Farallon Files to Deregister from the SEC in the USA and Changes its Fiscal Year End

    VANCOUVER, Oct. 31 /CNW/ - Farallon Resources Ltd. (TSX: FAN) ("Farallon"
or the "Company") announces that it has filed today a Form 15F with the U.S.
Securities and Exchange Commission (the "SEC") with the intention of
voluntarily terminating the registration of its common shares under section
12(g) of the Securities Exchange Act of 1934 (the "Exchange Act"). Farallon
expects that this termination of registration will become effective 90 days
after its filing with the SEC. As a result of this filing, Farallon's
reporting obligations with the SEC, including its obligations to file annual
reports on Form 20-F and reports on Form 6-K, will immediately be suspended.
The Company's shares will no longer be quoted in the United States on the
Over-the-Counter Bulletin Board under the symbol 'FRLLF' once the termination
of registration is effective.
    Farallon will continue to comply with its Canadian continuous disclosure
obligations by making filings with the applicable Canadian securities
regulators via the System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com. These continuous disclosure filings will include the
Company's consolidated financial statements prepared in accordance with
Canadian generally accepted accounting principles and technical reports on its
mineral properties prepared in accordance with Canadian National Instrument
43-101. Farallon's common shares will continue to trade in Canada on the TSX
under the symbol "FAN".
    Farallon is current with all reporting requirements under the Exchange
Act and is not listed on any U.S. exchange. In determining to terminate the
registration of its common shares under the Exchange Act, Farallon considered
that administrative burdens and costs associated with being a U.S. reporting
company have significantly increased in the past few years, particularly in
light of SEC Sarbanes-Oxley requirements. The preparation time and costs
associated with preparing U.S. filings and meeting SEC regulatory requirements
are substantial, and overall the Company's management believes that these
administrative burdens and their associated costs far outweigh any benefits
derived from the Company's registration with the SEC.
    The Company also announces that it will change its fiscal year end to
December 31, from its current fiscal year end of June 30. Farallon is making
this change to align its fiscal year more closely with the industry standard
and to reflect the Company's transition from an exploration to a production
company. This change will take place immediately with the six months ending
December 31 2008 bridging into the new year end.

    J.R.H. (Dick) Whittington
    President and CEO

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

For further information:

For further information: details on Farallon Resources Ltd., 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

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Farallon Mining Ltd.

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