>NEWS<HI HO SILVER RECEIVES PRELIMINARY RESOURCE ESTIMATE FOR CARMI

3045 SOUTHCREEK RD. UNIT 11 MISSISSAUGA, ON L4X 2E9 TEL: 905.602.4653 FAX: 905.602.4656 INFO@HHSR.CA WWW.HHSR.CA August 12, 2008 Symbol: HIHO.CNQ Frankfurt Exchange: H9T NEWS RELEASE HI HO SILVER RECEIVES PRELIMINARY RESOURCE ESTIMATE FOR CARMI Hi Ho Silver Resources Inc. (“Hi Ho Silver” or the “Company”) is pleased to announce that P&E Mining Consultants Inc. (“P&E”) has completed an independent initial NI 43- 101 compliant resource estimate on the Company’s Carmi Molybdenum property located near Beaverdell, British Columbia. Pursuant to a recent letter agreement, Hi Ho Silver has an option to earn up to 100% interest in the Carmi property from St. Elias Mines Ltd. Hi Ho Silver has already incurred in excess of $1.9 million in exploration expenditures on the Carmi Property. The Carmi Property’s resource calculations are presented below and are based on a 0.026% Mo cut-off value: Classification Tonnes Mo (%) Mo (million lbs.) Indicated 12,905,853 0.0580 16.51 Inferred 27,385,238 0.0555 33.51 1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 2. The quantity and grade of reported inferred resources in this estimation are conceptual in nature. 3. The 0.026% Mo cut-off grade was derived from a Mo price of US$25/lb and process/roaster combined recoveries of 88%. Process costs of C$7.50/tonne and G&A of C$3.00/tonne were also used to determine the operating cut-off grade. 4. The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM