09:49 EDT Friday, April 17, 2009

LONDON, UNITED KINGDOM--(Marketwire - April 17, 2009) -

Grafton share exchange transaction

Arian Silver Corporation ("Arian" or the "Company")(TSX VENTURE:AGQ)(AIM:AGQ)(PLUS:AGQ)(FRAN... announces that it has closed the final stage of a two-part share exchange transaction with Grafton Resource Investments Ltd ("Grafton") (see Arian's press releases dated 26 February and 27 March 2009).

Arian has issued to Grafton an additional 82,993,679 common shares at a price per common share of Cdn$0.055, for a total value of approximately Cdn$4,564,653, and Grafton has issued to Arian 102,269 ordinary shares of equivalent value determined by reference to the net asset value of US$36.93 per Grafton ordinary share calculated as at the close of business on 31 March 2009.

Application has been made for the additional 82,993,679 Arian common shares to be admitted to trading on London's AIM on 23 April 2009.

As a result of this transaction Grafton's interest in Arian's outstanding common shares has increased from 14.9% to approximately 42.2% (109,090,909 Arian common shares).

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