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Re: Press Releases - Friday, April 30, 2010
Arian Silver's MD&A and Results for the Financial Year Ended 31
December 2009
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ARIAN SILVER'S MD&A AND RESULTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009
London, England, Arian Silver Corporation ("Arian" or the "Company"), a
silver exploration and development company with a focus on projects in
the silver belt of Mexico, today announced the release of its
Management's Discussion and Analysis ("MD&A") and audited Financial
Statements ("Financials") for the financial year ended 31 December
2009.
HIGHLIGHTS
Financial (all amounts expressed in US dollars unless otherwise stated)
.. As at 31 December 2009, the Company had total assets of $13.9
million, including intangible assets of $7.7 million, available for
sale assets of $5.6 million, receivables of $349,000 and cash of
$101,000.
.. Expenditures on projects in Mexico in the year was $1.0 million.
.. The consolidated pre-tax loss for the year was $2.1 million.
.. During 2009 the Company's operations were largely financed by loans
totalling $1.05 million from Grafton Resource Investments Ltd
("Grafton").
.. In connection with the grant of an option right, Geologix
Explorations Inc. ("Geologix") advanced $517,500 to the Company to
finance an instalment of equal amount in respect of the Tepal property.
Post 31 December 2009
.. The Company completed the reversal of the share exchanges entered
into during 2009 with Grafton and repaid to Grafton the loans totalling
$1.05 million.
.. The Company completed an equity private placement raising
approximately Cdn$3.5 million before expenses.
.. An initial instalment of $1.45 million was received from Geologix
following exercise of the option to acquire the Company's Tepal
property and the $517,500 loan from Geologix was repaid.
Operations
.. Due to cash constraints there was no material operational activity by
the Company on its mineral properties during 2009.
.. Following payment of a property instalment of $250,000 the Company
acquired a 66.67% direct ownership interest in the San Jos� mineral
concessions.
.. Preliminary Economic Assessment Report ("PEAR") completed by A.C.A.
Howe International Inc. ("ACA Howe"), supported Arian's plans for a
proposed initial contract mining and toll milling operation at the San
Jos� Project.
Post 31 December 2009
.. Ownership interest in the San Jos� mineral concessions became 100%
following payment of the final property instalment of $500,000.
.. Further batch of drillhole assay results released in respect of the
San Jos� Project. Arian's past drilling programmes have so far only
tested some 10% of the known strike length of the San Jos� Vein ("SJV")
system within the property's boundaries.
.. Production from planned contract mining operation at the San Jos�
Project is anticipated to commence in Q2 of 2010, to generate a
positive cash flow during the second half of 2010.
.. Plans for a new drilling programme on the SJV system to be funded
from cash flow from the contract mining operation at San Jos�.
Arian's Chief Executive Officer, Jim Williams, commented today, "We are
today filing our annual financial results and MD&A. However, it has
been our post year-end activity which has significantly advanced Arian.
This has seen the Company strengthen its balance sheet, secure 100%
ownership of its San Jos� property, broaden the shareholder base and
put itself in a strong position to head into production within the
second quarter of this financial year. These efforts have led to the
recent surge of investor interest in Arian with very high levels of
share trading activity and a rising share price."
"Our efforts will remain focused on advancing the San Jos� property
into production and creating increased shareholder value. We will
update shareholders further once we have all the contracts for the
proposed initial contract mining and custom milling operations in
place."
MANAGEMENT'S DISCUSSION AND ANALYSIS AND FINANCIAL STATEMENTS
The MD&A and audited 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.
OVERVIEW
Financial
During 2009 the Company continued to operate under tight cost controls
in order to preserve cash resources whilst efforts continued to seek
opportunities to raise new funding.
In March and April 2009 the Company completed two share exchange
transactions with Grafton, pursuant to which the Company issued to
Grafton a total of 109,090,909 common shares and Grafton issued to the
Company a total of 128,591 participating shares (the "Grafton Shares")
(the "Share Exchange"). It was intended that the Grafton Shares would
be sold to raise capital for the Company. However, the proposed sale of
the Grafton Shares experienced significant delays and in December 2009
it was announced that Arian proposed to effect a reversal of the Share
Exchange, which was completed in January 2010.
