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Re:   Press Releases - Wednesday, April 29, 2009
      ARIAN SILVER'S MD&A AND RESULTS FOR THE FINANCIAL YEAR ENDED 31
      DECEMBER 2008
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London, England, Arian Silver Corporation ("Arian" or the "Company")
today announced the release of its Management's Discussion and Analysis
and audited Financial Statements for the financial year ended 31
December, 2008. Extracts from the Management's Discussion and Analysis
and audited results are reported below. All amounts are expressed in US
dollars unless otherwise stated.

Arian's Chief Executive Officer, Jim Williams, commented today, "2008
represented a period of significant progress on two of our three key
projects.

During 2008, the Company drilled over 10,000 metres ("m") on its San
Jose and Tepal projects, bringing the total drilled to date on the
Company's three main projects to nearly 30,000m. Tecmin Servicios S.A
de C.V. conducted all the drilling under the direction of Arian's
management.

Early in the year we completed the Phase-1 drill programme on our San
Jose Project near Zacatecas, which resulted in an NI 43-101 preliminary
resource estimate being released in March 2008. There then followed an
updated NI 43-101 resource estimate for San Jose that was released in
August. During Q1 of 2008 the Company also completed its Phase-1 drill
programme at the Tepal Project, in Michoacan, with an NI 43-101
preliminary resource estimate being released in April. There then
followed an updated NI 43-101 resource estimate for Tepal that was
released in September. Both of these Projects have significant resource
expansion potential and we plan, subject to financial considerations,
to undertake further work during 2009.

A preliminary draft of an in-house scoping study/preliminary economic
assessment was completed during Q1 of 2009 and this is now in the
process of being reviewed by ACA Howe International Limited with the
objective of producing an NI 43-101 independent study.

The San Jose Mine dewatering programme is continuing following the
purchase of a new 120 HP submersible pump capable of pumping water at
the rate of 30 litres per second. The pumping is operational 24 hours a
day and the goal is to pump the entire mine workings dry within the
next two months, make safe the mine workings and then continue detailed
sampling and surveying.

Of course, all this exploration and development work requires
substantial funds to achieve. During 2008 the Company was successful in
two non-brokered private placements; the first, in May where circa
Cdn$3 million was raised at a price of Cdn$0.25 per share; and the
second in October where Cdn$1.75 million was raised at a price of
Cdn$0.10 per share.

Since the end of the financial year we have made a series of
announcements relating to our share exchange transaction with Grafton
Resource Investments Ltd which was completed earlier this month. This
form of transaction has been successfully used in the UK by the
principals of Grafton and their associates to raise funds for junior
mining and exploration companies. Naturally we are reliant on Grafton
being able to replicate their past success in order to raise the new
funding we are seeking through this transaction. Management of Arian is
working with Grafton, which has a 42.2% share interest in the Company,
with a view to securing this funding in the near future.

Notwithstanding our successes during the reporting period, I would
reiterate the caution that I expressed in my statement in the Q3
results press release of 1 December 2008, in view of the adverse impact
that the global financial turmoil is still having. Even though it is
suggested by some that we may be over the worst, I believe that there
are still some very hard times ahead, particularly within the resource
industry. We continue to seek expenditure cut backs wherever possible
and will defer further exploration activity until we have adequate
funding to support the programmes that we would like to implement,
particularly in relation to our San Jose Project. We will also continue
to adopt a cautious approach to future activity until we are convinced
that reasonable confidence within our sector is returning.

However, we remain optimistic about the Company's future prospects,
especially at San Jose and look forward to being able to publish an
independent NI 43-101 preliminary economic assessment in due course in
relation to San Jose."

MANAGEMENT'S DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS

The Management's Discussion and Analysis of results for the year ended
31 December, 2008 ("MD&A") and audited Financial Statements for the
Company for the year ended 31 December, 2008 ("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.

HIGHLIGHTS

Financial

.. As at 31 December, 2008, the Company had total assets of $7.6
million, including intangible assets of $6 million, receivables of
$625,000 and cash of $753,000.

.. Expenditure on projects in Mexico and on other assets in the year was
$2.7 million.

