Company Analysis:

Arian Resources is focused on three principal projects including San Jose and Calicanto, located in Zacatecas State, Mexico and Tepal, located in Michoacán State, Mexico. ng its exploration and development efforts in one of the richest known silver-bearing districts in the world -- Zacatecas State, and one of the more recently known mining provinces in Mexico -- the Tepal area of Michoacan State. The company in March completed an initial compliant resource estimate for San Jose, outlining 27.6 million ounces of silver, 64.6 million pounds of lead and 147.5 million pounds of zinc in Inferred category. A scoping study is now underway and there is potential for near term production for the three near-surface resource blocks of San Jose. Resource estimate was also completed for Tepal project, reporting 1.2 million ounces of gold and approximately 422 million pounds of copper in Inferred category.

Analyst Opinion:

We think the company is making good progress in developing these properties, and we are rating the stock a speculative buy.

Analyst Opinion Completed By : Lili Zhang