TORONTO, ONTARIO-Oct. 4, 2007 - Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the "Company")(CNQ:HIHO)(FRANKFURT:H9T) is pleased to provide the following update with respect to the ongoing exploration activity at the Carmi (Kettle River) Molybdenum Property located in south-western British Columbia (the "Property").

The Company has recently completed the second round of diamond drilling at the Property consisting of 16 diamond drill holes. This current drill program concentrated on the E Zone. Complete assays have been received from a further three drill holes, 07-198, 07-209 and 07-210. Results from all of the holes drilled this summer are summarized in the table below.

Click on Table to View


Diamond drill hole 07-198 twinned a previously completed 1974 diamond drill hole 74-V-06 which returned 0.100% MoS2 (0.060% Mo) across an interval of 108.23 metres from 7.62 metres to 115.85 metres downhole. Results from DDH 07-198 compared favourably with the results from 74-V-06.

Diamond drill hole 07-199 is a step out 100 metres to the west of 07-192. Results from this hole show that the mineralization continues to the west of DDH 07-192 within an area not previously tested by drilling.

Diamond drill hole 07-200 twinned a previously completed, 1975 percussion drill hole, 75-P44. Assays from DDH 07-200 compared favourably with previous results from percussion drill hole 75-P44. Percussion drill hole 75-P44 returned 0.038% Mo across an interval of 42.68 metres from 30.49 metres to 73.17 metres downhole.

Diamond drill hole 07-209 twinned a previously completed 1974 percussion drill hole 74-P-9 which reportedly returned 0.056% MoS2 (0.034% Mo) across an interval of 100 metres from 15.85 metres to 115.85 metres downhole. Results from DDH 07-209 returned 0.065% MoS2 (0.039% Mo) across an interval of 97.23 metres from 17.68 metres to 114.91 metres downhole. This compares favourably with the reported results from 74-P-9.

Diamond drill hole 07-210 is a step out 100 metres west of 75-043. Results from this hole confirm that the mineralization continues west of 75-043.

Results from the remainder of the drill holes are pending. To date, at total of 213 drill holes have been completed on the Property by all parties.

Hi Ho's objective is to expand the known mineralized zones and confirm grades previously reported, ultimately leading to the establishment of a NI 43-101 compliant resource calculation. The Company hopes to receive the remaining analytical results during the next three weeks and to have the resource calculation completed by year end.

Fred Fisher, President of Hi Ho Silver states "I am very pleased with the results to date from Carmi. My goal is that with further drilling we can prove up greater than 50 million tonnes of mineralized material with (economic grades of molybdenite (MoS2)".

All drill core was logged, split and sampled at a secure core facility at Beaverdell. The work program at Carmi was designed and is supervised by Paul Reynolds, P. Geo. and Michael Sanguinetti, P. Eng. who are independent qualified persons under the definition of National Instrument 43-101. They are responsible for all aspects of the work including the quality control/quality assurance program. On-site personnel at the project collect and track samples which are then sealed and shipped to Acme Analytical Laboratories Ltd. in Vancouver. Acme's quality control system complies with the requirements for the international standards ISO 9001:2000. Analytical accuracy and precision are monitored at the laboratory by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Blind certified reference material is inserted at regular intervals into the sample sequence by on site personnel in order to independently assess analytical accuracy. Finally, blind duplicate samples are forwarded to Acme for additional quality control.

The technical information contained in this news release has been verified by, Paul Reynolds, 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: www.hhsr.ca