VANCOUVER, CANADA, December 5, 2013........ Hi Ho Silver Resources Inc. ("Hi Ho" or the "Company") (CNSX: HHS wishes to announce that it has expanded the use of funds in its Participating Convertible Redeemable Series "A" Preferred Share Offering announced on August 9, 2013 to include an investment in Ascot Mining Plc.
The Company was successful in negotiating the purchase of 125,157 preferred shares of Ascot Mining PLC at a cost of US$200,000, which upon conversion gives the Company a 4.70 % interest in Ascot Mining PLC. In addition the Company obtained an option to acquire an additional 3,629,560 preferred shares at a cost of US$5,800,000 which upon conversion will give the Company a 59.69 % interest in Ascot Mining PLC.
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. For further information on the Company and its projects, please contact our President and CEO, Mr. Dennis McKnight or visit our website www.hihoresources.com.
On Behalf of the Board of Directors,
Dennis H. McKnight
President & CEO
Hi Ho Silver Resources Inc.
C: 778.868.9424
Email: [email protected]
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.