Good gain today following news of more drilling and upcoming results. Here is the release:
"Hi Ho Silver to drill 2,000 m at Carmi
2007-10-29 11:50 ET - News Release
Mr. Fred Fisher reports
HI HO SILVER TO CONTINUE DRILLING
Hi Ho Silver Resources Inc. is planning a seven-to-10-hole, 2,000-metre drill program for mid-November at the Carmi (Kettle River) molybdenum property located in southwestern British Columbia. Following up on a successful summer drill program, Hi Ho plans to drill three holes in the Lake zone and a minimum of four additional holes in the E zone.
The company is still awaiting the results of the 10 remaining drill holes conducted during this summer's program and expect several of them imminently. The summer program was conducted with the primary intention of compiling data leading to an updated 43-101-compliant resource calculation. To date 213 drill holes have been completed on the property by all parties.
Most of the drilling conducted by the company has been carried out within the E zone but one hole drilled this past winter within the Lake zone, hole 06-190, intersected 139.31 metres grading 0.127 per cent MoS2 and 0.055 gram per tonne rhenium including 13.77 m grading 0.27 per cent MoS2. Fred Fisher, president and chief executive officer, states: "Much more work is needed to be conducted on this zone but historical work has indicated high-grade mineralization within the zone and we look forward to what the three planned holes will yield. The company also believes that the ongoing demand for moly will remain strong within export quotas having been tightened in China as well having shut down over 300 moly mines over the past few years." Larry Reaugh, executive chairman at Adanac Molybdenum Corp., recently stated that "demand for molybdenum is forecast to increase by 4 to 5 per cent a year" and stagnant supplies will boost prices of molybdenum.
The company also expects results from a short follow-up program conducted on the Silver Tip property within the next week to 10 days.
This was designed to test several areas on the heels of the results released two weeks ago on the Silver Tip property and before the exploration season ended for this year."
We're back, it seems.
g.p.
