(via Thenewswire.ca)

VANCOUVER, CANADA, October 31, 2013 - Hi Ho Silver Resources Inc. ("Hi Ho" or the "Company") (CNSX: HHS) is pleased to announce that it signed a preference share investment agreement (the "Agreement") with Ascot Mining Plc. ("Ascot") of London, England, and completed the first tranche of US$200,000 of a US$6 million convertible Series "A" preferred shares offering in Ascot. The execution of the Agreement and the purchase of the first tranche gives Hi Ho the right to purchase additional preferred shares of Ascot. When completed, the purchase will result in Hi Ho obtaining a controlling interest in Ascot which holds several gold properties in Costa Rica. Ascot is in the process of refining its recovery procedures and enhancing throughput on its ongoing gold operations. Further details will be provided as available.

Hi Ho Silver Resources Inc. is a Canadian resource company dedicated to the exploration and development of precious metals deposits with near-term production potential. Hi Ho's principal asset is its 100% owned Fairview Gold property, near Oliver, British Columbia, Canada, which is scheduled for bulk sampling. For further information on the Company and its projects, please contact our President and CEO, Mr. Dennis McKnight.

On Behalf of the Board of Directors,

Dennis H. McKnight
President & CEO

Hi Ho Silver Resources Inc.

C: 778.868.9424

Email: dennis@hihoresources.com