A phenolic resin composition comprises an ester-curable phenol-aldehyde resin in alkaline aqueous solution wherein the phenol-aldehyde resin is a methylolated phenolic novolak resin. Preferably, during manufacture of the methylolated phenolic novolak resin, unreacted phenol is removed. The composition may be employed, for reaction with an organic ester hardener, as a binder in the production of foundry moulds and cores having high strength. The further incorporation of an aryloxy alcohol in the novolak resin binder additionally improves the final strength of products obtained by a gas curing technique using ester vapor, such as that of methyl formate.