Calicanto Phase-One Drill Results

May 29th, 2007

- Final assays return up to 4.70 metres of 41.80 oz/t Ag equivalent
- New vein systems discovered
- Bonanza grade intercepts on 3 vein systems
- Phase-two drilling planned to commence in Q3 2007

Arian Silver Corporation
(“Arian” or the “Company”) is pleased to announce the silver, gold and base metal assay results of a sixteen hole, 3,100 metre, NQ-size, diamond-drilling programme at its Calicanto property, Zacatecas state, Mexico.

Arian’s Chief Executive Officer, Jim Williams, said, “The drilling programme has identified the continuation of epithermal silver-gold veins along strike and to depth below the historic mine workings. In addition we have discovered previously unidentified vein systems within our concessions during this first phase of drilling at Calicanto. These have been discovered in holes 016, 006 and 003 and have demonstrated that there is excellent potential for the Calicanto property to host additional undiscovered silver-gold veins. Bonanza grades have also been discovered in holes 001, 008 and 017 which are located on the Vicochea, Calicanto and El Misie vein systems respectively.

Arian is working with A.C.A. Howe International with a view to defining NI 43-101 compliant silver resources in the near-term, and the exploration already undertaken, together with this Phase-one drill programme, stands us in good shape to achieve this. The results of our Phase-one drilling, together with the results of our additional systematic exploration, are currently being evaluated and a Phase-two programme is currently being planned and is expected to be undertaken in the third quarter.”

A map showing the collar locations is shown in the attached link:

http://www.ccnmatthews.com/docs/Calicanto-DHPlanMap.pdf

The table below shows the results from the drilling programme. The silver and gold assay results shown in the table for holes 003, 006, 007, 008, 014, 015, 016, and 001, 002, 011 and 017 were also previously reported in press releases dated February 19, 2007 and April 16, 2007 respectively.

Drill-hole

From (m)

To (m)

Core Length (m)

True Thickness (m)

Gold

(Au) (g/t)

Silver (Ag)

(g/t)

Lead (Pb) (%)

Zinc (Zn)

(%)

Copper

(Cu) (%)

AgEq*

(g/t)

AgEq* (oz/t)

CAL-06-001

117.00

119.20

2.20

1.60

0.90

409.10

0.08

0.24

Trace

471

13.73

inc.

118.50

119.20

0.80

0.60

2.50

1150.00

0.20

0.61

Trace

1,317

38.40












CAL-06-001

143.00

143.20

0.20

0.14

4.46

3550.00

0.80

1.35

Trace

3,778

110.10












CAL-06-002

82.05

96.00

13.95

9.90

0.21

120.98

0.10

0.19

Trace

147

4.30

inc

90.10

96.00

5.90

4.20

0.18

177.02

0.10

0.23

Trace

204

5.90












CAL-06-003

139.60

140.00

0.40

0.35

2.75

64.30

1.41

0.98

0.17

320

9.33












CAL-06-003

161.65

164.60

2.95

2.10

0.78

199.59

0.20

0.13

Trace

251

7.32

inc.

163.60

164.60

1.00

0.70

1.75

386.00

0.49

0.27

Trace

502

14.63












CAL-06-006

68.85

69.45

0.60

0.45

0.06

212.00

1.57

0.30

Trace

278

8.10












CAL-06-006

130.55

132.50

1.90

1.35

1.86

156.00

0.19

0.18

Trace

263

7.70












CAL-06-007





No

Significant

Results















CAL-06-008

150.25

155.45

5.20

4.50

8.54

296.75

0.65

1.48

Trace

826

24.10

inc.

152.90

153.45

0.55

0.50

43.50

2,130.00

1.39

2.97

Trace

4,460

130.00












CAL-06-008

211.70

212.95

1.25

1.05

2.40

34.20

0.40

0.82

Trace

217

2.97












CAL-06-010

126

127

1

0.95

0.3

55.4

5.3

5.4

Trace

583.1

17.0












CAL-06-010

130

131

1

0.9

1.22

34

2.8

4.2

Trace

456.7

13.3












CAL-06-010

229.3

230.6

1.3

1.15

1.38

178

0.96

0.59

Trace

331.0

9.65












CAL-06-011

199.20

206.25

7.05

6.30

6.80

154.42

1.50

0.30

0.38

814

23.72

inc.

200.85

203.50

2.65

1.90

8.23

235.01

1.70

0.12

0.46

1,085

31.60

inc.

205.25

206.25

1.00

0.70

13.42

106.00

0.24

0.11

0.14

779

22.70












CAL-06-012

165.5

166.5

1

0.9

0.4

113

Trace

Trace

Trace

132.2

3.85












CAL-06-014

136.40

137.70

1.30

1.10

1.10

98.00

Trace

0.44

Trace

150

4.40












CAL-06-015

38.95

40.00

1.05

0.90

1.15

13.10

0.25

0.63

Trace

118

3.44












CAL-06-015

86.70

88.10

1.40

0.70

0.77

167.00

0.24

0.32

Trace

232.5

6.80












CAL-06-016

138.00

141.50

3.50

2.50

0.17

161.29

0.07

0.18

Trace

184

5.36

inc.

