Silverado Gold Mines Ltd.
OTC Bulletin Board : SLGLF
FRANKFURT : SLGL

Silverado Gold Mines Ltd.

December 11, 2009 18:25 ET

Silverado Gold Mines Ltd.: Significant Gold Mineralization Found in Wall Rocks Enveloping Nolan High Grade Gold/Antimony Veins

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2009) - Silverado Gold Mines Ltd. (OTCBB:SLGLF)(FRANKFURT:SLGL) (www.silverado.com) (the "Company" or "Silverado") continues to find significant gold mineralization within wall rocks enveloping high grade gold/antimony veins at Nolan Creek.

The map overleaf depicted here (http://www.silverado.com/i/nr/09dec11-01-lg.jpg) and prepared by Silverado geologist Karl Sharp shows the 2.5 mile-long section or side view of Solomon's Shear Zone on Silverado's Nolan Gold/Antimony property in the Wiseman area of northern Alaska. The yellow areas shown below the surface of Solomon's Shear Zone disclose areas from which historic, pre-1965 placer mines and more recently, Silverado's test-mining activities, produced gold nuggets and as such are evidence that the 2.5-mile portion shown contains gold throughout its length. Geochemistry, geophysics, prospecting, trenching and drilling have confirmed this finding.

Of particular interest are the significant gold assays that are emerging from our current program of drill core re-examination and sampling. Gold can be seen in the core with the naked eye within the rock forming an 'envelope zone' within the hanging and footwall portions between the identified 'A-Zone', 'B-Zone', 'C-Zone', 'West Zone' high grade vein-faults identified on Workman's Bench and Pringle Bench, which were drill tested during 2007-2009. The mineralized veinlet zones were noted during previous exploration work. For example, during the driving of the Workman's Bench underground workings in 2008, nearly 80 thin, quartz–sulfide, sub-parallel veinlets were identified in a width of over 120 feet (see January 1, 2009 NI 43-101 Pre-Feasibility Study for Nolan Creek, Amended June 1, 2009 or http://www.silverado.com/d/09Jan01_NI43-101_amended.pdf). The opportunity exists for identifying a bulk tonnage type, gold/antimony deposit in this expanded mineralized quartz-carbonate veinlet zone, a portion of which is shown in grey and red in the inset at the bottom right portion of the map (http://www.silverado.com/i/nr/09dec11-01-lg.jpg).

As an example of these previously unreported findings, the following results were obtained from the examination of data of four drill holes that tested Workman's Bench in 2008:

An accompanying diagram and photo are available here (http://www.silverado.com/i/nr/09dec11-02-lg.jpg).

Because previous drill programs targeted high grade stibnite-quartz-gold vein-faults, some intervals within 'envelope' zones were not submitted for assay work. Silverado has initiated a program to obtain the additional assay information. Further information will be released as more assays are obtained from the 2007-2009 core intervals submitted to ALS Chemex this winter.

Updated reserves and resources resulting from information gathered from 21 new drill holes completed in the 2009 drill season on Workman's and Pringle Bench will be calculated. Two holes were lost in fault zones, but the remaining 19 holes intersected the main target showing significant gold and antimony values.

Qualified Person

The technical information that is released in this news release has been reviewed by Thomas K. Bundtzen, P. Geo BS MS CPG-10912, ABSLN #279639, President of Pacific Rim Geological Consulting, Inc., of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101. Bundtzen is a Certified Professional Geologist with the American Institute of Professional Geologists (AIPG). Bundtzen is the Qualified Person as defined in NI 43-101 and also qualifies under the rules stated by the U.S. Securities and Exchange Commission (SEC), and has verified the data contained in this news release for accuracy. The disclosure requirements of 3.2 and 3.3 of NI 43-101 are addressed in a previously filed report entitled "January 1, 2009 NI 43-101 Pre-Feasibility Study for Nolan Creek (Amended June 1, 2009)". Sampling and Quality Assurance/Quality Control (QAQC) procedures deployed during the core drilling and surface sampling programs follow those outlined in Silverado's NI 43-101 Prefeasibility Study of the Workman's Bench Antimony Gold deposit, Amended June 1, 2009, which is available at www.sedar.com and on the Company website at www.silverado.com.

About the Company

Silverado Gold Mines Ltd., a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (100%) interest in numerous mining claims located on the Nolan Creek property.

Forward Looking Statements

This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates.

Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the US SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Contact Information