Arian Silver's MD&A and Results for the Nine Months Ended 30
      September 2010
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London, England, Arian Silver Corporation ("Arian" or the "Company")
(TSX VENTURE:AGQ) (AIM:AGQ) (PLUS:AGQ) (FRANKFURT:I3A), a silver
exploration, development and production company with a focus on
projects in the Zacatecas Silver Belt of Mexico, today announced the
release of its Management's Discussion and Analysis ("MD&A") and
unaudited Financial Statements ("Financials") for the nine months ended
30 September 2010.

HIGHLIGHTS

Financials (all amounts expressed in US dollars unless otherwise
stated)OperationsArian's Chief Executive Officer, Jim Williams,
commented today: "Thanks to the ongoing support of our shareholders, we
have been able to significantly increase the Company's value to date
during the current financial year. Mining has now commenced on the San
Jose Vein ("SJV") and we are currently stockpiling run-of mine ("ROM")
material for delivery to the mill. Milling of ROM will commence
shortly.

We now own 100% of the 6,300 hectare San Jose property and associated
infrastructure and have started a new 10,000 metre drilling programme
with a view to upgrading and increasing the existing resources within
the known area of mineralisation and to start to drill along the
western strike extension of the SJV, 90% of which remains largely
untested.

The commissioning of an independently-run but 100% Arian-owned fully
equipped laboratory on site at San Jose will help us report all
exploration results in a timely fashion thus allowing more rapid
evaluation of the potential for expansion.

Your Company has now joined the ranks of silver producers and we
believe it will demonstrate the development and expansion potential
along the SJV at a time of buoyant silver prices over the foreseeable
future.

My thanks again go to our shareholders for their support over the
period and to management, staff and advisors who have all contributed
to the move into production".

MD&A AND FINANCIALS

The MD&A and unaudited Financials are available at SEDAR at
www.sedar.com  or on the Company's website at www.ariansilver.com.
These documents can also be obtained on application to the Company. The
following information has been extracted from and includes defined
terms used in the MD&A and Financials. The financial information in
this announcement does not constitute full statutory accounts.

REVIEW OF FINANCIAL PERFORMANCE

In the nine months ended 30 September 2010, the Company incurred an
operating loss of approximately $1.2 million (2009 - $1.5 million). The
Company does not yet generate any income from its operations. Interest
income from cash resources was $4,000 (2009 - $nil). Investment income
was $0.2 million (2009 - $nil), of which $0.1 million relates to the
profit on disposal of part of the Company's holding of Geologix Shares,
received in connection with the grant of the Tepal Option and $0.1
million relates to a fair value adjustment gain in respect of the
balance of Geologix Shares held as at 30 September 2010 (see Liquidity,
Capital Resources and Working Capital). The loss for the period was
$0.9 million (2009 - $1.5 million).

As at 30 September 2010 the Company had working capital of
approximately $4.0 million (31 December 2009 - $4.0 million). See
Liquidity, Capital Resources and Working Capital for the principal
items of working capital. Intangible assets amounted to $6.0 million
(31 December 2009 - $7.7 million) which relate to deferred exploration
and evaluation costs in respect of the Company's Mexican projects,
excluding the Tepal project. The carrying value of the Tepal project
has been transferred from intangible assets and is accounted for in
current assets as non-current assets held for sale valued at $2.8
million (31 December, 2009 - $nil) as a result of the grant of the
Tepal Option. The first instalment of the Tepal Option consideration
from Geologix Explorations Inc ("Geologix"), which is non-refundable,
is accounted for as a deferred income item of $1.5 million (31
December, 2009 - $nil) in current liabilities pending exercise or
termination of the Tepal Option. Share capital reduced by $0.3 million
to $37.9 million (31 December, 2009 - $38.2 million) largely as a
result of the redemption and cancellation of the common shares issued
in 2009 to Grafton Resource Investments Ltd ("Grafton"), the issue to
Grafton of common shares for debt offset by the issue of common shares
in connection with a share placement and the exercise of share purchase
warrants and share options. During the period the Company repaid all
current borrowings from new funds received.

REVIEW OF OPERATIONS

The Company currently owns, or has rights or options to purchase, 32
mineral concessions in Mexico totalling approximately 8,038 hectares
("Ha"), which excludes the mineral concessions relating to the Tepal
project which are under option to Geologix.

San Jos� Project, Zacatecas State

The San Jos� property lies 55km to the South-East of Zacatecas City and
covers 11 mining concessions totalling approximately 6,300Ha. The
property has significant infrastructure, including a 4 x 4 metre ("m")
main haulage ramp, which extends for nearly 3km along the footwall of
the San Jos� Vein ("SJV") system, and a 350m deep, 500 tonnes per day
("tpd"), vertical shaft with hoist.

During the period Arian paid the final instalment of $500,000, to
acquire the remaining 33.33% interest in the San Jos� mineral
concessions, to give it 100% control of the San Jos� Project.

In September 2010, the Company announced that all necessary contracts
were in place for the proposed silver production operation at the San
Jos� mine and that it was moving into production (see the Company's
press release dated 22 September 2010 entitled "Arian Silver Commences
Silver Production").  Key points from that release are as follows:The
500tpd mining operation is limited to just three mining blocks, Ramal
Norte, San Jos� 75m Level Central Zone and Santa Ana, selected by Arian
to support a four-year mine life with the potential to increase the
mining rate to 1,500tpd subject to milling capacity being available.

