Silverado Gold Mines Ltd.
Silverado Gold Mines: Re-Evaluation of Gold Properties according to NI43-101
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Silverado Re-Evaluating its Gold Properties under Revised Guidelines of
Canadian Mine Reporting Standards NI 43-101
June 3, 2005 – Vancouver, BC . Canada – Fairbanks , Alaska . USA SILVERADO
GOLD MINES LTD. OTCBB: SLGLF / Frankfurt : SLGL / Berlin : SLGL
Visit this URL to view supplementary images to this press release:
http://www.silverado.com/grantmine
This longitudinal section of Silverado’s Grant Gold Mine on Ester Dome 10
minutes from Fairbanks, Alaska shows areas test mined by the Company. Also
shown are drill results which support indicated resource tonnage and grades
and other areas of gold mineralization. This “O’dea” system is open to further
discovery at both ends and at depth below 1000′. Test mining was completed
during 1983-1989 when operations ceased due to low gold prices. Drilling was
performed from 1979-1994. Recent higher gold prices has Silverado re-examining
data.
During 2004 two independant 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 and the other Ester Dome
holdings within the St. Paul and Ethel Elmes areas of the property. Those
drawings will be forthcoming.
All work except for the two independant 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. Note:
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 Gold Mines Ltd.
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.
505-1111 West Georgia Street
Vancouver, British Columbia
Canada – V6E 4M3
TOLL FREE: 1.800.665.4646
TEL: 604.689.1535
FAX: 604.682.3519
EMAIL: pr@silverado.com
WEB: http://www.silverado.com
End of announcement (c)DGAP 03.06.2005
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WKN: 867737; ISIN: CA8279062076; Index:
Listed: Freiverkehr in Berlin-Bremen, Frankfurt; NASDAQ
031530 Jun 05
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