May 13 2008, Vancouver, BC � Dick Whittington, President and CEO of Farallon Resources Ltd. (�Farallon� or the �Company�) (TSX: FAN; OTCBB: FRLLF), announces that the Company has reached an agreement with two arm�s length investors (the �Lenders�) for a $3.8 million Loan (the �Loan�).

The Loan is backed by 6,304,600 warrants of Farallon with an expiry date of November 17, 2008 (the �Expiry Date�). The Loan will be repayable from the proceeds of the warrants when exercised on or before the Expiry Date. On the Expiry Date, if the Loan has not been repaid, the Lenders have the option to be paid in cash or receive common shares of the Company (the �Conversion Right�). In the event that the Conversion Right is exercised, the Lenders will receive that number of common shares obtained by dividing the outstanding principal amount of the Loan by the market price (as defined under the rules of the Toronto Stock Exchange (the �TSX�)), less the maximum permissible discount under the rules of the TSX at May 12, 2008 � the date of execution and delivery of the Loan. The Loan is subject to TSX approval. The shares are subject to applicable resale restrictions.

The proceeds will be used to fund continued exploration on the Campo Morado property in Guerrero, Mexico and for working capital.

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=301337

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


*Other HDI affiliated companies include Amarc, Anooraq, Detour, Farallon, Continental, Northern Dynasty, Rockwell, and Taseko. Visit us at www.hdgold.com for more information. To be removed from all of HDI�s email lists please reply to this email with �Remove All� in the subject line.


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