MISSISSAUGA, ONTARIO--(Oct.
18, 2007) - Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the
"Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to provide
the following update on the Silver Tip Silver Project, located within the
prolific Slocan/Nelson mining camp of British Columbia (the
"Project").
Property Status:
Hi Ho Silver presently owns a 51% interest in the Silver Tip Project. Hi Ho
Silver has been granted an extension until December 31, 2007 for which to
exercise its option to acquire the remaining 49% in the Project. The
Company is in the process of exercising the option and anticipates
fulfilling the terms within the next 10 days. At that point the Company
will own a 100% interest in the project without any underlying royalties or
encumbrances.
In addition, Hi Ho Silver has acquired, by staking, a 100% interest in four
additional mineral claims that adjoin the Project. The Project now covers
approximately 960 ha.
(2,400 acres).
Summer 2007 Exploration Program:
Analytical results are now being received from the summer's Phase 1
exploration program. Results received to date confirm that the Silver Tip
project hosts Gold, Silver, Lead and Zinc mineralization.
The exploration team lead by James Thom, M.Sc., successfully located five
historic showings known to occur within the Project. In addition, the crew
located two additional mineralized showings (the "BL Adit" and the "Evening Star") with
historic workings, bringing the total number of showings/mineralized zones
within the Project to seven.
A rock chip sample collected from a quartz vein, located just north of one
of the newly re-discovered zones returned 16.24g/t gold with 133g/t silver.
Current Exploration:
The Company is sending an exploration crew, again lead by James Thom, to
the Project within the next week to conduct follow-up sampling. Based on
the results of this work and the Summer 2007 program, the Company will
formulate a plan to carry out the Phase II exploration program.
Project Background
The Silver Tip Property contains high-grade silver with assays ranging from
60 - 120 oz/ton (1800 - 3600 g/t) silver (Ag) and 40-80% lead
(Pb). The highest silver assay from the property
is 398 oz/ton (12,000 g/t). Gold values are historically reported in the
1g/t to 5g/t range and zinc values range between 1.25% -
6.0%.
The British Columbia Department of Mines - "MINFILE" reports that
the previously known five high-grade mineral showings (Marble Arch, California, Big Ben,
Keno, Helen) have been developed by more than 1,500 feet (457m) of
underground workings.
Historically the property is under explored, and a systematic modern
exploration program has never been carried out within the current property
boundary. In 1983, a
limited scale soil geochemical sampling program was carried out on the
property in the area of the Marble Arch, California and Big Ben showings. The
samples were analysed for silver, lead and zinc. There were three (3)
anomalous areas defined in this survey - all three (3) anomalies were of
the same amplitude.. One (1) anomalous area
directly correlated with the location of the Upper
California showing. The causative source of the other two (2)
anomalous areas is unknown. Silver values of up to 31.5g/t were obtained
from the soil samples.
A reconnaissance program, directly supervised by Richard Walker, M.Sc, P.Geo., was carried out over the Property in 2004. This
program located all five of the showings from the underground workings. This
program confirmed that the property does host extremely high-grade silver
and lead and also contains good values of gold and zinc.
In addition, grab samples from the Keno workings returned silver values of
5,470.0g/t (159.51 oz/t) and 10,600.0g/t (309.10 oz/t). Samples from the
Marble Arch workings returned silver values of 2,190.0g/t (63.86 oz/t) and
samples from the Big Ben workings returned silver values of 3,430.0g/t
(100.02 oz/t). The average values from the 10 rock samples collected in
this program is 2,907g/t (84.77oz/t) Ag and 27.1%Pb.
Fred Fisher President of Hi Ho Silver states "We are extremely please
with these initial results, especially with the locating of high-grade gold
at one of the newly re-discovered zones", and believes this data along
with the next follow-up sampling will allow us to attack the property in a
proper methodical manner in the 2008 exploration season.
Sample preparation and analytical work was undertaken at Assayers Canada
laboratory (an ISO certified 9002 facility) in Vancouver, British Columbia.
The technical information contained in this news release has been verified
by Duncan Bain, B.Sc, P.
Geo., who is a qualified person as defined in "National Instrument
43-101, Standards of Disclosure for Mineral Properties."
Signed,
HI HO SILVER RESOURCES INC.
Fred Fisher, President & C.E.O.
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
(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: http://www.hhsr.ca