Arian Silver Reports Results for The Three and Six Months Ended June 30, 2008
Arian Silver Corporation (“Arian” or the “Company”) is a silver
exploration and development company focused on identifying, acquiring
and developing resource projects in Mexico. Today the Company reported
its unaudited results for the three and six months ended June 30, 2008,
as found in the management’s discussion and analysis and financial
statements reported below. All amounts are expressed in US dollars
unless otherwise stated.
- As at June 30, 2008, the Company had assets of $9.7 million,
including intangible assets of $7.5 million and cash of $0.9 million.
- Expenditure on projects in Mexico and on other assets in the six months was $3.1 million.
- Consolidated pre-tax loss before exceptional items for the six months of $1.6 million.
Arian’s Chief Executive Officer, Jim Williams, summed up by saying, “I
reported for the Q1 that excellent progress has been made at that point
in time and to date there has been no change here as we continue to make
excellent headway. Our initial resource estimate for San Jose, reported
in March 2008, has now been updated. Based on block modelling of all 71
drill holes of our Phase-1 drill programme, we have increased our
resource base at San Jose by nearly 60%, significantly increased our
contained metals base of silver, lead and zinc, as well as upgrading
part of the resources from inferred to indicated. We are already some
50% of the way through our 12,000 metre Phase-2 drill programme at San
Jose, and even though laboratory assays are still pending for those
samples submitted, visually the mineralised intercepts look very
encouraging. Our Tepal block modelling is nearing completion and the
results of this will be reported very soon. In addition, we are
undertaking a scoping study on our San Jose project and the results of
this will be reported in due course. We have first-class management
teams in Mexico and London, first-class projects, and I continue to be
very upbeat on the outlook for the remainder of 2008.”
- Two major Phase-1 drilling programmes completed at the San Jose project (11,722 metres (“m”)) and at the Tepal project (7,178m).
- Phase-2 drill programme (12,000m) commenced at the San Jose project.
- Initial Canadian National Instrument 43-101 (NI 43-101) mineral
resource estimates in respect of the San Jose and Tepal projects
- Upgraded NI 43-101 mineral resource estimate in respect of the San Jose project released (August).