Silverado Gold Mines Ltd.
Silverado Gold Mines Ltd.: NOLAN GOLD PROJECT UPDATE
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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AUGUST 9, 2006 – Fairbanks , Alaska – USA – Vancouver, BC – Canada
SILVERADO – OTCBB: SLGLF / Frankfurt : SLGL / Berlin : SLGL
Gold recovery and processing operations at the Nolan Gold Mine, located
North of Fairbanks, Alaska are nearing completion. To date over $1,000,000
of large jewelry grade gold and collector’s nuggets have been recovered and
polished for sale. These nuggets are among the finest the area has yielded.
In addition to the jewelry grade gold mentioned above, Silverado is
currently making preparation to extract smaller gold from concentrates.
Once this gold is extracted, the company will polish it to further enhance
its value. While this extra treatment requires more work than smelting, the
value of the end product is 20% higher than the untreated gold.
According to Silverado’s President and CEO, Garry Anselmo, “We are excited
about the recovery of the gold this year, as well as the new discoveries we
have made on our properties. More importantly, we are extremely pleased
with the results of the time we spent this year establishing the
infrastructure necessary to allow us to fully focus on gold recovery during
the next season. We have always considered the Swede Channel and its Sister
channels to be a multi-year project. Last winter the majority of our mining
effort was spent developing the underground infrastructure rather than
actual gold ore production. This infrastructure included a haulage way,
trucks and front end loader turnarounds, explosive storage, ore pad,
settling ponds, water delivery systems, roads, and the completion of an
extremely efficient 680 yard per day gold washing sluice facility ( gold
recovery plant ). Last winter Silverado mined only 25% of the gold bearing
gravel in the channel, leaving the remaining 75% of the gold ore for this
winter’s operation.
In addition to the Swede Channel, we have located other gold channels which
cause gold to accumulate on ancient hillside “benches” as the channels
drain gold down the mountain from its source. One such source is the
Solomon Shear, a five mile long gold bearing silicified shear zone from
which all drainages ( creeks and rivers ) are carrying nugget gold. These
benches will substantially increase our gold resources and eventually our
gold reserves. As well, we have identified three other sub-parallel
benches that run about 1.5 – 2 miles in length. They are all gold
collectors and the information gained from this year combined with data
gathered in previous years has completed the model. These four benches on
this section of the Nolan, will allow us to placer mine for another 4 to 5
years at a minimum. These benches make up only a small portion of the total
Nolan gold project.
Anselmo continued, “We are engaged in an aggressive rotary drilling program
to compliment our previous placer gold drilling programs. All of these
results are now being incorporated to generate 3-D computer models which
indicate massive stretches of gold-bearing frozen gravel on our properties.
In the past year we have expanded our Nolan property by acquiring an
additional 8 square miles of land for a total land holding of 11 square
miles in the Koyukuk District. Our samples from our newly discovered bench
( the second of four identified benches ) have yielded the following pan
assay results:
The drill locations of the higher assay values, being 5.76 / 0.09 / 0.23 /
0.05 / 0.48 / 0.16 / 0.17 / 0.07 / 0.24 are contiguous and constitute an
area 500 feet long which is situated on the newly discovered bench just
above Mary’s Bench and is sub – parallel to it. These drill results are the
richest and most consistent gold assays encountered on our property to
date. Part of the pay zone appears to be amenable to open – cut mining
which is considerably less expensive than underground mining. As other ore
zones have been discovered nearer the existing underground workings of
Swede Channel, continuing drilling will determine whether this new high
grade bench area will be mined in 2007 or 2008.
We continue our busy 2006 year and look forward to increasing our
production and discovery into 2007 and beyond. Our gold mining operation is
now focusing primarily on completing gold recovery, and we continue to move
forward with our LRCWFuel project. Most of the ‘behind-the-scenes’ work
with government authorities has been completed on the fuel project, and we
anticipate a very exciting announcement either in August or September,”
concluded Mr. Anselmo.
SILVERADO GOLD MINES LTD.
Contact Canada:
+1 (800) 665-4646 or
+1 (604) 689-1535
E-mail: pr@silverado.com
Website: www.silverado.com
E-mail: pr@silverado.com
(c)DGAP 09.08.2006
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Language: English
Issuer: Silverado Gold Mines Ltd.
505-1111 West Georgis Street
V6E 4M3 Vancouver, BC Kanada
Phone: 1-800-665-4646
Fax: 604-682-3519
E-mail: pr@silverado.com
WWW: www.silverado.com
ISIN: CA8279062076
WKN: 867737
Indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt;
Foreign Exchange(s) Nasdaq
End of News DGAP News-Service
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