$425,000 Awarded by The Supreme Court of B.C.
VANCOUVER, April 22 /CNW/ - Dick Whittington, President and CEO of Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) is pleased to announce that on March 30th, 2010, Farallon Mining Ltd., Farallon's Chairman Ronald Thiessen and Hunter Dickinson Inc., were awarded a total of $425,000 in a defamation case brought by the Company against Mr. Robert Butler.
Farallon Mining, on behalf of all the Plaintiffs, filed a lawsuit against Mr. Butler on October 5th, 2004 for posting various defamatory statements on the website at www.stockhouse.com. On March 30th, 2010, the Honourable Madam Justice Wedge of the Supreme Court of British Columbia, awarded each of the Plaintiffs general and punitive damages, while Mr. Thiessen was also awarded aggravated damages. The total damages awarded against Mr. Butler are $425,000. Madam Justice Wedge also awarded costs against Mr. Butler, as well as ordering a permanent injunction against him, restraining him from publishing any further defamatory statements against the Plaintiffs. The Plaintiffs intend to vigorously pursue enforcement of the Order against Mr. Butler to the full extent permitted under the law.
Dick Whittington said: "This is amongst the highest awards of its kind in Canada and will hopefully restrain others from issuing unfounded defamatory statements against companies that are trying to legitimately create value for shareholders, stakeholders and mining communities around the world. Farallon has been the subject of defamatory allegations for some time and our intention has always been to expose those making these allegations and then apply the rules of law to seek compensation. I am very pleased that the Court has ruled so convincingly in our favour. Shareholders can be assured that we will continue to be vigilant in defending their interests against such libellous accusations in the future. We stated we would bring those involved to justice and while it has taken longer than anticipated, in the end, justice has prevailed."
Further details of the Court Order are posted on the Company's website at www.farallonmining.com. The Company was represented in this action by Tom Hakemi of Hakemi & Company Law Corporation.
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 future production, reserve or resource potential, continuity of mineralization, exploration drilling, operational activities, production rates, costs to completion and 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.
SOURCE Farallon Mining Ltd.
For further information: 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 (604) 638-2160 or within North America at 1-877-688-2050