Farallon confirms annual meeting matters

VANCOUVER, May 6 /CNW/ - Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) confirms that it will hold its Annual General Meeting on Friday May 14, 2010 at the Vancouver Club - UBC Room, 915 West Hastings Street, Vancouver, British Columbia.

The shareholders meeting is scheduled to start at 2:00 PM Vancouver time and the agenda will address the usual annual business items such as presentation of annual financial statements, election of directors and appointment of auditors. As well, Mr Whittington, the Company's President and CEO will provide a corporate presentation.

The agenda will also consider a shareholders rights plan (SRP). Since the date of mailing of its Information Circular, Farallon has received some suggested modifications to the SRP from an investor advisory organization which would make the SRP a "new generation plan". Because the SRP modifications were received after the Farallon mailed its Information Circular some of the provisions described in the Information Circular will be varied from the floor of the meeting. These variations include the removal of restrictions on partial bids, clarifying the circumstances where persons are considered to be acting jointly or in concert, adding restrictions on Board discretion to waive the operation of or amend the plan and limiting the final and binding nature of determinations by the Board. A copy of the modified SRP will be available at the meeting and will be available for download at www.SEDAR.com for shareholders wishing to see the exact changes.

Farallon operates the G-9 zinc mine on its Campo Morado Property in Guerrero State, Mexico. G-9 is a 1,500 tonnes per day, underground, zinc mine with important by-product credits of copper, gold, silver, and lead. The Company is targeting to produce at an annualized production rate of 120 million pounds of zinc and 15 million pounds of copper per year.

    
    ON BEHALF OF THE BOARD OF DIRECTORS
    J.R.H. (Dick) Whittington
    President & CEO
    

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

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 planned future production or other future events or developments that the Company expects, or is targeting, 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 and may require achievement of a number of operational, technical, economic, financial and legal objectives. The likelihood of continued future mining at Campo Morado is subject to a large number of risks, including obtaining lower than expected grades and quantities of mineralization and resources, lower than expected mill recovery rates and mining rates, changes in and the effect of government policies with respect to mineral exploration and exploitation, the possibility of local disputes including blockades of the company's property, the possibility of adverse developments in the financial markets generally, fluctuations in the prices of zinc, gold, silver, copper and lead, obtaining additional mining and construction permits, preparation of all necessary engineering for ongoing underground and processing facilities as well as receipt of additional financing to fund mine construction, development and operation, if needed. Such funding may not be available to the Company on acceptable terms or on any terms at all. 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.

For further information: on Farallon Mining Ltd., please visit the Company's website at www.farallonmining.com or contact Neil MacRae, Investor Relations Manager, at [phone] or within North America at 1-877-688-2050