Dear Sir/Madam,

COMPANY RESEARCH

Arian Silver - Silver on a plata Click for report

Arian Silver specialises in exploration and development of epithermal silver deposits in Mexico. It is currently focused on the imminent start of contract mining at its 100%-owned San Jose Ag-Pb-Zn mine in Zacatecas. Arian�s business plan is to use near-term revenues from San Jose to fund the exploration of the 90% of the San Jose vein which has yet to be explored in detail. Our valuation of the company indicates that its four and a half year mining plan at San Jose is worth 14.96p per share and that reinvesting the resulting cash-flows should define a resource reasonably valued at 47p/share, but potentially as high as 140p/share.

Arian Silver, listed on AIM and TSX, specialises in Mexican silver deposit exploration and development. Its San Jose mine is expected to enter production soon. Its other three projects are Calicanto and San Celso, located in Zacatecas, and Tepal in Michoacan.

Arian Silver is a research client of Edison Investment Research.

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