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Re:   Press Releases - Tuesday, December 01, 2009
      Arian Silver's MD&A and Financial Results for the Three and Nine
      Months Ended 30 September 2009
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISTRIBUTION IN
THE UNITED STATES

LONDON, ENGLAND--(Marketwire - Dec. 1, 2009) - Arian Silver Corporation
("Arian" or the "Company") (TSX
VENTURE:AGQ)(AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A) today announced the
release of its Management's Discussion and Analysis ("MD&A") and
unaudited Consolidated Financial Statements ("Financials") for the
three and nine months ended 30 September, 2009.

Arian's Chief Executive Officer, Jim Williams, commented today, "During
Q3 we have continued to pursue a funding solution for the Company.
Although Grafton recently advised us that it is currently not in a
position to advance further loan funding we have since reached an
understanding on a share structure that, once confirmed in detail, we
believe should enable us to proceed to raise new funds, subject to
market conditions. We will require approximately $1.25 million for
working capital over the coming months. In addition, the final $500,000
(plus IVA) instalment in respect of our San Jose property is due in
December 2009. In relation to this payment we are in discussions with
the landowner to seek a deferral of this payment. As previously
reported, we are ready to proceed to production at San Jose by way of
custom mining and milling subject only to receipt of funding. Pursuant
to the option arrangement with Geologix Explorations Inc in respect of
our Tepal property, Geologix's due diligence is proceeding well.
Finally, I would like to take this opportunity to thank our
stakeholders for their continued support and to reiterate that the
board and management remain committed to bringing the Company through
what has proved to be a challenging period."

The MD&A and Financials are available at SEDAR at www.sedar.com or on
the Company's website at www.ariansilver.com. Extracts from the MD&A
and Financials are reported below. These documents can also be obtained
on application to the Company. All amounts are expressed in US dollars
unless otherwise stated. The financial information in this announcement
does not constitute full statutory accounts.

HIGHLIGHTS

Financial
--  The consolidated pre-tax loss for the nine months to 30 September,
2009,    was $1.5 million.

--  As at 30 September, 2009, there was a working capital deficit of
$1.1     million.

--  As at 30 September, 2009, total assets were $14 million, including
intangible assets of $7.3 million, available for sales assets of $5.4
million, receivables of $0.6 million and cash of $0.8 million.

--  As at 30 September, 2009, total liabilities were $2.4 million,
including payables of $0.9 million and short term loans of $1.5
million.

--  Transaction with Geologix Explorations Inc ("Geologix") provided a
loan of $517,500 to enable the Company to pay the Tepal property option
instalment due in September 2009.

--  New funding from the share exchange transaction with Grafton
Resource Investments Ltd ("Grafton"), still delayed.

--  Further advances from Grafton of $250,000, received to fund
operating overheads pending the receipt of new funding, bringing the
total advanced to $1.05 million.

--  Further loan funding from Grafton is not currently available and
the Company will require additional funding in the coming months. The
aggregate funding requirement is currently estimated to be
approximately $1.75 million, being approximately $1.25 million in
respect of working capital and $500,000 (plus IVA) for the final
instalment due in December 2009 in respect of the San Jose property.

--  The Company and Grafton are actively pursuing potential funding
solutions for the Company and for the disposal of the Grafton Shares.
Given the goodwill that exists between the companies, Management of the
Company currently believes that a solution to raise new funding is
achievable.

Operations
--  During Q3 all project operations in Mexico were largely curtailed
pending receipt of new funding.

--  As previously announced, positive results of a Preliminary Economic
Assessment ("PEA") prepared by A.C.A Howe International Limited of the
economics for initial production by contract mining and milling at San
Jose.

--  Target date for initial production at San Jose during Q4 of 2009
deferred due to delay in funding.

--  Arian has acquired a 66.67% controlling interest in the San Jose
project, subject to completion of legal and registration formalities in
Mexico and has the right to take 100% ownership interest on payment of
final instalment due in December 2009. 

--  Tepal property optioned to Geologix.


OVERALL FINANCIAL PERFORMANCE

In the nine months to 30 September, 2009, the Company incurred a loss
of $1.5 million (2008 - $3.3 million) which loss includes expensing the
fair value of options vesting of $0.3 million (2008 - $0.5 million),
and other administrative expenses of $1.2 million (2008 - $2.6
million). Income, which currently arises only from short term cash
deposits, was $nil (2008 - $20,000). During the period the Company
continued to reduce costs in relation to its Mexican operations and
corporate overheads where possible in order to preserve cash resources.

