A method of preparing a unique foundry premix composition that has a low bulk density of 30-45 lbs/ft3 and contains fine particles with an average particle size of 85-100 μm is described. The unique foundry premix composition is produced by using specially designed assemblies of mechanical equipment with improved efficiency so that the premix can be prepared at a site closer to a foundry. As a result, increase in premix density caused by handling and shipping across a long distance from a traditional premix manufacturing facility to a foundry can be suppressed; transportation cost can be saved; and safety would be of less concern. The use of the foundry premix composition to prepare a sand molding medium for casting molded articles is also described.