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

Farallon Resources Ltd.

November 08, 2007 09:00 ET

Farallon Updates Drilling at G-9 Deposit: High Zinc & Copper Grades Continue-6.8 Metres of 26% Zinc & 3.9% Copper in Hole 7668, New Resource Estimate Pending

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2007) - Dick Whittington, President and CEO of Farallon Resources Ltd. (TSX:FAN)(OTCBB:FRLLF) ("Farallon" or the "Company"), is pleased to provide a further update on the core drilling program on the G-9 deposit at the Campo Morado polymetallic (zinc, gold, silver, copper, lead) project in Guerrero State, Mexico. The latest results are all from infill drilling at G-9. Infill drilling in the Southeast zone is now complete and a new resource estimate is being prepared.

The new results are from 27 holes, 5 of which are from the North zone and 22 of which are from the Southeast zone. Results are included in the Table of Assay Results - G-9 Deposit and hole locations are shown on the G-9 Drill Hole Location Map, both of which are attached. Assays are pending from a further 10 infill holes in the North zone and will be released when received.



Highlights are tabulated below:

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Inter- True
Drill From To val Width Inter-
Hole (met- (met- (met- (met- val Au Ag Cu Pb Zn
Number res) res) res) res) (feet) g/t g/t % % %
---------------------------------------------------------------------------
7652 419.85 422.95 3.10 3.10 10.2 6.94 568 3.88 1.92 14.00
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7658 297.30 315.25 17.95 17.88 58.9 6.50 551 1.62 3.16 11.97
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7668 413.75 428.10 14.35 13.86 47.1 1.21 92 2.79 0.86 18.28
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7668 Incl. 413.75 420.75 7.00 6.76 23.0 1.61 144 3.90 1.36 26.09
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7669 351.50 357.50 6.00 5.74 19.7 1.42 103 2.96 1.64 23.73
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This completes the infill drilling program for the Southeast zone and a new resource estimate is now being prepared. The Company has retained resource estimation experts from consulting company Behre Dolbear to provide an opinion on the size, grades and categories of the mineral resources, based on the tighter drill spacing used in this drill program. The objective of the program was to upgrade the majority of the Southeast zone to indicated and/or measured status, to enable detailed mine planning to be carried out. The new resource estimate is expected by the end of November.

In addition, the trend of localized concentrations of high grade precious metals announced in the Company's September 10, 2007 News Release appears to be reinforced by these latest results. Selected intervals of high grade precious metals mineralization are given below. These metal grades have the potential to provide price diversification, as well as add significantly to the value, of G-9's production.



---------------------------------------------------------------------------
Inter- True
Drill From To val Width Inter-
Hole (met- (met- (met- (met- val Au Ag Cu Pb Zn
Number res) res) res) res) (feet) g/t g/t % % %
---------------------------------------------------------------------------
7651 Incl. 300.95 303.80 2.85 2.84 9.4 6.66 2224 1.34 1.20 8.81
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7658 Incl. 308.30 313.30 5.00 4.98 16.4 13.56 1348 1.06 7.18 11.78
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7671 570.00 578.00 8.00 8.00 26.2 10.21 373 0.58 2.38 1.73
---------------------------------------------------------------------------


President and CEO Dick Whittington said: "Farallon has completed a major step in its efforts to develop a mine at G-9. The infill drilling program was a key component of our efforts to upgrade the G-9 resource status. At the same time, these results continue to give us confidence that G-9 is a high grade zinc asset. The results also reaffirm the potential for high grade precious metal areas within the deposit. Drilling is now focused on infill at the North zone. In the New Year, we expect to move the two drills on site to the "Abajo" zone - the newly discovered zone north of the San Raphael fault. We continue to be encouraged by the drill results at G-9 and, in the immediate term, will be focusing on adding resources to G-9. We will then expand our exploration efforts to untested targets south of G-9, with the objective of advancing our second key corporate objective: finding another G-9 deposit."

The in-house qualified person for the drilling program and selection of samples for metallurgical testwork at Campo Morado is Daniel Kilby, P.Eng. ALS Chemex is the analytical laboratory for the project; sample preparation is done in Guadalajara, Mexico and analysis is done in Vancouver, BC. All samples are assayed for gold by fire assay fusion with a gravimetric or Atomic Absorption (AA) finish. Silver, copper, lead, zinc and 27 to 30 additional elements are determined for all samples by acid digestion, followed by an AA or ICP finish. Duplicates are analyzed by Acme Analytical Laboratories in Vancouver.

Farallon is advancing the exploration and development of the G-9 deposit. The Company's 2007 parallel track program has been successful to date. Exploration drilling is expanding the high-grade G-9 deposit, and mine planning and design, equipment acquisition and site preparation activities are also taking place with the goal of beginning production in July 2008. The Company's cash position is Cdn$34.9 million held in interest earning current accounts with Scotiabank.

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.



