Independent Equity Research Corp., 130 Adelaide Street W., Suite 2215, Toronto, Ontario, Canada M5H 3P5 www.eresearch.ca
Bulletin May 5, 2008
Corp.
HI HO SILVER RESOURCES INC.
($0.60; HIHO:CNQ )
Recommendation: Speculative Buy (No Change)
Target Price: $2.00 (No Change)
RECENT DEVELOPMENT: EXPLORATION PLANS FOR SILVER TIP PROJECT
Hi Ho Silver Resources Inc. has announced its 2008 exploration program for its Silver Tip Property in the Kaslo area
of southeastern British Columbia. The fi eld season will begin in early July and will follow up on results received
from previous exploration. The program will consist of soil and rock sampling, geological mapping, trenching,
opening up old workings, access road and trail construction, metallurgical work, prospecting, shallow drilling with
portable drills and bulk sampling.
COMMENT: This early-stage Silver Tip Project adds diversity to Hi Ho Silver?s mineral properties, and should
also add to the Company?s exploration upside potential. The project?s location, near the historic Slocan Silver
Camp, and the eight high-grade mineral showings, augment its attractiveness for exploration.
For further discussion of the Silver Tip Project, see the eResearch Update Report dated December 13, 2007.
FINAL RESULTS FROM CARMI WINTER DRILLING PROGRAM
Results of the fi nal four holes from the third round of diamond drilling at the Carmi molybdenum property in
southwestern British Columbia have been released. The results indicate that the mineralized trend probably continues
to the northwest, with drilling also having intersected a deeper zone of extremely anomalous mineralization. These
areas will need to be explored further.
All work completed to date is being compiled into an NI 43-101 mineral resource estimate, that should be available
by mid-June 2008.
THE COMPANY
Hi Ho Silver Resources Inc. is a junior mineral explorer focused on molybdenum/silver/gold properties in British
Columbia.
RECOMMENDATION
There is no change to our one-year Target Price of $2.00 or our Speculative Buy Recommendation. The shares are
suitable for risk-tolerant investors.
eResearch Hi Ho Silver Resources Inc.
2 May 5, 2008
RATINGS HISTORY
Date Report Type Recommendation Stock Price Target Price
April 10, 2007 Initiating Speculative Buy $1.37 $2.00
April 23, 2007 Bulletin Under Review $2.05 Under Review
July 12, 2007 Bulletin Speculative Buy $1.20 $2.00
Oct. 4, 2007 Bulletin No Change $1.20 No Change
Dec. 13, 2007 Update No Change $1.00 No Change
Jan. 16, 2008 Bulletin No Change $0.95 No Change
Apr. 4, 2008 Bulletin No Change $0.60 No Change
May 5, 2008 Bulletin No Change $0.60 No Change
High-Low Since Initiating: $2.14-$0.35.
NOTE: eResearch reports on Hi Ho Silver Resources Inc. and other companies are available
FREE on our website at www.eresearch.ca.
Bob Weir, B.Sc., B.Comm, CFA
Director of Research