During 2009 the Company's operations were largely funded by way of
loans from Grafton totalling $1,050,000. These loans were discharged in
January 2010 by way of an issue of common shares of the Company and a
cash repayment.
In March 2009 the Company renegotiated the terms of the option
agreement in respect of the San Jos� Project and, following an
instalment payment of $250,000, acquired a direct 66.67% ownership
interest in the mineral concessions. In January 2010 the final
instalment of $500,000 was paid giving the Company 100% ownership of
the mineral concessions.
In respect of the Tepal property the payment of an option instalment
was renegotiated in June 2009 whereby $450,000 of the $500,000
instalment due that month was deferred to September 2009. In September
2009 the Company entered into an option transaction with Geologix in
respect of the Tepal property. As part of this transaction Geologix
advanced to the Company $517,500 to meet an option payment due on Tepal
property. In Q1 of 2010 Geologix exercised its option right and made a
first instalment payment to the Company of $1.45 million which was
settled in cash and Geologix shares. The Company subsequently repaid
the $517,500 advance to Geologix.
In January 2010 the Company completed a private placement of common
shares and share purchase warrants which raised approximately Cdn$3.5
million.
Operations
In view of the limited available cash resources there was no material
operational activity by the Company on its mineral properties during
2009.
In June 2009 a PEAR undertaken by ACA Howe, was completed that
confirmed the positive economics of a proposed initial contract mining
and toll milling operation at the San Jos� Project. Plans to bring the
Project into production in Q4 of 2009 were necessarily deferred, due to
lack of funding.
In April 2010 the Company released a further batch of drillhole assay
results from the Phase-2 drill programme that was completed in 2008 at
the San Jos� Project (see the Company's press release dated 21 April
2010 entitled "Arian Silver Reports on Progress at San Jos�").
The Company anticipates that the initial 500 tpd contract mining and
toll milling operation at the San Jos� Project will commence during Q2
of 2010 and that it will generate positive cash flows during the second
half of 2010.
Arian's past drill programmes along the SJV have so far only delineated
some 10% of the known strike length of the SJV and Arian's management
considers the upside for material additional resources along the SJV to
be significant. A new drill programme will proceed in due course,
largely financed by revenue generated from the planned contract mining
operation at the San Jos� Project. Its objective will be to further
define areas of high-grade mineralization by infill drilling and to
continue the exploration of the SJV along its extensive westerly strike
direction.
REVIEW OF FINANCIAL PERFORMANCE
In the financial year ended 31 December 2009, the Company incurred a
pre-tax loss of $2.1 million (2008 - $3.7 million) which includes
expensing the fair value of options vesting of $0.4 million (2008 -
$0.5 million), and other administrative expenses, that were halved in
2009, of $1.7 million (2008 - $3.2 million). The Company does not yet
generate any income from its operations. Interest income from cash
resources was $nil (2008 - $31,000). During the year the Company
continued to reduce costs in relation to its Mexican operations and
corporate overheads where possible in order to preserve cash resources.
As at 31 December 2009 the Company had working capital of approximately
$4.0 million (31 December 2008 - $1.1 million) which includes the
Grafton Shares held as an available for sale asset valued at $5.6
million (31 December, 2008 - $nil). Cash balances amounted to
approximately $0.1 million (31 December 2008 - $0.8 million) and short
term loans totalled $1.6 million (31 December 2008 - $nil) consisting
of the advances of $1.1 million from Grafton and $0.5 million from
Geologix. Intangible assets amounted to $7.7 million (31 December 2008
- $6.0 million) which relate to deferred exploration and evaluation
costs in respect of the Company's Mexican projects.
Since year-end, the Grafton Shares were redeemed as part of the Share
Exchange reversal executed in January 2010.
REVIEW OF OPERATIONS
The Company currently owns, or has rights or options to purchase, 33
mineral concessions in Mexico totalling 7,847.8 hectares ("ha"), which
excludes the six mineral concessions totalling 13,843.2 ha, relating to
the Tepal project as they are now under option to Geologix.
San Jos� Project, Zacatecas State
Following the renegotiation of the original option agreement in March
2009 with the vendor and a $250,000 instalment payment, Arian acquired
a direct 66.67% controlling interest in the San Jos� Project mineral
concessions. In January 2010 Arian paid the final instalment of
$500,000 to increase its ownership interest in the San Jos� Project
mineral concessions to 100%, subject only to completion of certain
legal and registration formalities in Mexico. The concessions are
subject to a 2% net smelter return ("NSR") payable to the vendor.
The San Jos� property lies 55 kilometres to the southeast of Zacatecas
and covers 11 mining concessions totalling approximately 6,300 ha. The
property has significant infrastructure, including a 4 by 4 metre ramp,
which extends for nearly 3 km along the footwall of the SJV system, and
a 350 m deep, 500 tonne per day vertical shaft with hoist.
In June 2009 the PEAR for the San Jos� Project, undertaken by ACA Howe,
was completed (see the Company's press release dated 23 June 2009
entitled "Arian Silver Releases Independent Preliminary Economic
Assessment Report"). The PEAR reviewed the economics of entering into
contract mining and toll milling on three silver blocks with lead and
zinc credits over a four-year life of mine and concluded that Arian's
proposed mining plan was achievable and realistic. The limiting of the
PEAR to just three mining blocks over a four-year mine life was
stipulated by the Company with the intention to develop the property
concurrently and complete a full feasibility study to move into full
scale independent commercial production.
A copy of the PEAR prepared by ACA Howe dated 22 June 2009 entitled
"Preliminary Economic Assessment Report (PEAR) on the San Jos�
Silver-Lead-Zinc Deposit, Zacatecas, Mexico" is available on the
Company's website www.ariansilver.com and on SEDAR at www.sedar.com.
Due to the delay in obtaining new funding, the original Q4 of 2009
target for bringing the San Jos� Project into initial contract mining
and milling production, was deferred. The private placement equity
financing that was completed in January 2010 raised approximately
Cdn$3.5 million for funding San Jos� as well as the Company's
overheads.
The Company anticipates the initial 500 tpd contract mining and toll
milling operation to commence during Q2 of 2010 and will generate
positive cash flows during the second half of 2010. Terms for the
mining contract have been agreed to with the local Mexican contractor.
Final bulk metallurgical testwork is in progress with the proposed
custom mill operator. The preliminary stage of the metallurgical
programme entailed the collection of 304 samples weighing a total of 69
kilograms (kg). The test results have been positive returning average
head-grade assays of 276 g/t Ag, 1.13% Pb and 2% Zn. Completion of the
remaining metallurgical testwork is expected during early May when it
is anticipated that the milling contract negotiations will be
finalised. In preparation for production at the San Jos� mine site a
new access road has been completed and mine buildings have been
refurbished to accommodate additional offices and to house the mining
personnel.
In April 2010 a further batch of Phase-2 drillhole assays were
reported, including:
.. 2.35 m @ 834 g/t Ag, 0.36% Pb and 0.67% Zn
.. 3.05 m @ 602 g/t Ag, 0.17% Pb and 0.54% Zn
.. 2.00 m @ 822 g/t Ag, 0.76% Pb and 0.91% Zn
.. 1.95 m @ 379 g/t Ag, 0.08% Pb and 0.32% Zn.
These latest results comprised 13 drillhole intercepts from the Phase-2
drill programme along the SJV, which complement the initial 19 Phase-2
drillhole intercepts reported previously (see the Company's press
release dated 21 April 2010 entitled "Arian Silver Reports on Progress
at San Jos�").
Arian's past drill programmes along the SJV have, so far, only
delineated some 10% of the known strike length of the SJV, outlining a
current total estimated NI 43-101 resource set out below. Arian's
management considers the upside for material additional resources along
the remaining 90% SJV strike length to be significant.
It is planned to commence a new drill programme in due course, largely
financed by revenue generated from the proposed contract mining
operation, with the objective to further define areas of high-grade
mineralization by infill drilling and to continue the exploration of
the SJV along its extensive westerly strike direction.
