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Re:   Press Releases - Thursday, May 27, 2010
      ARIAN SILVER'S MD&A AND RESULTS FOR THE THREE MONTHS ENDED 31
      MARCH 2010
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London, England, Arian Silver Corporation ("Arian" or the "Company"), a
silver exploration and development company with a focus on projects in
the silver belt of Mexico, today announced the release of its
Management's Discussion and Analysis ("MD&A") and unaudited Financial
Statements ("Financials") for the three months ended 31 March 2010.

HIGHLIGHTS

Financial (all amounts expressed in US dollars unless otherwise stated)

.. Total assets of $11.9 million, including intangible assets of $6
million, other financial assets of $0.6 million, non-current assets
held for sale of $2.9 million and cash of $2.1 million (as at 31 March
2010);

.. Consolidated loss before tax for the period was $371,000;

.. Working capital was $4.1 million (as at 31 March 2010);

.. Successful reversal of the share exchanges entered into during 2009
with Grafton Resource Investments Ltd ("Grafton") and discharged
Grafton loans totalling $1.05 million;

.. Successful completion of an equity private placement raising
approximately Cdn$3.5 million before expenses; and

.. Initial instalment of $1.45 million received from Geologix
Explorations Inc ("Geologix") following grant of the option to acquire
the Company's Tepal property and a $517,500 loan from Geologix was
repaid.

Operations

.. San Jos� mineral concessions are now 100% owned;

.. Further batch of drillhole assay results released in respect of the
San Jos� Project;

.. Past drilling programmes have so far only tested some 10% of the
known strike length of the San Jos� Vein ("SJV") system within the
property's boundaries;

.. Production from planned contract mining operation at the San Jos�
Project anticipated to commence in Q2 of 2010, to generate a positive
cash flow during the second half of 2010; and

.. Plans for a new drilling programme on the SJV system to be funded
from cash flow from the contract mining operation at San Jos�.   

Arian's Chief Executive Officer, Jim Williams, commented today: "During
the reporting period we have achieved significant progress both from an
operational aspect as well in terms of enhancing the value of the
Company. We have continued to gear up for the commencement of first
production at San Jos� with preparatory work at the mine site. Rates
have been agreed for the contract mining and transportation to the
proposed mill and final results from the bulk sampling are awaited so
that contract negotiations and the mill toll can be finalised with the
mill operator. Although delivery of these results is behind the
original time-line given to us by the operator we remain optimistic of
achieving a production target for Q2 of 2010 given the relatively short
lead time needed for the contact miner to mobilise on site.

"Once in production it is envisaged a large part of the revenue will be
used to further explore the San Jos� Vein system with a view to
significantly building upon the known resources which currently cover
only some 10% of the known strike length of the Vein within the
concession boundary. We look forward to reporting further progress at
San Jos� in due course."
 
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 the MD&A and Financials.
The financial information in this announcement does not constitute full
statutory accounts.

REVIEW OF FINANCIAL PERFORMANCE
In the period under review, the Company incurred an operating loss of
$0.3 million (2009 - $0.5 million) which includes expensing the fair
value of options vesting of $8,000 (2009 - $16,000), and other
administrative expenses $0.3 million (2009 - $0.5 million). The Company
does not yet generate any income from its operations. Interest income
from cash resources was $4,000 (2009 - $1,000). An investment expense
was incurred of $0.1 million (2009 - nil) which relates to the fair
value adjustment of the Geologix Shares that the Company received in
part settlement of the first instalment of the consideration for the
grant of the Tepal Option (see Review of Operations - Tepal Project,
Michoac�n State and also Liquidity, Capital Resources and Going Concern
in the MD&A).

As at 31 March 2010, the Company had working capital of approximately
$4.1 million (31 December 2009 - $4.0 million). The principal
components of current assets are (i) cash balances of approximately
$2.1 million (31 December 2009 - $0.1 million), (ii) other financial
assets at fair value through profit and loss, which comprises the
Geologix Shares valued at $0.6 million (31 December 2009 - $nil) and
(iii) non-current assets held for sale, which represents the carrying
value of the Tepal project which has been transferred from intangible
assets as a result of the grant of the Tepal Option, valued at $2.9
million (31 December, 2009 - $nil).

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.
During the period, the Company repaid all current borrowings from new
funds received. The first instalment of the Tepal Option consideration
of $1.5 million (31 December, 2009 - $nil) is accounted for as deferred
income in current liabilities pending exercise of the Tepal Option.
Share capital reduced by $1.0 million to $37.2 million (31 December,
2009 - $38.2 million) reflecting 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 and the
issue of common shares in connection with the Placement. See Liquidity,
Capital Resources and Going Concern in the MD&A.

