GoldMinerPulse Report on Arian Silver Corporation: (NI) 43-101 Metal Valuation Report

Arian Silver Corporation (AGQ)

Company Web Site: www.ariansilver.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-07-26. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
External Links: Yahoo News and Quotes  |  MB  |  StockCharts  |  Stockhouse  |  Canadian Insider Trading
More External Links: Active Investor Message Board  |

Arian Silver Valuation Blog (updated daily)
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Silver Lead Zinc
    San Jose MX $4.22 0 20% 80% 42.78 M oz     54.84 K t     112.20 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Silver Lead Zinc
    Metal Totals 42.78 M oz     54.84 K t     112.20 K t
    Metal Prices in US$ (from 2010-09-02) $19.69 per oz     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $2.98     $0.41     $0.83
    Percentage of Total Metal Value 70.59%     9.75%     19.66%
    PP% | MI% | I% 0 | 21% | 79%     0 | 20% | 80%     0 | 17% | 83%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$4.22
    Average Ore Value per Tonne    US$89.14
    Metal Value Leverage (MVL)    26.14
    Market Capitalization as % of Metal Value    3.8%
    Recent Stock Price    C$0.17   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    282.85 M    ( Fully diluted share count estimated from Arian Silver Website and confirmed from a June 2010 corporate presentation (viewed July 2010). )
    PP% | MI% | I%    0 | 20% | 80%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    99.4 g/t
    Market Capitalization
    per oz of Silver In Ground    $1.07   US$  |   1.12   C$
    Silver Eq Oz Estimate    60.60 M oz   ( 42.78 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $0.75   US$  |   0.79   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Calicanto Project    -    See p. 15 of 24 of Arian Silver, An Emerging Silver Producer Dec 2009 presentation.
The Calicanto Project comprises ~80 hectares (100% owned) in the heart of Zacatecas Mining district.
AGQ Removed Gold List and Added to Silver List    -    Arian Notified of Geologix's Intention to Exercise Tepal Option, January 19, 2010.
With the sale of the Tepal property, Arian no longer holds gold resources. Therefore, Arian has been moved to the GMP Silver List (65% of in ground metal value is from silver).
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Arian Silver Corporation is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Silver	Lead	Zinc
San Jose	MX	$4.22	0	20%	80%	42.78 M oz	54.84 K t	112.20 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Silver	Lead	Zinc
Metal Totals	42.78 M oz	54.84 K t	112.20 K t
Metal Prices in US$ (from 2010-09-02)	$19.69 per oz	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$2.98	$0.41	$0.83
Percentage of Total Metal Value	70.59%	9.75%	19.66%
PP% \| MI% \| I%	0 \| 21% \| 79%	0 \| 20% \| 80%	0 \| 17% \| 83%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$4.22
Average Ore Value per Tonne	US$89.14
Metal Value Leverage (MVL)	26.14
Market Capitalization as % of Metal Value	3.8%
Recent Stock Price	C$0.17 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	282.85 M ( Fully diluted share count estimated from Arian Silver Website and confirmed from a June 2010 corporate presentation (viewed July 2010). )
PP% \| MI% \| I%	0 \| 20% \| 80%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	99.4 g/t
Market Capitalization per oz of Silver In Ground	$1.07 US$ \| 1.12 C$
Silver Eq Oz Estimate	60.60 M oz ( 42.78 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$0.75 US$ \| 0.79 C$

See terms for more about GoldMinerPulse metrics.

San Jose - ^top^

(NI) 43-101 Report:

Title: RESOURCE ESTIMATION UPDATE FOR THE SAN JOSE SILVER-LEAD-ZINC DEPOSIT, ZACATECAS, MEXICO
Date: 2008-08-15 (196 pages)

Updates: Also see Preliminary Economic Assessment Report (PEAR) on the San Jose Silver Lead-Zinc Deposit, Zacatecas, Mexico, dated 22nd June 2009.

Project Location: Zacatecas, Mexico

Map View: View San Jose project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $0.63    9.02 M oz     127.710 g/t     2.20 M t
   Lead $0.08    11.20 K t       5,100.000 g/t     2.20 M t
   Zinc $0.14    19.32 K t       8,800.000 g/t     2.20 M t
Estimate notes: See NI 43-101 p. 9 of 196
30ppm Ag envelope

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.63	9.02 M oz	127.710 g/t	2.20 M t
Lead	$0.08	11.20 K t	5,100.000 g/t	2.20 M t
Zinc	$0.14	19.32 K t	8,800.000 g/t	2.20 M t
Estimate notes: See NI 43-101 p. 9 of 196 30ppm Ag envelope

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $2.35    33.76 M oz     93.840 g/t     11.19 M t
   Lead $0.33    43.64 K t       3,900.000 g/t     11.19 M t
   Zinc $0.69    92.88 K t       8,300.000 g/t     11.19 M t
Estimate notes: See NI 43-101 p. 9 of 196
30ppm Ag envelope

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.35	33.76 M oz	93.840 g/t	11.19 M t
Lead	$0.33	43.64 K t	3,900.000 g/t	11.19 M t
Zinc	$0.69	92.88 K t	8,300.000 g/t	11.19 M t
Estimate notes: See NI 43-101 p. 9 of 196 30ppm Ag envelope