Trading Symbols

AIM: AGQ

TSX-V: AGQ

FWB: I3A

31 March 2015

Arian Silver's MD&A and Results for the Financial Year Ended 31 December 2014

Arian Silver Corporation ("Arian Silver" or the �Company�), (AIM:AGQ, TSXV:AGQ), a silver mining company focussed on projects in the silver belt of Zacatecas, Mexico, is pleased to announce the release of its Management's Discussion and Analysis ("MD&A") and Financial Statements ("Financials") for the year ended 31 December 2014.

Jim Williams, Chief Executive Officer of Arian Silver, commented:  �Arian Silver made tremendous progress in 2014, advancing towards its goal of becoming a mid-cap silver producer. Despite the challenging environment in the junior mining sector, we successfully concluded a significant financing, which has enabled us to complete the refurbishment and construction of our processing plant, and which will take the San Jos� project into production.

I look forward to reporting on our progress throughout 2015 as we ramp up towards full scale production, growing the resource base through exploration activities, and creating significant value for our shareholders.�

Overall performance

This past year has seen Arian take great strides towards becoming a silver producer.

In August 2013, the Company purchased the El Bote processing plant (subsequently renamed �La Tesorera�) (the �Plant�) comprising a crushing circuit with a reported throughput of 150 tonnes per hour, a grinding circuit of four ball mills, two flotation circuits, thickening tanks and filters. Following the acquisition of the Plant in 2013 and during the year, the Plant was disassembled, refurbished, and transported to the Company�s 100%-owned site adjacent to the San Jos� mine, where during 2014, site preparations and civil works had been completed, and where the Plant was then reassembled.

In addition to the construction of the Plant, the Company developed the site infrastructure, including the installation of a 4km dedicated 35kV power line connecting the Plant to the grid. Site offices were constructed and haul roads built. Furthermore, Arian commenced construction of the water reservoirs, water management systems and the tailings facility which is nearing completion.

Development of the San Jos� and Santa Ana mine blocks continued and a new decline ramp commenced in the Soledad area. In total, over 1,700 metres of mine development work were completed since October 2014, when the Company entered into a new financing agreement. This development work will support production at levels up to the Plant�s design rate of 1,500 tonnes per day (�tpd�).

In October 2014 the Company entered into a US$32 million financing arrangement (�Quintana Financing�), restructuring its convertible loan note and funding the future development of the San Jos� project.

Summary financial information

The absence of revenue in 2014 results reflects the termination of toll milling operations in June 2013.

The net loss for the period increased year-on-year primarily on account of a gain of $3.7 million in 2013 in respect of the reported fair value of the derivative liability of the $15.6 million convertible loan note issued to Platinum Long Term Growth VIII, LLC in August 2013 (�Platinum Note�) and transaction costs relating to the Quintana Financing.

Cash and cash equivalents decreased primarily as a result of the offset of proceeds from the Base Metal Purchase Agreement (�BMPA�) and the issue of share capital against the cost of operating activities and investment in the purchase and refurbishment of the Plant.

Total assets increased during 2014 primarily on account of the investment in the Plant and the development of the San Jos� mine.

Review of operations

San Jos� Project, Zacatecas State

Overview

The 100%-owned San Jos� property lies 55 kilometres to the southeast of the city of Zacatecas and covers eight mining concessions totalling approximately 6,134 hectares. The property has significant infrastructure, including a 4x5 metre main haulage ramp extending more than 8.5 kilometres along the footwall of the San Jos� vein system, and a 350 metres deep, 500 tpd vertical shaft with an operational hoist. In addition, a number of shallower vertical shafts are located along the vein.

Mining & milling

Mining activities continued at the San Jos� mine during Q4 2014 in preparation for the resumption of milling activities at the refurbished La Tesorera plant.

In August 2013, the Company purchased the El Bote processing plant (subsequently renamed �La Tesorera�) comprising a crushing circuit with a reported throughput of 150 tonnes per hour, a grinding circuit of four ball mills, two flotation circuits, thickening tanks and filters. Following the acquisition of the Plant in 2013 and during the year, the Plant was disassembled, refurbished, and transported to the Company�s 100%-owned site adjacent to the San Jos� mine, where during 2014, site preparations and civil works had been completed, and where the Plant was then reassembled.

The Company has built a strong local operating team that has lead the refurbishment and construction of the Plant, and continues to strengthen its team with experienced plant operators as it transitions from being a development to a producing mining company. Arian encourages its contractors, that wherever practicable, workers are hired from local communities; 90% of the personnel employed at the San Jos� project are from the surrounding ejido-based communities. The Company also employed a number of specialised contractors for the development of the necessary site works, tailings dam and electrical infrastructure for the plant.

