FDN Birch Hill Gold Corporation

Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:S52) ("Foundation" or "the
Company") is pleased to announce that it has received TSX approval and completed
the acquisition of Alto Ventures Ltd. ("Alto") 40% interest in the Coldstream
Gold Project, as originally disclosed in the Company's news release on November
8, 2011. This consolidation gives Foundation 100% interest in the property. The
Coldstream Project is host to a number of significant gold targets including the
Osmani Gold Deposit (formerly known as the East Coldstream Deposit) which has a
NI 43-101 resource estimate of 763,276 ounces gold (30.5 million tonnes at 0.78
g/t gold) in the Inferred and 96,400 ounces gold (3.5 million tonnes at 0.85 g/t
gold) in the Indicated categories.


Paul Chung, CEO and Director of Foundation Resources; "We are extremely pleased
and excited about this recent acquisition of the Coldstream Project. With
complete ownership of this project, Foundation and its shareholders now have the
opportunity to participate in 100% of all the blue sky potential within the
Coldstream Gold Project and the planned resource expansion of the Osmani Gold
Deposit." 


Rick Mazur, CEO and Director of Alto Ventures; "Alto looks forward to the
prospect of increased value for our investment in the Coldstream Gold project
through our equity interest in Foundation. The consolidation of this asset will
facilitate advancement of the Osmani Gold deposit and unlock the tremendous
exploration potential of the Coldstream property. The Foundation exploration
team has done a superb job in progressing the project during the course of the
option and joint venture."  


There are currently five (5) known significant gold mineralization areas
occurring within the claim boundaries of the Coldstream Property that are
currently subject to aggressive exploration and development campaigns by the
Company (Figure 1). The exploration targets include: Osmani Gold Deposit
(formerly known as the East Coldstream Deposit), Iris Zone, Goldie Zone, Span
Lake deposit and the Burchell West prospect. Of these, the Osmani Gold Deposit
is the most advanced of all other targets for which a NI 43-101 resource
estimate of 763,276 ounces gold in the Inferred and 96,400 ounces gold in the
Indicated categories has been calculated and reported on September 20, 2011. The
6,410-hectare Property, located along the Trans-Canada Highway 115 km west of
Thunder Bay in northwestern Ontario, occurs within the western Shebandowan
Greenstone Belt of the Wawa Subprovince which is host to some of the richest
gold mines in Canada (e.g., Hemlo gold camp). 


To view figure 1, please visit the following link:
http://media3.marketwire.com/docs/fdn216i.pdf. 


Gold on the Coldstream Property occurs along 16 kilometres of the 25 kilometre
long, northeast-southwest trending North Coldstream-Moss Lake deformation zone
which hosts and defines the Coldstream Gold Trend. 


About Foundation Resources Inc. 

Foundation Resources is a mineral exploration company focused on the exploration
and development of its flagship Coldstream Gold Project located in the
Shebandowan Greenstone Belt, 115 km north west of Thunder Bay, Ontario and the
Mitchell base metal property located within the Red Lake Mining District in
Ontario. The Company's recently announced resource estimate of 863,000 ounces of
gold (763,276 ounces gold inferred and 96,400 ounces gold indicated) on the
Osmani deposit is one of five highly prospective gold targets that Foundation
has within this 16 km long Coldstream Gold Trend. In addition to its Canadian
projects, the Company is also exploring the San Rafael gold-silver property in
Mexico which is located approximately 150 km northwest of Durango.


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


On behalf of the board,

Ike Osmani, M.Sc., P.Geo., President & Director

CUSIP: #350476107

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.

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