| | Published : April 03rd, 2008 | Acquires Key Strategic Claims Adjoining It's 100% Owned Silver Tip Project, Kaslo, BC |
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Hi Ho Silver Resources - Press Release
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Hi Ho
Silver Acquires Key Strategic Claims Adjoining It's 100% Owned Silver Tip
Project, Kaslo, BC
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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: http://www.hhsr.ca
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Hi HO Silver Resources
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CODE : H9T.F |
ISIN : CA4283861066 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Hi HO Silver is a silver exploration company based in Canada. Hi HO Silver holds various exploration projects in Canada. Its main exploration properties are SOUTH RIM and CARMI KETTLE RIVER in Canada. Hi HO Silver is listed in Germany and in United States of America. Its market capitalisation is €UR 1.1 millions as of today (US$ 1.5 millions, € 1.1 millions). Its stock quote reached its highest recent level on April 20, 2007 at €UR 1.50, and its lowest recent point on May 09, 2014 at €UR 0.00. Hi HO Silver has 79 090 000 shares outstanding. |
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