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FAN-T .61 cents up 5.17%

Farallon's G-9 at 3.02Mt of 9.17% Zn, 1.31% Cu M+I

2010-03-29 08:45 ET - News Release

Mr. Dick Whittington reports

FARALLON ANNOUNCES G-9 MINERAL RESERVE AND RESOURCE ESTIMATES

Farallon Mining Ltd. is releasing mineral reserve and resource estimates for its G-9 mine site as at Dec. 31, 2009. The mineral resources have increased as a result of drilling and underground development activity since the previous estimate in March, 2008. In addition, a portion of the resources have now been classified as mineral reserves. The accompanying table is a summary of the mineral resources for the G-9 mine inclusive of mineral reserves.

                  MINERAL RESOURCES AT DEC. 31, 2009,                      INCLUSIVE OF MINERAL RESERVES                                                        Contained metal*                                                      Zn   Cu     Ag   Au            Category    000s   Zn   Cu    Ag    Au    mm   mm    000  000                      tonnes    %    %  (g/t) (g/t)   lb   lb     oz   oz             Measured   1,418  8.65 1.23  239  3.64   270   38 10,896  166           Indicated   1,606 10.04 1.39  185  2.72   355   49  9,552  140                       ----- ----- ----  ---  ----   ---   -- ------  ---  G-9 mine      M&I     3,024  9.39 1.31  210  3.15   626   87 20,417  306            Inferred     930  9.17 1.14  187  2.50   188   23  5,591   75  * There may be some minor differences in totals due to rounding. 

The accompanying table is a summary of the mineral reserves for the G-9 mine.

                 MINERAL RESERVES AT DEC. 31, 2009                                                             Contained metal*                                                      Zn   Cu     Ag   Au            Category    000s   Zn   Cu    Ag    Au    mm   mm    000  000                      tonnes    %    %  (g/t) (g/t)   lb   lb     oz   oz               Proven     525 10.36 1.28  274  3.69   120   15  4,619   62            Probable   1,425  9.87 1.37  187  2.77   310   43  8,547  127 G-9 mine              ----- ----- ----  ---  ----   ---   -- ------  ---                Total   1,950 10.00 1.34  211  3.03   430   58 13,197  190  * There may be some minor differences in totals due to rounding. 

The accompanying table is a comparison of the current mineral resource estimate to the previous estimate in March, 2008.

        G-9 MEASURED AND INDICATED RESOURCE ESTIMATES**                   AND TOTAL ORE MINED AT G-9                       000s        Zn        Cu        Ag        Au Estimate date      tonnes         %         %      (g/t)     (g/t)  March, 2008         2,575       9.9      1.39       209      3.09 Dec. 31, 2009       3,024      9.39      1.31       210      3.15 Ore mined at G-9 to Dec. 31, 2009      640      10.5      1.40       200      2.59  ** Mineral resource estimates stated at 3-per-cent zinc grade  cut-off. 

The accompanying table summarizes the estimated mineral resources for the company at its other deposits on its 100-per-cent-owned Campo Morado property.

                   MINERAL RESOURCES AT DEC. 31, 2009                                                                 Contained metal*                                                          Zn   Cu     Ag   Au                Category    000s   Zn   Cu    Ag    Au    mm   mm    000  000                          tonnes    %    %  (g/t) (g/t)   lb   lb     oz   oz Southwest zone           Inferred     242 6.10 0.83   169  2.51    33    4  1,315   20               Indicated   2,860 6.69 0.34   124  0.79   422   21 11,402   73 El Largo                Inferred     241 6.43 0.42   151  1.41    34    2  1,170   11 El Rey        Indicated     323 5.88 0.53   162  2.98    42    4  1,682   31 Naranjo       Indicated     577 6.00 0.66   178  3.11    76    8  3,302   58 Reforma       Indicated   1,173  5.9 0.58   262  4.74   153   15  9,881  179               Total                     ----- ---- ----   ---  ----   ---   -- ------  ---                Indicated   4,933 6.37 0.45   166  2.14   693   49 26,267  340                Inferred     483 6.26 0.63   160  1.96    67    7  2,485   30  * There may be some minor differences in totals due to rounding. 

Farallon's president and chief executive officer, Dick Whittington, commented: "We are very pleased to announce the first estimate of proven and probable reserves for the G-9 mine. At the same time, we have also increased our mineral resources by 18 per cent even though we have mined 640,000 tonnes of ore since mid-2008 and despite having curtailed exploration activity for over 15 months to focus on commissioning the mine and the mill. Our success since restarting exploration drilling in October, 2009, gives us confidence that we will be able to continue to build our resource base further in 2010.

"We have also initiated a study on the mineral resources at El Largo, El Rey, Naranjo and Reforma with the intention of determining the economic viability of processing these deposits through the existing G-9 milling facility. With a strong base of mineral reserves and resources and significant exploration potential, Farallon will look to capitalize on the opportunity to enhance shareholder value through organic growth at G-9 and the Campo Morado district in 2010. This organic growth strategy will complement our strategy of growth via mergers and acquisitions with the goal of becoming a mid-tier, multimine company," said Mr. Whittington.

For the G-9 mine, the mineral resource estimates were compiled by David Gaunt, PGeo, vice-president of resources and databases, Hunter Dickinson Services Inc. Mr. Gaunt is a qualified person as defined under NI 43-101. The mineral resources for G-9 were estimated based on mining activity and exploration drilling completed to Dec. 31, 2009, and are presented at a 3-per-cent zinc grade cut-off.

The mineral reserves were estimated using the mineral resource model provided by Mr. Gaunt. The estimate of mineral reserves was prepared by Stephen Godden, FIMMM, CEng, of S. Godden & Associates Ltd., an independent qualified person as defined under NI 43-101. The mineral reserves are stated at a 3-per-cent zinc grade cut-off for the Abajo, West Extension and Southeast zones and a 5-per-cent zinc grade cut-off for the North zone. Economic viability was assessed by calculating the average net smelter return for each mineralized area or zone of interest, over a range of zinc grade cut-offs and a range of metal prices, including a scenario of: 75 cents per pound zinc, $2.25 per pound copper, $750 per ounce gold and $12 per ounce silver. The NSR results were then compared with the estimated ranges of cash costs for the G-9 operation. Further details will be provided in a technical report to be filed on SEDAR. Mr. Gaunt and Mr. Godden have reviewed the requisite information on their mineral resource and mineral reserve estimates that are included in this news release.

The mineral resources for the Southwest zone, El Largo, El Rey, Naranjo and Reforma deposits are presented at a 5-per-cent zinc cut-off. These estimates were completed in 2005, as detailed in the company's news in Stockwatch on Sept. 19, 2005, and in technical reports filed on SEDAR.

Farallon's G-9 zinc, copper, silver, gold and lead mine at the Campo Morado property in Mexico reached commercial production in April, 2009. The company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year.

We seek Safe Harbor.