FDN Birch Hill Gold Corporation

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.

Foundation Resources Inc. (TSX VENTURE:FDN) (the "Company") is pleased to
announce the close on October 31, 2011 of its non-brokered private placement
previously announced on October 7, 2011 and amended on October 19, 2011, which
has resulted in gross proceeds of the Company of $1,027,250 (the "Offering").


The Offering consisted of 10,272,500 units (the "Units") at a price of $0.10 per
Unit. As previously disclosed, each Unit consisted of one common share and one
half of one share purchase warrant. Each whole share purchase warrant (a
"Warrant") is exercisable for one common shares of the Company at a price of
$0.15 per share until October 31, 2012. 


Finder's fees of $102,725 in cash and 600,000 finder's warrants (on the same
terms as issued to subscribers of the Offering) were also payable in respect of
the Offering.


All securities issued pursuant to the Offering are subject to a four-month hold
period expiring on March 1, 2012.


The funds raised will be utilized for general working capital purposes.

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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