Operations

Calicanto Group

Arian owns 100% of the Calicanto Project which consists of seven adjacent mining concessions and at least four main mineralised vein systems, over a 75.5ha area, namely: Calicanto, Vicochea I, Vicochea II, Misie 1 and Misie 2, and Missie 1 and Missie 2 properties, collectively known as the "Calicanto Group". These concessions are located in the historic mining district of Zacatecas. The Company is presently deferring capital investment into the Calicanto Project.

Results from the 3000m drill programme of December 2006 to April 2007 are as below:

Drill-hole	From (m)	To (m)	Core Length (m)	True Thickness (m)	Au (g/t)	Ag (g/t)	AgEq* (g/t)
CAL-06-001	117	119.2	2.2	1.60	0.9	409.1	452
inc.	118.5	119.2	0.8	0.60	2.5	1150	1270
	143	143.2	0.2	0.14	4.46	3550	3764
CAL-06-002	82.05	96.0	13.95	9.90	0.21	120.98	131
inc	90.1	96.0	5.9	4.20	0.18	177.02	186
CAL-06-003	139.6	140	0.4	0.35	2.75	64.30	196.30
CAL-06-003	161.65	164.6	2.95	2.10	0.78	199.59	236.84
inc.	163.6	164.6	1	0.70	1.75	386.00	469.76
CAL-06-006	68.85	69.45	0.6	0.45	0.06	212.00	214.78
CAL-06-006	130.55	132.5	1.9	1.35	1.86	156.00	245.28
CAL-06-007	118.75	120.75	2	1.75	1.27	98.20	158.92
CAL-06-008	150.25	155.45	5.2	4.5	8.54	296.75	706.65
inc.	152.9	153.45	0.55	0.50	43.50	2,130.00	4,218.00
CAL-06-008	209.6	212.95	3.35	2.75	1.15	47.09	102.05
inc.	211.7	212.95	1.25	1.05	2.40	34.20	149.40
CAL-06-011	199.2	206.25	7.05	6.30	6.80	154.42	480
inc.	200.85	203.5	2.65	1.90	8.23	235.01	630
inc.	205.25	206.25	1.00	0.70	13.42	106.00	750
CAL-06-014	136.4	137.7	1.3	1.10	1.10	98.00	150.56
CAL-06-015	38.95	40	1.05	0.90	1.15	13.10	68.06
CAL-06-015	86.7	88.1	1.4	0.7	0.77	167.00	204.06
CAL-06-016	138	141.5	3.5	2.5	0.17	161.29	169.33
inc.	139.7	140.75	1.05	0.75	0.29	286.00	300.11
CAL-06-017	103.75	110.4	6.65	4.70	7.17	1,054.64	1398
inc.	105.45	106.4	0.95	0.70	28.30	4,450.00	5808

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

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 "

Please click here for technical report (PDF, 810 kb)