eResearch Issues Update Report on Hi Ho Silver Resources Inc.

TORONTO, ONTARIO–(EMWNews – July 16, 2008) – Hi Ho Silver Resources Inc.(CNQ:HIHO)(FRANKFURT:H9T), headquartered in Mississauga, Ontario, is a junior mineral exploration and development company focused primarily on molybdenum and silver exploration and, to a lesser extent, on copper and gold. The Company trades over-the-counter on the Canadian Trading and Quotation System (“CNQ” – symbol HIHO), and the Frankfurt Exchange (symbol H9T). Management is working towards a listing on the TSX.

The Company’s primary focus is on its Kettle River Project (the “Carmi” property), which was acquired in 2005 through a farm-in agreement with St. Elias Mines Ltd. Hi Ho Silver Resources has an option to acquire up to a 70% interest in the property, which is located in the Okanagan Highlands of south-central British Columbia, about 45 kilometres south-southeast of Kelowna, near the Carmi settlement. The historic non-compliant resource estimate is 20.7 million tonnes at 0.064% molybdenum. An updated NI 43-101 compliant Technical Report is imminent.

eResearch continues to rate Hi Ho Silver Resources as a Speculative Buy. Given the current difficult environment for companies in the junior mining exploration sector, we have lowered our one-year Target Price from $2.00 to $1.70 per share. However, we believe the Company has considerable potential, which could be borne out by the forth-coming Technical Report.

This Press Release was prepared by eResearch and was not vetted by Hi Ho Silver Resources Inc. Further, the Recommendation and Target Prices contained in this Press Release and in the Update Report are strictly those of eResearch and, due to securities laws, are not endorsed by Hi Ho Silver Resources Inc.

eResearch is a primary source for professional investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network.

Hi Ho Silver Resources Inc. paid eResearch a renewal fee of $15,000 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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