Hi Ho Silver completes phase II program at Silver Tip

2008-11-17 13:29 ET - News Release

Mr. Fred Fisher reports

SILVER TOP 2008 SUMMER AND FALL SUMMARY

Hi Ho Silver Resources Inc. has provided the following update and summary with respect to the Silver Tip project located within the prolific Slocan silver mining camp in south-central British Columbia. The company owns a 100-per-cent interest in the property with no underlying royalties or agreements.

Prior to the acquisition of the Silver Tip project by the company in October, 2006, the property was relatively underexplored. Since Hi Ho has acquired the property, it has completed two phases of exploration using modern, systematic exploration methods to advance the property. A phase I completed in November, 2007, confirmed previous exploration work, successfully located five historic showings and discovered two significant additional showings (targets) located within the property. In October, 2008, the company completed a phase II program to follow up the results of the phase I program and to further advance the project.

Phase II exploration program (summer of 2008)

The recently completed phase II exploration program, carried out between July and October, 2008, consisted of constructing new (and rehabilitating historical) access trails, rehabilitation of underground workings, surface and underground geological mapping, and rock and soil sampling. During that period, approximately 7,000 metres of access trails were completed/rehabilitated, 100 rock samples and approximately 2,000 soil samples were collected.

The company had expected to conduct several shallow drill holes but the onslaught of an early winter along with James Thom's recommendation that drilling be conducted after these samples have been processed in order to properly drill the best targets made it prudent to conduct drilling next season. The camp and the targets/adits were tarped and winterized for easy access next year.

The program was devised and carried out by Mr. Thom, MSc, and Duncan Bain, MSc. Results of the program are pending and will be announced when analytical results have been received and analyzed.

The property

The Silver Tip project is located in south-central British Columbia within the historic Slocan silver camp that has produced more than 75 million ounces of silver between 1892 and 1993. Hi Ho's Silver Tip exploration model involves using modern exploration techniques to target new deposits in host rocks that are receptive to silver mineralization associated with massive sulphides, veins, breccias, structural breaks, stockworks and intrusive sedimentary contacts.

When the company acquired the Silver Tip project in October, 2006, the property consisted of 900 hectares (nine square kilometres). Since that time, Hi Ho has conducted an aggressive, regionalwide acquisition strategy to secure a significant/strategic land/claim package within this historic silver camp. With the addition of the Silver Patch claims (1,475 hectares) and the Silver Lode claims (10,864 hectares), as well as acquiring other claims by staking, Hi Ho has increased its holdings to approximately 13,400 hectares (134 square kilometres). With this large landholding package the company may look to joint venture some of its claim groups over the winter season.

The technical information contained in this news release has been verified by Mr. Bain, PGeo, MSc, a Canadian geologist who is a qualified person as defined in National Instrument 43-101.

We seek Safe Harbor.