Silverado Announces Results of Securities and Exchange Commission Review; Answer to Shareholders
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/10/10 -- Silverado Gold Mines Ltd. (OTCBB: SLGLF)(FRANKFURT: SLGL) (www.silverado.com) (the 'Company' or 'Silverado') today announced that the Securities and Exchange Commission (SEC) has recently completed its review of:
Silverado Gold Mines Ltd.
Form 8-K Filed May 12, 2009
Form 10-Q for the Fiscal Quarter Ended May 31, 2009 filed July 15, 2009
Form 8-K filed October 6, 2009
Form 10-Q for the Fiscal Quarter Ended August 31, 2009 Filed October 15,
2009
Response Letter Dated December 23, 2009 File No. 0-012132
and stated they have no further comments at this time.
Silverado has been a 'full reporting' to the SEC company since 1978, a period of 32 years and a 'full reporting' to the British Columbia Securities Commission company since 1964.
Answer to Shareholders:
The Company is consistently questioned by shareholders whether or not we are still mining gold. To clarify this matter, we offer the following explanation:
From 1987 to 2007/08, the Company mined underground and surface in frozen placer gold deposits at the Alaska arctic Nolan Gold Mine Property. This work was conducted to assist surface studies in the exploration work to find the source of Alaska's famed 'large' Nolan gold nuggets (up to 136 ounces). To view a movie of this work, visit http://www.silverado.com/investors/media-centre/. We succeeded in discovering the source of this gold, and extracted and sold 23,000 ounces of gold (up to 41 ounce pieces) during the process. In 2008/09 we halted the placer (gold nugget) work for the time being and switched our capital resources to the drilling and underground exploration of the source material or lode deposit. This work was successful and resulted in a preliminary feasibility analysis by an independent professional firm which showed that a profitable operation could be achieved (See the January 1, 2009, amended June 1, 2009, NI 43-101 Pre-Feasibility Study for Nolan at http://www.silverado.com/d/09Jan01_NI43-101_amended.pdf, and the August 31, 2010 news release at http://www.silverado.com/nr-2010-08-31/).
The Company has directed all its efforts, with the exception of the $150,000 pre-paid low-rank coal water fuel research project (See September 9, 2010 news release at http://www.silverado.com/nr-2010-09-09/), toward the development of this hard rock project leading to year-round production of gold and antimony (See January 7, 2010 news release at http://www.silverado.com/10jan07-nr/).
We continue to work toward gaining the financing necessary to place the project into commercial production.
On Behalf of the Board
Silverado Gold Mines Ltd.,
G. L. Anselmo, President, CEO & COO
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.
Contacts:
Silverado Gold Mines Ltd.
Investor Relations
(604) 689-1535 or Toll Free: (800) 665-4646
ir@silverado.com
www.silverado.com