The current NI 43-101 Resources at San Jos� are as follows:
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 15 August,
2008
4. The estimates are based on geostatistical data assessment and
computerised IDW3, Ag grade wireframe restricted, linear block
modelling.
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.
Additional information in respect of the San Jos� Project is contained
in a technical report (the "Technical Report") prepared by A.C.A. Howe
International Limited dated 15 August 2008 and entitled "Resource
Estimation Update for the San Jos� Silver-Lead-Zinc Deposit, Zacatecas,
Mexico". A copy of this report is available on the Company's website
www.ariansilver.com or on SEDAR at www.sedar.com.
Tepal Project; Michoac�n State
Due to cash constraints, in June 2009 the Company renegotiated the
terms of an option instalment payable under the property option
agreement with the vendor, Minera Tepal, (the "Underlying Option
Agreement") in order to avoid a default and forfeiture of its interest
in the Tepal property. Agreement was reached whereby $450,000 of the
$500,000 option instalment due that month was deferred to September
2009. The balance of $50,000 was paid in July 2009.
In September 2009, the Company entered into an agreement with Geologix
whereby Geologix was granted an exclusive right to purchase Arian's
100% option interest in the Tepal property. Pursuant to the terms of
the agreement, Geologix advanced to Arian the sum of US$517,500 (the
"Geologix Loan") which was used by Arian to complete the deferred
outstanding property option payment due to the vendor ($450,000 plus
the applicable IVA of $67,500) and thus preserve its interest in the
Tepal property. The Geologix Loan was made as an unsecured, interest
free loan that would become due for repayment on 23 April 2010 unless
Geologix elected to exercise its right to acquire the Tepal property.
In consideration for the Geologix Loan, Arian granted Geologix a
five-month exclusivity period to enable Geologix to undertake due
diligence of the Tepal property. In the event that Geologix exercised
its right, the property would be acquired from Arian on an option basis
for a total consideration of $3 million, payable in two instalments:
.. an initial payment of $1.0 million, plus forgiveness of the property
option payment of $450,000, for a total of $1.45 million on or before
23 February 2010 (the "Tepal Initial Instalment"); and
.. a payment of $1.55 million on or before 23 February 2011(the "Tepal
Final Instalment").
At Geologix's election, each such instalment may be made in cash or up
to 50% in Geologix's shares valued at the 10-day average closing price
immediately prior to the time of each payment.
In January 2010 Geologix exercised its right to acquire the Tepal
property and entered into a definitive option agreement (the "Option
Agreement") with Arian. Pursuant to the terms of the Option Agreement
Geologix is responsible for the balance of Arian's obligations under
the terms of the Underlying Option Agreement and, amongst other things,
will be responsible for completing the remaining option payments
totaling $3.2 million to the vendor of the property through to June
2011. Geologix may at any time terminate the option prior to the expiry
date of 23 February 2011 by giving notice to Arian in which event it
shall only be liable to pay the amounts due up to the date of
termination. In the event of such termination, Geologix shall be
responsible for returning the Tepal property to Arian in good standing.
In Q1 of 2010 Geologix settled the Tepal Initial Instalment by way of
cash and Geologix shares and Arian repaid the Geologix Loan (see
Liquidity, Capital Resources and Going Concern).
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.
In view of the delay in the disposal of the Grafton Shares, Grafton
made several advances to the Company during 2009 totalling $1,050,000
(the "Grafton Loans"); to fund a property payment of $250,000 in March
2009 in respect of the San Jos� Project and the Company's operating
overheads.
In December 2009, the Company announced that it was proposed to reverse
the Share Exchange by way of share redemptions (the "Share
Redemptions"). Pursuant to the Share Redemptions, Arian would redeem
the Arian Shares at the original issue price of Cdn$0.055 per Arian
share and Grafton would redeem the Grafton Shares at the approximate
original average issue price of $38 per Grafton share. In addition,
Arian would issue to Grafton 15,762,000 common shares at Cdn$0.05 per
Arian share in settlement of $750,000 of the Grafton Loans (the "Shares
for Debt").
