Exploration Update -- Tepal Project

June 16th, 2008

Arian Silver Corporation (“Arian” or the “Company”) is pleased to announce that it has received all outstanding assay results from the Phase-1 diamond-drill programme at its Tepal Project, Michoacán State, Mexico. A total of approximately 7,200m in 42 holes were drilled on the property and 30 of these holes intersected significant gold-copper mineralization. The drilling confirmed the existence of two significant mineralised porphyry zones and a newly discovered porphyry zone to the east.

Highlights:

  • Phase-1 Drilling Completed.
  • Results include:
    • 224m at 0.52 g/t Au, 0.25% Cu, (1.09 g/t AuEq)
    • 124m at 0.85 g/t Au, 0.37% Cu, (1.71 g/t AuEq)
    • 114m at 0.84 g/t Au, 0.38% cu, (1.70 g/t AuEq)
    • 100m at 0.75 g/t Au, 0.33% Cu, (1.50 g/t AuEq)
    • 90m at 1.17 g/t Au, 0.48% Cu, (2.25 g/t AuEq)
  • Resource zones are open in multiple directions
  • Additional gold-copper porphyry-style mineralisation discovered


Hecla, Teck and Inco previously explored the Tepal Property and discovered two gold-copper porphyries, namely the North and South Zones. Surface mapping and sampling by Arian has discovered a third area of gold-copper porphyry mineralisation, which has been named the East Zone.

The drill programme was designed to confirm the historic drill data and to make the historic resources NI 43-101 compliant. Several holes were drilled into the East Zone to further test its potential. The programme achieved both goals and also indicated that the resources areas are open in multiple directions and exploration drilling has identified new, previously unexplored gold-copper porphyries. The results of the drilling programme are set out in Appendix 1 to this release.


Arian’s Chief Executive Officer, Jim Williams, said, “The drilling programme has confirmed the historic resources at Tepal and that the zones of mineralisation are open in multiple directions. These results together with the discovery of a third new gold-copper porphyry demonstrate that there is excellent potential for significantly more resources at Tepal. We have already issued an initial NI 43-101 resource for Tepal and we are on schedule to update this resource estimation during Q3 of this year. We believe that Tepal has the potential to be a significant gold/copper project within a world-class mining district.”

About the Project
The 14,000-hectare Tepal Property is located in Michoacán State, Mexico, approximately 200km southwest of the state capital, Morelia, and covers a relatively newly discovered porphyry district located in southern Mexico. Arian has defined an initial N.I. 43-101 inferred mineral resource estimate of 2.58M oz AuEq at Tepal (78.8MT @ 0.47 g/t Au, 0.24% Cu or 1.03 g/t AuEq). See Arian’s press release dated 10 March 2008 entitled, “Initial NI 43-101 Resource Calculation at Tepal” with respect to this resource estimate.

All technical information for the Tepal Project 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 ALS Chemex’s sample preparation facility in Guadalajara, Mexico. The entire half-core is crushed and two kilograms is pulverised and homogenised. 150-gram pulp samples are then freighted to ALS Chemex’s analytical laboratory 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.

Approximately 5% of the analysed samples are re-sampled and sent to the SGS-Lakefield preparation and analytical facility in Durango, Mexico. Results from all duplicate analyses are compared to identify potential analytical or sampling errors.

The SGS Lakefield 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. 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 Tepal Project is contained in the technical report prepared by A.C.A. Howe International Limited, which is dated September 18, 2006 and entitled “Technical Report on the Tepal Project, Michoacan, Mexico”. A copy of the report can be obtained from Sedar at www.sedar.com.

The “qualified person” (as such term is defined in National Instrument 43-101) who prepared this current mineral resource estimate for the Tepal Project is Mr. James Hogg. Mr. Hogg is an employee of A.C.A. Howe International Limited.

Mr. Jim Williams, 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).

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:

Arian Silver Corporation
Jim Williams -CEO / Fuad Sillem — Investor Relations
+44 (0)207 529 7511 (London)

Bishopsgate Communications Limited
Nick Rome
+44 (0)207 562 3350 (London)

Vicarage Capital Limited
Martin Wood
+44 (0)207 060 1303 (London)

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

Vanguard Shareholders Solutions
Keith Schaefer
+1 (604) 608 0824 (Canada)
Toll Free: 1 866 898 0825 (US & Canada)


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 second 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 mechanized mining techniques over wider mineralized structures and to build up National Instrument 43-101 compliant resources.

