Hi Ho Silver Resources Inc. (“Hi Ho Silver” or the “Company”) reports that a 3-D induced polarization (IP) survey has been completed on the Kettle River Project. Preliminary interpretation suggests that there is a large chargeability anomaly underlying the Lake Zone. This anomaly does not appear to have been tested by previous drilling.

Final interpretation of the IP data is expected sometime late next week. Based upon preliminary interpretation, the Company is planning an initial six hole diamond drill program. It is hoped that, weather permitting, this program will be completed before Christmas.

The Kettle River Project is located approximately 45 kilometres southeast of Kelowna, British Columbia, covers an area of 2,873 hectares (7,184 acres) and is road accessible. The Company has an option to earn a 70% interest in the Property in consideration of incurring exploration expenditures of not less than $5,000,000, issuing 1,500,000 shares and making cash payments of $75,000 to St. Elias Mines Ltd. over two years.

Approximately 21,533 metres of drilling has been carried out on the Property in 140 percussion and 48 diamond drill holes all by previous operators. This drilling resulted in the definition and publication of a resource not compliant with National Instrument 43-101 (see news release dated September 8, 2006). Hi Ho plans to confirm and expand on this previous work through a staged, ongoing exploration program.

Paul Reynolds, P. Geo., is a qualified person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release.

For more information contact Fred Fisher, President & CEO or Isabel Alves, Investor Relations Tel.# 905 602 4653 or email us at hihosilverinc@yahoo.ca Feel free to visit our website at www.hhsr.ca.

HI HO SILVER RESOURCES INC.

“Fred Fisher”

Fred Fisher,
President & C.E.O.

Forward-Looking Information:

This release includes 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.