 150 metres, which
potentially remains open farther along this direction (News Releases: July 16
and August 23, 2011).


Six drill holes (C-11-78 to 83, inclusive) were drilled to the west and at the
southwest end of the Deposit, where the EC-1 and the EC-2 horizons merge into
one ore body at depth. The majority of these holes intersected multiple gold
intercepts of variable grades and widths shown in Table 1. The most westerly
hole C-11-83 shows mineralization remains open beyond the currently known
western limit of the Deposit. 


"Management of the both Foundation and Alto are extremely pleased with the drill
results from the 2011 summer drilling program on the Deposit. These drilling
results have  extended the East Coldstream Deposit both laterally and at depth
which increases the potential of adding significant ounces to the existing gold
resources of the Deposit," states Foundations President Ike Osmani.


Quality Assurance/Quality Control (QA/QC)

Foundation has implemented a quality control (QA/QC) program which includes the
use of commercially produced standards and blanks. Samples of split NQ core were
transported by Company personnel to the sample preparation lab of ALS Chemex
Laboratory in Thunder Bay where they were crushed and 1000-gram pulps were
prepared for each sample. The pulps were then shipped by ALS Chemex-Thunder Bay
to the ALS Chemex Laboratory in North Vancouver, B.C. for analyses. The gold
assaying method uses a standard Fire Assay with ICP-AES technique on a 30-gram
pulp material taken from a 1000g split from the submitted sample. For more
details of QA/QC procedures, please refer to Foundations July 21, 2010 news
release.


Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person
for the Coldstream Project supervises 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.


A draft of an NI43-101 Technical Report including a Mineral Resource Estimate
for the East Coldstream Gold Deposit was prepared by Wardrop, a Tetra Tech
Company (Wardrop). 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 (EC-1
and EC-2) 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. At the
0.4 g/t cut-off the Deposit is estimated to contain 763,276 ounces of gold in
the Inferred category and 96,400 ounces of gold in the Indicated category (see
news release dated September 20, 2011).


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.


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, M.Sc., P.Geo., 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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