Dick Whittington, President and CEO of Farallon Resources Ltd. (TSX: FAN)(OTCBB: FRLLF) ("Farallon" or the "Company"), is pleased to provide an update on the ongoing core drilling program on the G-9 deposit at the Campo Morado polymetallic (zinc, copper, silver, gold, lead) project in Guerrero State, Mexico.

Three rigs are currently deployed - two surface drills and one underground drill - with three main objectives: first, to delineate the newly discovered G-9 Western Extension zone from underground as this will be the major area targeted for initial mining over the coming months; second, to discover another G-9 style deposit; and third, to increase and to extend the resources around G-9. Both surface drills are currently focused on extending the G-9 Abajo zone to the north and testing for continuity of the stratigraphic horizon that hosts the Abajo zone to the north and northeast, under the El Largo and Naranjo deposits.

The new results are for holes 749 to 766 and hole 770 and are listed in the attached Table of Assay Results. Hole locations are shown on the attached G-9 Drill Hole Location Map.

Several highlights emerge from these results. First, the potential of the West Extension zone is confirmed by the results of hole 751 which intersected 20 metres of 10.6% zinc and 1.01% copper (including 2.7 metres of 23.2% zinc and 2.5% copper). Second, the North zone and Abajo zones are being extended and third, the stratigraphic separation of the El Largo deposit and Abajo zone is being confirmed. Numerous intersections have been made in the horizon that hosts El Largo that are in addition to previous drilling in this deposit in 2004 and 2005, and indications of deeper mineralization in the Abajo horizon are being confirmed. In addition, results from holes that have assays pending indicate that a new lens 150 metres to the north of the Abajo zone is being identified. These results will be released when completed.

President and CEO Dick Whittington said:

"With the arrival of the underground drill, the Company is now back in the surface exploration game. The underground drill will be dedicated to delineation of the resources previously drilled from surface but can do so at considerably lower costs and in a fraction of the time to do this from surface. Current plans are for 2,900 metres of underground drilling targeting the West Extension Zone. At the same time, we can now dedicate both surface drills to exploration in and around the G-9 deposit. We have had considerable success in our drilling program to date in 2008 and these results, along with those pending assays, are continuing to add to the resource potential of the G-9 deposit and the Campo Morado camp as a whole.

Our structural - stratigraphic model for the Campo Morado district suggests that we have massive sulphide mineralization related to a number of felsic volcanic cycles in different stratigraphic positions. Recent work continues to substantiate the model and the potential for further G-9 type discoveries. We will continue to explore for new lens in the Abajo horizon to the north of the San Raphael fault and also north of the zones already outlined in the G-9 deposit."

The in-house qualified person for the drilling program at Campo Morado, Daniel Kilby, P.Eng., has reviewed the contents of this release. Acme Analytical Laboratories Ltd. is the analytical laboratory for the project; sample preparation is done in Guadalajara, Mexico and analysis is done in Vancouver, BC. All samples are assayed for gold by fire assay fusion with an ICP-ES or gravimetric finish. Silver, copper, lead, zinc and 20 additional elements are determined for all samples by acid digestion, followed by an ICP-ES finish. Duplicates are analyzed by ALS Chemex in Vancouver.

Farallon is advancing the G-9 deposit through a 'Parallel Track' program. Exploration drilling is expanding and confirming the high-grade mineralization within the G-9 deposit, and mine planning and design, equipment acquisition and site preparation activities are all taking place with the goal of beginning production in July 2008.

For further details on Farallon Resources Ltd. and its Campo Morado property, please visit the Company's website at www.farallonresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.

ON BEHALF OF THE BOARD OF DIRECTORS

J.R.H. (Dick) Whittington, President & CEO

Forward Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. The likelihood of future mining at Campo Morado is subject to a large number of risks and may require achievement of a number of technical, economic and legal objectives, including obtaining lower than expected grades and quantities of mineralization and resources, recovery rates and mining rates, changes in and the effect of government policies with respect to mineral exploration and exploitation, the possibility of adverse developments in the financial markets generally, delays in exploration, development and construction projects, fluctuations in the prices of zinc, gold, silver, copper, lead and other commodities, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for underground and processing facilities as well as receipt of additional financing to fund mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at Campo Morado and there is no assurance that the mineralization at Campo Morado will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com and the Company's annual report on Form 20-F at www.sec.gov.