.. The consolidated pre-tax loss for the year was $3.7 million.

.. During the year the Company raised a total of $3.6 million through
two private placements of shares.

Post 31 December, 2008
.. The Company entered into a share exchange transaction with Grafton
Resource Investments Ltd ("Grafton") which is designed to provide
significant new funding for the Company.

.. Grafton has advanced $300,000 to the Company and has agreed to a
further advance of $250,000 for working capital purposes pending the
receipt of funding from the share exchange transaction with Grafton.

Operations

.. Two major Phase-1 drilling programmes completed at the San Jose
project (11,722m) and at the Tepal project (7,178m).

.. Initial Canadian National Instrument 43-101 (NI 43-101) mineral
resource estimates in respect of the San Jose and Tepal projects
released (March 2008).

.. Upgraded NI 43-101 mineral resource estimates released in respect of
the San Jose project (August 2008) and the Tepal project (September
2008).

.. Phase-2 drill programme drilled 38 holes totalling 6,600m at the San
Jose project. Initial results announced November 6, 2008.

Post 31 December 2008
.. In--house scoping study completed at San Jose and A.C.A Howe
International Limited commissioned to carry out an NI 43-101
independent study.

.. Terms of option agreement renegotiated in respect of San Jose to give
Arian a 66.67% controlling interest in the project. 

OVERVIEW

Financial
In December, 2008 the Company announced that given the turmoil in
financial markets the Board had implemented measures to preserve the
cash resources of the Company (see the Company's Q3 results press
release dated 1 December 2008). To this end planned exploration
programmes had been deferred and those in progress largely curtailed;
in addition, steps were being taken to reduce overheads generally.

In addition, the directors continued to investigate potential sources
of funding which may be available so as to enable the Company to
continue to build on the exploration successes achieved to-date and to
further the development of the Company and its mineral properties.

During Q1 of 2009 the Company announced details of a two-part share
exchange transaction with Grafton Resource Investments Ltd ("Grafton")
which is designed to provide new funding. On 17 April 2009 the Company
announced the final closing of the transaction with Grafton as a result
of which the Company has issued in aggregate 109,090,909 common shares
to Grafton, for a value of Cdn$6 million, giving it an interest in the
outstanding common shares of the Company of approximately 42.2%. In
exchange for these shares, the Company received 128,591 Grafton
participating shares (the "Grafton Shares") equivalent to the same
dollar value. It is intended that the Grafton shares will be placed
with third parties to raise cash principally for Arian's San Jose
Project as well as for general working capital. It is anticipated that
the placing of the Grafton Shares will take place in the near future
following the listing of Grafton on the Dublin Stock Exchange. The
principals of Grafton and its associates have experience in providing
funding for junior mining and exploration companies using this
particular type of share exchange and disposal mechanism and will
facilitate and promote this fundraising process. However, the Company
is reliant on Grafton being able to replicate this experience to
provide the significant new funding sought by the Company by this
transaction and on a timely basis. Grafton also has the right to
nominate a director to the Board of Directors of the Company and such
appointment is pending at the date hereof.

In March 2009 Grafton advanced $300,000 to the Company for working
capital purposes to enable the Company to pay an option instalment of
approximately $250,000 due that month in relation to the San Jose
Project. Grafton has agreed to make available a further advance of
$250,000 in early May to the Company for working capital purposes.

On 21 April 2009 the Company announced that the holders of the
outstanding share purchase warrants had approved proposals to vary the
terms of the warrants.

Based on current expectations, the directors of the Company currently
believe it appropriate to prepare the Company's financial statements on
a going concern basis.  However, if funding from the transaction with
Grafton does not meet current expectations in terms of amount raised
and timing 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 would be impaired.

 
Operations
Following payment of the March 2009 option instalment, the Company
renegotiated the terms of the San Jose Project option agreement such
that Arian's interest has been converted to an ownership interest in
the San Jose Project. Subject to completion of legal and registration
formalities Arian will own a 66.67% controlling interest in the San
Jose Project mineral concessions with the right to take 100% ownership
on payment of the final instalment of $500,000 which is due in December
2009. Under the original terms of the option agreement Arian would have
only obtained an ownership interest in the San Jose Project mineral
concessions on completion of all option payments and would have
forfeited all rights in the event of failure to pay any instalment.

