Foundation Resources Inc.: 44.50 m Zone Averaging 1.26 g/t Gold Including 3.83 g/t Gold Over 7.40 m and 7.14 g/t Gold Over 2.95 m Intersected at Coldstream, Ontario VANCOUVER, BRITISH COLUMBIA, Oct.

28, 2010 -- Foundation Resources Inc.

(TSX VENTURE:FDN)(FRANKFURT:52F) ("Foundation" or the "Company") is pleased to announce assay results from four more completed drill holes of its 8,000 metre summer drill program on the East Coldstream Deposit (the "Deposit") located within its Coldstream Property (the "Property") in Ontario.

Foundation, the operator of the program, has an option to earn up to a 70% interest in the Property from Alto Ventures Ltd.

("Alto"). Key Point Summary: -- 44.50 metre-wide zone averaging 1.26 g/t gold including 3.83 g/t gold over 7.40 m, 7.14 g/t gold over 2.95 m and 2.13 g/t gold over 8.50 m (Hole C-10-45) -- 30.10 metre-wide zone averaging 1.34 g/t gold including 10.01 g/t gold over 2.95 m (Hole C-10-42) -- 27.50 metre-wide zone averaging 1.15 g/t gold including 1.55 g/t gold over 17.70 m and 2.62 g/t gold over 3.30 m (Hole C-10-46) Table of Significant Gold Assays ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- From To Width Gold Drill Hole (metres) (metres) (metres) (grams/tonne) ---------------------------------------------------------------------------- C-10-40 132.55 143.10 10.55 0.80 (East Zone) ---------------------------------------------------------------------------- including 138.85 143.10 4.25 1.82 ---------------------------------------------------------------------------- 179.90 183.05 4.75 1.23 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- C-10-42 152.10 182.20 30.10 1.34 (Main Zone) ---------------------------------------------------------------------------- including 173.45 176.40 2.95 10.01 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- C-10-45 241.00 252.70 11.70 1.44 (North Zone) ---------------------------------------------------------------------------- including 241.00 246.05 5.05 2.04 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (Main Zone) 365.00 409.50 44.50 1.26 ---------------------------------------------------------------------------- including 365.00 372.40 7.40 3.83 ---------------------------------------------------------------------------- including 369.45 372.40 2.95 7.14 ---------------------------------------------------------------------------- 401.00 409.50 8.50 2.13 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- C-10-46 78.75 87.50 8.75 1.69 (Main Zone) ---------------------------------------------------------------------------- including 83.00 85.15 2.15 3.98 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 113.50 141.00 27.50 1.15 ---------------------------------------------------------------------------- including 117.10 134.80 17.70 1.55 ---------------------------------------------------------------------------- including 125.15 128.45 3.30 2.62 ---------------------------------------------------------------------------
All intervals are represented as down-hole core lengths.

True widths are estimated at 70-75 percent of core length.

Holes C-10-42, C-10-45 and C-10-46 were drilled into the Main Zone and hole C-10-40 was drilled into the East Zone.

The principal purpose of these holes is to continue filling the gaps between well-mineralized historic holes to both confirm and expand the historic resource of the Deposit and to generate sufficient drill data required for the preparation of a new resource estimate that is compliant with NI 43-101 standards.

The three holes (C-10-42, 45 and 46) drilled into the Main Zone intersected multiple gold intercepts of variable grades and core lengths.

Hole C-10-45, representing the deepest of the three holes, intersected wide mineralization at vertical depths of approximately 225 m in the Main Zone.

The large gold system remains open down the interpreted plunge line of the zone (please see drill hole and longitudinal sections in "Investor Presentation" folder on Foundations website at www.foundationres.com).

Gold mineralization intersected from 365.00 m to 409.50 m in the Main Zone averages 1.26 g/t gold over 44.50 m core length, including multiple higher gold grades of variable core lengths (e.g., 3.83 g/t and 7.14 g/t over 7.40 m and 2.95 m, respectively).

The second significant intercept of gold mineralization which lies from 241.0 m to 252.70 m within the eastern edge of the North Zone, returned 1.44 g/t gold over 11.70 metres including 2.04 g/t gold over 5.05 metres.

Both the Main and North zones were also drilled during Foundations 2010 winter drill program and results from drilling in these zones were previously reported on March 29, April 6, and 21, 2010.

These two zones along with the East and Sanders zones together comprises the 1.5 km long, northeast-striking East Coldstream Deposit were tested by 16 previously completed holes under the current program with those results reported on July 21, September 8 and 22, and October 5, 2010.

All holes drilled to date contained gold and have intersected wide mineralized zones with multiple intersections of high-grade gold mineralization in variable core lengths.

Gold is associated with disseminated pyrite and occurs within strongly sheared and hydrothermally altered (silica, albite, sericite, iron carbonate, magnetite and hematite) mafic to intermediate metavolcanic and intrusive quartz-feldspar porphyry rocks. Additional results from the remaining drill holes completed will be released as they become available.

Please refer to Foundations July 21, 2010 news release for Quality Assurance and Quality Control procedures. For more details regarding the Coldstream Property, please visit our website at www.foundationres.com. Ike Osmani, M.Sc., P.

Geo., the President and the Qualified Person for Foundation supervised the drill program and has reviewed and approved this news release. About Foundation Resources Inc.: Foundation is a mineral exploration company focused on exploration and development of high potential gold properties in Canada and Mexico.

Its Coldstream Property is located in the Western Superior geological province of the Canadian Shield, which is noted for hosting prolific gold deposits in Ontario, Canada.

The San Rafael property is located approximately 150 km northwest of Durango in the Durango State, Mexico. On behalf of the board, Paul Chung, CEO 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 Companys 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. 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.

For further information contact: Rain Communications Nelson Da Silva Tel: 604-648-0523 (direct) Ralph Biggar Tel: 604-306-2525 (direct)
NEWSLETTER REGISTRIERUNG: Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach: http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3504761071 Mitteilung übermittelt durch IRW-Press.com.

Für den Inhalt ist der Aussender verantwortlich.

Kostenloser Abdruck mit Quellenangabe erlaubt.