May 13, 2008, Vancouver, BC - Dick Whittington, President and CEO of Farallon Resources Ltd. (TSX:FAN; OTCBB:FRLLF) ("Farallon" or the "Company"), is pleased to announce that the Company and its wholly owned subsidiaries have entered into an arrangement with a subsidiary company of Silver Wheaton Corp. (�Silver Wheaton�) to sell up to 75% of the silver produced from the Campo Morado polymetallic (zinc, gold, silver, copper, lead) project in Guerrero State, Mexico.

Under the agreement, Silver Wheaton will pay $80 million in cash to Farallon in the following stages: a $15 million payment upon signing, a $15 million payment upon the completion of certain formalities in Mexico (expected to take one week) and a $50 million payment in a series of pre-arranged installments over the next few months. Upon delivery of the silver, Silver Wheaton will also pay Farallon a fixed price payment per ounce of silver produced equal to the lesser of $3.90 and the spot price at the time of sale (subject to a 1% annual adjustment starting in the third year of silver production).

A portion of the funds from Silver Wheaton will be used to retire the Company�s Bridge Facility, with the balance used for the completion of construction and startup working capital for the Company�s G-9 Project.

The Company's financing plan, as outlined in Farallon's March 21, 2007 news release, which mandated NM Rothschild and Sons Limited to arrange a US$70 million facility, is unchanged.

To view this news release in its entirety please clicks on the links below or copy and past it into your web browser.

http://www.farallonresources.com/fan/NewsReleases.asp?ReportID=301093

If you have any questions do not hesitate to contact us as provided below.

Best Regards,

Investor Services
Hunter Dickinson Inc.
Toll Free 1-800-667-2114
Main 1-604-684-6365
info@hdgold.com
www.hdgold.com


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