Arian negotiated the buyback of a 2% Net Smelter Return (�NSR�) royalty on the San Jos� project from the previous owners, for $750,000 (including all amounts owed in respect of production from the Company�s earlier toll milling operations, paid in instalments over a six month period; the purchase includes any amounts owing for NSR payments due under the former toll milling operations.

By the end of 2014, the Plant was almost fully constructed, as scheduled. Commercial production is expected to commence at an initial rate of up to 500 tpd, increasing to a maximum of 1,500 tpd over the following 18 months.

Exploration assets

The Company holds 28 mineral concessions in Zacatecas totalling 7,822 hectares, including the San Jos� Project.

During the year, the Company applied for a drilling permit in the town of Guanajuatillo which lies on the San Jos� vein in between the Soledad and West End areas. Following several consultations with the local community, in the second half of 2014, the permit was granted and the Company commenced a 5,000 metre drilling programme in Q1 2015 to delineate the resources blocks beneath the town.

Information on Arian�s exploration assets are contained in a technical report prepared by A.C.A. Howe International Limited dated 20 March 2006 and entitled �Technical Report on the Calicanto and San Celso Projects, Zacatecas, Mexico�.. Additional information on Arian�s San Jos� Project is contained in a technical report prepared by CSA Global Pty Ltd dated 23 May 2013. Copies of these reports are available on the Company�s website www.ariansilver.com and on SEDAR at www.sedar.com.

Subsequent events

Operations

In January 2015, mechanical completion of the Plant was achieved and the Company commenced a phased commissioning programme, starting with the silver-lead circuit and then moving onto the zinc circuit.

In February 2015, the company commenced a 5,000 metre exploration programme within the town of Guanajuatillo, which lies on the San Jos� vein in between the Soledad and the West End area and which the Company had not previously explored, even though historic workings together with recent geological interpretation indicate that the vein continues underneath the town. This fifth phase of exploration is underway and scheduled to be completed within Q1 of 2015. Concurrently, the Company commenced construction of a third haulage ramp in the Guanajuatillo area to develop the western boundary of the Soledad resource blocks as well as to open up the Guanajuatillo area. This ramp is part of the mine development programme to ensure a sustainable operation for life-of-mine at 1,500 tpd.

In March 2015 the first lead-silver concentrate was produced at La Tesorera processing plant.

Share options

On 7 January 2015 the Company granted 50,000 share options under the Company�s share option plan. These share options are exercisable at �0.44 or C$0.79 per share up to 5 January 2020, subject to a four months hold period from date of grant.

Funding

Cash of $4..1 million was received in January 2015 pursuant to the terms of the BMPA. The Company has now received $11.8 million of the $15.4 million committed by Quintana Streaming.

Forward-looking statements

Certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterised by words such as �plan�, �expect�, �forecast�, �project�, �intend�, �believe�, �anticipate�, �expect�, �budget�, �scheduled�, �outlook� and other similar words or statements that certain events or conditions �may� or �will� occur.

Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

These factors include the inherent risks involved in exploration and development, and mining of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future, and other factors described in the Company�s MD&A under the heading �Risk Factors and Uncertainties�.

The Company undertakes no obligation to update forward-looking statements if circumstances or management�s estimates or opinions should change, other than as required by securities laws. The reader is cautioned not to place undue reliance on forward-looking statements (including, without limitation, statements relating to the mineral resource estimates, statements regarding the San Jos� Project, the ability of the Company to achieve, maintain and possibly increase planned levels of production, and the ability of the Company to generate positive cash flow from the San Jos� Project, the ability to continue or implement proposed drilling programmes on the San Jos� vein system and the Company's exploration, development and production plans and objectives).

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 realised or substantially realised, 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, the performance of contractors and plant and equipment, and failure to achieve anticipated production levels and mineral grades for ore from the San Jos� Project, failure to establish estimated mineral reserves, 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 the silver commodity price, 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.

Any mineral resource figures disclosed in the MD&A are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgement 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 included in the MD&A 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.

Availability of documents on SEDAR

Additional information relating to the Company may be accessed through SEDAR on the internet at www.sedar.com or the Company�s website on www.ariansilver.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United Sates. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) and no stock exchange, securities commission or other regulatory authority accepts responsibility for the adequacy or accuracy of this release nor approved or disapproved of the information contained herein.