Silverado Gold Mines Ltd. (fka SLGLF)

[LilDigger]

Alminco LLC OWED $570,000, not including interest, legal and the 3 years since this filing.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: February 28, 2011

or

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from: ___________to ___________

Commission File Number: 0-12132



Read more: http://www.getfilings.com/sec-filings/110414/SILVERADO-GOLD-MINES-LTD_10-Q/#ixzz2zM0lN6rT

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2. HAMMOND PROPERTY

Our Hammond property is located approximately 8 miles north of Wiseman, and 175 air miles north of Fairbanks, Alaska in the foothills of the Brooks Range in an area known as the Koyukuk Mining District. The Hammond property is located approximately three miles northeast of the Nolan Gold Project.

The Company leases 24 federal placer mining claims and 36 federal lode mining claims from Alaska Mining Company, Inc. (“Alminco”). As of February 28, 2011, we were in arrears of required mineral property claims and option payments of $570,000 and therefore our rights to the property were adversely affected. We are currently re-negotiating the terms and conditions of the Alminco agreement with Alminco. Alminco has confirmed that our mineral claims and options are in good standing on the understanding we will use our best efforts to pay the minimum royalty payments, including the payments that are in arrears, when business conditions permit; however there is no assurance that we will be able to successfully renegotiate the terms and conditions of the Alminco agreement.


Read more: http://www.getfilings.com/sec-filings/110414/SILVERADO-GOLD-MINES-LTD_10-Q/#ixzz2zM0vjWxp