Tue Sep 9, 2008 Farallon Completes $25 Million Financing (CAD)
September 9, 2008 Vancouver, BC -- Dick Whittington, President and CEO of Farallon Resources Ltd. ("Farallon" or the "Company") (TSX: FAN; OTCBB: FRLLF) announces that it has closed the $25 million private placement financing arranged by a syndicate led by Paradigm Capital Inc., which included Wellington West Capital Markets Inc., and is described in the Company's September 3, 2008 news release.
Farallon is advancing the G-9 polymetallic (zinc, copper, silver, gold, lead) project at its Campo Morado Property in Mexico. Employing a 'Parallel Track' program, Farallon has expanded and confirmed the high-grade mineralization within the G-9 deposit through drilling in parallel with project development activities. An underground decline has reached the North and West Extension zones of the G-9 deposit and underground drilling, and stope access and development is underway. Mill commissioning is well underway and concentrate is being produced. Haulage and sale of concentrates is expected to begin in October. Access for stope development in the high-grade Southeast zone is expected in December, with full production at 1,500 tonnes per day targeted for January 2009.
President and CEO Dick Whittington said "This financing will provide Farallon with a foundation on which to complete construction, make the transition to an operating mining company and generate future growth. I am particularly pleased to be able to conclude it at such a difficult time in the debt and equity markets, and I would like to thank, in particular, Paradigm Capital for their support in putting it together."
For further details on Farallon Resources Ltd., 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
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