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Re:   Press Releases - Thursday, February 26, 2009
      ARIAN ANNOUNCES FIRST STAGE CLOSING OF SHARE EXCHANGE TRANSACTION
      WITH GRAFTON RESOURCE INVESTMENTS LTD.
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LONDON, UNITED KINGDOM--(Marketwire - Feb. 26, 2009) - Arian Silver
Corporation ("Arian" or the "Company") (AIM:AGQ)(TSX
VENTURE:AGQ)(PLUS:AGQ)(FRANKFURT:I3A) announces the closing of the
Initial Share Issue, being the first stage of a proposed two-part share
exchange transaction with Grafton Resource Investments Ltd ("Grafton")
(see Arian's press releases dated 27 January and 5 February 2009).
 
Under the terms of the Initial Share Issue, Arian has issued to Grafton
26,097,230 common shares at a price per common share of Cdn$0.055, for
a total value of approximately Cdn$1,435,347, and Grafton has issued to
Arian 26,322 ordinary shares of equivalent value determined by
reference to the net asset value of US$43.98 per Grafton ordinary share
calculated as at the close of business on 30 January 2009.

Application has been made for the 26,097,230 Arian common shares to be
admitted to trading on London's AIM on 3 March 2009.

As a result of this transaction Grafton holds 14.9% of Arian's
outstanding common shares (calculated as at the date hereof) and has
the right to nominate a representative to the Board of Arian.

It is intended that the Grafton shares that Arian has received will be
disposed of, largely to institutional investors, to raise cash
principally for Arian's San Jose Project as well as for general working
capital. Grafton has agreed to facilitate and promote this fundraising
process. The principals of Grafton and its associates have experience
in providing funding for junior mining and exploration companies using
this particular type of share exchange and disposal mechanism.

The Company's capital now comprises 175,149,199 common shares of no par
value each with voting rights.

It is proposed to convene a Special Meeting of shareholders shortly to
approve the second stage of the share exchange transaction.

For further information please contact:
Arian Silver Corporation
Carlyle House
235-237 Vauxhall Bridge Road
London SW1V 1EJ
UK

Jim Williams - CEO
(London) +44 (0)20 7963 8670 / email: jwilliams@ariansilver.com

Graham Potts -- CFO & Corporate Secretary
(London) +44 (0)20 7963 8670 / email: gpotts@ariansilver.com

Bishopsgate Communications Limited
Nick Rome
(London) +44 (0)20 7562 3350 / email:
Nick.Rome@bishopsgatecommunications.com

Vicarage Capital Limited
Martin Wood
(London) +44 (0)20 7060 1303 / email: martin@vicaragecapital.com

Grant Thornton UK LLP
Gerry Beaney
(London) +44 (0)20 7385 5100 / email: gerry.d.beaney@gtuk.com

CHF Investor Relations
Alison Tullis
(Canada) +1 416 868 1079 Ext. 233 / email: Alison@chfir.com

About the Company

Arian Silver Corporation is a silver exploration and development
company listed on London's AIM and "PLUS", on Toronto's TSX Venture
Exchange and on the Frankfurt Stock Exchange. Arian Silver 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 Michoac�n State. Part of Arian
Silver's forward-looking strategy lies in the envisaged use of large
scale mechanized mining techniques over wider mineralized structures,
which reduces the overall unit operating cost of metals, and to build
up NI 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts 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, completion of the share exchange transaction referred to in
this press release) 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 obtain required
regulatory and shareholder approvals. 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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Copyright (c) 2009 ARIAN SILVER CORPORATION (AGQ)  All rights reserved.
 For more information visit our website at http://www.ariansilver.com/
or send mailto:info@ariansilver.com
Message sent on Thu Feb 26, 2009 at 6:31:50 AM Pacific Time
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