1) Background of Management and the Board

Tony’s career spans over 30 years and before starting the Dragon Group, co-founded and led the Natural Resource Section of Yorkton Securities. He was intrumental in establishing the group as one of the leading mineral exploration and development financiers worldwide.

Tony holds a BSc in Mining Geology from the Royal School of Mines, Imperial College. He graduated in 1972.

James is a Chartered Accountant who has significant Board experience for quoted and private companies and has gained experience in the Far & Middle East, Africa, and Europe & Scandinavia. James has many years experience in developing entrepreneurial fast growing companies across the mining, oil & gas and construction sectors.

Owain Moreton – Mining Engineer

Owain is familiar with modern-day mining techniques, surveying, and environmental compliancy issues. He is currently working on a detailed study to bring the San Jose Mine back into production. Owain graduated from the Camborne School of Mines in the UK. Cristina Vizcaino – Company Secretary & Administrator - Mexico Cristina previously worked for a major entertainments company along with multinational company Coca Cola’s Mexican office. Cristina has also held posts as a lecturer with several university educational institutions in Mexico.

2) What do you think the value of your company is? Contrast it to the value of your peers.

Given the recent press releases and Inferred Resource statements I would have to say that the company is grossly undervalued at the moment by the markets. With reference to the recent research note conducted on behalf of Arian (see website for full report) and updating their evaluation for San Jose and Tepal with the new inferred resource estimates we would expect to achieve around $1.42/share which is an increase of 77% on the current share price. This has been generated from a fairly crude adjudication as follows, based on one carried out by Natixis (See www.ariansilver.com for report): San Jose Ag Equivalent resources 48,800,000 oz of which it has been assumed that 40% is mineable by Arian’s mining team.Therefore: 48,800,000 x 0.40 = 19,520,000Assuming a Ag price of $12/oz: 19,520,000 x 12 = $234,240,000 From Natixis’ report an OpCost of $4.46/oz Ag has been assumed: 19,520,000 x 4.46 = $87,059,200 From Natixis’ report a Cap. Cost of $35,000,000 has been assumed and a discount rate of 8%, leading to a final value of: $234,240,000 $87,059,200 – $147,180,800 $35,000,000 – $112,180,800 $8,974,464 – $103,206,336 Tepal: 2,580,000 Au Equivalent ounces at an in situ value of $30/oz (taken from Natixis Report) = $77,400,000 Other Projects (including Calicanto) Again from the Natixis Report: $20,000,000
Leading to a crude core valuation:- San Jose $103,206,336 Tepal $ 77,400,000 Others $ 20,000,000 Total $200,606,336 Anticipated Shares outstanding 140,000,000 (after raising Capital [35mill.] @ target share price.) Value/Share $1.42 Value/Share £0.71 This gives an anticipated or perceived share price 77% higher than the current share price. As it can be seen from our recent presentation slides and the table below, this falls in line with our peers roughly placing us in the middle of the table, which the team feels is a true evaluation of the value of Arian given our current dilution and recent resource statements. This is also roughly in line with the Natixis adjudication that a 72% increase on the share price was achievable prior to releasing our current inferred resources. As @ 20th March 2008

The company outlook on increasing the value to shareholders is to delineate further resources in the near-term. This will increase the NAV of the Company by having an increase in resources in the ground, and as we further drill we not only will increase resources but increase the category of resources. This, along with further project development and strategic acquisitions will take Arian silver to the next level of development toward becoming an emerging silver (and gold) producer. With the current board in place and the 1st-class team on the ground, the company has a bright future, and with the experience of management of putting projects into production will equate to putting projects into production much less expensively than our peers. Currently our market capitalization per ounce of silver resource is only US$0.19, which is much less than our peers.

4) What are the management’s goal’s this year? What do you hope to achieve?

Management anticipates further updates on resources and a pre-feasibility study on our San Jose Project. We are currently undertaking independent metallurgical testwork on our San Jose and Tepal projects, and this will be an instrumental part of our ongoing pre-feasibility study. We have completed our Phase-1 core drilling programs on both our San Jose Project (12,000m) and our Tepal Project (7,500m) and have already started a 10,000m Phase-2 core drilling program at San Jose. Work is also underway for rehabilitating the existing mining infrastructure at our San Jose Property where potential near-term mining blocks have been identified. In essence the management perceives moving a step closer to production with preliminary mining envisaged at our San Jose Project during 2009.

5) What is your business plan to achieve those goals? What’s your strategy?

