Hi Ho Silver Resources Inc.
CNQ : HIHO
FRANKFURT : H9T

Hi Ho Silver Resources Inc.

October 18, 2007 09:25 ET

Hi Ho Silver Resources Inc.-Update on the Hi-Grade Silver Tip Project, Kaslo, BC

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 18, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. RESIDENTS

Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the "Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to provide the following update on the Silver Tip Silver Project, located within the prolific Slocan/Nelson mining camp of British Columbia (the "Project").

Property Status:

Hi Ho Silver presently owns a 51% interest in the Silver Tip Project. Hi Ho Silver has been granted an extension until December 31, 2007 for which to exercise its option to acquire the remaining 49% in the Project. The Company is in the process of exercising the option and anticipates fulfilling the terms within the next 10 days. At that point the Company will own a 100% interest in the project without any underlying royalties or encumbrances.

In addition, Hi Ho Silver has acquired, by staking, a 100% interest in four additional mineral claims that adjoin the Project. The Project now covers approximately 960 ha. (2,400 acres).

Summer 2007 Exploration Program:

Analytical results are now being received from the summer's Phase 1 exploration program. Results received to date confirm that the Silver Tip project hosts Gold, Silver, Lead and Zinc mineralization.

The exploration team lead by James Thom, M.Sc., successfully located five historic showings known to occur within the Project. In addition, the crew located two additional mineralized showings (the "BL Adit" and the "Evening Star") with historic workings, bringing the total number of showings/mineralized zones within the Project to seven.

A rock chip sample collected from a quartz vein, located just north of one of the newly re-discovered zones returned 16.24g/t gold with 133g/t silver.

Current Exploration:

The Company is sending an exploration crew, again lead by James Thom, to the Project within the next week to conduct follow-up sampling. Based on the results of this work and the Summer 2007 program, the Company will formulate a plan to carry out the Phase II exploration program.

Project Background

The Silver Tip Property contains high-grade silver with assays ranging from 60 - 120 oz/ton (1800 - 3600 g/t) silver (Ag) and 40-80% lead (Pb). The highest silver assay from the property is 398 oz/ton (12,000 g/t). Gold values are historically reported in the 1g/t to 5g/t range and zinc values range between 1.25% - 6.0%.

The British Columbia Department of Mines - "MINFILE" reports that the previously known five high-grade mineral showings (Marble Arch, California, Big Ben, Keno, Helen) have been developed by more than 1,500 feet (457m) of underground workings.

Historically the property is under explored, and a systematic modern exploration program has never been carried out within the current property boundary. In 1983, a limited scale soil geochemical sampling program was carried out on the property in the area of the Marble Arch, California and Big Ben showings. The samples were analysed for silver, lead and zinc. There were three (3) anomalous areas defined in this survey - all three (3) anomalies were of the same amplitude. One (1) anomalous area directly correlated with the location of the Upper California showing. The causative source of the other two (2) anomalous areas is unknown. Silver values of up to 31.5g/t were obtained from the soil samples.

A reconnaissance program, directly supervised by Richard Walker, M.Sc, P.Geo., was carried out over the Property in 2004. This program located all five of the showings from the underground workings. This program confirmed that the property does host extremely high-grade silver and lead and also contains good values of gold and zinc.

In addition, grab samples from the Keno workings returned silver values of 5,470.0g/t (159.51 oz/t) and 10,600.0g/t (309.10 oz/t). Samples from the Marble Arch workings returned silver values of 2,190.0g/t (63.86 oz/t) and samples from the Big Ben workings returned silver values of 3,430.0g/t (100.02 oz/t). The average values from the 10 rock samples collected in this program is 2,907g/t (84.77oz/t) Ag and 27.1%Pb.

Fred Fisher President of Hi Ho Silver states "We are extremely please with these initial results, especially with the locating of high-grade gold at one of the newly re-discovered zones", and believes this data along with the next follow-up sampling will allow us to attack the property in a proper methodical manner in the 2008 exploration season.

Sample preparation and analytical work was undertaken at Assayers Canada laboratory (an ISO certified 9002 facility) in Vancouver, British Columbia.

The technical information contained in this news release has been verified by Duncan Bain, B.Sc, P. Geo., who is a qualified person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Properties."

Signed,

HI HO SILVER RESOURCES INC.

Fred Fisher, President & C.E.O.

Forward-Looking Information:

This release may include certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Hi Ho Silver Resources Inc. (the "Company") expects to occur, are forward-looking statements. Such statements are identified in this release by the use of words such as "will" and "expected" as well as the use of the future or conditional tense. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The CNQ Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.

Contact Information

  • Hi Ho Silver Resources Inc.
    Fred Fisher
    President/CEO
    (905) 602 4653
    (905) 602-4656 (FAX)
    or
    Hi Ho Silver Resources Inc.
    Isabel Alves
    Investor Relations
    (905) 602 4653
    (905) 602-4656 (FAX)
    Email: info@hhsr.ca
    Website: www.hhsr.ca