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

Hi Ho Silver Resources Inc.

August 12, 2008 11:02 ET

Hi Ho Silver Receives Preliminary Resource Estimate for Carmi

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 12, 2008) -

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

Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the "Company") (CNQ:HIHO) (FRANKFURT:H9T) is pleased to announce that P&E Mining Consultants Inc. ("P&E") has completed an independent initial NI 43-101 compliant resource estimate on the Company's Carmi Molybdenum property located near Beaverdell, British Columbia.

Pursuant to a recent letter agreement, Hi Ho Silver has an option to earn up to 100% interest in the Carmi property from St. Elias Mines Ltd. Hi Ho Silver has already incurred in excess of $1.9 million in exploration expenditures on the Carmi Property.

The Carmi Property's resource calculations are presented below and are based on a 0.026% Mo cut-off value:



--------------------------------------------------------------
Classification Tonnes Mo Mo
(%) (million lbs.)
--------------------------------------------------------------
Indicated 12,905,853 0.0580 16.51
--------------------------------------------------------------
Inferred 27,385,238 0.0555 33.51
--------------------------------------------------------------

1. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues.

2. The quantity and grade of reported inferred resources in this estimation
are conceptual in nature.

3. The 0.026% Mo cut-off grade was derived from a Mo price of US$25/lb
and process/roaster combined recoveries of 88%. Process costs of
C$7.50/tonne and G&A of C$3.00/tonne were also used to determine the
operating cut-off grade.

4. The mineral resources in this estimate were calculated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council December 11, 2005.


Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo. of P&E are the independent Qualified Persons responsible for preparing the resource estimate. The total database for the Carmi deposit contains 221 drill holes with the main zone being flat lying and approximately 1.5 km in length, up to 700 metres in width and with a thickness up to 110 metres. The resource estimate involved three dimensional modeling methods and parameters, and statistical and grade continuity analyses from drill data on approximate 50 metre spaced cross sections. Gemcom modeling software was used for establishing the 3D geologic interpretation and subsequent inverse distance squared block model grade estimates.

All drill core from the 2006 and 2007 drill programs was logged, split and sampled at a secure core facility at Beaverdell. On-site personnel at the project collect and track samples which are then sealed and shipped to Acme Analytical Laboratories Ltd. in Vancouver and Eco Tech Laboratory Ltd. in Kamloops. Both are certified analytical laboratories. Analysis was by ICP-MS methods. Analytical accuracy and precision are monitored at the laboratory by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material and blanks are inserted at regular intervals into the sample sequence by on site personnel in order to independently assess analytical accuracy. Finally, blind duplicate samples are forwarded to the labs for additional quality control.

The Carmi Property is located eight kilometers from a paved highway and is easily accessible by two wheel drive vehicle. The Property benefits from good infrastructure; high voltage power is nearby and the community of Beaverdell (location of the formerly producing Highland Bell Mine) is less than 30 kilometres away.

The Company intends to file the Carmi resource technical report on SEDAR within 45 days of this press release.

Fred Fisher, President/ CEO of Hi Ho Silver states "we are extremely excited to receive this preliminary resource estimate which we will use a guide for further exploration development and expansion of the property. We believe that the excellent logistics of the Carmi property along with the estimated .026% Mo cut off and the estimated 50 million lbs of contained Mo offer an excellent foundation from which to build upon. In addition the price of Moly continues to be strong in the face of increased global demand."

All prospective and current shareholders of Hi Ho Silver Resources are invited to join the company's official investment forum exclusively at PinnacleDigest.com: http://www.pinnacledigest.com/company/hiho:ca. The forum allows for investor controlled discussion with progressive feedback from other shareholders and investors. Third party reports on the company are also available at www.PinnacleDigest.com.

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
    or
    Hi Ho Silver Resources Inc.
    Isabel Alves and/or Paul Venning
    Investor Relations
    (905) 602-4653
    Email: info@hhsr.ca
    Website: www.hhsr.ca