Silverado Gold Mines Ltd. announced findings indicating a potential bulk minable resource at the Nolan Creek Gold and Antimony property in Alaska. Silverado has received drill core assay results from diamond drill core holes 09SH19 and 09SH20 that were drilled into the west portion of the 500-ft.-wide Solomon Shear Zone along the south side of Pringle Bench. Prior to 2009, drilling efforts by the Company had focused on the northeast trending gold-antimony vein-fault system on Workman's Bench, where a narrow, high grade gold-antimony reserve previously underwent a 43-101 compliant, prefeasibility study. Holes 09SG19 and 09SH20 were drilled at an azimuth to test the other gold-bearing structures that cut at an oblique angle to the Solomon Shear Zone on Pringle Bench, the northeast extension of the vein-fault system on Workman's Bench. Both drill holes intercepted a network of gold-bearing quartz-carbonate veins in addition to the 'A' vein gold-antimony zone, and the samples assayed between 0.01 and 1.69 oz/t of gold. The network of gold-bearing quartz veins is interpreted by company geologist Karl Sharp to be a broad, 500-600-foot-wide, west-northwest trending brittle fault zone along Smith Creek intersecting the Solomon Shear Zone at an oblique angle between Workman's Bench and Pringle Bench. Sharp believes that the intersection of these two major structural zones caused an increase in dilational openings for larger vein development as well as a significant increase in vein density. All of the quartz veins and vein zones sampled had elevated gold values. The Solomon Shear Zone hosts both gold-bearing quartz-carbonate veins and gold-antimony veins. Less than 0.5 miles of the 5-mile-long shear zone subsurface has been explored with diamond core drilling. Previously, the Company had focused on the evaluation of narrow, northeast-striking, high grade, gold-antimony fault vein zones that were hosted in northeast trending sub-parallel discrete zones. The drill assay results and the style of additional gold-bearing mineralization encountered in these holes indicates the potential for a larger, lower grade, gold-antimony resource on the Nolan Creek property as well. The Company plans to obtain new and existing assay information from drill core programs completed by the firm in 2007, 2008 and earlier in 2009 in order to assess bulk minable, gold-antimony deposit potential on both Pringle Bench and Workman's Bench. Further analytical results from drill intervals and surface channel sampling of the Pringle Bench and Workman's Bench antimony-gold deposits will be released upon receipt from the selected, certified, commercial laboratory. Further analytical results from 2009 drill intervals and surface channel sampling of the Pringle Bench and Workman's Bench antimony-gold deposits will be released upon receipt from the selected, certified, commercial laboratory.

Silverado Gold Mines Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended August 31, 2009. For the quarter, the company reported loss from operations of $1,007,406, net loss before cumulative effect of accounting change and net loss of $1,010,000 or $0.001 per share compared to loss from operations of $2,981,648, net loss before cumulative effect of accounting change and net loss of $2,716,000 or $0.003 per share for the same period a year ago. The major increase in the earnings for the quarter as compared to the same period in 2008, is $208,000 of consulting fees. Such increase was mainly due to the increased consulting requirements related to the company's restructure, equity financing, development and expansion. For the nine months, the company reported loss from operations of $4,417,090, net loss before cumulative effect of accounting change and net loss of $5,290,916 or $0.004 per share compared to loss from operations of $6,687,893, net loss before cumulative effect of accounting change and net loss of $6,420,221 or $0.007 per share for the same period a year ago. Net cash used in operating activities was $1,639,530 compared to $3,444,091 reported a year ago. The company reported purchase of property, plant and equipment of $2,001 compared to $308,029 reported a year ago.

Silverado Gold Mines Ltd. released the second installment assay results from the 2009 drill program from the Company's Nolan Creek property in Alaska. The results are from the Pringle Bench section of the Solomon Shear Zone. Gold and antimony grades in the southern portion of Pringle Bench near Smith Creek are comparable to past results and are significant. Progression of drilling in a northeast direction along the strike of the Pringle Bench mineralized zone intersected an area of trenching where previous surface samples assayed 5.22 ounces per ton gold (opt) across 16.4 feet. In this location, drill hole 09SH18 intercepted a one foot thick section of quartz-stibnite mineralization (0.8 feet true width), assaying 5.72 opt and 37.73% antimony.