Foundation, Alto Drill 0.5 m of 254 g/t Au at Iris

Foundation, Alto drill 0.5 m of 254 g/t Au at Iris

Vancouver, Canada, October 29, 2011 --( Mr. Ike Osmani of Foundation reports

Foundation Resources Inc. and Alto Ventures Ltd. have released 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%.

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.

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."

Alto Ventures
Matt Terriss