MISSISSAUGA, ONTARIO--( Oct. 29, 2007) - Hi Ho Silver Resources Inc. ("Hi Ho Silver" or the "Company") (CNQ:HIHO)(FRANKFURT:H9T) is pleased to announce that a seven to ten hole, 2000 metre drill program is planned for mid November at the Carmi (Kettle River) Molybdenum Property located in south-western British Columbia (the "Property"). Following up on a successful summer drill program, Hi Ho plans to drill three holes in the Lake Zone and a minimum of four additional holes in the E Zone.
The Company is still awaiting the results of the ten remaining drill holes conducted during this summer's program and expect several of them imminently. The summer program was conducted with the primary intention of compiling data leading to an updated 43-101 compliant resource calculation. To date 213 drill holes have been completed on the property by all parties.
Most of the drilling conducted by the company has been carried out within the E-Zone but one hole drilled this past winter within the Lake Zone, hole 06-190 intersected 139.31 m grading .127% MoS2 and .055 gpt rhenium including 13.77 m grading .27 MoS2. Fred Fisher, President and CEO states "Much more work is needed to be conducted on this zone but historical work has indicated high grade mineralization within the zone and we look forward to what the three planned holes will yield. The company also believes that the ongoing demand for Moly will remain strong within export quotas having been tightened in China as well having shut down over 300 Moly mines over the past few years." Larry Reaugh, executive chairman at Adanac Molybdenum Corporation recently stated that "demand for Molybdenum is forecast to increase by 4 to 5 per cent a year" and stagnant supplies will boost prices of Molybdenum.
The company also expects results from a short follow-up program conducted on the Silver Tip property within the next week to ten days.
This was designed to test several areas on the heels of the results released two weeks ago on the Silver Tip property and before the exploration season ended for this year.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. RESIDENTS
Signed,
HI HO SILVER RESOURCES INC.
Fred Fisher, President & C.E.O.
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: www.hhsr.ca
