Arian Silver Reports Results for The Three and Six Months Ended June 30, 2008

September 1st, 2008

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Arian Silver Corporation (“Arian” or the “Company”) is a silver exploration and development company focused on identifying, acquiring and developing resource projects in Mexico. Today the Company reported its unaudited results for the three and six months ended June 30, 2008, as found in the management’s discussion and analysis and financial statements reported below. All amounts are expressed in US dollars unless otherwise stated.

HIGHLIGHTS

Financial
  • As at June 30, 2008, the Company had assets of $9.7 million, including intangible assets of $7.5 million and cash of $0.9 million.
  • Expenditure on projects in Mexico and on other assets in the six months was $3.1 million.
  • Consolidated pre-tax loss before exceptional items for the six months of $1.6 million.
Operational
  • Two major Phase-1 drilling programmes completed at the San Jose project (11,722 metres (“m”)) and at the Tepal project (7,178m).
  • Phase-2 drill programme (12,000m) commenced at the San Jose project.
  • Initial Canadian National Instrument 43-101 (NI 43-101) mineral resource estimates in respect of the San Jose and Tepal projects released (March).
  • Upgraded NI 43-101 mineral resource estimate in respect of the San Jose project released (August).
Arian’s Chief Executive Officer, Jim Williams, summed up by saying, “I reported for the Q1 that excellent progress has been made at that point in time and to date there has been no change here as we continue to make excellent headway. Our initial resource estimate for San Jose, reported in March 2008, has now been updated. Based on block modelling of all 71 drill holes of our Phase-1 drill programme, we have increased our resource base at San Jose by nearly 60%, significantly increased our contained metals base of silver, lead and zinc, as well as upgrading part of the resources from inferred to indicated. We are already some 50% of the way through our 12,000 metre Phase-2 drill programme at San Jose, and even though laboratory assays are still pending for those samples submitted, visually the mineralised intercepts look very encouraging. Our Tepal block modelling is nearing completion and the results of this will be reported very soon. In addition, we are undertaking a scoping study on our San Jose project and the results of this will be reported in due course. We have first-class management teams in Mexico and London, first-class projects, and I continue to be very upbeat on the outlook for the remainder of 2008.”
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