January 15, 2008 - Farallon Resources Ltd. (�Farallon� or the �Company�) (TSX: FAN; OTCBB: FRLLF) announces that it has closed the �bought deal� short form prospectus offering (the �Offering�) of 28,572,000 common shares (�Shares�) of Farallon at a price of CDN$0.70 per Share (the �Offering Price�) announced on November 27, 2007. A syndicate led by Paradigm Capital Inc., and including Canaccord Capital Corporation, MGI Securities Inc. and Raymond James Ltd. (collectively, the �Underwriters�), acted as Underwriters in connection with the Offering.

The Company granted to the Underwriters an over-allotment option to purchase up to an additional 4,285,800 Common shares at the Offering Price. The Underwriters have elected to exercise this option with respect to 2,080,000 Shares at the closing, resulting in gross proceeds from the Offering of CDN$21.46 million.

Farallon has also completed a private placement financing (the �Private Placement�), which included a 15% over-allotment option that was exercised in full. The Company issued 8,214,450 common shares at a price of CDN$0.70 per share for gross proceeds of CDN$5.75 million. These shares are subject to a four month hold period from the closing date.

The aggregate gross proceeds raised from the Offering and the Private Placement financings is CDN$27.21 million�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=281291

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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