Foundation Resources Acquires 100% of the Coldstream Gold Project
Friday, Feb 17, 2012
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).