$41,200,000 Of Inferred In-place Antimony Resource Calculated In One

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5th May 2008, 10:06pm - Views: 783

$41,200,000 of inferred in-place antimony resource calculated in one

small segment of the Nolan Property - Additional gold value due shortly

in final Bundzten report

VANCOUVER, May 5 /CNW-AsiaNet/ --

      Silverado Gold Mines Ltd., and its wholly owned subsidiary, Silverado

Green Fuel Inc. (Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL).

     News from Silverado's Mine Manager at Workman's Bench, Nolan Creek Site:


     With a late winter thaw in Alaska, Silverado has assembled its team, and

readied all of its equipment and supplies for an anticipated season of

exploration and development. The first target zone, as defined by drilling,

tunnelling, surface mapping and sampling, contains multiple, thin, steeply

dipping, quartz-sulfide veins and veinlets over an overall true width ranging

from 95-105 feet. Within that mineralized zone, one vein contains a

0.4-to-1.1 foot thick (average(equal sign)0.6 foot) band of stibnite (antimony

sulphide) that contains appreciable gold.

     News from Tom Bundtzen, Mining Consultant:


     Thomas K. Bundtzen is President of Pacific Rim Geological Consulting,

Inc., of Fairbanks, Alaska, USA. Mr. Bundtzen is a well-known placer and

lode-mining consultant active in North America and Eastern Russia. During

April, Bundtzen supervised the collection of 30 chip-channel samples and a

large bulk sample from the quartz-sulfide vein stockwork and from a massive

stibnite-bearing vein-fault system, respectively. Bundtzen's preliminary

'Draft Field Report' (April 22, 2008) contains exploration maps and

operational photos, as well as photos of stibnite veins and semi massive

quartz-stibnite-gold veins, and confirms the high gold and antimony content

assay results reported by first phase, independent laboratory testing.

     In an effort to better quantify the mineral discoveries at Nolan Creek,

specifically within a 500 foot long by 225 foot (vertical) area of the

Workman's Bench, part of the Solomon Shear, Silverado has contracted

Thomas K. Bundtzen to prepare a preliminary resource estimate. The

resource estimate will be based on: 1) underground chip and channel

sampling conductedby Bundtzen; 2) on assayed mineralized zones within

drill hole intercepts; 3) on evaluation of polished thin sections from

mineralized zones; and 4) on microprobe determinations. Silverado assay

sample data will also be incorporated into the estimate. A bulk sample from

the mineralized stibnite zone is being prepared for shipment to a

metallurgical test facility outside of Alaska.

     Please see Bundtzen's preliminary 'Draft Field Report' (dated April 22,

042208.pdf, and a semi-massive stibnite vein mineralization photo at

     The April 22, 2208 draft report will be followed shortly by a

resource/mineralization valuation, also to be prepared by Pacific Rim

Geological Consulting, Inc. (PRGCI), which provides third party reports and

assessments, in conformity with professional and NI 43-101 guidelines, with

consulting fees paid by the company.

     Antimony News from Silverado Management:


     The initial report of Thomas K. Bundtzen received on April 22nd, 2008

confirms Silverado's observations in the Workman's Bench system. The

tunnel on the 80 foot level has identified a stibnite-quartz vein that contains

80 percent stibnite and 20 percent quartz. Both surface and subsurface data

indicates that the mineralized zone on Workman's Bench can be traced for

500 feet along strike and to a minimum depth of about 225 feet. Hence 500 ft

X 225 ft X 0.6 ft (equal sign) 16,875 tons of inferred stibnite resources with a

calculated unit worth of $41.2 million USD ($1.22/lb for massive stibnite ore)

of in-place, inferred antimony resource. The in-place antimony resource

estimate presented above includes only a single vein system in that portion

of Workman's Bench that has been explored by surface and underground

exploration techniques. There are three additional zones of semi-massive,

stibnite-bearing veins in the Workman's Bench mineralized zone. Additional

drilling, inferring logical extensions to Pringle Bench to the Northeast could

add to this in-place, antimony resource estimate.

     Gold News from Silverado Management:


     Massive stibnite contains up to 35 grams/tonne (1.13 oz/ton) gold;

however, an inferred gold resource is not calculated here, but will be

estimated when final gold assay results are received from the submitted

samples collected in April, 2008.

     Please see semi-massive stibnite vein mineralization photo from Tom

Bundzten's Preliminary Field Report of April 22, 2008, at

     News from Silverado Shareholders:


     "There seems to be a 'buzz' around Fairbanks being reported by

shareholders, that Silverado is 'onto something significant'. We have heard

this from a number of sources. That's generally a pretty good sign." - Bob

Dynes, Investor Relations

     U.S. Presidential Race News:


     On 'Good Morning America' (April 29/08), U.S. Presidential candidate

Senator Hillary Clinton stated that she would seek $150 billion for alternate

fuel development, including coal-to-liquid fuel. She further recognized that

ethanol was depleting the world's food supply, and, as such, was not a long

term energy solution.

