Fred Fisher, President of Hi Ho Silver Resources Inc. (“Hi Ho”) and Lori McClenahan, President of St. Elias Mines Ltd. (the “St. Elias”) are pleased to announce that geophysics have been completed, and a drill program is ongoing, on the Carmi (Kettle River) Molybdenum Property (the “Property”) located in southwestern British Columbia. Hi Ho has options to acquire up to 70% interest in the Property from St. Elias.

A technical report (August 2005, revised June 2006) compliant with National Instrument 43-101 (the “Report”) states that there is a high probability that the two open pit deposits (the E-Zone and the Lake Zone) could be doubled from 22,800,000 tons grading 0.106% MoS2 to the 40,000,000 ton size and that a third high-grade, bulk-mineable underground zone (below the Lake Zone) is estimated to contain 5,000,000 tons grading 0.33% MoS2. Hi Ho Silver Resources Inc. (the “Company”) is not treating the mineral resource estimates as NI 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. These properties will require considerable further evaluation which Hi Ho Silver’s Management and Consultants intend to carry out in due course.

The Report recommends a two-phase success-contingent exploration program consisting of geophysics and follow up diamond drilling.

In fall 2006, Hi Ho completed approximately 32 line kilometers of 3D induced polarization geophysical survey, primarily over the Lake Zone and E-Zone. Final results are pending. Preliminary interpretation suggests that there is a large chargeability anomaly (possibly a feeder zone) underlying the Lake Zone. This anomaly does not appear to have been tested by previous drilling.

An initial drill program consisting of six holes totalling 2,000 metres is ongoing and scheduled to be completed by Christmas. Targeting of these drill holes was guided by the results of the recently completed geophysical survey and by known geology. The drill program has been designed to test chargeability anomalies developed during the geophysical survey and to confirm grades reported from previous drilling.

Molybdenum typically occurs in skarns or porphyrys. Usually the porphyry deposits are much larger, and therefore more economic. The Property encompasses 2,873 hectares (7,184 acres) and covers a porphyry style molybdenum deposit.

Molybdenum

Molybdenum is currently trading in the US$26.00 per pound range. In the past three years, molybdenum prices soared more than 1000% to outpace the price performance of virtually every other metal, including uranium, gold, silver, copper and nickel.

Molybdenum has a number of diverse uses. It is used as a pure metal, an alloy additive, a lubricant, a catalyst, and in a number of chemical compounds. One of the most important characteristics of this silvery-white metal is its extremely high melting point – 2,400oF higher than steel alone. Corrosion resistance and strength in stainless steel uses account for approximately 75% of molybdenum consumption. Molybdenum is used extensively in the millions of miles of oil, gas and water pipelines around the world (building, repairing and replacing); molybdenum based catalysts are used in the petroleum industry to remove sulphur found in crude oil, and in the liquefaction of coal; molybdenum strengthens automotive, high speed and structural steels and is used to create superalloys, nickel base alloys, lubricants, chemicals and electronics.

Given the rising demand and ever-new uses for this versatile metal, management believes that molybdenum is the base metal of the future and that the Property offers an excellent opportunity for the companies and their shareholders.

The technical content of this release has been reviewed and verified by Duncan Bain, P.Geo., a “qualified person” for the purpose of NI 43-101, Standards of Disclosure for Mineral Projects).

For more information contact Fred Fisher, president and/or Isabel Alves, Investor Relations at Tel: (905) 602 4653 and Email: hihosilverinc@yahoo.ca or visit the Company’s Website at: www.hhsr.ca.

Signed,

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