Silverado Gold Mines Ltd.
Silverado Gold Mines: Good Gold Prices and Drill Grades Continue to Encourage
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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High Gold Prices and Good Drill Grades Continue to Encourage Silverado’s
Re-evaluation of its Alaska Properties
June 9, 2005 – Vancouver, BC – Canada – Fairbanks, Alaska – USA
SILVERADO GOLD MINES LTD. OTCBB: SLGLF / Frankfurt: SLGL / Berlin: SLGL
Please visit this URL to view supplementary images to this press release:
http://www.silverado.com/stpaul
This cross section (see image) of Silverado’s St. Paul gold deposit on Ester
Dome 10 minutes from Fairbanks, Alaska shows areas drilled by the Company.
These and other drill results support indicated resource tonnage and grades
and along with geophysics, geochemistry, and trenching show other areas of
gold mineralization. The drilling in this cross section shows gold
mineralization over an area 2500′ long with widths up to 300′. This “St. Paul”
system is open to further discovery at both ends and at depth below 452′
being the limit of drilling where the drill hit 7 feet of 0.09 oz/ton. During
2004 two independent NI 43-101 qualified person technical reports were
completed on this property and other Silverado Alaska holdings. The Company is
conducting pre-feasibility studies on this project. All work except for the
two independent technical reports has been done under the direction of Edward
J. Armstrong, CPG, President of Silverado’s Alaska subsidiary and a qualified
person under the guidelines of NI 43-101.
National Instrument 43-101 has also caused Silverado as well as most mining
companies to downgrade some or all gold in the reserve category to the
resource category. Silverado as well as others who are U.S. reporting have as
a result been required to amend financial statements to reflect the expensing
of prior capitalized items. This total process has taken over one year and
final statements were filed on Edgar and Sedar June 1, 2005.
About Silverado
Silverado has been exploring, developing and test mining gold deposits in
Alaska since 1978. The Company uses its varied technical skills to acquire,
assess and develop gold deposits with the intention of conducting test mining
operations on worthy targets. From time to time partnerships or options are
negotiated with other companies to assist in exploration of large areas of
prospective property.
Silverado’s wholly owned Alaska subsidiary, Silverado Green Fuel Inc. is
working on the development of a coal-based fuel which acts as an industrial
alternative to oil and can replace a barrel of oil at a cost of production of
approximately US $14 per barrel. This fuel will be used for the generation of
electricity and industrial heat. This is an environmentally friendly fuel and
if spilled it quickly breaks down into its components of water and coal
particles.
Contact:
Silverado Gold Mines Ltd.
TEL: +1 604.689.1535
FAX: +1 604.682.3519
EMAIL: pr@silverado.com
WEB: http://www.silverado.com
End of announcement (c)DGAP 09.06.2005
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WKN: 867737; ISIN: CA8279062076; Index:
Listed: Freiverkehr in Berlin-Bremen, Frankfurt; NASDAQ
091630 Jun 05
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