Our No. 1 priority right now, apart from the ongoing work to delineate further resources at both San Jose and Tepal and the pre-feasibility studies, is to increase the market awareness of the Company and exactly what our objectives are. Investor Relations (IR) is imperative and we are currently looking at ways to make this more efficient. We need to increase our share price from the doldrums we are currently in increase significantly our market capitalization from US$0.19 per ounce up to where our peers are. Once we achieve this we can undertake serious negotiations to bring in significant finance, which will include finance (whether equity, debt or a combination of both) to build, initially through expansion, our first big mine at San Jose.

6) What is your Cash position? Is it sufficient to carry out your goals for the year? We currently have around US$1 million in treasury. It is not sufficient to carry us through the year (unless we cut back on expenditure significantly, which rather defeats our objectives), so we will have to go back to the market in due course. If our share price remains unfairly low we will be forced only to undertake a small financing to keep us going this year and achieve our targets,

7) What is the ownership position of management and the board? Have you been buying shares?

Currently the Capital Share structure and major shareholders are as follows:- The Company's capital structure as of the date below consists of:

As of December 17th 2007

8) How do you intend to market your company? What kind of marketing program do you have in place to get your story out?

First of all effective IR is the key to marketing. This we are currently re-evaluating our IR strategy. We currently have out-sourced IR in Canada and London. The company currently has a press release policy for each month giving an insight to the company’s activities each month. These releases are circulated throughout a wide range of media. In addition the Company is marketed by its in-house team; this ranges from attendances at resource conferences and speaking slots etc.

9) What are the two/three things that can go wrong with your business plan? What are you doing to monitor or anticipate these problems? If these problems surface how would you mitigate the problem.

These vary from a lack of interest in small and mid-cap stocks due essentially to negative sentiment in the World’s financial markets. Even though commodity prices have been very high recently, and indeed are forecast to continue rising, this positive sentiment has not been reflected in the junior resource stocks. In my opinion this is a correction, admittedly a big one, but nevertheless a correction. It the economy was not subject to corrections then its growth would become unsustainable. China and India continue to grow and these two countries, combined with a generally weakening of the US dollar has prompted metal prices to rise. On the back of this we may not achieve a fair value for our stock (like many other companies) and it may prove difficult to raise further finance at a level that is justifiable fair. If this occurs then it results in unnecessary dilution and a general lack of sentiment and then support. If we are unable to raise sufficient finance then there is a chance we may not be able to undertake our proposed exploration and development programs to enable Company growth.

10) What kind of infrastructure surrounds your project? What is your access to energy?

Basically we have excellent infrastructure. All our projects, with the exception of Tepal, are located within Zacatecas State, and one of our current key projects, San Jose, is located less than 1 hours drive away from the City of Zacatecas o good quality tar roads. Our Calicanto Project is located just outside the City of Zacatecas with a driving time of 15-20 minutes from our main operational base there. Tepal is further away and because of this we have a 2nd operational base. We have 3-phase electrical power at San Jose being fed directly from the GRID. This is rated at 13,200 MW. We have a 300m deep vertical shaft at San Jose and a 3-km main haulage ramp. These, together with other infrastructure at San Jose, is currently valued in excess of US$10 million.

11) Is there anything else I forgot to ask you?

What’s the company relationship with the local communities and councils like? Is the company dynamic in its outlook to “re-invested” in the surrounding area? Arian Silver’s team in Mexico currently consists of only two permanent ex-patriates with a part time (in Mexico) C.O.O. The further 30 or so staff have all been sourced from the surrounding area. Because of the history of the State and the silver district in which Arian is located there is a good understanding and knowledge base to draw from. In fact there is a prominent School of Mines in the city and Arian has taking advantage of a number of opportunities to work with the school in taking on students after they have graduated, students needing to conduct work experience and the use of the assay laboratories for SG sampling and speedy test work. The management at the mine site maintains a very good relationship with the local communities surrounding the concession boundary and have employed several members of these communities at the mine already. The company has regular liaisons with the community “councils” and has worked well in bringing more affluence and amenities to the community. It is hoped by the team in Mexico that community sport and recreation, educational and social programs can be implemented as the project develops.

12) If you were to put your own money into competitors what competitors would you be buying?

Uranium and coal companies because energy companies, after metal companies, are hot to tread right now due to the requirement for efficient fuels to sustain the next generation and the generations to follow.

13) How can I find out more about your company, what analysts or firms or newsletters cover your stock?

Arian WebsiteMineralstox.comJason HommelDavid MorganDon’t know any more and don’t know if these are regular enough to mention, I guess Natalie would have a list or breakdown. Sorry Jim can’t help any further on this question.