Farallon Resources Ltd.
TSX : FAN
OTC Bulletin Board : FRLLF

Farallon Resources Ltd.

January 16, 2008 09:01 ET

Farallon Appoints New Director

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2008) - Dick Whittington, President and CEO of Farallon Resources Ltd. (TSX:FAN)(OTCBB:FRLLF) ("Farallon" or the "Company") is pleased to announce the appointment of Mr. Eduardo Luna to the Company's Board of Directors. Currently Chairman of Silver Wheaton Corp. as well as a member of the Boards of several other mining companies, Mr. Luna recently retired as Executive Vice President of Goldcorp Inc.

Mr. Luna holds a degree in Advanced Management from Harvard University, an MBA from the Instituto Tecnologico de Estudios Superiores de Monterrey and a Bachelor of Science in Mining Engineering from Universidad de Guanajuato.

In addition to his executive responsibilities with Goldcorp Inc, he was President of Goldcorp's Mexican mining operations and its predecessor company, Luismin, for seventeen years. Prior to that, he was with Minera Autlan for seven years, holding various executive positions, and with Industrias Penoles for five years.

Mr. Luna is an active member of the broader mining community in Mexico. He is currently President of the Consulting Board for the School of Mines, Universidad de Guanajuato and member of the advisory Boards of the Schools of Mines for Mexico University and Zacatecas University. Mr. Luna is also a Past President of the Mexican Chamber of Mines and The Silver Institute.

President and CEO Dick Whittington said: "This year promises to be an exceptional one for Farallon as we continue to advance our G-9 project. The Board and the Company will benefit greatly from Mr. Luna's business acumen and depth of experience in mining operations in Mexico. It is my pleasure to welcome him to the Board."

In conjunction with this appointment, the Company has granted Mr. Luna directors' stock options for the purchase up to a total of 300,000 common shares in the capital of Farallon at a price of Cdn$0.67 per share. The options granted are exercisable for a five-year period.

Farallon is focused on exploration and pre-development of the G-9 deposit at its Campo Morado Property in Guerrero State, Mexico. Under the Company's parallel track program, exploration drilling is delineating the high-grade G-9 deposit, and mine planning, equipment acquisition and site preparations are also taking place with a goal of beginning production in July 2008.

For further details on Farallon Resources Ltd. and its Campo Morado property, please visit the Company's website at www.farallonresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.

ON BEHALF OF THE BOARD OF DIRECTORS

J.R.H. (Dick) Whittington

President & CEO

Forward Looking Information

This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. The likelihood of future mining at Campo Morado is subject to a large number of risks and may require achievement of a number of technical, economic and legal objectives, including obtaining lower than expected grades and quantities of mineralization and resources, recovery rates and mining rates, changes in and the effect of government policies with respect to mineral exploration and exploitation, the possibility of adverse developments in the financial markets generally, delays in exploration, development and construction projects, fluctuations in the prices of zinc, gold, silver, copper, lead and other commodities, obtaining additional mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for underground and processing facilities as well as receipt of additional financing to fund mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at Campo Morado and there is no assurance that the mineralization at Campo Morado will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com and the Company's annual report on Form 20-F at www.sec.gov.

No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information

  • Farallon Resources Ltd.
    Michael Curlook
    Investor Services
    (604) 684-6365 or 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.farallonresources.com