Mar. 5, 2010 (TheNewswire.ca) --
Hi Ho Silver Resources Inc. (the "Company")(CNSX:HHS) announces that further to the Company's news release dated January 25, 2010, the Company has purchased a group of mineral claims known as the Inlet property in consideration of 10,000,000 common shares of the Company, of which 8,000,000 were issued to TA Mineral Resources Ltd. (OOTC:MALRF) and 2,000,000 were issued to Quadra Coastal Resources Ltd. The Company also issued an additional 900,000 common shares in finders' fees.
The Inlet property is located on Alice Arm, near Kitsault, B.C., and consists of nine mineral claims comprising a total of about 1,800 hectares. The property is accessible from Prince Rupert by barge and water taxi and is located about 3 - 4 km from Avanti Mining (OOTC:AVNMF) (TSXV:AVT) Corp.'s Kitsault Molybdenum Mine which, according to Avanti Mining Corp., contains proven and probable reserves of 215.3 million tonnes grading 0.085% Mo for a total of 368 million pounds of molybdenum (Source: Avanti Mining Corp., news release dated November 16, 2009). The Inlet Claims are adjacent to a group of mineral claims known as the Tidewater claims. Minfile Record Summary No. 103P111 states that the Tidewater Claims contain significant molybdenite mineralization.
The technical information in this release has been reviewed and approved by Mr. Paul Reynolds, P.Geo., who is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The Company's board of directors and management has been replaced by a new board and management consisting of Messrs. Hugh Maddin, Peter Collier, and Delbert Ferguson. Hugh Maddin is a member of Law Society of British Columbia and was called to the Bar in 1972. He is also a director of Chelsea Minerals Corp. (OOTC:CCCZF) (TSXV:CCC'H) (formerly, Consolidated Global Cable Systems, Inc.)(NEX: CCC.H), Mineral Hill Industries Ltd. (TSXV:MHI) (TSX-V: MHI) and Nass Valley Gateway Ltd. (CNQ:NVG) (CNSX: NVG) and the president and controlling shareholder of TA Mineral Resources Ltd. and of Quadra Coastal Resources Ltd. Peter Collier is the president of Porcelacast Canada Inc. Delbert Ferguson is a professional geoscientist and the president of Aztec Geoscience Inc.
The Company's outgoing president, Mr. Fred Fisher, sold his shareholdings in the Company to certain incoming directors and an associate of the incoming directors concurrently with the Company's purchase of the Inlet property. The Company issued a total of 400,000 warrants, at $0.0001 per warrant and exercisable for two years at $0.10 per share, to certain outgoing directors and an advisor.
Mr. Maddin has been appointed as the Company's new chief executive officer and Mr. Collier has been appointed as the new president.
For additional information on Hi Ho Silver Resources (OOTC:HHSRF) (CNQ:HHS) Inc. and its projects, please contact:
Hugh Maddin, LLB
Chief Executive Officer
Tel: (604) 250-7360
Email: hughmaddin @ gmail.com
Website: www.hhsr.ca
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
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