FDN Birch Hill Gold Corporation

Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation") and Alto Ventures
Ltd. (TSX VENTURE:ATV) ("Alto" or together "the Companies") are pleased to
announce the results of all drill holes from the Iris Lake area, located
approximately 1.5 km north of the East Coldstream Deposit ("Deposit") on their
Coldstream Property ("Property"), northwestern Ontario. Upon recently completing
the 6,133 metre drill program this summer on the Property, 2,236 metres were
drilled in the Iris Lake area for a total of eleven holes. The remaining 3,897
metres were utilized for further expansion of the East Coldstream Deposit for
which a NI 43-101 compliant resource estimate of 763,276 ounces gold Inferred
and 96,400 ounces gold Indicated has been calculated and reported on September
20, 2011. Foundation is the operator of this program and owns a 60% interest in
the Property and Alto owns the remaining 40%. 


Table of Significant Gold Assays 



-------------------------------------------------------
                                                   Gold
                  From         To      Width     (grams
Drill Hole     (metres)   (metres)   (metres)    /tonne)
-------------------------------------------------------
IL-11-10         77.40      78.55       1.15       5.55
-------------------------------------------------------
                                                       
-------------------------------------------------------
IL-11-12        199.60     200.10       0.50     254.00
-------------------------------------------------------
                                                       
-------------------------------------------------------
IL-11-17         24.00      34.00      10.00       0.45
-------------------------------------------------------
        and      62.40      71.00       8.60       1.09
-------------------------------------------------------
  Including      62.40      63.55       1.15       4.74
-------------------------------------------------------
  Including      69.65      71.00       1.35       2.15
-------------------------------------------------------
                                                       
-------------------------------------------------------
IL-11-19         82.10      84.00       1.90       1.33
-------------------------------------------------------
        and     134.25     141.80       7.55       1.15
-------------------------------------------------------
  Including     140.50     141.80       1.30       4.21
-------------------------------------------------------
IL-11-20        100.80     130.50      29.70       1.27
-------------------------------------------------------
  Including     100.80     104.00       3.20       7.05
-------------------------------------------------------
  Including     128.50     130.50       2.00       2.23
-------------------------------------------------------
(i)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.       



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


All holes completed in the Iris Lake area are located 1.5 km north of the East
Coldstream Deposit within the northeastern part of the Coldstream Property (see
Figure 1). The purpose of these drill holes is to expand the gold mineralization
laterally to both northeast and southwest directions from the site of high-grade
gold discovered during the 2011 winter drilling program (see news release dated
March 22, 2011). Together, these these holes and the holes that were completed
previously define a gold mineralization area that measures approximately 25 to
70 metres in width and 630 metres in length (Figure 1). The mineralized area
occurs within a broad deformation zone consisting of variably sheared and
altered (silica, chlorite, hematite and epidote) mafic and felsic metavolcanic
rocks. 


To view Figure 1, please click the following link:
http://www.foundationres.com/i/photos/Iris-Lake-FDN.jpg. 


Drill hole IL-11-20 was collared approximately 120 metres southwest of the
high-grade hole IL-11-02 (8.39 g/t gold over 11.00 m) reported on March 22,
2011. IL-11-20 intersected 7.05 g/t gold over 3.20 m within a 29.70 metre-wide
zone averaging 1.27 g/t gold. Drill hole IL-11-19, located about 70 metres
northeast from the hole IL-11-02 intersected 4.21 g/t gold over 1.30 m within a
7.55 metre-wide zone averaging 1.15 g/t gold. Drill hole IL-11-17, located
approximately 105 m northeast from hole IL-11-19 along the same mineralization
trend, intersected, albeit discontinuously, anomalous to strongly anomalous gold
values over a 47.00 metre-wide core length. The two best mineralized intercepts
within this zone include a 4.74 g/t gold over 1.15 m within a 8.60 metre-wide
zone averaging 1.09 g/t gold and a 0.45 g/t gold averaging over 10.00 metre core
length.


Drill holes IL-11-10 and 12, which define the northeastern part of the 630 metre
long mineralized Iris Lake Zone, intersected 5.55 g/t and 254.00 g/t gold over
1.15 and 0.50 m, respectively. Holes IL-11-13 to 16, and 18 returned weakly
anomalous gold values within this newly defined Iris Lake Zone. The bonanza gold
grade (254.00 g/t Au) in hole IL-11-12 is attributed to the presence of visible
gold observed in the core at the time of sampling. The visible gold sample was
subjected to pulp metallic screening procedures by the ALS Chemex Lab to ensure
that the value is an accurate representation of gold content in the core sample.


"Management of the both Foundation and Alto are extremely pleased with very
positive drill results from the 2011 drilling program at the Iris Lake which
successfully delineated additional new potentially economic mineralized zones
located 1.5 km north of the East Coldstream Deposit," states Ike Osmani,
President and Director of Foundation. He adds, "The persistent and widespread
distribution of anomalous to high-grade gold mineralization occurring along the
northern margin of the Iris Lake Deformation Zone has carved out a 25 to 70metre
by 630metre mineralized horizon open in all directions for further exploration
and development." 


The Iris Lake Area

The Iris Lake Zone is located 1.5 km north of the East Coldstream Deposit
(763,276 ounces gold Inferred and 96,400 ounces gold Indicated) in the
northeastern part of the Coldstream property. The Iris Lake area is underlain
primarily by mafic and felsic metavolcanic rocks. Numerous dikes and sills of
quartz-feldspar and feldspar porphyries have been emplaced within this
mafic-felsic volcanic rock package. All these rock types have been variably
altered (silica, hematite, chlorite, epidote), mineralized (pyrite and
chalcopyrite) and deformed by up to 500 m wide and 2,100 m long Iris Lake
Deformation Zone (ILDZ). The ILDZ is a northeast-striking structure with
alteration similar to the North Coldstream Shear Zone (NCSZ) structure hosting
the East Coldstream Deposit located 1.5 km south of the Iris Lake area.


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 are
transported by Company personnel to the sample preparation lab of ALS Chemex
Laboratory in Thunder Bay where they were crushed and a 1000-gram pulp was
prepared. The pulp was then shipped to 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. One core sample with visible gold was analyzed using pulp
metallic screening procedures to ensure that the value is an accurate
representation of gold content in the 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 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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