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

Silverado Gold Mines Ltd.

July 15, 2011 17:15 ET

Silverado: January 2011 Nolan Report Retraction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2011) - Silverado Gold Mines Ltd. (OTCBB:SLGLF)(FRANKFURT:SLGL) (www.silverado.com) (the "Company" or "Silverado"), at the request of the United States Securities and Exchange Commission, seeks to retract the January 2011 Nolan Report that the Company filed with its current report on Form 8-K filed on January 18, 2011. As a reporting issuer in British Columbia, the Company is obligated to the file and publicly disclose the Nolan Report pursuant to its reporting obligations in that jurisdiction. However, in contrast, such report is not to be filed as part of the Company's disclosure obligations under the United States Securities and Exchange Act of 1934, as amended, or pursuant to Industry Guide 7 guidelines. As a result, the report was filed on the EDGAR system in error and is hereby retracted.

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 statement 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.

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