CAMPO MORADO ASSAY TABLE
---------------------------------------------------------------------------
True
Drill Inte- Wid-
Hole From To rval th Inte-
Num- Depo- (met- (met- (met- (met- rval Au Ag Cu Pb Zn
ber sit res) res) res) res)(feet) g/t g/t % % %
---------------------------------------------------------------------------
7650 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7651 G9 296.95 303.80 6.85 6.82 22.5 5.40 1092 1.29 1.47 4.96
---------------------------------------------------------------------------
7651 G9 Incl. 296.95 298.95 2.00 1.99 6.6 5.68 385 2.29 2.17 0.65
---------------------------------------------------------------------------
7651 G9 Incl. 300.95 303.80 2.85 2.84 9.4 6.66 2224 1.34 1.20 8.81
---------------------------------------------------------------------------
7652 G9 414.60 415.60 1.00 1.00 3.3 3.95 321 4.44 2.62 9.91
---------------------------------------------------------------------------
7652 G9 419.85 422.95 3.10 3.10 10.2 6.94 568 3.88 1.92 14.00
---------------------------------------------------------------------------
7653 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7654 G9, geotech hole, did not intersect massive sulphides, no
significant intersection
---------------------------------------------------------------------------
7655 G9 395.00 396.15 1.15 1.08 3.8 3.22 165 1.55 2.00 17.90
---------------------------------------------------------------------------
7655 G9 399.00 402.16 3.16 2.97 10.4 0.86 74 2.06 1.53 14.77
---------------------------------------------------------------------------
7656 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7657 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7658 G9 286.40 287.40 1.00 1.00 3.3 6.20 256 0.40 1.11 1.61
---------------------------------------------------------------------------
7658 G9 297.30 315.25 17.95 17.88 58.9 6.50 551 1.62 3.16 11.97
---------------------------------------------------------------------------
7658 G9 Incl. 297.30 307.30 10.00 9.96 32.8 4.60 285 2.20 1.43 13.98
---------------------------------------------------------------------------
7658 G9 Incl. 308.30 313.30 5.00 4.98 16.4 13.56 1348 1.06 7.18 11.78
---------------------------------------------------------------------------
7659 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7660 G9 319.95 322.60 2.65 2.61 8.7 2.59 406 1.54 1.28 8.42
---------------------------------------------------------------------------
7661 G9 323.20 330.20 7.00 6.66 23.0 0.39 20 0.78 0.10 2.73
---------------------------------------------------------------------------
7662 G9 402.40 418.00 15.60 14.56 51.2 0.68 34 1.58 0.13 9.50
---------------------------------------------------------------------------
7662 G9 Incl. 402.40 406.00 3.60 3.36 11.8 0.76 66 2.44 0.45 17.00
---------------------------------------------------------------------------
7663 G9, hole abandoned
---------------------------------------------------------------------------
7664 G9 363.75 374.40 10.65 9.94 34.9 0.51 32 0.84 0.22 5.66
---------------------------------------------------------------------------
7664 G9 Incl. 372.50 374.40 1.90 1.77 6.2 0.95 55 2.32 0.25 10.61
---------------------------------------------------------------------------
7665 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7666 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7667 G9 342.50 347.50 5.00 4.87 16.4 4.99 250 1.19 1.67 11.08
---------------------------------------------------------------------------
7668 G9 413.75 428.10 14.35 13.86 47.1 1.21 92 2.79 0.86 18.28
---------------------------------------------------------------------------
7668 G9 Incl. 413.75 420.75 7.00 6.76 23.0 1.61 144 3.90 1.36 26.09
---------------------------------------------------------------------------
7669 G9 351.50 357.50 6.00 5.74 19.7 1.42 103 2.96 1.64 23.73
---------------------------------------------------------------------------
7669 G9 361.33 366.35 5.02 4.80 16.5 0.64 32 0.83 0.23 3.73
---------------------------------------------------------------------------
7669 G9 400.90 404.62 3.72 3.56 12.2 4.05 283 0.46 1.70 4.43
---------------------------------------------------------------------------
7670 G9 398.50 400.10 1.60 1.43 5.2 1.17 72 1.50 0.68 10.30
---------------------------------------------------------------------------
7671 G9 491.00 505.00 14.00 14.00 45.9 6.94 185 0.55 1.40 2.58
---------------------------------------------------------------------------
7671 G9 510.00 514.00 4.00 4.00 13.1 4.32 201 0.42 3.56 1.77
---------------------------------------------------------------------------
7671 G9 570.00 578.00 8.00 8.00 26.2 10.21 373 0.58 2.38 1.73
---------------------------------------------------------------------------
7672 G9 314.50 318.00 3.50 3.35 11.5 0.36 25 1.35 0.04 6.07
---------------------------------------------------------------------------
7673 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7674 G9 341.20 352.60 11.40 11.32 37.4 1.28 107 1.63 0.76 11.98
---------------------------------------------------------------------------
7674 G9 Incl. 341.20 345.30 4.10 4.07 13.5 1.87 209 2.57 1.53 20.84
---------------------------------------------------------------------------
7674 G9 Incl. 348.00 352.60 4.60 4.57 15.1 1.44 76 1.72 0.52 11.04
---------------------------------------------------------------------------
7675 G9, did not intersect massive sulphides, no significant intersection
---------------------------------------------------------------------------
7676 G9 337.30 339.30 2.00 2.00 6.6 0.66 53 1.98 0.28 9.42
---------------------------------------------------------------------------
7677 G9 326.60 331.30 4.70 4.68 15.4 0.54 65 1.70 0.25 11.52
---------------------------------------------------------------------------
7677 G9 Incl. 326.60 328.45 1.85 1.84 6.1 0.87 123 2.85 0.32 22.32
---------------------------------------------------------------------------


To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/FAN1108.pdf

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