During 2008, the Phase-1 drill programmes were completed on both the
Tepal and San Jose Projects; drilling at San Jose amounted to 11,722
metres ("m") and 7,178m at Tepal.  A Phase-2 drill programme was
started at San Jose during Q2 and was terminated in Q3, with
approximately 6,600m drilled in 38 holes, in line with the decision to
defer costs of planned exploration programmes. Assaying of core from
the San Jose Phase-2 drilling programme was terminated in Q4, also to
save costs.

At the Calicanto Project work focussed on general security and fences
were erected around all open shafts and mine workings. Work also
continued with both surface and underground sampling and mapping to
gain a better understanding of the structural controls on
mineralisation within the Calicanto Project area.

The Company reported its initial Canadian National Instrument 43-101
("NI 43-101") resource estimates for both San Jose and Tepal during Q1
of 2008. These were prepared by A.C.A. Howe International Limited,
independent consultants. In August, 2008 the Company announced an
updated NI 43-101 mineral resource estimate in respect of San Jose (see
the Company's press release dated 21 August, 2008 entitled "Arian
Silver Upgrades San Jose Resource Estimate"), details of which are set
out in the Review of Operations below. In September, 2008 the Company
announced an updated NI 43-101 mineral resource estimate in respect of
Tepal (see the Company's press release dated 24 September, 2008
entitled "Arian Silver Upgrades Tepal Resource Estimate"), details of
which are set out in the Review of Operations below.

In relation to San Jose, the Company completed an in-house scoping
study that evaluated the economics of contract mining and custom
milling of seven near surface resource blocks. The Company has
commissioned A.C.A. Howe International Limited to carry out an NI
43-101 independent study in view of the positive results from the
in-house scoping study.

As mentioned above, funding arising from the sale of the Grafton Shares
is principally intended for the San Jose Project and general working
capital. Notwithstanding this, the Tepal and Calicanto projects remain
important assets of the Company and future expenditure on these
projects will be kept under review and will be dependent on the timing
and availability of funds.

OVERALL FINANCIAL PERFORMANCE

In the financial year ended 31 December, 2008, the Company incurred a
loss of $3.7 million (2007 - $4.9 million) which loss includes
expensing the fair value of options vesting of $0.5 million (2007 -
$1.1 million), and other administrative expenses of $3.2 million (2007
- $3.9 million). There was no income other than interest from short
term cash deposits of $31,000 (2007 - $62,000). The Company continued
to incur costs in relation to its Mexican operations and in respect of
corporate overheads.

During the 2008 financial year, foreign exchange adjustments were
reported in Q1 (gain $79,000), Q2 (gain $281,000) and Q3 (loss
$576,000) in administration expenses. These adjustments arose largely
as a result of the translation of the Mexican subsidiary's financial
statements from Mexican Pesos to US Dollars and reflected the
volatility in currency markets. During Q4 there was a further material
decline in the Mexican Peso against the US Dollar which resulted in a
further significant foreign exchange loss. In view of the volatility in
foreign exchange markets and the consequent impact this has had on
reported operating results, the presentation of intra-group foreign
exchange differences in the Consolidated Income Statement has been
reviewed. It has been concluded that it would be more appropriate to
recognise such adjustment in the Consolidated Statement of Recognised
Income and Expense. This change has been implemented for reporting the
audited results for the financial year ended 31 December 2008 and such
treatment will continue going forward. This change does not constitute
a change of the Company's foreign exchange accounting policy. The loss
for 2007 of $4.9 million, referred to above, included a foreign
exchange gain of $0.2 million.

As at 31 December, 2008, intangible assets amounted to $6.0 million
(2007 - $4.4 million). The change during the year reflects additions of
$2.6 million, a foreign exchange loss of $0.9 million and a $0.1
million writedown. These costs arise in respect of deferred exploration
and evaluation costs related to the Mexican projects.

