Arian Silver Corporation: Additional High-Grade Epithermal Silver Veins Located on San Celso Property, Zacatecas, Mexico

October 16th, 2006

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Arian Silver Corporation (“Arian” or the “Company”) (AIM/TSX-V : AGQ) is pleased to announce that underground sampling, surveying and geological mapping of the Las Cristinitas mine workings have been completed on its San Celso property, Zacatecas State, Mexico, with promising results, including >1000 g/t silver over 4.65 metres (m).

Exploration results have confirmed the presence of at least a second high-grade epithermal silver vein on the San Celso property.

The San Celso project area, which has an area of 88 ha, covers a number of colonial-era silver mines and prospects, including the San Celso and Las Cristinitas mines. Past production focused on narrow high-grade ore-shoots that were conventionally open-stope mined to the water table, at approximately 120m depth.

During the first six months of 2006, Arian’s technical team rehabilitated the Las Cristinitas mine to access the underground workings for mapping and sampling. The Las Cristinitas mine workings are located 130m to the northeast of the San Celso mine.

The Las Cristinitas mine explores a high-grade epithermal silver vein, the Las Cristinitas vein. The Las Cristinitas vein runs parallel to, but is different in form, to the San Celso vein. The structure consists of a massive oxidised calcite-quartz vein, with a banded quartz and calcite vein in the centre. The vein is similar in orientation to the San Celso vein, with a strike of 110 degrees, but a shallower dip of 40-50 degrees to the southwest. The vein width varies from 0.5m to greater than 4m.

Arian has taken 265 chip-channel samples from the Las Cristinitas workings. Assay results are summarised below in Table 1 and include a 4.65m interval at greater than 1000 g/t Ag. However, most of these samples were taken from vein and country rock at the periphery of historical mine workings and stopes. This vein may represent the lower-grade material that was not considered to be run of mine ore-grade.

Underground geological mapping also identified further mineralisation comprising a 6m wide structure between the Las Cristinitas Vein and the San Celso Vein. This vein structure is approximately 10-20m in the footwall of the San Celso vein. Arian’s technical team believes this may be the strike extension of the Nueva Andromeda vein evidenced by the Nueva Andromeda shaft located 400m to the southeast and just outside the San Celso property.

Arian’s Chief Executive Officer, Jim Williams, stated “The sample results for Las Cristinitas are very encouraging. We have several very high-grade intersections, with mineralised country rock adjacent to the main vein, indicating a wider disseminated zone than the high-grade ore shoots previously mined. This is similar to what we have encountered on the nearby San Celso vein. This represents areas that may be amenable to wider mechanised mining techniques. Further systematic work is currently being planned to evaluate the potential of this disseminated zone. Like the San Celso vein, the Las Cristinitas vein is strongly oxidised and is believed to continue at depth into a sulphide-rich ore zone, which has not previously been exploited.”

“The San Celso and Las Cristinitas veins are part of a swarm of veins which run through the San Celso property. Exploration work is being carried out to determine the characteristics and dimensions of the other veins on the property.”

Mr. Jim Williams, Eur Ing, MSc, DIC, FIMMM, CEng, CGeol, and Chief Executive Officer of Arian, is a “Competent Person” as defined in the AIM guidelines of the London Stock Exchange, and a “Qualified Person” as defined in the Canadian Securities Administrators National Instrument 43-101. This press release has been prepared under Mr. Williams’ supervision. Mr Williams has verified the data disclosed by this release (including sampling, analytical and test data underlying the information).

Additional information with respect to the San Celso property is contained in a technical report prepared by A.C.A. Howe International Limited, dated March 20, 2006, and entitled “Technical Report on the Calicanto and San Celso Projects, Zacatecas, Mexico”.

