Arian Announces First Stage Closing of Share Exchange Transaction with Grafton Resource Investments Ltd.

February 26th, 2009

LONDON, UNITED KINGDOM—(Marketwire - Feb. 26, 2009) - Arian Silver Corporation (“Arian” or the “Company”) (AIM:AGQ)(TSX VENTURE:AGQ)(PLUS:AGQ)(FRANKFURT:I3A) announces the closing of the Initial Share Issue, being the first stage of a proposed two-part share exchange transaction with Grafton Resource Investments Ltd (“Grafton”) (see Arian’s press releases dated 27 January and 5 February 2009).

Under the terms of the Initial Share Issue, Arian has issued to Grafton 26,097,230 common shares at a price per common share of Cdn$0.055, for a total value of approximately Cdn$1,435,347, and Grafton has issued to Arian 26,322 ordinary shares of equivalent value determined by reference to the net asset value of US$43.98 per Grafton ordinary share calculated as at the close of business on 30 January 2009.

Application has been made for the 26,097,230 Arian common shares to be admitted to trading on London’s AIM on 3 March 2009.

As a result of this transaction Grafton holds 14.9% of Arian’s outstanding common shares (calculated as at the date hereof) and has the right to nominate a representative to the Board of Arian.

It is intended that the Grafton shares that Arian has received will be disposed of, largely to institutional investors, to raise cash principally for Arian’s San Jose Project as well as for general working capital. Grafton has agreed to facilitate and promote this fundraising process. 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.

The Company’s capital now comprises 175,149,199 common shares of no par value each with voting rights.

It is proposed to convene a Special Meeting of shareholders shortly to approve the second stage of the share exchange transaction.

For further information please contact:
Arian Silver Corporation
Carlyle House
235-237 Vauxhall Bridge Road
London SW1V 1EJ

Jim Williams - CEO
(London) +44 (0)20 7963 8670 / email:

Graham Potts — CFO & Corporate Secretary
(London) +44 (0)20 7963 8670 / email:

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

Vicarage Capital Limited
Martin Wood
(London) +44 (0)20 7060 1303 / email:

Grant Thornton UK LLP
Gerry Beaney
(London) +44 (0)20 7385 5100 / email:

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

About the Company

Arian Silver Corporation is a silver exploration and development company listed on London’s AIM and “PLUS”, 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 Michoacán 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: or the Company’s publicly available records at

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

Neither 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.

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, completion of the share exchange transaction referred to in this press release) 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 obtain required regulatory and shareholder approvals. 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.