Cash of $3.6 million was received as a result of private placements
during the year.

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.

Since the Company is at an early stage of development, it has in the
past raised funds in several discrete tranches, which is a common
practice 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 Company will require additional funding in the future in order to
progress exploration programmes on its mineral projects, to meet
property payments, for development and for general working capital
requirements. Sources of funds currently available to the Company are
through the issue of equity capital, the sale of its interests in one
or more of its projects, by way of project joint ventures or business
combinations.

During 2008, the Company made the following share and warrant issues:

.. 12,092,000 common shares at Cdn$0.25 to provide additional working
capital of Cdn$3,023,000;
.. 17,500,000 common shares at Cdn$0.10 to provide additional working
capital of Cdn$1,747,000; and
.. 6,046,000 share purchase warrants exercisable up to 29 November, 2009
at Cdn$0.35.

As reported above, during the current year the Company has completed a
transaction with Grafton which is designed to provide new funding.

In addition, the Company has accumulated IVA (sales tax) on past
exploration expenditure in Mexico which amounted to $581,000 at 31
December, 2008. IVA is generally repaid in instalments by the Mexican
tax authorities. However, there is no certainty as to the timing of
future repayments of this IVA debtor.

Based on current expectations, the directors of the Company currently
believe it appropriate to prepare the Company's financial statements on
a going concern basis.  However, if funding from the transaction with
Grafton does not meet current expectations in terms of amount raised
and timing 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 would be impaired.

REVIEW OF OPERATIONS

The Company owns, or has options to purchase, 39 mineral concessions in
Mexico totaling 21,691 hectares (Ha). The Company's main projects are
the Calicanto Group and San Jose, in Zacatecas State, and the Tepal
project in Michoac�n State.

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 NI 43-101 has reviewed and approved the
technical information in this document other than the mineral resource
estimates.

San Jose Project, Ojocaliente District, Zacatecas State

On 21 August, 2008 the Company announced an updated NI 43-101 mineral
resource estimate for the property (see the Company's press release
dated 21 August, 2008 entitled "Arian Silver Upgrades San Jose Resource
Estimate") details of which are set out below.

NI 43-101 Resources at San Jose
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 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.

Tepal Project; Michoac�n State

On 24 September, 2008 the Company announced an updated mineral resource
estimate in respect of Tepal (see the Company's press release dated 24
September, 2008 entitled "Arian Silver Upgrades Tepal Resource
Estimate") details of which are set out below.

Tepal Mineral Resources

    Grade Contained Metal
 Tonnes Au Cu AuEq Au Cu Au Eq
 ('000) g/t % g/t (oz x 000's) (Mlbs) (oz x 000's)
Indicated 24,995 0.54 0.27 1.2 440 147.1 938
Inferred 54,964 0.41 0.22 0.9 720 265.4 1,612

1 Au = Gold. Cu = Copper. AuEq = Gold Equivalent
2 Arian  has an exclusive option agreement to purchase 100% of the
Tepal properties
3 Gold Equivalent Grades (g/t) were calculated using metal prices of
US$600/oz Au, US$2/lb Cu and assuming 100% recoveries
4 The mineral resource estimates are in accordance with CIM and JORC
standards
5 The effective date of the mineral resource estimates is September 24,
2008
6 The estimates are based on geostatistical data assessment and
computerised IDW3, 0.18 g/t Au grade wireframe envelope 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 White. Mr.
White was at the time these estimates were prepared an employee of
A.C.A. Howe International Limited.

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

Bishopsgate Communications Limited
Nick Rome
(London) +44 (0)20 7562 3350 / email:
Nick.Rome@bishopsgatecommunications.com

Vicarage Capital Limited
Martin Wood
(London) +44 (0)20 7060 1303 / email: martin@vicaragecapital.com

Grant Thornton UK LLP
Gerry Beaney
(London) +44 (0)20 7385 5100 / email: gerry.d.beaney@gtuk.com

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

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 and the
Tepal project in Michoac�n State. 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.

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

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.

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, 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) 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 Wed Apr 29, 2009 at 6:59:41 AM Pacific Time
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