Farallon Resources Ltd. 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 www.farallonmining.com. The previous Company website 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.