eResearch Update Report on Hi Ho Silver Resources: Price Target

UPFRONT
The much anticipated NI 43-101 mineral resource estimate for the Carmi molybdenum property should be available soon.

RECOMMENDATION
eResearch continues to rate Hi Ho Silver Resources Inc. as a Speculative Buy. We have, however, trimmed our one-year Target Price from $2.00 per share to $1.70, given the lengthy delays in the completion of an updated mineral resource estimate and also to reflect the difficult environment for the junior mining exploration sector. We will consider setting a three-year Target Price when the updated NI 43-101 is available. The stock is recommended for risk-tolerant investors.

PROFILE
Hi Ho Silver Resources Inc. (“Hi Ho Silver” or the “Company”) is a junior mineral exploration and development company, focused primarily on molybdenum and silver exploration. It is headquartered in Mississauga, Ontario.

HIGHLIGHTS
• Still awaiting the updated NI 43-101 mineral resource estimate for the Carmi molybdenum property.
• Hi Ho Silver benefits from strong commodities: molybdenum and silver. Commodities demand is expected to remain favourable.
• Drilling to commence shortly at the Silver Tip silver property
• Recently raised $775,000 to advance exploration.
• We are still looking for the Company to be listed on a major North American exchange, adding credibility to the stock, which is not yet well-known to the investing public.
• Shares currently appear undervalued, but investors may wish to await the NI 43-101 to gain a better perspective on the Company’s potential.

THE COMPANY

Hi Ho Silver Resources is an exploration and development company, focused on the acquisition of properties containing molybdenum and, to a lesser extent, copper, silver and gold assets. The Company trades over-the-counter on the Canadian Trading and Quotation System (“CNQ” - symbol HIHO), and on the Frankfurt Exchange (symbol H9T). Management is working towards a listing on the Toronto Stock Exchange.

The Mississauga, Ontario-based company has a small management team and low overhead. Hi Ho Silver was incorporated in April 2005, and went public in August 2006.

PROPERTY SUMMARY

The Company’s primary property, the Kettle River Project (“Carmi” property), was acquired in 2005 through a farm-in agreement with St. Elias Mines Ltd. Hi Ho Silver 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 resource estimate (not compliant with NI 43-101) was 20.7 million tonnes at 0.064% molybdenum, according to a 1987 technical report on the property. Management’s objective is to re-confirm this resource estimate and add to it. We expect 20-25 million tonnes.

Other Properties:

Management has diversified its exploration opportunities through agreements to acquire interests in the following British Columbia properties:

RECENT DEVELOPMENTS

Below we highlight some of the recent news announcements from Hi Ho Silver:

July 2, 2008: Completes Financing. Hi Ho Silver closed a further $275,000 private placement, consisting of 500,000 shares at $0.55 per share. Each unit consists of one common share and one-half of one share purchase warrant, whereby each whole warrant entitles the holder to purchase an additional common share for a two-year period following the closing at $0.90 per share. The Company expects to close the financing after a further $225,000 has been raised.

COMMENT: Taken together, the June and July financings to date have raised $775,000, with proceeds largely used to advance this summer’s exploration activities.

June 17, 2008: Completes Financing. Hi Ho Silver closed a flow-through private placement consisting of 833,333 units at $0.60 per unit, raising a total of $500,000. Each unit consists of one common share and one-half of one share purchase warrant, whereby each whole warrant entitles the holder to purchase an additional common share for a two-year period following the closing at $0.90 per share. The units were sold to Frontier Alt Precious Metals and Energy Flow Fund Ltd. Partnership.

The proceeds will be used to fund summer exploration programs at both the Silver Tip property and the South Rim property. The Company also announced it will cancel 600,000 options awarded to directors, officers and employees.

April 3, 2008: Acquires Key Strategic Claims Adjoining the Silver Tip Property. Hi Ho Silver announced it has acquired key strategic claims adjoining its Silver Tip Property, in the northeast section of the historic Slocan Silver Camp in British Columbia. These claims add significantly to the 100%-owned Silver Tip Property, which will now have a total surface area of 26 square kilometres.

These claims were acquired for their strategic nature, as they appear to cover the extension of key known mineralization zones. The property now hosts eight high-grade mineral showings, six of which reported past production. The claims are being acquired for total compensation of $15,000, which appears to be attractively priced.

COMMENT: This adds to Hi Ho’s commodity diversification at a time when silver and gold prices are highly attractive. The rich mining history in the area bodes well for the Company’s outlook.

April 28, 2008: Outlines Plans for Exploration at Silver Tip Project. Hi Ho Silver announced its 2008 exploration program for its Silver Tip Property in the Kaslo area of southeastern British Columbia. The field 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 add to the Company’s exploration upside potential. The location near the historic Slocan Silver Camp and the eight high-grade mineral showings augment the attractiveness of this project for exploration.

INVESTMENT CONSIDERATIONS

• Strategic Objective: The