Fundamental Research Initiates Coverage on Foundation Resources (TSXV:FDN) - Video Summary Posted on www.InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, August 22, 2011 - Fundamental Research has
initiated coverage on Foundation Resources (TSXV:FDN). Fundamental Research
gives the company a speculative buy recommendation with a 12 month target of
$0.62, much higher than its current $0.12 price. The company currently has about
$2 million, or $0.06 per share in cash.
InvestmentPitch.com has produced a "video news alert" about Foundation
Resources. If this link is not enabled, please visit www.InvestmentPitch.com and
enter "Foundation" in the search box.
Foundation is focused on its flagship Coldstream gold project, located 115
kilometres northwest of Thunder Bay, Ontario. The company acquired a 60%
interest in the 6,234 hectare property by spending $3 million in exploration and
issuing 1 million shares to Alto Ventures.
Significant exploration targets on the property include the East Coldstream
deposit, the past producing North Coldstream Mine, the Goldie Zone, the Span
Lake deposit and recently discovered high-grade gold in the Iris Lake area
located 1,500 metres north of the East Coldstream Deposit.
The East Coldstream deposit, situated within the northeastern part of the
property, has a historic resource of 234,000 ounces of gold. To the southwest,
the past producing North Coldstream Mine, which was operated by Noranda,
produced 103 million pounds of copper, 22,000 ounces of gold and 440,000 ounces
of silver.
The Span Lake deposit on the southern part of the Coldstream property is
believed to be an extension of the Moss Lake gold deposit, which had reported an
inferred gold resource of 1.51 million ounces.
Over the years, different areas within the Coldstream property have been
explored by companies such as Noranda, Newhawk, Lacana, Newmont, Kinross and
Alto Ventures.
Fundamental Research estimates the East Coldstream Deposit could contain 1.76
million ounces of gold, not including the Span Lake deposit. Fundamental
cautions that this is their in-house estimate and is not NI 43-101 compliant.
Subsequent to the Fundamental report, Foundation just announced the completion
of a 22-line-kilometre IP survey on the Span Lake claims. The surveyed area,
covering the southern-half of the Span Lake claim, occurs adjacent to the Moss
Lake Gold Mines project, which contains a NI 43-101 compliant resource pf 1.1
million ounces gold in the "indicated" and 520,000 ounces gold in the "inferred"
categories. This survey was undertaken to define a potential extension of the
Moss Lake Gold Deposit onto Foundation's Span Lake claims and find new drill
targets based on chargeability/resistivity responses in area of thick overburden
and scare bedrock exposure.
Preliminary interpretation of the survey identified three areas of strongest
chargeable bedrock responses coincident with strong to moderate resistive
anomalies. Within these three areas, nine high priority drill targets were
selected.
Foundation's President, Ike Osmani stated, "We are very pleased by the
successful completion and the encouraging results obtained from the IP survey at
Span Lake."
For a more information on Foundation Resources, please visit their website at
www.foundationres.com, or phone Rain Communications at 604-648-0510 or email
ralph(at)raincommunications.ca.
You can also obtain a copy of the Fundamental research report from
www.researchfrc.com
InvestmentPitch.com is a multimedia company that provides a combined solution
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platforms to investors and financial professionals.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 22.08.2011 - 18:46 Uhr
Sprache: Deutsch
News-ID 57946
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