Further Progress at Calicanto - New Ramp to Provide Access to New Target

October 23rd, 2006

23 October 2006 Arian Silver Corporation (“Arian” or the “Company”) (AIM/TSX-V: AGQ) is pleased to announce that it has begun the advance of a second ramp on its Calicanto Property, Zacatecas, Mexico.

The new ramp is proposed to extend along the San Buenaventura vein, one of a number of epithermal silver-base metal veins on the Calicanto project. The Company is continuing to advance the existing ramp along the Calicanto vein system (reference is made in the Company’s press release dated 5th September 2006).

The new San Buenaventura ramp will be 4m by 4m in dimension, and will advance approximately 120m where, based on surface geological mapping, it will intersect the El Misie vein on the recently acquired El Misie property.

Arian’s Chief Executive Officer, Jim Williams, said “This will no doubt turn out to be an exciting development. A new ramp on the San Buenaventura vein system will provide an excellent platform to quickly obtain geological and metallurgical information on the San Buenaventura and El Misie veins. As part of the ramp advance, development material will be sent to a local flotation mill for processing to provide preliminary run of mine grades and metallurgical information on silver and gold recoveries”.

“We hope that the intersection of the two veins will result in bonanza silver-gold mineralization, similar to that intersected by the Calicanto ramp earlier in 2006. What is particularly exciting is the width potential of these vein systems which have the potential for mechanised mining.”

The San Buenaventura vein system appears to be similar in appearance to the Calicanto vein system. The San Buenaventura vein consists of silicified andesites with disseminated sulphides and sulphide veinlets in the foot-wall, and an oxide-rich vein in the hanging-wall. The vein system is parallel to the La Cantera, Mala Noche and Veta Grande vein systems which are the main vein systems in the Zacatecas District, but almost perpendicular to the Calicanto, Nevada and El Misie veins and probably represents a different phase of mineralization.

There has been minimal mining activity on the San Buenaventura vein system. Historical mining focused on the narrow (0.5m wide) hanging-wall oxide vein, where it was mined to approximately 20-30m depth. In the Collado mine (on the Calicanto Property) a small, 25m long drift was developed on the San Buenaventura system, but no extensive mining has been conducted on the San Buenaventura system. The San Buenaventura vein therefore represents an almost virgin system and is a primary exploration target for Arian.

Additional information with respect to the Calicanto Property is contained in a technical report prepared by A.C.A. Howe International Limited, dated March 20, 2006, and entitled “Technical Report on the Calicanto and San Celso Projects, Zacatecas, Mexico”.

Mr. Jim Williams, Eur Ing, MSc, DIC, FIMMM, CEng, CGeol, and Chief Executive Officer of Arian, is a “Competent 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 information disclosed by this release (including sampling, analytical and test data underlying the information).

For further information please contact:

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

Tim Blackstone, Britton Financial PR
+44 (0) 20 7251 2544

Mike Jones / Ryan Gaffney, Canaccord Adams Limited
+44 (0)20 7518 2777

In Vancouver:

Investor Relations, Vanguard Shareholder Solutions
+1 (604) 608 0824
Toll free: 1866 898 0825

Arian Silver Corporation is a silver exploration company listed on London’s AIM and on Toronto’s TSX Venture Exchange. Arian is currently active in Mexico, the world’s largest silver producing country. The Company’s main projects are the Calicanto and San Celso projects in Zacatecas state, and the recently acquired Tepal project in Michoacán State. Arian’s 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.

Arian was founded by Jim Williams and Chairman Tony Williams, 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.

The TSX Venture Exchange does not accept 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, statements regarding exploration results, potential mineralization and 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.