Vancouver, British Columbia--(Newsfile Corp. - July 10, 2018) - Hi Ho Silver Resources Inc. (CSE: HHS) (OTC: HHSRF) (Stuttgart: H9) ("Hi Ho" or the "Company") is pleased to announce that the Company has granted an option and sales agreement to 1150892 B.C. Ltd. for the Fairview Gold Tenures owned by Hi Ho and located in the Osoyoos Mining District.
Hi Ho will receive $1,500,000 for the "option" portion of the agreement, under which, upon exercise of the option, 1150892 B.C. Ltd. will receive 75% ownership and Hi Ho will retain 25% ownership in a Joint Venture. 1150892 B.C. Ltd. has a further sales option to purchase the remaining 25% for an additional $1,000,000, 500,000 common shares of 1150892 B.C. Ltd. and a net smelter reserve (NSR) of 3%.
The Company also announces that Mr. Gary Jorgenson has resigned as a director and as President of the Company, so that he can enjoy retirement. Mr. Steve Jorgenson has resigned from his position as Vice President and has replaced Gary as President of the Company. Steve has also been appointed to the Company's board of directors.In addition, Mr. Kevin Jorgenson has been appointed as Vice President of the Company. In connection with his appointment, Kevin has entered into a consulting agreement with the Company under which he will receive monthly remuneration of $3,000 and 30,000 units, with each unit having a deemed price of $0.10 and being comprised of one common share of the Company and one common share purchase warrant (each warrant exercisable for two years from the date of issuance at an exercise price of $0.30).
About the Company
Hi Ho Silver Resources Inc. is a Vancouver based mineral exploration company dedicated to the exploration and development of precious and base metal mineral deposits and other mineral opportunities in North America and elsewhere.
For further information contact:
William G. Jorgenson
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this news release.
This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate', "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.