REVIEW OF OPERATIONS
The Company currently owns, or has rights or options to purchase, 33
mineral concessions in Mexico totalling 7,847.8 hectares ("ha"), which
excludes the mineral concessions relating to the Tepal project which
are under option to Geologix.

San Jos� Project, Zacatecas State
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 relation to the proposed contract mining and toll milling operation,
results from the final bulk metallurgical testwork from the proposed
custom mill operator, anticipated for early May, are still to be
delivered. This has delayed final contract negotiations in relation to
the milling operation. However, given the preparatory work already
completed on site and the relative short lead time for the mine
contractor to mobilise on site, Arian's Management believes that
commencement of the initial 500 tpd mining operation during Q2 of 2010
remains on target. In addition, the expectation remains that the
operation will generate positive cash flows during the second half of
2010.

During Q1 of 2010 operational activity was focussed on preparation for
production at the San Jos� mine site including laying a new access road
and refurbishment of mine buildings to accommodate additional offices
and to house the mining personnel.

In April 2010 the Company released a further batch of drillhole assay
results from the Phase-2 drill programme that was completed in 2008 at
the San Jos� Project (see the Company's press release dated 21 April
2010 entitled "Arian Silver Reports on Progress at San Jos�"). Arian's
past drill programmes along the SJV have so far only delineated some
10% of the known strike length of the SJV and Arian's management
considers the upside for material additional resources along the SJV to
be significant. A new drill programme will proceed in due course,
largely financed by revenue generated from the planned contract mining
operation at San Jos�. Its objective will be to further define areas of
high-grade mineralization by infill drilling and to continue the
exploration of the SJV along its extensive westerly strike direction.

The current NI 43-101 Resources at San Jos� contained in the Report
dated 15 August, 2008 are set out below:
 
Resource Category  Grade Contained Metal
 Tonnes Ag Pb Zn Ag Pb Zn
  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

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 15 August,
2008
4. The estimates are based on geostatistical data assessment and
computerised IDW3, Ag grade wireframe restricted, linear block
modelling.

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

The Group continues to operate under tight expenditure controls in
order to preserve cash resources.

During the period Arian received new funding from:

.. a private placement financing of units ("Units") each consisting of
one common share of the Company and one-half of a common share purchase
warrant (the "Placement"). The Placement raised Cdn$3,499,857 through
the issue of 69,997,139 Units at Cdn$0.05 per Unit. In addition 600,000
Units were issued in satisfaction of Cdn$30,000 of finder's fees
payable in connection with the Placement. As part of the Placement,
35,298,569 "F" share purchase warrants were issued.

.. the first instalment of $1.45 million under the Tepal Option granted
to Geologix. Settlement was effected by way of a cash payment of
$725,000 and the balance of $725,000 through the issue of 3,434,193
Geologix shares (the "Geologix Shares") at a price of Cdn$0.22 per
share. The Geologix Shares are listed on the Toronto Stock Exchange and
are subject to a hold period expiring in July 2010.

The following share purchase warrants and options are currently
outstanding each entitling the holder to acquire one common share of
the Company:

.. 34,995,453 "F" share purchase warrants at an exercise price of
Cdn$0.10 per common share expiring 22 January 2011.

.. 15,175,000 share purchase options with exercise prices of between
Cdn$0.10 and Cdn$0.60 (with Pounds Sterling equivalents) and expiry
dates of between June 2010 and July 2014.
It is anticipated that Arian's requirement for additional funding in
the next 12 months will be met from cash flow generated from the
proposed initial contract mining operation at the San Jos� Project,
proceeds from disposal of the Geologix Shares, through the issue of
equity capital, the exercise of outstanding share purchase warrants and
options, the sale of its interests in one or more of its projects, by
way of project joint ventures or business combinations. 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.
Based on current expectations the directors believe that Arian will
have adequate resources to continue in operational existence for the
foreseeable future. They therefore believe it appropriate to prepare
Arian's financial statements on a going concern basis. However, if
these expectations are not fulfilled Arian may not be able to meet its
currently projected working capital and project expenditure
requirements without additional finance. If these circumstances arose
and other sources of finance were not made available to Arian as
needed, then there would be significant concerns regarding Arian
ability to continue as a going concern.

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 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

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

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

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

CHF Investor Relations
Alison Tullis
(Canada) +1 416 868 1079 Ext. 233 / email: alison@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, funding from the disposal of assets 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, 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 Wed May 26, 2010 at 12:33:35 PM Pacific Time
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