VANCOUVER, May 25 /PRNewswire-FirstCall/ -- Farallon Resources Ltd. ("Farallon" or the "Company") (TSX: FAN) announces that it has changed its name to Farallon Mining Ltd. Farallon's President Mr. Dick Whittington made the announcement at the Company's Annual General Meeting held on May 22, 2009 in Vancouver.
Farallon has successfully made the transition from an exploration company to a fully operational mining company in an extremely short period of time. It has taken less than four years from the timing of the first discovery hole at G-9 to become a producing mining company. The new name reflects this reality. The company website will now be located at http://www.farallonmining.com/. The previous Company website http://www.farallonresources.com/ will still be active until September 30, 2009 and will direct viewers through to the new site.
Dick Whittington, President and CEO, said: "This is an exciting moment for the Company and is a reflection of the nature of our current situation, that of being an operating mining company. The pace of change over the last four years since we discovered the G-9 deposit has been hectic to say the least. In less than four years, we drilled the deposit, designed the mine, financed and constructed it, then commissioned it and brought the 1,500 tonnes per day underground mine into "Commercial" production, and done so without a Feasibility Study or a partner. We are now in full operation and are in the process of restructuring our balance sheet, to put the foundation in place for future profitability and growth. The market is looking for new emerging producers with excellent assets, operating cash flow and significant exploration upside. Farallon Mining Ltd. fits that profile."
Farallon's G-9 zinc, copper, silver, gold and lead mine at its Campo Morado Property in Mexico reached commercial production in April 2009. The Company expects to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper for the remainder of 2009. The Company's ultimate goal is to be a low-cost, multi-mine, mid-tier mining company.
ON BEHALF OF THE BOARD OF DIRECTORS J.R.H. (Dick) Whittington President & CEO No regulatory authority has approved or disapproved the information contained in this news release 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 or resource potential, continuity of mineralization, exploration drilling, operational activities, production rates, costs to completion 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 and may require achievement of a number of operational, technical, economic, financial and legal objectives. The likelihood of continued future mining at Campo Morado is subject to a large number of risks, including obtaining lower than expected grades and quantities of mineralization and resources, lower than expected mill recovery rates and mining rates, changes in and the effect of government policies with respect to mineral exploration and exploitation, the possibility of local disputes including blockades of the company's property, the possibility of adverse developments in the financial markets generally, fluctuations in the prices of zinc, gold, silver, copper and lead, obtaining additional mining and construction permits, preparation of all necessary engineering for ongoing underground and processing facilities as well as receipt of additional financing to fund mine construction, development and operation, if needed. 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 http://www.sedar.com/.
Farallon Resources Ltd.
CONTACT: on Farallon Resources Ltd., please visit the Company's website
at http://www.farallonresources.com/ or contact Investor Services at (604) 638-2160 or
within North America at 1-800-667-2114
