Award of Additional Calicanto Claims and Progress Results from Calicanto

September 5th, 2006

Arian Silver Corporation (AIM/TSX-V : AGQ) announces that its 100% owned subsidiary, Arian Silver Mexico S.A. de C.V., was awarded an additional 29 hectares (ha) of mining concession by the Mexican Mines Directorate. The new mining claim, called ‘Misie’ (No. 93/27847) lies adjacent to the three existing Calicanto mining claims under option to Arian. The property has been mined historically and contains six existing mine shafts, and numerous prospects and trenches. The enlarged Calicanto area now comprises 74 ha.

The Misie property was mined until the early 1990s when mining ceased following a downward trend in the price of silver. The ‘Misie’ property hosts a number of structures, including the extension of the “El Cobre” structure. The El Cobre vein is parallel to both the Calicanto and Nevada veins and is explored and partially exploited over a strike length of 2.2km. The property also covers the south-west extension of the San Buenaventura vein.

In the neighbouring Cozamin property, Capstone Mining Corp. is currently mining the Mala Noche vein system at the San Roberto mine. The Directors of Arian believe that the El Cobre structure is similar to the Mala Noche vein with a high grade silver epithermal vein near surface that changes to a copper-zinc-silver mesothermal vein at depth. On the adjacent Unification El Cobre concession, the El Cobre structure has been explored to a depth of 300m, Assays from Consejo de Recursos Minerales (CRM) returned values of 204 g/t Ag, 1.76% Zn, and 2.55% Cu over 0.92m at 200m depth. The Directors of Arian believe that there is good potential for ‘Misie’ to host similar deposit types to those mined at the San Roberto Mine, currently operated by Capstone Mining Corp.

The Directors of Arian believe that additional wide mineralised structures exist within the ‘Misie’ property similar to those found on Arian’s Calicanto structure, where potentially economic widths of 4.5m+ have been discovered. The Calicanto structures may be amenable to mechanised mining techniques, using Load Haul Dump (LHD) equipment and ramp access where higher tonnages of lower-grade material can be exploited underground, as opposed to conventional mining techniques, where exploitable material is partially governed by the hoisting capacity of the shaft.

Arian’s proposed diamond drill programme on the Calicanto group of properties has been increased from 2,100m to 3,000m to accommodate the extra targets associated

with the ‘Misie’ structures. Arian has had environmental permits granted for drill holes planned on the Calicanto property, and drilling is expected to start in the next few weeks.

Arian is continuing to advance its 4x4m adit along the Calicanto vein structure, which has now progressed more than 80m. A recent bulk sample of 165 tonnes from this advance returned an average grade of 393 g/t Ag and 1.2 g/t Au.

In addition to the ramp advance, Arian is continuing with its extensive chip and channel sampling programme within the pre-existing adit at Calicanto, and some of the better intercept results obtained from sampling are 10,653 g/t Ag and 10.9 g/t Au over 1.2m, 1,720 g/t Ag and 1.9 g/t Au over 1.7m, and 2,100 g/t Ag and 7.3 g/t Au over 0.6m. A summary of these results obtained from the start of Arian’s sampling programme are shown in table 1.

Jim Williams, Arian’s CEO stated, “These results obtained from the three concessions comprising our Calicanto group of projects are very encouraging. Our initial bulk sample indicates run-of-mine material over a mineralised structure in excess of 4.5m wide with a smelter return of 393 g/t Ag and 1.2 g/t Au, giving a silver equivalent of approximately 460 g/t.

“Furthermore, the results confirm the rationale behind our strategy of exploring for wider mineralised structures which, we as a Board believe, could be amenable to highly efficient mechanised mining techniques, as opposed to more difficult and expensive conventional mining techniques.

“The acquisition of the ‘Misie’ concession extends the scope of our aggressive exploration programme of the Calicanto properties.”

Table 1. Calicanto chip channel sampling results summary

INTERVAL
 LENGTH (M)         AU (PPM)      AG (PPM)       AG (OZ/T)

5                    0.23          121.82            3.55
4                    0.26           18.53            0.54
4                    0.27           28.38            0.83
4                    0.71          173.15            5.05
4                    0.42          122.18            3.56
2.2                  0.05            7.78            0.23
2.2                  6.00         5464.86          159.33
1                    0.25          120.00            3.50
1.7                  1.92         1720.00           50.15
3                    0.79          338.33            9.86
3                    0.77          111.70            3.26
4.2                  1.01          332.24            9.69
5.25                 1.16          395.86           11.54

Mr. Jim Williams, Eur Ing, MSc, DIC, FIMMM, CEng, CGeol, and Chief Executive Officer of Arian Silver Corporation, 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.

For further information please contact:

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


Jonathan Gollins / Marylène Guernier, M:Delta
+44 (0) 20 7153 1268

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

In Vancouver :
Paul Lathigee, 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 has not reviewed and 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 the estimation of mineral resources, potential mineralization and resources, and the Company’s exploration and development plans) 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 drilling 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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