Hi Ho Silver Earns a 51% Interest in Carmi Property

MISSISSAUGA, ONTARIO–(EMWNews – Aug. 15, 2008) –

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. RESIDENTS.

Hi Ho Silver Resources Inc. (“Hi Ho Silver” or the “Company”) (CNQ:HIHO) (FRANKFURT:H9T) is pleased to announce that it has earned a 51% interest in the Carmi Molybdenum project by issuing a total of 200,000 common shares to St. Elias Mines Ltd. (“St. Elias”) pursuant to a letter agreement (“Letter Agreement”) between the parties dated July 16, 2008 and accepted July 22, 2008. To date, Hi Ho Silver has incurred in excess of $1.9 million in exploration expenditures on the Carmi property.

Pursuant to the Letter Agreement, Hi Ho Silver can earn the remaining 49% interest in the Carmi property by issuing a further 3.5 million shares to St. Elias and paying to St. Elias the sum of $750,000, of which $250,000 has already been paid. Hi Ho Silver has been granted the right to repurchase 1.75 million of those shares from St. Elias at $1.00 per share for a 10 year period. St. Elias shall retain a 1.5% net smelter royalty on the Carmi property. In the event that Hi Ho Silver sells an interest or grants an option to acquire an interest in the Carmi property to a third party, St. Elias shall receive a portion of the proceeds (cash and/or shares) realized from such sale of an interest or grant of an option payable to St. Elias either as a shareholder dividend or a direct payment. The parties intend to enter into a formal agreement incorporating the terms of the Letter Agreement and such further terms as the parties may agree upon.

Fred Fisher, President and CEO of Hi Ho Silver states “Now that the initial terms of the Letter Agreement have been satisfied, we will push forward to finalize and sign the formal agreement and work to satisfy those terms to acquire the remaining 49%. We believe this will allow a much greater flexibility for us to develop the Carmi property to its fullest potential as well as entertain third party options while we develop the Carmi project. Our recently released preliminary National Instrument 43-101 compliant resource calculation, which outlines an indicated tonnage of 12.9 million tonnes grading 0.058% Mo and an inferred tonnage of 27.3 million tonnes grading 0.0555% Mo, confirms our belief in the quality of the project and our determination to expand the project.”

All prospective and current shareholders of Hi Ho Silver Resources are invited to join the company’s official investment forum exclusively at PinnacleDigest.com: http://www.pinnacledigest.com/company/hiho:ca. The forum allows for investor controlled discussion with progressive feedback from other shareholders and investors. Third party reports on the company are also available at www.PinnacleDigest.com.

HI HO SILVER RESOURCES INC.

Signed:

Fred Fisher, President/C.E.O.

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.