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Re: Press Releases - Friday, January 29, 2010
Arian Executes Definitive Option Agreement with Geologix for
Tepal Property
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London, England, Arian Silver Corporation ("Arian" or the "Company")
announces, further to its previous announcement dated January 19, 2010,
that Geologix Explorations Inc. ("Geologix") and Arian have executed a
definitive agreement granting Geologix the exclusive Option to Purchase
a 100% interest in the Tepal Gold-Copper Project, Mexico, subject to a
2.5% net smelter return royalty to the underlying vendor, Minera Tepal
S.A. de C.V.
Geologix Explorations Inc. is a mineral exploration company focused on
acquiring, exploring and developing mineral properties in North and
South America.
Under the terms of the Option Agreement, Geologix can complete the
purchase of 100% of the Tepal property, subject to a 2.5% net smelter
return royalty to Minera Tepal, by delivering to Arian US$1.45 million
before February 23, 2010, and a further US$1.55 million to Arian before
February 23, 2011. Of the first payment, US$517,500 will be satisfied
by Geologix off-setting a loan in the same amount made to Arian. At
Geologix's election, up to 50% of both payments may be satisfied by the
issuance of Geologix shares, subject to Toronto Stock Exchange
approval. Geologix shall be responsible for satisfying all of Arian's
obligations relating to the Tepal property, including Arian's remaining
underlying property option agreement payments of US$900,000 payable
before June 6, 2010, and a further US$2.3 million before June 6, 2011
to Minera Tepal (see Geologix news releases dated January 19, 2010 and
November 5, 2009 for more information).
"This transaction is very favourable to Arian by monetizing a secondary
asset as we focus our energies on achieving production at San Jose,"
explained Jim Williams, Arian's Chief Executive Officer.
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 UK LLP
Gerry Beaney
(London) +44 (0)20 7383 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. The Tepal project is currently
subject to an exclusive purchase option to Geologix Explorations Inc.
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.
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.
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 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, the failure to
obtain the required regulatory approvals, the failure of Geologix to
exercise the option, the failure of the parties to enter into an
assignment agreement and the failure to complete the transactions
described herein. 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.
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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 Fri Jan 29, 2010 at 6:46:47 AM Pacific Time
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Arian Silver Corporation
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PRODUCER |
CODE : AGQ.V |
ISIN : VGG0472G1063 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Arian Silver is a silver producing company based in United kingdom. Arian Silver produces silver, gold, lead and zinc in Mexico, and holds various exploration projects in Mexico. Its main asset in production is SAN JOSÉ ZACATECAS in Mexico and its main exploration properties are SAN CELSO and CALICANTO in Mexico. Arian Silver is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is CA$ 41.4 millions as of today (€ 39.0 millions). Its stock quote reached its lowest recent point on December 12, 2008 at CA$ 0.03, and its highest recent level on January 07, 2011 at CA$ 8.90. Arian Silver has 318 491 926 shares outstanding. |