Arian loses $903,000 (U.S.) in quarter ended March 31

2008-06-02 05:40 ET - News Release

Mr. Jim Williams reports

ARIAN SILVER CORPORATION: RESULTS FOR THE QUARTER ENDED MARCH 31, 2008

Arian Silver Corp. has released results for the quarter ended March 31, 2008. All amounts are expressed in U.S. dollars unless otherwise stated.

Highlights

Financial:

• As at March 31, 2008, the company had assets of $7.6-million, including intangible assets of $5.7-million and cash of $900,000.
• Expenditure on projects in Mexico and on other assets in the quarter was $1.3-million.
• Consolidated pretax loss before exceptional items for the quarter of $900,000.

Operational:

• During the period, the company completed two major drilling programs. At the San Jose project, a total of 12,000 metres (m) was drilled and at the Tepal project, a total of 7,178 m was drilled.
• During the period, the company announced initial Canadian National Instrument 43-101 mineral resource estimates in respect of the San Jose and Tepal projects.
• Follow-up work programs either under way or planned in respect of San Jose, Tepal and Calicanto, the company's three principal projects.

Arian's chief executive officer, Jim Williams, said: "Excellent progress has been made so far in 2008, including the issue of initial NI 43-101 resource statements on two of our three key properties, namely San Jose and Tepal. In addition, we have completed our phase 1 drilling programs on both these properties and anticipate reporting updated resources on these properties during Q3 2008. During the quarter, we have employed a chief operating officer who is, amongst his other tasks, compiling an in-house feasibility study on our San Jose project. We have a first-class group of projects within our portfolio and I am very excited with the continuing excellent results we are achieving and the outlook for the remainder of 2008."

            CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
        (in thousands of U.S. dollars, except per share amounts)

                                                Three months   Three months
                                                       ended          ended
                                                    March 31,      March 31,
                                                        2008           2007

Administrative expenses                               $ (921)      $ (1,061)                                              
Operating (loss) before financing costs                 (921)        (1,061)                                               
Finance income                                            18             18                                               
Net financing costs                                       18             18                                               
(Loss) before tax                                       (903)        (1,043)                                                                                            (Loss) for the period                                   (903)        (1,043)
Basic and diluted (loss) per share                     (0.01)         (0.01)

We seek Safe Harbor.