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MISSISSAUGA, ONTARIO-( April 3, 2008) - Hi Ho Silver Resources Inc. ("Hi Ho" or the "Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to announce that size of its Silver Tip Property (the "Property") has been significantly expanded by the acquisition of a 100% interest in the Silver Patch group of mineral claims which adjoin the Property. As a result of this acquisition, the size of the Property has more than doubled. The Property is located in the Kaslo area of British Columbia within the northeast section of the historic Slocan Silver Camp where more than 75,000,000 ounces of silver have been produced between 1892 and 1993.
Pursuant to an agreement dated April 1, 2008, Hi Ho is purchasing a 100% interest in eight additional mineral claims (the "Silver Patch Group") in consideration for a one-time cash payment of $15,000 payable within 45 days of date of the purchase agreement.
Upon completion of the acquisition, the entire Property will be comprised of 17 mineral claims covering a total surface area of approximately 2,600ha (26km2) with no underlying royalties, agreements or further consideration due.
The Silver Tip Property now hosts eight high-grade mineral showings, six of which have reported past production. These showings have been developed by more than 1,850 feet (567m) of underground workings.
The newly acquired Silver Patch group of claims cover the projected strike extension of the Evening Star Zone, the past producing Boadicea Zone and completely surround the past producing Utica Mine.
The Evening Star zone returned results (from the Company's 2007 exploration program) of 10.7g/t Au with 61.6g/t Ag, 16.24g/t Au with 133g/t Ag, 21.9g/t Au with greater than 100g/t.
The BC Minfile reports that four adits totalling 115m in length are present at the Boadicea Zone and that in 1937 eight (8) tonnes of ore was shipped to a mill and returned an average grade of 50 oz/t silver.
The BC Minfile reports production from the Utica Mine between 1909 and 1983 yielded about 980,000 ounces of silver, 2,100,000 pounds of lead and 1,583,000 pounds of zinc from 21,823 tonnes mined.
"Fred Fisher President & CEO of Hi Ho Silver previously stated in a November 8, 2007 news release that "we are consolidating and adding to our holdings in this prolific area based on the results we received from our summer/ fall program, as well as the rich historic nature of the area. These specific claims were acquired for their strategic nature as they appear to cover the extension of the key known zones. With both silver and gold reaching historic levels we eagerly await the 2008 exploration season".
With the acquisition of these new key claim groups the Company continues along in its focus to develop a large strategic land package in the area while keeping acquisition costs to a minimum. The Company believes that based on the rich mining history within the area their remains a great deal of unlocked potential that lies within the area.
Hi Ho Silver has been actively formulating it's work program for the Silver Tip Project this season which we will now incorporate with the new land acquisition and announce details over the next several weeks.
Fred Fisher, President & CEO is also to be featured on CEO Clips airing April 7th to April 13th on BNN TV.
CEO Clips, a series of 1-2 minute corporate profiles on Canadian companies, will feature Hi Ho Silver Resources on BNN on those dates.
Business News Network (BNN) is Canada's only all business specialty channel with real time coverage of global market activity from a Canadian perspective. To view the interview online, please visit www.b-tv.com/videos/BNNHIHO.wmv
Hi Ho Silver also expects drill results from its pending eight hole program on its Carmi Moly Project which it has an option to earn up to 70% interest in, which ended December 16, 2007 within the next week and will announce them upon receipt.
HI HO SILVER RESOURCES INC.
Fred Fisher, President & C.E.O.
Investors are invited to visit the Hi Ho Silver Resources IR Hub at http://www.agoracom.com/ir/hiho where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to hiho@agoracom.com where they can also request to be added to the investor e-mail list in order to receive all future press releases and updates in real time.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. RESIDENTS
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.
For more information, please contact
Hi Ho Silver Resources Inc.
Fred Fisher
President/CEO
(905) 602-4653
or
Hi Ho Silver Resources Inc.
Isabel Alves
Investor Relations
(905) 602-4653
Email: info@hhsr.ca
Website: www.hhsr.ca
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