Table 1: Summary of selected sampling results from the Las Cristinitas workings.
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COMPOSITE   INDIVIDUAL
SAMPLE         SAMPLES              WIDTH (M)   AG (G/T)   AG (OZ/T)
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LC004                                   1.65        637        18.6
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  inc.         LC004-A                   0.8      1,100        32.1
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LC006                                   0.75        451        13.1
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LC007                                    1.4        262         7.6
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LC009                                    1.3        365        10.6
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LC010                                    1.1        370        10.8
----------------------------------------------------------------------
LC011                                    1.1        330         9.6
----------------------------------------------------------------------
LC012                                    1.6        646        18.8
----------------------------------------------------------------------
  inc.         LC012-B                   0.7        802        23.4
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LC014                                    1.2        293         8.5
----------------------------------------------------------------------
LC017                                   1.65        173         5.0
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LC019-B                                 0.15        383        11.2
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LC020-F                                  0.7        346        10.1
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LC026-C                                 0.65        531        15.5
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LC026                                   2.35        173         5.0
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LC027                                    2.3        331         9.6
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  inc.         LC027-C                   0.6        685        20.0
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LC041                                   2.35        270         7.9
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LC048                                    2.8        190         5.5
----------------------------------------------------------------------
  inc.         LC048-A                   0.8        422        12.3
----------------------------------------------------------------------
LC053-B          37384                   0.6      1,220        35.6
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LC065                                   1.95        263         7.7
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  inc.         LC065-B                  0.65        628        18.3
----------------------------------------------------------------------
LC068                                   5.45        155         4.5
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LC069                                   3.95        253         7.4
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  inc.         LC069-B                   0.8        480        14.0
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LC070                                   4.65      1,025        29.9
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  inc.         LC070-B                  1.05      2,683        78.2
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  inc.         LC070-C                   1.4      1,225        35.7
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LC072            37442                   0.8        382        11.1
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LC074                                   4.05        112         3.3
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  inc.         LC074-B                   0.6        400        11.7
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LC075                                    3.9        237         6.9
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  inc.         LC075-C                  0.95        513        15.0
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LC076-D          37459                  0.65        686        20.0
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LC084                                   1.45        603        17.6
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  inc.         LC084-A                  0.55      1,475        43.0
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LC087                                    2.5        154         4.5
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  inc.         LC087-B                   0.9        236         6.9
----------------------------------------------------------------------
Sample widths are true widths.
All technical information for the San Celso property is obtained and reported under a formal quality assurance and quality control (QA/QC) program. Samples are submitted to BSi/Inspectorate sample preparation facility in Durango, Mexico, for drying, crushing and pulverizing. BSi/Inspectorate, Durango, then sends the sample pulps by air-freight to BSi/Inspectorate’s laboratory in Reno, Nevada, for analysis. Systematic assaying of duplicates is performed for precision and accuracy; check assays are regularly conducted by BSi/Inspectorate. High-grade (greater than 750 g/t Ag) intervals are re-sampled and sent to ALS Chemex preparation facility in Guadalajara, Mexico, with sample pulps shipped to the ALS Chemex laboratory in Vancouver, British Columbia, for analysis. The BSi/Inspectorate and ALS Chemex laboratories are independent of Arian.

The samples were analysed for 32 elements by ICP (inductively coupled plasma) preceded by an aqua regia digestion. Gold was analysed by fire assay with an atomic absorption finish.

For further information please contact:

In London:

Jim Williams / Alex Harrison, Arian Silver Corporation
+44 (0)20 7529 7511

Tim Blackstone, Britton Financial PR
+44 (0) 20 7251 2544

Mike Jones / Ryan Gaffney, Canaccord Adams Limited
+44 (0)20 7518 2777

In Vancouver:

Investor Relations, Vanguard Shareholder Solutions
+1 (604) 608 0824
0800: 800 898 0825

Arian Silver Corporation is a silver exploration company listed on London’s AIM and on Toronto’s TSX Venture Exchange. Arian is currently active in Mexico, the world’s largest silver producing country. Arian’s strategy lies in the envisaged use of large scale mechanised mining techniques over wider mineralised structures, which reduces the overall operating cost per ounce of silver.

Arian was founded by Jim Williams and Tony Williams (no relation), who together have over 50 years experience in exploration, project construction and mining worldwide. Arian is supported by the Dragon Group in London, and the Endeavour Group in Canada.

Further information can be found by visiting Arian’s website: www.ariansilver.com or the Company’s publicly available records at www.sedar.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this release.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements


This press release contains certain “forward-looking statements”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding exploration results, potential mineralization and resources, and the Company’s exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to the availability and costs of financing needed in the future, changes in commodity prices, changes in equity markets, political developments in Mexico, changes to regulations affecting the Company’s activities, delays in obtaining or failures to obtain required regulatory approvals, the uncertainties involved in interpreting exploration results and other geological data, and the other risks involved in the mineral exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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