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Wednesday, November 19, 2008

/C O R R E C T I O N from Source -- Silverado Gold Mines Ltd./

In c9053 transmitted today at 05:00e, incorrect figures appeared in the
table summarizing updated mineral resource estimates for the Workman's
Bench deposit. Other errors occurred throughout the body of the release.
Full corrected and updated copy follows:

Silverado Announces Updated Mineral Resource Estimates for Workman's
Bench Gold and Antimony Deposit at Nolan Creek

VANCOUVER, Nov. 17 /CNW/ - Silverado Gold Mines Ltd. (the "Company" or
"Silverado") SLGLF OTCBB, SLGL Frankfurt,, is pleased to
announce that it has received updated antimony and gold mineral resource
estimates for its Workman's Bench gold and antimony deposit. The updated
mineral resource estimates have been prepared by Thomas K. Bundtzen
("Bundtzen") of Pacific Rim Geological Consulting Inc., the independent mining
consultant commissioned by the Company to conduct a preliminary feasibility
study on the Nolan Creek property. A NI 43-101 Technical Report in respect of
the updated resource estimates and disclosing the results of the preliminary
feasibility study will be completed and filed within 45 days of this news
release and will be available on SEDAR at, EDGAR at and on the Company's website at The
updated mineral resource estimates incorporate Silverado's 2007 and 2008 drill
results (available at under the heading "News Releases", and
on SEDAR), and were calculated using the polygonal block method.
Workman's Bench is the Company's prime exploration target for a lode gold
and antimony deposit in the southwestern part of the Solomon Shear Zone, which
is located on the Company's Nolan Creek Property in Alaska.
Bundtzen has confirmed the presence of three veins ('A', 'B' and 'West')
in the seventy (70) ft. wide mineralized zone of Workman's Bench. The
indicated resource represents a portion of a mineralized zone that is open
along strike and at depth. Additional drilling is planned with respect to this
zone, beginning in Spring, 2009.
The following table summarizes the updated mineral resource estimates for
the Workman's Bench gold-antimony deposit, effective November 3, 2008.

Grade Quantity Grade Metal Grade Metal
Category (% Sb) (ton) (% Sb) (ton Sb) (oz/ton Au) (oz Au)
'A' Vein -
Indicated 4.0 28,452 31.52 8,970 0.405 11,520
'B' Vein -
Indicated 4.0 8,756 25.63 2,240 0.480 4,210
'West' Vein -
Indicated 4.0 5,204 12.80 665 0.302 1,570
Grades 4.0 28.00 0.408
Totals 42,412 11,875 17,300


- Indicated Mineral Resources which are not mineral reserves do not
have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting,
legal, title, taxation, socio-political, marketing, or other relevant
issues. A total of 124 mineralized intervals were examined and
provide sufficient exploration data to define these indicated mineral
- Rounding may result in some discrepancies.
- No process recovery factors have been applied to these resource
- The unit ton refers to short tons.

Assumptions and Methods

Bundtzen included the following steps during calculation of the indicated
resources at Workman's Bench:

- personal inspection of Workman's Bench lode style gold property
during 2007-2008;
- database compilation and data validation;
- geological interpretation and modeling;
- compositing assay intervals to a common length;
- determination of average material density for lode properties;
- analysis of grade variability;
- polygonal estimation of grade by compositing of sample assay
information taken within designated widths and lengths of mineralized
- assignment of appropriate cut off grades, the lowest grade that can
be mined economically;
- classification of confidence in the estimates with respect to CIM
(2005) guidelines, and;
- mineral resource tabulation and validation of the resource estimate.

Data Verification

During numerous personal inspections of the Nolan Creek properties (2007
to 2008) the QP has observed sample collection and sample preparation
practices for lode-style deposits.
On June 13 and 14 and September 28 and 29, 2008, the QP visited Nolan
Camp and examined all significantly mineralized core intervals acquired from
the 2007 and 2008 exploration of the Workman's Bench property. A total of
124 mineralized intervals were examined. The analytical data was compared with
each of the mineralized zones to confirm the elevated antimony and gold values
in the sampled intervals.
Drill core intervals were checked through re-assay and inspection. The QP
is satisfied that the sampling and analysis of drill core was carried out in a
sound manner.
Selected field duplicates of sampled intervals, two from underground
channels, and one from a trench, were submitted by the QP to an umpire
laboratory (Alaska Assay Laboratories LLC) to check analytical results from
ALS Chemex. In as much that the samples are collected by different individuals
at different times and analyzed by different labs, the QP judges that results
from this limited comparison indicate acceptable levels of bias and accuracy
for gold and antimony values and confirm the existence of mineralization.

Note to News Release

Please consider the following information in connection with our resource
estimates for Workman's Bench, which we are disclosing in accordance with
applicable SEC standards and regulations:

- Assumed Prices of US $750/oz for gold and US $1.65/lb for antimony.
- Process Recovery Rates of 99% for antimony and 98% for gold (as
provided by Hazen Research following a flotation test on an
underground bulk sample from the D tunnel of the Workman's Bench
A vein).
- Estimated Operating Costs of US $553/ton, based on operation of a
200 ton per day underground mine.

A cutoff grade of 4% antimony was used in our analysis. A 4% cutoff grade
should be regarded as 4.0% antimony equivalent. No cutoff grade was used for
gold as antimony was the primary commodity being examined, and none of the
resource polygons contained less than 0.05 oz/ton gold.

U.S. investors are cautioned that the term "indicated resources" as used
herein, is recognized by NI 43-101 under Canadian regulations, but is not
recognized by the SEC. US investors are advised that NI 43-101 standards and
the SEC's Industry Guide 7 standards are substantially different, and that
many of the terms and concepts set out in and required to be disclosed by
NI 43-101 as information material to the Company are neither recognized by the
SEC nor included in or compliant with Industry Guide 7 standards. U.S.
Investors are also cautioned not to assume that any part of mineral deposits
in the "indicated resource" categories will ever be converted into reserves.

Qualified Person

The mineral resource estimates contained in this news release were
prepared by Thomas K. Bundtzen, P.Geo, BS, MS, CPG-10912, ABSLN No. 279639,
President of Pacific Rim Geological Consulting, Inc. of Fairbanks, Alaska, who
is independent of the Company as defined by NI 43-101. Bundtzen is a Certified
Professional Geologist with the American Institute of Professional Geologists.
Bundtzen is a "Qualified Person" as defined by NI 43-101 and also qualifies
under the rules stated by the U.S. Securities and Exchange Commission ("SEC"),
and has verified the data contained in this news release for accuracy.

About the Company

The Company is an exploration stage company focused on the exploration of
gold properties, with some past production, and the development of new
environmentally friendly low-rank coal water fuel technology. The Company has
gold properties located throughout Alaska, which include a 100% interest in
numerous mining claims located on the Nolan Creek property. Please visit
The Company is developing low-rank coal water fuel that is designed to be
produced from low-rank coal and processed into an environmentally friendly oil
substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its
publicly traded parent, Silverado Gold Mines Ltd. For more information about
Silverado Green Fuel Inc., please visit

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
statements 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.

For further information: Contact Information - Silverado Gold Mines
Ltd.: Mailing Address, Suite 1820 - 1111, West Georgia St, Vancouver, British
Columbia, Canada, V6E 4M3; Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL;
Telephone: (604) 689-1535, Facsimile: (604) 682-3519, Toll Free:
1-800-665-4646 (Canada and USA only); Investor Relations: E-mail:; Public Relations: E-mail:; Media Relations:

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