MISSISSAUGA, ONTARIO - Feb. 1, 2008 - Hi Ho Silver Resources Inc. ("Hi Ho" or the "Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to report that it has completed a 697 line kilometre airborne magnetic and electromagnetic survey at the TASCO Property located in the Taseko Lakes area of central British Columbia. The airborne geophysical data is currently being processed.

The 6,423 hectare TASCO property is located near the eastern limit of the Coast Plutonic Complex and has a partially defined copper-molybdenum mineralized porphyry system at its core. In 1981 five core holes totaling 977 metres (3,205 feet) were completed in a widespread gossan zone centered on an oval shaped stock of quartz feldspar porphyry measuring 300 metres (E - W) by 600 metres (N - S). All holes returned values in Copper and Molybdenum. The best hole was hole 81-2 that intersected an impressive 289 metres (947 feet) grading 0.28% copper and 0.023% molybdenum. Molybdenum content increased to the bottom of the hole with the last 33 metres grading 0.079% Mo.

The property option agreement for TASCO was recently amended to extend the issuance of 50,000 shares and $15,000.00 cash payment and property expenditures of $150,000.00 until April 15th, 2008. This allows the Company to properly analyze the airborne and EM survey so that we may conduct further exploration accordingly. A $5,000.00 cash payment was made to facilitate this amendment.

The Company also reports that it has completed a third round of drilling at the Carmi project during the period November to December 2007. Results from this program which includes several holes in the Lake zone are pending. Hi Ho completed a total of eight holes during this program prior to Christmas shutdown. One hole conducted by the Company during the winter 2006 drill program within the Lake Zone returned 139 meters of 0.128% MoS2 and 0.055 gpt rhenium. A great deal more drilling is planned within the Lake zone during 2008.

The Company is also pleased to announce a Non-Brokered Private Placement financing of up to Two Million units at a price of $0.70. 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 $0.90 per share for a two year period following the closing. The Company may close off various stages of the financing as funds are received. Proceeds will be used for ongoing exploration and corporate affairs.

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."

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.

CONTACT INFORMATION:
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
Fax: (905) 602-4656
Email: info@hhsr.ca
Website: http://www.hhsr.ca