VANCOUVER, Dec. 9 /CNW/ - Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) is pleased to announce that Dick Whittington, President and CEO of Farallon, has received an award from the Governor General of Canada, Ms. Michaelle Jean. The award is to recognize individuals who have worked to strengthen Canada-Mexico relations and was presented on the occasion of the recent State Visit to Mexico by the Governor General of Canada.
The award is in recognition of Mr. Whittington's efforts in forming the Mining Task Force in association with the Canadian Chamber of Commerce in Mexico and also his efforts to continually promote Canadian mining interests in Mexico as well as his strong commitment to Corporate Social Responsibility. The objective of the Mining Task Force is to represent and support the interests of Canadian mining companies exploring and operating in Mexico. The thirty-three members of the Mining Task Force now constitute a market capitalization of approximately CDN$50 billion dollars and operate 27 mines in Mexico as well as numerous exploration projects.
Mr. Whittington joined Farallon in 2004 as the President & CEO, and since that time Farallon has discovered, constructed and brought into full commercial production the G-9 Mine on the Campo Morado property in the state of Guerrero. At the same time, Mr. Whittington has also worked to promote strengthened relations across the two countries and this award recognizes that achievement.
Ron Thiessen, Chairman of Farallon commented "Dick has been relentless in his pursuit of the development of the Campo Morado Project, not simply the physical elements of the project, but also building a dedicated discovery, engineering, development, financial and administrative team, supportive relationships with the communities and government in Mexico, and strong financial backing from equity holders and bankers. What could or should have taken six years, Dick and his team accomplished in three; most importantly, on time and on budget. I am not surprised at Dick being the recipient of this award, not only has he been a great leader for Farallon, he has been an Ambassador for Canada in Mexico and for Mexico in Canada. On behalf of the Board our shareholders and our staff, I congratulate Dick for this honour."
Farallon's G-9 zinc, copper, silver, gold and lead mine at the Campo Morado Property in Mexico reached commercial production in April 2009. 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
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. There are no mineral reserves at Campo Morado and there is no assurance that the mineralization at Campo Morado will ever be classified as mineral reserves. 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