In January 2010, immediately following completion of the Share
Redemptions and Shares for Debt transactions, Arian completed a private
placement financing (the "Placement"). The Placement raised
Cdn$3,499,857 and comprised 69,997,139 units of the Company (each, a
"Unit") at Cdn$0.05 per Unit. In addition 600,000 Units were issued in
satisfaction of Cdn$30,000 of finder's fees payable in connection with
the Placement. Each Unit consisted of one common share of the Company
and one-half of a common share purchase warrant.
Following completion of the Placement, Arian repaid $300,000 to
Grafton, representing the balance outstanding on the Grafton Loans.
In Q1 of 2010 Geologix paid the Tepal Initial Instalment of $1.45
million, pursuant to the terms of the Option Agreement. Settlement was
effected by way of a cash payment of $725,000 and the balance of
$725,000 through the issue of 3,434,193 Geologix shares (the "Geologix
Shares") at a price of Cdn$0.22 per share. Arian subsequently repaid
the Geologix Loan. Geologix can complete the purchase of 100% of the
Tepal property by delivering to Arian the Tepal Final Instalment before
23 February 2011. At Geologix's election, up to 50% of this payment may
be satisfied by the issuance of Geologix shares, subject to Toronto
Stock Exchange approval, valued at the 10-day average closing price
immediately prior to the time of payment (see Review of Operations --
Tepal Project, Michoac�n State). Geologix is listed on the Toronto
Stock Exchange. The Geologix Shares are subject to a four months hold
period expiring in July 2010.
In relation to the San Jos� Project, subject to satisfactory completion
of contract negotiations and the metallurgical testwork programme, it
is currently anticipated that the proposed contract mining and toll
milling operation will commence in Q2 of 2010 with positive cash flow
commencing during the second half of 2010 (see Review of Operations --
San Jos� Project, Zacatecas State).
The following share purchase warrants and options are currently
outstanding each entitling the holder to acquire one common share of
the Company:
.. 35,298,569 "F" share purchase warrants at an exercise price of
Cdn$0.10 per common share expiring 22 January 2011.
.. 15,175,000 share purchase options with exercise prices of between
Cdn$0.10 and Cdn$0.60 (with Pounds Sterling equivalents) and expiry
dates of between June 2010 and July 2014.
The Company will require additional funding in the future in order to
progress exploration programmes on its mineral projects, for project
development and for general working capital requirements. Potential
sources of funds available to the Company are from cash flow from the
proposed initial contract mining operation at the San Jos� Project,
proceeds from disposal of the Geologix Shares, through the issue of
equity capital, the exercise of outstanding share purchase warrants and
options, the sale of its interests in one or more of its projects by
way of project joint ventures or business combinations. In addition,
the Tepal Final Instalment is payable on full exercise of the Tepal
option.
Based on current assumptions the directors of the Company currently
believe it appropriate to prepare the Company's financial statements on
a going concern basis. However, if current expectations are not
fulfilled the Company may not be able to meet its currently projected
working capital and project expenditure requirements without additional
finance. If these circumstances arose and other sources of finance were
not made available to the Company as needed 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.
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 Canadian National Instrument 43-101 ("NI
43-101"), has reviewed and approved the technical information in the
Review of Operations other than the mineral resource estimates.
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 Corporate Finance
Gerry Beaney
(London) +44 (0)20 7383 5100 / email: gerry.d.beaney@gtuk.com
Yellow Jersey PR
Dominic Barretto
(London) +44 (0)20 8980 3545 / email dominic@yellowjerseypr.com
CHF Investor Relations
Alison Tullis
(Canada) +1 416 868 1079 Ext. 233 / email: alison@chfir.com
About the Company
Arian 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 is
active in Mexico, the world's second largest silver producing country.
The Company's main projects are the Calicanto and San Jos� projects in
Zacatecas State. Arian's Tepal project in Michoac�n State is subject to
an exclusive purchase option to Geologix Explorations Inc. Part of
Arian'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.
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 assets 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, 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) 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 Apr 30, 2010 at 7:19:59 AM Pacific Time
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