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, the mineral resource estimates referred to in this press release and statements regarding exploration results, potential mineralization, potential mineral resources, future production 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, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, 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, foreign currency fluctuations, 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.

The mineral resource figures disclosed in this press release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource estimates referred to in this press release are well established, by their nature resource estimates are imprecise and depend, to a certain extent, upon statistical inferences, which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration.


Appendix 1

Table 1: Tepal Phase-1 drilling: Significant Intercepts Cut-off: >10m grading >0.5 g/t gold equivalents.

Drill-hole

Zone

From

To

Thickness

Gold

Copper

Gold Equivalents #



(m)

(m)

(m)

(g/t)

(%)

(g/t)

AS-07-001

South

5

178

173.0

0.53

0.28

1.16

inc


5.0

58.0

53.0

0.36

0.27

0.97

inc


58.0

118.0

60.0

0.73

0.26

1.32

inc


118.0

178.0

60.0

0.48

0.30

1.17

AS-07-002

East

No Significant Intercepts

AS-07-003

East

No Significant Intercepts

AS-07-004

North

0

172

172

0.90

0.43

1.88

inc


0

116

116

1.15

0.51

2.31

inc


0.0

11.0

11.0

0.28

0.47

1.35

inc

11.0

44.0

33.0

1.37

0.65

2.85

inc

48.0

82.0

34.0

1.74

0.65

3.23

inc


82.0

116.0

34.0

0.74

0.32

1.46

inc


116.0

172.0

56.0

0.36

0.26

0.95

AS-07-005

South

0.0

100.0

100.0

0.75

0.33

1.50

inc


0.0

36.0

36.0

0.91

0.35

1.72

inc


36.0

60.0

24.0

0.36

0.13

0.65

inc


60.0

100.0

40.0

0.84

0.43

1.81

AS-07-006

North

0.0

90.0

90.0

1.17

0.48

2.25

inc


0.0

32.0

32

1.08

0.34

1.85

inc


35.5

60.0

24.5

1.94

0.77

3.68

inc


60.0

88.0

28.0

0.81

0.47

1.88

&


106.0

185.0

79.0

0.47

0.30

1.15

inc


108.0

148.0

40.0

0.62

0.39

1.51

inc


156.0

185.0

29.0

0.43

0.29

1.09

AS-07-007

South

0.0

224.0

224.0

0.52

0.25

1.09

inc


0.0

162.5

162.5

0.58

0.27

1.21

inc


0.0

64.5

64.5

0.43

0.27

1.04

inc


64.5

97.5

33.0

0.98

0.39

1.88

inc


97.5

126.5

29.0

0.39

0.18

0.80

inc


126.5

144.0

17.5

1.08

0.39

1.96

inc


144.0

162.5

18.5

0.30

0.13

0.58

inc


169.5

224.0

54.5

0.43

0.20

0.89

&


237.5

250.5

13.0

0.36

0.20

0.80

AS-07-008

North

5.5

25.5

20.0

0.52

0.21

1.01

&


86.0

136.5

50.5

0.42

0.35

1.22

AS-07-009

South

0.0

26.0

26.0

0.45

0.30

1.13

&


26.0

48.5

22.5

0.19

0.08

0.37

&


48.5

134.5

86.0

0.40

0.21

0.89

AS-07-010*

North

0.0

26.0

26.0

0.39

0.54

1.63

&


74.0

100.5

26.5

0.49

0.36

1.32

AS-07-011*

South

140

151.5

11.5

0.17

0.11

0.41

AS-07-012*

North

58

60

2.0

0.27

0.15

0.61

AS-07-012A

North

43.5

64

20.5

0.34

0.19

0.78

&


72

100

28.0

0.32

0.15

0.66



125.5

154

28.5

0.38

0.22

0.89

AS-07-013

South

50

180

130.0

0.45

0.20

0.91

inc


73.5

104

30.5

0.57

0.23

1.08

inc


116

171.5

55.5

0.51

0.21