In October 2010, production at the San Jos� mine commenced with ore
being stockpiled for delivery to the mill. New underground development
to reach the Santa Ana block, the first of the three target blocks to
be mined, has progressed well and according to the mining plan. The
development work is extracting a combination of payable and non-payable
material. Payable Run-of-Mine ("ROM") material is being deposited on
the stockpile pad outside the main San Jos� mine ramp. The accumulation
of this ROM material on the stockpile pad is designed to ensure a
smooth and constant supply of material to the mill. It is anticipated
that the first transportation of the Santa Ana ROM material to the mill
will take place in the near future. Minor improvements to the mill are
also progressing well with a view to increasing the mill efficiency.

Arian's previous two drill programmes along the SJV delineated both a
JORC and NI 43-101 compliant resource estimates of approximately 43
million ounces of silver, 120 million pounds of lead and 250 million
pounds of zinc within only approximately 10% of the known strike length
of the SJV within the concession area. Arian's management considers the
upside for material additional resources along the SJV system to be
significant.

In November 2010, a new 10,000 metre drill programme was commenced
which is aimed initially to delineate additional areas of high grade
mineralisation and to upgrade existing resources, between the Santa Ana
and Guanajuatillo resource areas along the SJV. The drill programme
will also start to explore in detail the SJV system that lies to the
west of the village of Guanajuatillo, which collectively accounts for
approximately 90% of the known strike length of the SJV system. One
drill rig has commenced drilling at San Jos� and a second drill rig
will be mobilised and operational shortly.

Also in November 2010, Arian contracted to purchase a semi-mobile
laboratory, which is being sourced by Stewart Group's Geochemical &
Assay Division (the "Stewart Group"). The laboratory comprises a
comprehensive sample preparation facility, a fire assay laboratory and
a wet chemistry laboratory that has facilities for Atomic Absorption
Spectrometry ("AAS"). The laboratory will be under the sole control and
operational management of professional personnel from the Stewart Group
in order that results are fully compliant with Arian's quality
assurance and quality control (QA/QC) programme. It is anticipated that
the laboratory will be fully set up within approximately 6-8 weeks in a
secure area on the mine compound at San Jos�. Prior to the laboratory
becoming operational, Arian will utilise the analytical services of the
Stewart Group's sample preparation facility in Zacatecas. The Stewart
Group, headquartered in the United Kingdom, provides a network of
accredited laboratories and metallurgical services to mining and
exploration companies. 

Arian's overall objective is to develop additional resources on the San
Jos� property concurrently with the initial mining operation, complete
a full feasibility study and move to large-scale independent commercial
production.

The current JORC and NI 43-101 Resources at San Jos� contained in a
report prepared by A.C.A. Howe International Limited dated 15 August,
2008 and entitled "Resource Estimation Update for the San Jos�
Silver-Lead-Zinc Deposit, Zacatecas, Mexico" (available on the
Company's website www.ariansilver.com or on SEDAR at www.sedar.com) are
set out below:
 
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.

LIQUIDITY, CAPITAL RESOURCES AND WORKING CAPITAL

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

During the period the Group received new funding from:-Since the period
end the Group has received further funding from:-The following share
purchase warrants and options are currently outstanding each entitling
the holder to acquire one common share of the Company:It is anticipated
that additional funding will be generated by cash flow from the
contract mining operation at the San Jos� Project. In addition, on full
exercise of the Tepal Option, a second instalment amounting to $1.55
million is due from Geologix in February 2011, which, at Geologix's
election, may be made in cash, or up to 50% in Geologix's shares valued
at the 10-day average closing price immediately prior to the time of
payment.

Working Capital - 30 September, 2010

As at 30 September, 2010, the Company had working capital of
approximately $4.0 million (31 December, 2009 - $4.0 million). The
principal items of working capital and changes compared to the 31
December 2009 (amounts) are as follows:-

Current assetsCurrent liabilitiesQualified 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 the
Review of Operations other than the mineral resource estimates.

For further information please contact:

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

OR

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

OR

XCAP Securities PLC
John Grant / Karen Kelly
(London) +44 (0)20 7101 7070
John.Grant@xcapgroup.com / Karen.Kelly@xcapgroup.com

OR

Yellow Jersey PR Limited
Dominic Barretto
(London) +44 (0)20 8980 3545
dominic@yellowjerseypr.com

OR

CHF Investor Relations
Cathy Hume
(Canada) +1 416 868 1079
cathy@chfir.com

About the Company

Arian 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 is
active in Mexico, the world's second largest silver producing country.
The Company's main projects are the Calicanto and San Jos� projects in
Zacatecas State. Arian's Tepal project in Michoac�n State is subject to
an exclusive purchase option to Geologix Explorations Inc. Part of
Arian'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.

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.

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, statements relating to the mineral resource estimates,
statements regarding the contract mining and milling operation at the
San Jos� Project (the "SJ Mining Operation"), the ability of the
Company to achieve, maintain and possibly increase planned levels of
production from the SJ Mining Operation, the ability of the Company to
generate positive cash flow from the SJ Mining Operation to fund a
drilling program on the SJV system, the ability to implement a proposed
drilling program on the SJV system and the Company's exploration,
development and production 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, the performance
of the contractors and plant engaged in relation to the SJ Mining
Operation, failure to achieve anticipated production levels and mineral
grades for ore from the SJ Mining Operation, 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 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.

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Copyright (c) 2010 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 Nov 25, 2010 at 7:24:52 AM Pacific Time
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