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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (44596)	10/6/2009 8:19:58 PM
From: LoneClone	Read Replies (1) \| Respond to of 196212

FOUNDATION RESOURCES COMPLETES WORK PROGRAM ON COLDSTREAM GOLD PROJECT Mon Oct 5, 9:41 PM ca.news.finance.yahoo.com Vancouver B.C.: Foundation Resources Inc. (“Foundation” or the “Company”) Foundation Resources Inc. is pleased to announce that work has been completed on its Coldstream gold project, located 115 kilometres west of the city of Thunder Bay, Ontario, Canada. The program consisted of geological mapping; trenching and rock sampling. The main objectives of the program were to gain a better understanding of the geology, alteration, and structural controls on mineralization, to refine existing gold zones and to generate new high quality drill targets. Work on the Coldstream Project focused on the Span Lake and East Coldstream areas. The Span Lake area was examined by Inco in the late 1980’s, when 9 gold zones were identified, and limited drilling returned results including 3.01 g/t Au over 7.45m, and 3.67 g/t Au over 4.63m. The Span Lake area is directly adjacent to the National Instrument 43-101 compliant inferred resource of the 1.5 million ounce Moss Lake Gold Deposit. Work in the Span Lake area was designed to confirm results from Inco’s late 1980’s channel sampling, and mapping to delineate geological controls on gold mineralization in the area. At the East Coldstream deposit work was concentrated on understanding controls on mineralization and generating drill targets to confirm and expand the Noranda resource on site. Noranda’s historic resource estimate is 5.1 million tonnes grading 1.4 g/t Au. This estimate is historical and is not 43-101 compliant, and should be used for reference purposes only. Historic drilling results from East Coldstream included wide intersections such as 68 m averaging 1.21 g/t Au. Work also included follow-up on other historical occurrences on the property to determine the potential for additional drill targets. For example, trenching and channel sampling were completed at the Goldie Zone, an historic gold occurrence where an IP conductivity anomaly is coincident with samples grading 2.06 to 5.48 g/t Au over 2m. Results of this program will be released as they become available. ABOUT THE COLDSTREAM PROJECT The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the TransCanada Highway 115 kilometers west of the city of Thunder Bay, Ontario. The area has excellent existing infrastructure, with a major power line and the CN rail line passing just north of the property. Skilled labour is readily available locally. ABOUT FOUNDATION Foundation is a mineral exploration company focused on exploration and development of high potential gold zones on the Coldstream and Burchell properties. The properties are located in the Western Superior geological province of the Canadian Shield which is noted for hosting prolific gold deposits in Ontario, Canada. On behalf of the board, John Hiner CEO and Director Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” 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. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.