Silverado Reviews Its Eagle Creek Exploration Data; Current Gold Prices and a Recent Assessment Report Indicate Numerous Gold Targets Exist on the Eagle Creek Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/27/10 -- Silverado Gold Mines Ltd. (OTCBB: SLGLF)(FRANKFURT: SLGL) (www.silverado.com) (the 'Company' or 'Silverado'), following the advice of the Company QP (Qualified Person), Thomas K. Bundtzen, has begun compiling and reviewing the Eagle Creek Property exploration data (visit http://www.silverado.com/nr-2010-10-27/ to view accompanying photo). An NI 43-101 report prepared by Bundtzen for the Company in July of 2008 had recommended Silverado compile their exploration data from the Eagle Creek property located 13 miles north of Fairbanks Alaska (visit http://www.silverado.com/projects/eagle-creek/ for a link to the report).
The Scrafford vein-fault located on the Eagle Creek property was once the second largest producer of antimony in the state of Alaska. During the previous mining operations for antimony, gold credits associated with the sale of the antimony ore averaged 0.18 oz/ton gold. During the early 1990s Silverado had entered into a partnership with American Copper and Nickel (ACNC) to explore for gold on the property. The joint venture exploration program had targeted bulk mineable gold in granodiorite intrusives similar to the Fort Knox Gold Mine deposit located 18 miles northeast of Fairbanks Alaska. The program was successful at identifying the gold-mineralized granodiorite, but the average gold grades were low.
A preliminary assessment report prepared by Silverado's chief geologist, Karl Sharp of Anchorage Alaska, states that there is an abundance of different gold-bearing deposit types that occur on the property, most notably, east-west and northeast trending gold-bearing vein-faults that cut through the property in addition to the intrusive-hosted bulk mineable gold targets. In contrast to the intrusive hosted bulk mineable deposits, the vein-faults are typically lower tonnage deposits yet yield higher gold grades. According to Sharp, the gold-bearing vein-faults and the gold bearing intrusive are ripe for more exploration, especially considering the current gold prices. The Company QP, Thomas Bundtzen, had previously recommended in the July 2008 technical report to the Company to conduct more exploration along the 2,000 ft long antimony-gold vein-fault referred to by the Company as the Scrafford deposit.
The Company has begun collecting samples from the gold-bearing vein-faults and the assay results from these samples are pending and will be disclosed to the public upon the receipt of the certified results. The Company believes the gold potential of the Eagle Creek property, located 13 miles north of Fairbanks, will complement the Ester Dome Property located five miles west of Fairbanks (visit http://www.silverado.com/nr-2010-10-27/ to view accompanying map). Readers and investors can review the indicated resources of the Ester Dome property and study more on the Eagle Creek property by visiting the Company website at http://www.silverado.com.
Qualified Person
This press release was written by the Company's chief geologist, Karl Sharp, and has been reviewed and approved by the Company's QP, Thomas K. Bundtzen, P. Geo., BS, MS, CPG-10912, ABSLN #279639, and president of Pacific Rim Geological Consulting, Inc. of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101.
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.
On Behalf of the Board
Silverado Gold Mines Ltd,
G. L. Anselmo, President, CEO & COO
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