Antimony Prices Soar; Silverado Drill Core Examination Shows Mineralized Widths Over 60 Feet
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/31/10 -- Silverado Gold Mines Ltd. (OTCBB: SLGLF)(FRANKFURT: SLGL) (www.silverado.com) (the 'Company' or 'Silverado') noted that the antimony markets have advanced from $4,000 per tonne (2200 lbs.) in early 2009 to $9,800 per tonne in July 2010 according to Martin Hayes, chief correspondent of TheBullionDesk.com, a London metals trading company.
The U.S. Geological Survey (USGS) shows that China, the world's largest producer of antimony, produced 170,000 tonnes of antimony out of a total 2009 global output of 187,000 tonnes. Currently, Chinese smelters are being rebuilt to upgrade scrubbing systems (pollution controls) and mine production is off dramatically due to mine closures on account of a number of major mining accidents in the last year. This is also the case in South Africa.
In the face of this major decline in output and given the antimony trioxide flame retardant industry continues to grow at 8% per year, and as new uses for the strategic metal including window frames for building construction and additives to carbon fiber components emerge, the market price is expected to continue rising.
Silverado's Nolan property displays North America's most consistent width (six inches to two feet) of stibnite (antimony sulfide) as an ore body grading 28% antimony or 616 pounds per metric tonne. (See the technical report titled 'January 1, 2009 NI 43-101 Pre-Feasibility Study for Nolan Creek (Amended June 1, 2009)' found at http://www.silverado.com/projects/nolan-creek/.) The main vein is now drilled over a 3,500 foot length and to the northeast along a series of anomalous geochemical and geophysical zones where the #1 vein surfaces again at a width of 6 inches of solid or massive stibnite assaying 28% antimony and containing native gold. (See image at http://www.silverado.com/10feb-03-slideshow/ -- click to enlarge image where indicated.)
Continued study of drill core in the Pringle Bench area of the 3,500 foot long by 450 to 500 foot deep drilled zone has confirmed that the halo of quartz carbonate stockwork of veins and veinlets containing stibnite and native gold continues to the northeast limit of drilling with mineralized widths of up to 30 feet either side of the #1 vein. (See images at http://www.silverado.com/10feb-04-slideshow/ and http://www.silverado.com/10feb-05-slideshow/ - click to enlarge where indicated - and see also the news release dated January 7, 2010.)
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.
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Contacts:
Silverado Gold Mines Ltd.
Investor Relations
(604) 689-1535 or Toll Free: (800) 665-4646
ir@silverado.com
www.silverado.com