139.70

140.75

1.05

0.75

0.29

286.00

0.12

0.20

Trace

317

9.24












CAL-06-017

103.75

110.40

6.65

4.70

7.17

1,054.64

0.96

0.10

Trace

1,432

41.80

inc.

105.45

106.40

0.95

0.70

28.30

4,450.00

1.30

0.10

Trace

5,850

170.60













CAL-06-018

142.55

143.75

1.2

1.05

0.225

8.1

Trace

1.83

Trace

144.4

4.2












CAL-06-019





No

Significant

Results















CAL-06-020

86.1

87.9

1.8

1.60

2.44

105.6

1.7

3.4

0.2

524.5

15.3

Inc.

87.1

87.9

0.8

0.7

3.9

169

1.4

2.97

0.2

620.3

18.1


The table represents selected assay results from the phase 1 Calicanto drill program (results grading >2g/t Au, >100 g/t Ag, >1% Pb, >1% Zn).

*Silver equivalent grade is calculated on the basis of US$12.50/oz Ag, US$600/oz Au, $1.25/lb Zn, $0.5lb Pb and $2/lb Cu. Silver equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries.


The Company continues to advance both its underground declines on the Calicanto structure and the San Buenaventura structure, currently 95m in and 80m in respectively. These declines are being advanced by our operational partner with whom Arian holds an exclusive 100% option with. Run-Of-Mine (ROM) material is being stockpiled before being treated in a nearby milling facility, which will indicate both head grade and recovery. The results from this programme give Arian an excellent three-dimensional (3-D) understanding of the ore body which, combined with the drill results, enhances the knowledge of the geology and the mineralisation.

All technical information for the Calicanto property is obtained and reported under a formal quality assurance and quality control (QA/QC) programme. The core is logged and photographed by Arian staff and then split using a diamond saw. Half the core is stored on-site in a secure core shed and the other half is sampled, bagged and secured before transporting to the ALS Chemex preparation facility in Guadalajara, Mexico. The entire half-core is crushed and two kilograms is pulverized and homogenized. 150 gram pulp samples are then air freighted to ALS Chemex’s analytical laboratories in Vancouver, British Columbia, for analysis. Systematic assaying of duplicates is performed for precision and accuracy; check assays are regularly conducted by ALS Chemex. Each sample has its own unique sample number. The ALS Chemex laboratories in North America are ISO 17025 and ISO 9001:2000 accredited.

Approximately 5% of the analysed samples are re-sampled and sent to BSi/Inspectorate’s sample preparation facility in Durango, Mexico. The samples consist of both coarse reject samples and 150 gram pulp samples. The coarse material is crushed and pulverised, and all the pulp samples are freighted to BSi/Inspectorate’s analytical laboratory in Reno, Nevada for analysis. Results from all duplicate analyses are compared to identify potential analytical or sampling errors.

The ALS Chemex and BSi/Inspectorate 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. High-grade samples (gold >3 g/t and silver >100 g/t) were re-analysed by a fire assay with a gravimetric finish.

Additional information with respect to the Calicanto 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”.

Mr. Jim Williams, Eur Ing, Eur Geol, MSc, DIC, FIMMM, CEng, CGeol, and Chief Executive Officer of Arian, is a “Qualified 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).

For further information please contact:

In London :
Jim Williams - CEO
Arian Silver Corporation
+44 (0)20 7529 7511

Justine Howarth / Clare Irvine
Parkgeen Communications
+44 (0)20 7851 7480

Gerry Beaney,
Grant Thornton Corporate Finance
+44 (0)207 385 5100

Daniel Brooks / Vina Patel,
Haywood Securities (UK) Limited
+44 (0) 207 031 8000

In Vancouver :
Investor Relations,
Vanguard Shareholder Solutions
+1 (604) 608 0824
Toll free: 1866 898 0825

Arian Silver Corporation is a silver exploration company listed on London’s AIM and “PLUS”, on Toronto’s TSX Venture Exchange and on the Frankfurt Stock Exchange. Arian is active in Mexico, the world’s largest silver producing country. The Company’s main projects are the Calicanto and San Jose projects in Zacatecas state, and the Tepal project in Michoacán State. Part of Arian’s forward-looking 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, and to build up National Instrument 43-101 compliant resources.

Arian was founded by Jim Williams, Chief Executive Officer, and Tony Williams, Chairman, who together have over 50 years experience in exploration, project construction and mining worldwide. Arian is supported by the Dragon Group in London, UK, and the Endeavour Group in Vancouver, 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, potential mineral 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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