Arian Silver Corporation: Drilling to Start on Tepal Ahead of Schedule

Arian Silver Corporation is pleased to announce the start of a 3,000 metre diamond drilling programme at the Tepal property, Michoacan state, Mexico.

The project was previously explored in the 1970′s and the early 1990′s by a number of companies including International Nickel Company of Canada Ltd (INCO), Teck Resources Inc (Teck) and Minera Hecla S.A. De C.V. (Hecla). A historical gold and copper resource for the project, which is not NI-43-101 or JORC compliant, was estimated, based on 87 diamond and reverse circulation drill holes totalling 12.6km. Silver was not systematically explored for as part of the programmes because the three mentioned companies were interested only in gold or gold and copper porphyry deposits. A breakdown of the historical resource, and specifically the historical mineral resource categories, of 78.82 million tonnes of oxide and sulphide material containing 1.23 million ounces of gold and 432.63 million pounds of copper, and the relevant disclosures, is outlined in the Company’s release dated 9th August 2006. The historical data also indicates that there are potentially higher-grade zones within these mineralised zones.

The Company plans on drilling approximately 2,000m to verify some of the previous drill holes and to re-sample some of the existing chip samples that were obtained from the earlier reverse circulation (RC) drilling programme, with the objective of establishing a NI 43-101 compliant resource estimate. The additional 1000m of drilling will be directed at other targets that were not drilled in the previous programmes. Previous anomalous soil geochemistry sampling has provided many additional targets.

Arian has recently completed a regional remote sensing programme that has identified a number of phyllic alteration zones co-incident with gold and copper soil geochemical anomalies mentioned above. A number of drill holes have been designed to explore these zones. A photo-topographical survey has been completed, and a 2m contour map has been produced that will be used as the base map for NI 43-101 resource estimation studies.

Arian’s Chief Executive Officer, Jim Williams, said, “I am delighted that we are advancing our program for this year ahead of schedule. We have the potential to define a NI 43-101 compliant resource with limited drilling by twinning some of the historical holes. There is also excellent potential to add additional resources within the Tepal concessions by drilling already identified targets; these targets have been identified by soil geochemistry anomalies.”

A Geochemical contour map of the Tepal property showing the anomalous soil geochemistry and the phyllic alteration zones is available at the following link:

http://www.ccnmatthews.com/docs/Tepal_Phyllic_alteration_zones.pdf

Arian has obtained environmental permits and all relevant permissions to conduct exploration on the Tepal projects, without payments or royalties to be made to the landowners. Phase One exploration started with remote sensing and aerial mapping surveys, which have now been completed and have helped to prioritise drill targets. This is in addition to the previous targets defined by anomalous soil geochemistry sampling.

Arian is also pleased to welcome to the team Ing. Andres Vega Saldana who graduated as a geologist from the University of Mexico. He has worked in exploration and mining in the states of Sinaloa and Zacatecas for Grupo Mexico, as an independent consultant for mining and geotechnical projects and in the Direccion de Promocion de Proyectos de la Secretaria de Economia in the evaluation & promotion of mining projects.

A.C.A Howe International Limited completed a technical report for the Company on the Tepal property in September 2006 and recommended the following work to be carried out:

– Twin some of the historic drill holes to confirm the grade and thickness of existing drill hole intercepts;

– Remote sensing and airborne magnetics to further define existing targets and identify additional targets;

– Drill less defined targets with the intent of defining a resource, and;

– In-fill drilling on the south zone.

All work will be done under the Arian quality assurance and quality control (QA/QC) programme. All samples will be assayed for 32 elements including silver, which was not previously tested.

Additional information with respect to the Tepal property is contained in the said technical report prepared by A.C.A. Howe International Limited, which is dated September 18, 2006 and entitled “Technical Report on the Tepal Project, Michoacan, Mexico”. A copy of the report can be obtained from Sedar at www.sedar.com

Mr. Jim Williams, Eur Ing, Eur Geol, MSc, DIC, FIMMM, CEng, CGeol, and 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 defined in the Canadian Securities Administrators National Instrument 43-101. This press release has been prepared under Mr. Williams’ supervision. Mr Williams has verified the data disclosed by this release (including sampling, analytical and test data underlying the information).

Arian Silver Corporation is a silver exploration company listed on London’s AIM and “PLUS”, on Toronto’s TSX Venture Exchange and on the Frankfurt Stock Exchange. Arian is active in Mexico, the world’s largest silver producing country. The Company’s main focus is currently the Calicanto, San Celso and San Jose projects in Zacatecas state, and the Tepal project in Michoacan State. Part of Arian’s forward-looking strategy lies in the envisaged use of large scale mechanised mining techniques over wider mineralised structures, which reduces the overall operating cost per ounce of silver, and to build up National Instrument 43-101 compliant resources.

Arian was founded by Jim Williams, Chief Executive Officer, and Tony Williams, Chairman, who together have over 50 years experience in exploration, project construction and mining worldwide. Arian is supported by the Dragon Group in London, and the Endeavour Group in Canada.

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.

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 regarding exploration results, potential mineralization and mineral resources, 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 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, 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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact:

Arian Silver Corporation In London: Jim Williams, CEO +44 (0)20 7529 7511

Website: www.ariansilver.com

Justine Howarth/ Clare Irvine Parkgreen Communications

+44 (0)20 7851 7480

Gerry Beaney Grant Thornton Corporate Finance

+44 (0)207 385 5100

Daniel Brooks Haywood Securities (UK) Limited

+44 (0) 207 031 8000

Vanguard Shareholder Solutions In Vancouver: Investor Relations

(604) 608-0824 or Toll Free: 1-866-898-0825

Source: Arian Silver Corporation