Farallon Provides Legal Update

TWO RECENT RULINGS IN THE COMPANY'S FAVOUR

VANCOUVER, Nov. 18 /CNW/ - Dick Whittington, President and CEO of Farallon Resources Ltd. ("Farallon" or the "Company") (TSX: FAN; OTCBB: FRLLF) announces a legal update. Two recent rulings, one in a civil case initiated by David L. Hermiston in September 2004 and the other in a civil case initiated by Wiltz Investment S.A. in January 2004 have been rendered in the Company's favour. Both are now the subjects of final appeals.

As reported in a news release dated September 14, 2004, a writ was filed in the Federal Court of Mexico on September 6, 2004, wherein Farallon was named as a defendant along with 15 other parties, including the Government of Mexico, in a series of claims filed by David L. Hermiston ("Hermiston") as Plaintiff. This writ alleged Hermiston was defrauded of certain ownership rights in shares of Minera Summit de Mexico, S.A. de C.V., the prior owner of the Campo Morado property. In previous lawsuits by the same David L. Hermiston and/or his associates, various ownership allegations had been dismissed by law courts in Canada, the United States and Mexico, as being without merit and/or deficient for a myriad of substantive and technical reasons. In June 2007, the civil court in Mexico City dismissed the case and awarded costs to Farallon. In early August 2007, Hermiston appealed this judgment, but in February 2008, the appeal court in Mexico City dismissed the appeal. In March 2008, Hermiston filed a further appeal in Mexico to have this ruling reviewed. The Fifth Collegiate Court in Mexico City subsequently asked the First Unitary Court to review its ruling which it has now done. The current ruling, received in October, re-affirms the original June 2007 decision and, again, has ordered Hermiston to pay costs to Farallon. Hermiston has appealed this new ruling to the Collegiate Court; however, Farallon's legal counsel continues to prosecute the case fully and is of the opinion that the original ruling will stand.

On January 22, 2004, in a writ filed in the Second District Court for the Fifth Circuit in Hermosillo, Sonora, Mexico, Wiltz Investment S.A. ("Wiltz") made certain allegations and, as a consequence, demanded the rescission of the option agreement between Minera Summit and Farallon dated October 15, 1995 whereby Farallon purchased the Campo Morado property. On November 6, 2007, the Company was advised (see Farallon News Release November 8, 2007) that the Second District Court of the Fifth Circuit in Hermosillo had issued a ruling declaring that Wiltz had not proven its allegations under the civil action and that there was no justification to rescind the option agreement between Minera Summit and Farallon. Wiltz appealed the ruling, which was then reviewed by the First Unitary Court for the Fifth Circuit in Hermosillo. On February 26, 2008, the Company was advised that the basis for the appeal was denied. Wiltz then filed another appeal to have this ruling reviewed and on August 26, 2008 the Second Collegiate Court from Sonora granted the appeal for the effects of reviewing, once again the file by the First Unitary Court. The said court rendered a new judgment on September 9, 2008 confirming the ruling issued by the Second District Court. Wiltz has again filed an appeal to have the September 9th ruling reviewed by the Second Collegiate Court in Hermosillo, Sonora State. Farallon's legal counsel continues to prosecute the case and expects the original ruling will be re-affirmed.

Dick Whittington said: "It is frustrating for shareholders to see this process linger on; however, we have prevailed in each instance and in each jurisdiction on both these cases. We consider these actions frivolous and will continue to defend against these, and any other, allegations that Hermiston or Wiltz might make in the future. Furthermore, we will take all measures possible to recover the costs awarded by the courts. Coupled with the default judgment awarded in a similar case in Nevada initiated by Hermiston, these costs are now well in excess of $1 million. In the meantime, the Company's focus remains to bring the G-9 mine into commercial production early in the New Year."

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