TABLE OF ASSAY RESULTS - JULY 21 2008
---------------------------------------------------------------------------
                                              Esti-
                                             mated
Drill                                Inter-   True
Hole                    From     To    val   Width
Num-  Deposit/          (met-  (met-  (met-   (met-  Au  Ag   Cu   Pb    Zn
ber   Zone               res)   res)   res)    res) g/t g/t    %    %     %
---------------------------------------------------------------------------
751   G-9 West        454.10 474.80  20.70   20.62 1.51  88 1.07 1.10 10.61
      Extension
---------------------------------------------------------------------------
751   G-9 West  Incl. 455.10 459.10   4.00    3.98 1.19  99 1.80 1.41 16.30
      Extension
---------------------------------------------------------------------------
751   G-9 West  Incl. 472.10 474.80   2.70    2.69 1.40 138 2.45 2.31 23.20
      Extension
---------------------------------------------------------------------------
753   El Largo         77.70  79.70   2.00    1.85 1.00  76 0.80 0.92  2.95
---------------------------------------------------------------------------
753   El Largo         83.50  87.50   4.00    3.71 2.02  82 0.56 1.01  3.40
---------------------------------------------------------------------------
753   El Largo        265.15 278.15  13.00   12.95 1.88  85 1.04 0.45  3.18
---------------------------------------------------------------------------
754   G-9 North       457.30 463.30   6.00      NA 2.76 181 1.22 1.45  6.30
      Zone
---------------------------------------------------------------------------
754   G-9 North Incl. 459.30 462.30   3.00      NA 3.40 226 1.98 2.00  9.87
      Zone
---------------------------------------------------------------------------
754   G-9 North       518.00 522.00   4.00      NA 1.39  67 1.22 0.22  3.36
      Zone
---------------------------------------------------------------------------
754   G-9 North       535.20 538.20   3.00      NA 1.56  90 1.39 0.23  1.18
      Zone
---------------------------------------------------------------------------
755   G-9 North       593.00 595.65   2.65    2.61 1.92 165 0.81 1.89  5.86
      Zone
---------------------------------------------------------------------------
755   G-9 North       624.05 626.05   2.00    1.97 0.37  43 0.70 0.39  3.35
      Zone
---------------------------------------------------------------------------
756   El Largo         74.80  75.80   1.00      NA 1.76 172 2.68 1.22  6.11
---------------------------------------------------------------------------
756   El Largo        269.60 276.00   6.40    6.35 1.96  99 0.76 0.72  4.48
---------------------------------------------------------------------------
756   El Largo        282.40 292.40  10.00    9.93 1.65  92 0.80 0.49  3.60
---------------------------------------------------------------------------
757   G-9 North       559.70 560.78   1.08    1.07 4.91 227 0.54 1.73  4.05
      Zone
---------------------------------------------------------------------------
760   G-9 North       545.00 547.00   2.00    1.97 3.00 300 0.88 4.27  4.45
      Zone
---------------------------------------------------------------------------
761   El Largo        199.20 203.60   4.40    3.92 1.09  84 0.51 0.85  3.34---------------------------------------------------------------------------
761   El Largo        291.45 317.80  26.35   25.45 1.56  92 0.83 0.71  4.02
---------------------------------------------------------------------------
761   El Largo  Incl. 310.00 317.80   7.80    7.53 2.42 112 0.50 1.20  6.37
---------------------------------------------------------------------------
762   G-9 Abajo       382.00 386.00   4.00    3.71 0.76  36 0.24 0.53  3.82
---------------------------------------------------------------------------
763   G-9 North       460.00 463.50   3.50      NA 0.73  21 0.39 0.11  3.56
      Zone
---------------------------------------------------------------------------
763   G-9 North       561.80 563.80   2.00    1.96 6.21 298 0.48 1.69  5.01
      Zone
---------------------------------------------------------------------------
766   G-9 Abajo       391.30 397.30   6.00      NA 0.22  15 0.20 0.07  3.57
---------------------------------------------------------------------------
770   G-9 Abajo       450.50 451.50   1.00    0.99 3.00  87 1.22 0.74  4.45
---------------------------------------------------------------------------
No significant intersections in holes 749, 750, 752, 759, 764 and 765.
Results for 767-769 are pending.
NA Stringer mineralization, no width estimated.

To view accompanying map, please click on the following link: http://media3.marketwire.com/docs/fa...

No regulatory authority has approved or disapproved the information contained in this news release.

Contacts: Farallon Resources Ltd. Shawn Wallace Investor Services (604) 684-6365 or 1-800-667-2114 (604) 684-8092 (FAX) Website: www.farallonresources.com

SOURCE: Farallon Resources Ltd.

http://www.farallonresources.com