     News from Silverado Green Fuel:


     With anticipated Green Fuel production costs at $20/equivalent oil

barrel, and oil prices exceeding $115/barrel, Silverado's Green Fuel

initiative is well positioned. See www.silveradogreenfuel.com.

     Silverado in the Media:


     Equities Magazine, Special Mining Edition (May 1, 2008) includes a full

page highlighting the results of the recent "Melman Report" on Silverado.

     (Silverado Gold Mines Ltd.): - The Melman Report concluded that, "given

typical market valuation of 10 to 20 times earnings for mining shares", should

Silverado succeed in its gold exploration, and subsequent production

("...which appears to be possible given their current placer operations,

exploration work and resources indicated in the Bundtzen Report..."), then

"the shares would have the potential to move to the region of 40 cents to

80 cents ($0.40 - $0.80) - or a multiple of eight to sixteen times the current


     (Silverado Green Fuel Inc.): - "In addition to its mining activities,

Silverado is also involved in developing its subsidiary company, Silverado

Green Fuel Inc. www.silveradogreenfuel.com The fuel is referred to as

"Low-Rank Coal-Water Fuel" (or "Green Fuel") and is designed to be used in

oil-designated boilers and advanced combustion and gasification systems.

The economics of Green Fuel are intriguing because engineers estimate that

it can be produced for a total cost of about US$20 per barrel, compared to

the world market price for Crude Oil which is quoted at above US$110 per

barrel as of early April, 2008. Although it is difficult to place a valuation on the

Green Fuel portion of Silverado's future, the economics of that venture could

add substantially to their potential valuation."

     See Report and Disclaimers

     News from Gold Market Experts:


      "I have heard from reputable sources that U.S. hedge funds have a trade

on in which they have shorted juniors against senior gold stocks."..."It was

further suggested that a lot of the shorting of juniors was naked (i.e.

selling short without bothering to borrow the stock). If this is indeed true,

and the gold price performs as I expect, there will be a day of reckoning for

the shorts and an explosive move in the juniors. Considering how cheap they

are currently, that would be more than appropriate." - John Emery, Investor's

Digest, April 18, 2008

     News from Antimony Market Experts:


     "Antimony prices soar on supply squeeze. Antimony ingot prices in the

European spot market continue to rise on the back of higher offers and

limited supply from China. Prices this week topped $6,000/tonne even for

grade two ingot." - http://www.metal-pages.com/ :

     Chinese Investor Attraction Test Initiative:


     Synergy Management Group Ltd., Silverado's contractor, has provided

feedback that its on-the-ground people in China were generating key high

wealth investor databases, and carrying out awareness building via

presentations to banks, brokers and investment houses, media coverage,


marketing directly to the newly compiled investor databases. Interest in

Silverado's Green Fuel venture is growing significantly.

     Silverado Gold Mines Ltd.


     Silverado is an international company focused on gold exploration, and a

new environmentally friendly Fuel Technology. Silverado has gold properties

located throughout Alaska which include the 100% owned Nolan Placer Gold



     To learn more about Silverado Green Fuel Inc. and watch the Green Fuel

    Video, visit :- www.silveradogreenfuel.com

     Silverado Gold Mines Ltd. www.silverado.com

     Silverado on Kitco www.kitco.com

     Silverado's Asian (China) Investor Website www.silverado.hk

     Silverado's North American Chinese Investor Link

     Silverado Corporate Policy on Unsolicited Media Reporting:

Conservation Energy Silverado Gold Mines Ltd. 2 image


     This Press 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. These statements are based on

management's expectations and beliefs, and involve risks and uncertainties.

These statements may involve known and unknown risks and uncertainties

and other factors that may cause the actual results to be materially different

from the results implied herein. Readers are cautioned not to place undue

reliance on the forward-looking statements made in this Press Release.

   SOURCE:      Silverado Gold Mines Ltd.

  CONTACT:    Suite 1820 - 1111 West Georgia Street, Vancouver,British

                        Columbia, Canada, V6E 4M3,

                        Telephone: (604) 689-1535,

                        Facsimile: (604)682-3519;

                       Investor Relations: E-mail: ir(at)silverado.com;   

                       Public Relations: E-mail: pr(at)silverado.com,

                      Toll Free: 1-800-665-4646 (Canada and USA only)/


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