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Re:   Press Releases - Tuesday, June 23, 2009
      Arian Silver Releases Independent Preliminary Economic Assessment
      Report; Mining of More Than 2 Million Ounces of Silver Proposed
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LONDON, ENGLAND--(Marketwire - June 23, 2009) - Arian Silver
Corporation (TSX VENTURE:AGQ)(AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A)
("Arian" or the "Company") is pleased to announce the results of a
Preliminary Economic Assessment ("PEA") for its San Jose Project in
Zacatecas State, Mexico. The PEA, undertaken by A.C.A. Howe
International Limited ("Howe"), reviewed the economics of entering into
contract mining and toll milling on three silver blocks with lead and
zinc credits that were previously reported in the technical report
referred to below.

Arian's Chief Executive Officer, Jim Williams, commented today, "We are
very encouraged by the robust economics to support contract mining and
milling, illustrated by this report, at our San Jose Project. The
results of the PEA validate our plans to move forward in the near-term
with underground mechanized mining using contract mining and toll
milling, subject to funding. Utilizing the underground workings
developed by the former operators and the infrastructure on site, we
plan to advance development to the relatively easily accessible mining
blocks on the San Jose Vein in a very cost effective way. The cash flow
generated from initial mining will be used towards building further
infrastructure onsite to support larger commercial silver production
and to conduct further detailed exploration, including drilling, along
the extensive known strike length at San Jose.

HIGHLIGHTS

- Howe 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 US$32.00 per tonne

- Project net present value ("NPV") of US$13.44 million based on an 8%
discount rate

- Project internal rate of return ("IRR") of 159%

Based upon the assumptions contained within the PEA, the exploitation
of three identified remnant mining blocks utilizing contract mining and
toll milling is projected to be viable at production rates of 500 tpd,
and returning undiscounted cumulative cash flows of approximately
US$17.0 million.

Arian is in further discussions with contract miners and toll millers
to seek improvement on the costs used in the PEA and are planning on
undertaking additional metallurgical testwork to better define the
process technology route.

San Jose Project Overview

The San Jose Property (the "Property") has excellent access. The
Property comprises significant infrastructure, including a 3 kilometres
("km") long main haulage ramp, a 500 tpd vertical shaft extending down
to approximately 400 metres, various mine storage buildings and offices
and an upgradeable electrical substation supplying 3-Ph electrical
power to the mine. Zacatecas, the nearest city, is connected to the
Property by 55 km of paved and divided highway and 2.5 km of two-lane
paved road. Once on the Property, access is by a network of dirt
tracks. Total driving time to the Property from Zacatecas is less than
one hour. A railway passes through the city of Zacatecas as do major
highways. The city also hosts an international airport.

The Property consists of two contiguous concessions, which total
6,279.56 Hectares.

Mineral Resources

An initial in-house study of San Jose's NI 43-101 resource areas
identified seven blocks of silver ("Ag"), lead ("Pb") and zinc ("Zn")
mineralization with the potential to support mining production rates of
around 500 tpd. Of the seven, three blocks were chosen to satisfy the
required time frame of the proposed initial mining operation, namely:

- Ramal Norte;

- San Jose 75 m Level Central Zone; and

- Santa Ana.

A summary of these block resource tonnages is presented in Table 1
below.




                       Table 1: Block Resource Tonnages
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                            Category    Tonnes(1)  Ag (g/t)   Pb(%) 
Zn(%)
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                           Indicated      82,461    209.70    0.14  
0.30
Block                    
------------------------------------------------
 1             Ramal Norte  Inferred      24,523    161.90    0.10  
0.31
                         
------------------------------------------------
                               Total     106,984    198.80    0.13  
0.30
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                           Indicated      65,542    155.90    1.20  
2.05
Block                    
------------------------------------------------
 2    San Jose 75m Central  Inferred       7,290    110.10    0.40  
0.66
                         
------------------------------------------------
                               Total      72,832    151.30    1.12  
1.91
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                           Indicated     208,332    192.30    0.80  
1.31
Block                    
------------------------------------------------
 3               Santa Ana  Inferred      63,380    180.40    0.30  
0.62
                         
------------------------------------------------
                               Total     271,712    189.50    0.68  
1.15
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(1) Undiluted tonnes
(2) Diluted tonnes - Ramal Norte - 117,682 tonnes;
    San Jose 75m Central - 80,115 tonnes and
    Santa Ana - 298,883 tonnes


 


Mine Plan

Arian's mine plan, based on Canadian National Instrument 43-101 ("NI
43-101") Indicated and Inferred Mineral Resources delineated to date
and contained in the technical report referred to below, has been
validated by Howe as realistic and achievable. The three blocks are of
sufficient grade and thickness to be suitable for sub-level open
stoping and full mechanization mining. The underground workings are all
partially developed, or will be readily accessible via either the San
Jose West or East ramp.

Mining Block Viability Assessments

The assumptions utilized in the assessment of the viability of the
various identified potential mining blocks are presented in Table 2,
below.

The estimates presented in the PEA and reported below are based on the
principle that the mining contractor would provide all necessary mining
and mining support equipment. On this basis, the total capital
requirement to initiate contract mining at San Jose, based upon a
production rate of 500 tpd, is estimated to be approximately US$0.8
million, which includes a 50% contingency factor.




                    Table 2: Operating Assumptions
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Item                        Units                             
Comments
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Days of operation       days/week          5
                     
--------------------------------------------------
                        days/year        250
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Production rate               Tpd        500
                     
--------------------------------------------------
                              Tpy    125,000
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Metal prices            Ag US$/oz      15.18
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                        Pb US$/lb       0.65
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---
                        Zn US$/lb       0.65
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Process recoveries             Ag         75%
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                               Pb         65%
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                               Zn         65%
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Operating costs/t         Stoping       7.00     Quote (2008) from
Arian)
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                        Transport       7.00     Quote (2008) from
Arian)
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                          Milling      15.00         Estimate from
Arian
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---
                        Overheads       3.00            Estimate by
Howe
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                            Total      32.00
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---
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---


 


Additional information in respect of the San Jose Project is contained
in a technical report prepared by A.C.A. Howe International Limited
dated 15 August, 2008 and entitled "Resource Estimation Update for the
San Jose Silver-Lead-Zinc Deposit, Zacatecas, Mexico". A copy of this
report can be obtained at 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. Mr. Bennett has reviewed and approved the contents of this
release.

Mr. Jim Williams, Eur Ing, Eur Geol, BSc, MSc, D.I.C., FIMMM, the Chief
Executive Officer of Arian, is 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. This press release has been
prepared under Mr Williams' supervision. Mr Williams has verified the
data disclosed by this release.

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 Michoacan 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.

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

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


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 contained in this press release regarding future
funding, mineral resource estimates, exploration results, potential
mineralization, potential mineral resources, future production and the
Company's exploration, development and operational 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 realized or
substantially realized, 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 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.

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.

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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 Jun 23, 2009 at 6:22:18 AM Pacific Time
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