Mississauga, Ontario – June 21, 2007 - Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the "Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to announce that a diamond drill has been mobilized to the Carmi (Kettle River) Molybdenum Property (the "Property") located in south-western British Columbia. Drilling is expected to commence by the end of the week. Hi Ho has an option to acquire up to 70% interest in the Property from St. Elias Mines Ltd. Initially, drilling will be concentrated on the E Zone. Hi Ho's objective is to expand the mineralized zone and confirm grades previously reported. Hi Ho has recently completed an initial drilling program of eight holes totalling 1,821 metres. This program was successful in confirming grades from previous drilling and confirming a large, previously unknown area of potential mineralization discovered by geophysics. This area will be followed up by geological mapping, trenching and diamond drilling later this summer. Paul Reynolds, P. Geo., is the qualified person who has reviewed this news release. 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 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