LONDON, ENGLAND--(Marketwire - March 11, 2011) - Arian Silver Corporation ("Arian" or the "Company") (News - Market indicators)(AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A), as a result of a review by the British Columbia Securities Commission, today issued the following news release to clarify the Company's technical disclosure.
Disclosure of Mineral Resources and Mineral Reserves – San Jose
The Company has disclosed resource estimates on the Company website and in the corporate presentation that did not separate each category of mineral resource and also combined Inferred mineral resources with Indicated mineral resources, both of which are contrary to the National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) section 2.2 (b) and (c).
To clarify and correct this, the mineral resources estimated of seven delineated blocks on the San Jose Vein at the San Jose project in Zacatecas, Mexico, as reported by ACA Howe International ("A.C.A. Howe ") in its August 15, 2008, technical report are as below.
- Total Indicated mineral resources are estimated to be 2,196,000 Mt grading 127.71 g/t Ag, 0.51% Pb, and 0.88% Zn for approximately 9.02 Moz Ag, 11,200 t Pb and 19,200 t Zn; and
- Total Inferred mineral resources are estimated to be 11,190,000 Mt grading 93.84 g/t Ag, 0.39% Pb, and 0.83% Zn for approximately 33.76 Moz Ag, 43,400 t Pb and 93,200 t Zn.
- Resource figures were prepared by Galen White, Qualified Person and author of the August 2008 report.
- The resource was estimated using 830 drillhole sample and 1122 underground samples.
- Domains constrained by a 30 ppm Ag envelope honour the geological model and fault positions.
- Block grades were interpolated using IDW3 interpolation.
- Tonnage figures have been rounded up or down to the nearest 1000 t.
- Ag ounces have been calculated using 31.1035 g = 1oz.
- Pb and Zn tonnes have been calculated using 2204.622 lbs = 1 tonne.
As a remedy the Company has removed and replaced the non-compliant references in its presentation and on the Company's website that should be enacted by Monday, March 14th.
Historic Disclosure of Mineral Resources – Tepal
The Company has disclosed historical resource estimates without sufficient qualifying information as is required by NI 43-101 on the Company website referring to Tepal project.
As a remedy, the Company has ordered the removal of all references and descriptions of Tepal from the website. This is appropriate because as was announced by news release on February 24, 2011, the Tepal project has been disposed 100% to Geologix Exploration Inc.
Mr. Jim Williams, Eur Ing, Eur Geol, BSc, MSc, D.I.C., FIMMM, the 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 such term is defined in Canadian National Instrument 43-101 ("NI 43-101"). This press release has been prepared under Mr. Williams' supervision. Mr. Williams has verified the data disclosed by this release.
This news 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 relating to the proposed drilling programme at San José) 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 significant risks and uncertainties and other factors 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.
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 guaranteed of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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.