0.99

AS-07-014*

North

23.5

34

10.5

0.49

0.28

1.14

&


55.5

84

28.5

0.30

0.26

0.90

&

86

200

114.0

0.84

0.38

1.70

inc


86

108

22.0

0.57

0.33

1.32

inc


115.5

188

72.5

1.01

0.42

1.97

inc


193.5

200

6.5

0.65

0.41

1.57

AS-07-015

South

0

124

124

0.85

0.37

1.71

inc


0

90

90

0.87

0.39

1.75

inc


0

36

36.0

0.59

0.25

1.16

inc

36

90

54.0

1.04

0.47

2.13

inc


108

124

16.0

0.97

0.46

2.01

&


124

168

44.0

0.37

0.18

0.78

AS-07-016

North

0

19

19.0

0.26

0.26

0.85

inc

19

112

93.0

0.72

0.38

1.58

inc


19

76

57.0

0.96

0.51

2.12

inc


76

112

36.0

0.39

0.21

0.86

AS-07-017

South

164

176

12.0

0.32

0.20

0.78

AS-07-018

North

No Significant Intercepts

AS-07-019

North

0

14

14.0

0.42

0.13

0.73

AS-07-020

East

No Significant Intercepts

AS-07-021

East

No Significant Intercepts

AS-07-022

South

No Significant Intercepts

AS-07-023

North

188

200.6

12.6

0.31

0.27

0.92

AS-07-024

North

No Significant Intercepts

AS-07-025

East

106

161

55.0

0.20

0.20

0.65

Inc.


134

144

10.0

0.33

0.30

1.02

AS-07-026

South

140

152

12.0

0.29

0.11

0.53

&


178

230

52.0

0.44

0.21

0.91

inc


178

208

30.0

0.54

0.24

1.08

inc


212

230

18.0

0.33

0.17

0.71

AS-07-027

South

No Significant Intercepts

AS-07-028

South

98

188

90.0

0.37

0.18

0.77

Inc


120

158

38.0

0.64

0.30

1.32

Inc


130

152

22.0

0.90

0.38

1.77

inc


166

182

16.0

0.29

0.19

0.72

AS-07-029

North

47.25

201

153.8

0.27

0.18

0.68

Inc.


64

100

36.0

0.58

0.29

1.24

inc


62

108

46.0

0.49

0.24

1.04

inc


178

192

14.0

0.33

0.34

1.10

AS-07-030

North

0

150

150

0.30

0.15

0.64

Inc.

0

78

78

0.43

0.21

0.9

Inc.

20

66

46.0

0.57

0.29

1.22

AS-07-031

North

56

200.5

144.5

0.41

0.25

0.95

inc

56

166

110

0.49

0.28

1.13

AS-07-032

North

0

126

126

0.28

0.27

0.90

&


0

70.9

70.9

0.35

0.29

1.00

&


102.8

126

23.2

0.33

0.46

1.39

AS-07-033

South

21.05

198

177

0.38

0.22

0.89

Inc.

21.05

108

87

0.44

0.27

1.04

inc


112

174

62

0.45

0.22

0.96

&


200

234

34.0

0.29

0.16

0.66

AS-07-034

East

No Significant Intercepts

AS-07-035

East

No Significant Intercepts

AS-07-036

South

No Significant Intercepts

AS-07-037

North

0

19

19.0

0.67

0.72

2.31

&

19

52

33.0

0.16

1.06

2.58

&

52

128

76.0

0.27

0.31

0.97

&


138

180

42.0

0.27

0.27

0.89

AS-07-038

South

0

17.5

17.5

0.32

0.20

0.79

&

17.5

80

62.5

0.45

0.29

1.11

inc


17.5

46

28.5

0.58

0.39

1.46

inc


46

80

34.0

0.34

0.21

0.81

&


90

133

43.0

0.41

0.24

0.96

AS-07-039

South

82

124

42.0

0.37

0.26

0.96

AS-07-040

North

No Significant Intercepts

AS-07-041*

Connection

198

200.5

2.5

0.13

0.22

0.63


* Hole terminated in mineralization. Intercepts <10m as true thickness and grade is unknown.

# AuEq grades calculated using metal prices of US$600/oz for Au and US$2/lb for Cu, and assuming 100% recovery.



Additional information is illustrated in a plan of the Tepal Property obtained by accessing the following link:

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