As at 30 September, 2009, the Company had a working capital deficit of
approximately $1.1 million (31 December, 2008 - $1.1 million surplus).
Cash balances amounted to approximately $0.8 million (31 December, 2008
- $0.8 million) and short term loans totalled approximately $1.5
million (31 December, 2008 - $nil). Intangible assets amounted to
approximately $7.3 million (31 December, 2008 - $6.0 million) which
relate to deferred exploration and evaluation costs in respect of the
Company's Mexican projects.

The Company holds an investment in 128,591 participating shares (the
"Grafton Shares") of Grafton Resource Investments Ltd ("Grafton") as a
result of the share exchange transactions reported earlier in the year.
The value of the Grafton Shares is shown as an available for sale asset
of $5.4 million as it is intended to dispose of this investment to
generate funding for the Company.

LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN

In management's view, the most meaningful information concerning the
Company relates to its current liquidity and solvency since it is not
currently generating any income from its mineral projects.

During 2009, the Company completed share exchange transactions (the
"Share Exchange") with Grafton that were intended to provide new
funding for the Company. As a result of the Share Exchange, Grafton
became a 42.2% shareholder of the Company having acquired 109,090,909
new common shares in the Company in exchange for the issue to the
Company of the Grafton Shares. It was intended that Grafton and its
associates would place the Grafton Shares for cash on behalf of the
Company to provide new funding for the Company. However, the disposal
of the Grafton Shares is experiencing delays and the anticipated
funding has not, so far, been forthcoming. In view of the delay,
Grafton has been providing loans to the Company, to fund its operating
overheads, which currently total $1,050,000.

Grafton has advised the Company that it is currently not in a position
to advance further loan funding. Given this position and the level of
the Company's current cash balances it will require additional funding
of approximately $1.25 million within the coming months to meet its
working capital requirements. In addition, the final property option
payment of $500,000 (plus IVA) is due in December 2009 in respect of
the San Jose property which will need to be paid in order to secure the
remaining 33% ownership of that property unless this payment can be
deferred. The aggregate funding requirement is, therefore, currently
estimated to be $1.75 million, excluding any material capital or other
expenditure required to bring the San Jose property into production.

The Company and Grafton are actively pursuing potential funding
solutions for the Company and for the disposal of the Grafton Shares.
Given the goodwill that exists between the companies, Management of the
Company currently believes that a solution to raise new funding is
achievable. The only sources of funds currently available to the
Company are through the disposal of the Grafton Shares, the issue of
equity capital, the possible exercise of outstanding share options and
warrants, the sale of its interests in one of more of its projects, or
the entering into of joint ventures.

Since the Company is at an early stage of development, it will likely
only be able to raise such funds in several discrete tranches, which is
not uncommon for junior mineral exploration companies. Although the
Company has been successful in the past in raising equity finance,
there can be no assurance that the funding required by the Company will
be made available to it when needed or, if such funding were to be
available, that it would be offered on reasonable terms. The terms of
such financing might not be favourable to the Company and might involve
substantial dilution to existing shareholders.

The directors of the Company currently believe it appropriate to
prepare the Company's financial statements on a going concern basis.
However, if the required funding is not forthcoming on a timely basis
the Company may not be able to meet its ongoing working capital and
project expenditure requirements. If these circumstances arose then
there would be significant doubt on the Company's ability to continue
as a going concern and the carrying value of the Group's exploration
projects and other assets would be impaired.

REVIEW OF OPERATIONS

The Company owns, or has options to purchase, 39 mineral concessions in
Mexico totalling 21,691 hectares. The Company's main projects are the
Calicanto Group and San Jose, in Zacatecas State, and the Tepal project
in Michoacan State.

During the period under review exploration operations in respect of the
Company's three principal projects in Mexico were largely deferred in
order to preserve the Company's cash resources pending receipt of new
funding.

Qualified Person

Mr. Jim Williams, Eur Ing, Eur Geol, BSc, MSc, D.I.C., FIMMM, the Chief
Executive Officer of Arian, 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"), has reviewed and approved the technical information in this
Review of Operations other than the information extracted from the PEA
and the mineral resource estimates referred to below.

San Jose Project, Ojocaliente District, Zacatecas State

In June 2009, the Company announced the results of a Preliminary
Economic Assessment ("PEA") for the San Jose Project undertaken by
A.C.A. Howe International Limited (see the Company's press release
dated 23 June 2009). The PEA reviewed the economics of entering into
contract mining and toll milling on three silver blocks with lead and
zinc credits over a four year mine life. The limiting of the PEA to
just three mining blocks over a four year mine life was stipulated by
the Company, as the intention is to develop concurrently, during this
mining period, a full feasibility study for moving to full scale
independent commercial production by the Company.

