Silverado Gold Mines Ltd. (fka SLGLF)

[MUSHROOMKING]

Approximately 143.4 million Shares Shorted Since November 2005 According

to Buyins.net Research Report

FAIRBANKS, AK and VANCOUVER, Oct. 31 /PRNewswire-FirstCall/ - Silverado Gold Mines announced today that BUYINS.NET, www.buyins.net, is reiterating coverage of Silverado Gold Mines Ltd. (OTCBB: SLGLF, Frankfurt: SLGL) after releasing the latest short sale data to October 2007. From November 2005 to October 2007 approximately 1.9 billion total aggregate shares of SLGLF have traded for a total dollar value of nearly $184 million. The total aggregate number of shares shorted in this time period is approximately 143.4 million shares. The SLGLF SqueezeTrigger price of $0.099 is the volume weighted average short price of all short selling in SLGLF. The first of several short squeezes is expected to begin when shares of SLGLF close above $0.08, where approximately 12 million shares have been shorted. To access SqueezeTrigger Prices ahead of potential short squeezes beginning, visit http://www.buyins.net.

Month Total Vol. Short Vol. Avg. Price Short $ Value

----- ---------- ---------- ---------- -------------

November '05 47,415,264 3,650,975 $ 0.05 $ 185,470

December 47,438,328 3,652,751 $ 0.05 $ 199,075

January '06 122,033,336 9,396,567 $ 0.07 $ 615,475

February 189,994,688 14,629,591 $ 0.13 $ 1,891,606

March 156,206,576 12,027,906 $ 0.13 $ 1,539,572

April 61,520,024 4,737,042 $ 0.14 $ 653,712

May 101,845,760 7,842,124 $ 0.13 $ 1,043,002

June 78,434,792 6,039,479 $ 0.09 $ 557,444

July 45,359,144 3,492,654 $ 0.07 $ 253,916

August 51,298,712 3,950,001 $ 0.06 $ 246,480

September 37,960,444 2,922,954 $ 0.06 $ 167,778

October 44,988,568 3,464,120 $ 0.05 $ 184,291

November 62,318,912 4,798,556 $ 0.07 $ 322,463

December 107,849,968 8,304,448 $ 0.09 $ 749,892

January '07 111,579,096 8,591,590 $ 0.09 $ 788,708

February 112,156,848 8,636,077 $ 0.11 $ 951,696

March 64,966,144 5,002,393 $ 0.12 $ 591,283

April 89,153,200 6,864,796 $ 0.14 $ 939,104

May 79,993,216 6,159,478 $ 0.11 $ 684,934

June 52,376,568 4,032,996 $ 0.10 $ 390,797

July 41,647,588 3,206,864 $ 0.09 $ 287,014

August 58,672,384 4,517,774 $ 0.08 $ 346,061

September 48,592,360 3,741,612 $ 0.08 $ 288,478

October 48,328,000 3,721,256 $ 0.08 $ 290,630

Total: 1,862,129,920 143,384,004 $ 0.099 $ 14,168,881

(x) short volume is approximated using a proprietary algorithm.

(xx) average short price is calculated using a volume weighted average short price.

(xxx) short volume is the total short trade volume and does not account for covers.

A recent technical report from Trade System Guru has been released at:

http://tradesystemguru.com/content/view/102/9/

This report reveals the current technical formation of SLGLF and a potential breakout that is forming.