Hi Ho Silver Resources Retains Sandfire Capital; Acquires Mineral Properties; Grants Options
Hi Ho Silver Resources Inc. (the "Company") (CNSX:HHS) announces that the Company has entered into an investor relations agreement with Sandfire Capital Corp. ("Sandfire") whereby Sandfire will provide investor relations services to the Company in consideration of a fee of $10,000 per month. The Company has granted an option to Sandfire to acquire up to a total of 360,000 common shares of the Company at $0.05 per share. In addition, certain shareholders of the Company have entered into private stock option agreements with a third party pursuant to which Sandfire, its affiliates or other parties may indirectly acquire a total of up to about 1.68 million common shares of the Company at $0.05 per share.
The Company has also acquired the Cove claims in consideration of the issuance of 500,000 common shares and the Copper Queen claims in consideration of the issuance of an additional 500,000 common shares. Each claim group is subject to a 1.5% net smelter returns royalty.
The Cove claims are located on Neurotsos Inlet at the north end of Vancouver Island about 16 km northwest from Port Alice and are accessible by water taxi from Coal Harbour, 10 km to the north. The claims consist of one mineral claim comprising a total of about 513 hectares and 10 cells from an adjoining mineral claim. Assessment report 8060 dated June 20, 1980 states that a silicified fracture zone in limestone showed an average grade of 0.79% copper across 6 metres from three drill holes. The zone can be traced for 100m strike length along old surface workings.
The Copper Queen claims are located on Cracroft Island and are accessible by boat from Port McNeill, which is located about 30 km west of the claims. The claims consist of three mineral claims comprising a total of about 1,108 hectares. Assessment report 14,230 dated April 10, 1984 states that a rock sample collected from old workings on Cracroft Island during January 1984 returned through fire assay the following values: Copper 9.3%, Silver 3.29 ounces per ton and Gold .076 ounces per ton.
The foregoing information on the Cove and Copper Queen is not compliant with the standards of National Instrument 43-101, Standards of Disclosure for Mineral Properties ("NI 43-101") and has not been independently confirmed by the Company.
The historical information contained in this news release has been verified by Delbert Ferguson, P. Geo., who is a qualified person as defined in NI 43-101.
About Sandfire Capital Corp.
Sandfire Capital Corp. was incorporated in 2005 and its principal Tom Hands has been working in investor relations for over 11 years. Mr. Hands is experienced in both Canadian and US public companies. He has worked on and assisted in financing a broad range of projects including: mining, oil and gas and high tech.
About Hi Ho Silver Resources Inc.
Hi Ho Silver Resources Inc. is an exploration company that holds silver, gold and molybdenum mineral exploration properties.
For additional information on Hi Ho Silver Resources Inc. and its projects, please contact:
Hugh Maddin, LLB
Chief Executive Officer
Tel: (604) 250-7360
Email: hughmaddin @ gmail.com
Website: www.hhsr.ca
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