Highlights from the PEA are as follows:

--  the PEA concluded that Arian's approach and mining plan is
achievable and realistic;
--  Up to four years of contracted mechanized mining, with concurrent
exploration and development on the rest of the   property;
--  Operating 250 days per year at 500 tonnes per day ("tpd") will
produce an average of approximately 125,000 tonnes per year ("tpy")
using three selected mining blocks;
--  Sub-level open stoping and full mechanization, accessible via
either the San Jose West or East ramp;
--  Mining and milling of approximately 500,000 tonnes of resources
estimated to recover approximately 2.15 million ozs of silver, 1,800
tonnes of lead and 3,100 tonnes of zinc;
--  Operating cash costs of $32.00 per tonne;
--  Project net present value ("NPV") of $13.44 million based on an 8%
discount rate and a maximum four year mine life using contract mining
and milling; and
--  Project internal rate of return ("IRR") of 159%.

A copy of the PEA prepared by A.C.A. Howe International Limited dated
22 June, 2009 and entitled "Preliminary Economic Assessment Report
(PEAR) on the San Jose Silver-Lead-Zinc Deposit, Zacatecas, Mexico" is
available on the Company's website www.ariansilver.com or on SEDAR at
www.sedar.com

The "Qualified Person", as such term is defined in NI 43-101, who
prepared the PEA in respect of the San Jose Project, is Mr. Julian
Bennett who is an associate employee of A.C.A. Howe International
Limited.

The current NI 43-101 Resources at San Jose are set out below:

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------
                                     Grade              Contained Metal
   
Resource Category                                                     
   
                   Tonnes      Ag      Pb      Zn      Ag      Pb    
Zn  
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------
                              g/t      %       %     (Moz)    (t)   
(t)  
----------------------------------------------------------------------
------
Indicated         2,196,000  127.7    0.51    0.88    9.02   11,200
19,200
----------------------------------------------------------------------
------
Inferred         11,190,000   93.8    0.39    0.83   33.76   43,400
93,200
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------


1.  Geological characteristics and +30 ppm grade envelopes used to
define
    resource volumes
2.  The mineral resource estimates are in accordance with CIM and JORC
    standards
3.  The effective date of the mineral resource estimates is August 15,
2008
4.  The estimates are based on geostatistical data assessment and
    computerised IDW3, Ag grade wireframe restricted, linear block
modeling.

The "Qualified Person" as such term is defined in NI 43-101 who
prepared the above mineral resource estimates is Mr. Galen R White. Mr
White was at the time these estimates were prepared an employee of
A.C.A. Howe International Limited.

During Q3 of 2009 activity at the San Jose Project was largely
curtailed pending receipt of new funding.

Tepal Project; Michoacan State

In September 2009, the Company entered into an agreement with Geologix
whereby Geologix has been granted the exclusive rights to purchase
Arian's 100% interest in the Tepal property (see the Company's press
release dated 29 September 2009 and Geologix press release dated 5
November 2009).

About the Company

Arian Silver Corporation is a silver exploration and development
company and is listed on London's AIM; trades on London's "PLUS"
market; is listed 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. Arian
Silver's Tepal project in Michoacan State is currently under option to
Geologix Explorations Inc. 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.

Arian Silver Corporation
Carlyle House
235-237 Vauxhall Bridge Road
London SW1V 1EJ
England

or

Arian Silver Corporation
Jim Williams
CEO
(London) +44 (0)20 7963 8670
jwilliams@ariansilver.com

or

Arian Silver Corporation
Graham Potts
CFO & Corporate Secretary
(London) +44 (0)20 7963 8670
gpotts@ariansilver.com
www.ariansilver.com

or

Grant Thornton Corporate Finance
Gerry Beaney
(London) +44 (0)20 7383 5100
gerry.d.beaney@gtuk.com

or

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

No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained in this release.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES

This news 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.

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, funding from the disposal of the Grafton Shares or from
other sources, the mineral resource estimates contained in this press
release, statements regarding exploration results, potential
mineralisation, 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
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, 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, the possibility that the placing of the
Grafton Shares held by the Company will not be sold on a timely basis
and/or that such placement will not generate sufficient funds for the
Company to meet its ongoing obligations, the possibility that funding
from other sources will not be available to the Company on reasonable
terms or at all to enable it to meet its ongoing obligations, changes
in commodity prices, 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.

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 included 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.
Neither the 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.

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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 Tue Dec 1, 2009 at 6:43:08 AM Pacific Time
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