February 01, 2013 at 12:29 PM EST
Hi Ho Silver Signs Option Agreement to Acquire 100% Interest in the 517 ha Cherryville Gold Property

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| |Hi Ho Silver Resources Inc.|

| |Symbol: HHS.CNSX Frankfurt|

| | Exchange: H9T |

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VANCOUVER, CANADA, February 1, 2013 - Hi Ho Silver Resources Inc. ("Hi Ho" or the "Company") (CNSX: HHS) is pleased to announce it has signed an option agreement (the "Agreement") with Chris Knudsen (the "Vendor") to acquire a 100% interest in the Cherryville mineral property (the "Property") located in the Vernon Mining District of British Columbia.

Pursuant to the terms of the Agreement, Hi Ho will have exercised the option by paying to the Vendor, an aggregate of $45,000, issuing an aggregate of 7,200,000 common shares of the Company ("Shares"), and by incurring $100,000 in exploration expenditures over a period of four years. The Company's first year commitments include 2,000,000 Shares to be issued on or before February 8, 2013, such Shares subject to a hold period of 4 months, and $8,000 in exploration expenditures to be incurred by the Company on or before November 1, 2013.

The Cherryville Property is a contiguous area of approximately 517 hectares (1,278 acres), consisting of six mineral claims. The Property contains a series of quartz veins that contain multi-ounce gold and silver values and anomalous values of copper, lead and zinc from surface trenches. There has been no modern exploration conducted on the Property and there are no mineral resources known on the Property, and there is no assurance that if found the mineral resource can be economically extracted.

Hi Ho is a Canadian exploration company dedicated to the exploration of precious metal deposits across Canada. For further information on the Company and its projects, please visit our website at www.hihoresources.com or contact our President and CEO, Mr. Dennis McKnight.

On Behalf of the Board of Directors

Dennis McKnight,

President , Chief Executive Officer and Director

Hi Ho Silver Resources Inc.

Tel: (604) 629-1928

Email: dennis@hihoresources.com

Website: www.hihoresources.com

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. Company information can be viewed here: www.CNSX.ca Note: Further information regarding the Company can be found on SEDAR at www.SEDAR.com

FORWARD LOOKING STATEMENTS

This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as planned exploration activities on the Property, the establishment of a NI 43-101 compliant resource on the Property, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the existence of weather conditions suitable for exploration activities; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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