Far West Mining Ltd.

Far West Mining Ltd.

October 14, 2008 14:40 ET

Far West Mining Acquires Georgetown Silver-Lead-Zinc Project in Queensland, Australia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2008) - Far West Mining Ltd. (TSX:FWM) is pleased to report that it has completed the earn-in at the Georgetown silver-lead-zinc project in Queensland, Australia. BHP Billiton has elected to convert its remaining ownership interest in Georgetown Project into a royalty. As a result, Far West Mining's ownership interest has been increased to 100%, while BHP Billiton's interest has been converted to a 2% Net Smelter Return royalty.

Far West Mining ("Far West") has been exploring the Georgetown Project Area since 2005 under an option agreement with BHP Billiton. The Project Area is prospective for Broken Hill Type silver-lead-zinc deposits such as Cannington (45 Mt @ 11.9% Pb, 4.8% Zn, 520g/t Ag). The option agreement required Far West to incur exploration expenditures of US$2 million to complete the earn-in on the Property. In September 2008, Far West advised BHP Billiton that the expenditure requirements have been met and provided notice of exercise of its option to acquire a 70% interest in the Property. BHP Billiton subsequently decided to reduce its ownership of the Georgetown Project properties to a 2% Net Smelter Return royalty.

Project Updates


The Company commenced the 2008 drilling program in August and has completed 9 drill holes at the Georgetown Project and continues field work in an attempt to collect as much data before the onset of the rainy season prevents further field activities. Drill core has been submitted for analysis and receipt of initial assay results is expected in November. Far West is encouraged by the progress at Georgetown in 2008 and will continue to aggressively explore the Project Area in 2009.


The Company is currently conducting a 5,000m drill program (see news release of September 9, 2008) at its Santo Domingo Property in Chile. The program is designed to expand the copper-iron-gold resources at the Santo Domingo Sur, Iris, Iris Norte and Estrellita deposits and to investigate high grade iron intercepts from previous programs that have the potential to increase the value of the Santo Domingo Project. Initial results are expected in November.


The Company has completed the first phase of regional ground geophysics at the Farallon Negro copper-gold project in Argentina. The second phase of the regional geophysical program is in progress and certain areas from phase one have been selected for more detailed follow up. The Company anticipates an initial drill program in the spring of 2009.

The in-house qualified person is Richard N. Zimmer, P. Eng., Chief Executive Officer, President and a director of Far West who has reviewed and approved the contents of this news release.

Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties. The Company has current operations in Chile, Argentina and Australia.


Richard N. Zimmer, P.Eng., President and C.E.O.

For further information investors should review the Company's filings that are available at www.sedar.com.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.

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