A novel process for preparing foundry cores or molds and binder materials used therefor are provided. The binder materials comprise (a) an alcohol-soluble phenolic resin, (b) a polyvalent metal hydroxide and/or oxide, (c) water, (d) an organic solvent, and (e) an alkali metal hydroxide. They are admixed with refractory particles, such as sand, and cured with carbon dioxide to form shaped foundry cores or molds. The process and materials of the invention bring about such advantages that curing may be performed with safe carbon dioxide, that shaped foundry cores or molds may be taken out from pattern immediately after curing, and that the products have a superior collapsibility after pouring a molten metal.