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

Hi Ho Silver Resources Inc.

August 21, 2007 09:20 ET

Hi Ho Silver Announces Completion of 16 Drill Holes on Carmi Moly Property-Results Pending

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 21, 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 with respect to the ongoing exploration activity at the Carmi (Kettle River) Molybdenum Property located in south-western British Columbia (the "Property") Hi Ho Silver's objective is to expand the known mineralized zones and confirm grades previously reported, ultimately leading to the establishment of a NI 43-101 compliant resource calculation.

The Company has completed a second round of diamond drilling at the Property consisting of 16 drill holes. This current drill program concentrated on the E Zone. Results are pending. During the 2006-2007 winter drill program, 8 drill holes were completed (at the Lake Zone and E-Zone) the results of which were very positive with significant molybdenum and rhenium being encountered and additional mineralized areas being discovered. To date, at total of 202 drill holes have been completed on the Property by previous operators and the Company.

The Company has also completed an additional 20 line kilometres of 3D induced polarization survey over the Pegmatite Zone which is located to the east of the Lake and E-Zones. Mechanized trenching will be conducted at both the Pegmatite Zone and the Lake Zone shortly.

Fred Fisher, President of Hi Ho Silver states "As we strive to advance the project on a step by step basis, we are pleased with the positive results received from each stage and look forward to advancing the project in a continuous ongoing process." The Company has now incurred in excess of $1 million in exploration expenditures on the Carmi Property and has satisfied the Phase II Program exploration requirements.

Hi Ho Silver also recently completed a highly successful 16 day ground exploration program on its Silver Tip property. Data and work from this program is being analysed with an update news release on the program to be released shortly.

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

The Company is also pleased to announce that it has closed the initial portion of its $1.00 unit offering and has issued a total of 700,000 units for total gross proceeds of $700,000. Each unit consists of one common share of the company and one-half of one non-transferable share purchase warrant, whereby each whole warrant entitles the holder to purchase an additional common share at a price of $1.30 per share for a two year period following the closing. The offering was announced on July 18, 2007. In connection with this financing, the Company paid a 10% finders fee totalling $30,000 with $20,000 being paid to Fine Line Expertise and $10,000 to Cliff Jones.

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