Silverado Gold Mines Ltd. (fka SLGLF)

[MUSHROOMKING]

/R E P E A T -- Silverado's Initial Underground Exploration
Assay Results Show High Gold and Antimony Grades Comparable to Many of Today's Producing Mines/

VANCOUVER, March 24 /CNW/ - Silverado Gold Mines Ltd (Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL) - Silverado Gold Mines Ltd. announces the second set of strong assay results from its most recent underground exploration at Workman's Bench.

Executive Briefing

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

An Executive Briefing may facilitate readers and investors to better understand the significance of recent Silverado assay findings. Silverado Gold Mines Ltd. assay results from samples collected underground from individual quartz and antimony-quartz veins demonstrated gold grades as high as 1.04 toz/ton (35.80 g/ton), in addition to antimony grades up to 64.34%.

"The Silverado assay results are most encouraging," stated Garry L. Anselmo, "and are highly indicative that all of our exploration, drilling and sampling work at Workman's Bench (Nolan Creek, Alaska), has been paying off. Our 2008 Nolan Creek Exploration Plan has recently been completed. Five million dollars financing has been secured to carry out our 2008 Plan. It is important to note that all mine infrastructure is paid up and in place, including all materials, equipment and permits. Our people are preparing to re-commence activities in anticipation of the Arctic Alaska winter to end, which should be sometime in April. All of this has been progressively reported in our Press Releases. If you follow the trend, you will see news shaping up at Silverado."

"Is 2008 The Next Breakout Year For Silverado Gold Mines Ltd.?"

http://www.silverado.com/pressroom/pressreleases/05032008.htm (Mar 5 08)

Silverado's assays also indicate a strong presence of antimony (58.76 - 64.34%). The domestic (U.S.) antimony market is approximately 70,000,000 pounds per year (valued at more than $200,000,000), and is growing at an annual rate of 6.8% per year.

"Silverado Can Supply Growing $200 Million Antimony Market"

http://www.silverado.com/pressroom/pressreleases/09012008.htm (Jan 9 08)

"We are often asked why Silverado is not in actual production yet," continued Mr. Anselmo. "Well, geological, geochemical and geophysical testing has highlighted the most likely and best defined sites to explore. We have carried out selective drilling, and even did underground exploration throughout the wintertime."

"With the assay results, we now know what the potential high yield gold (and antimony) deposits can consist of, and that is exciting. However, it is now critical to determine the nature and width of the mineralized zones below, the width of the veins within them, the access angle we need to use, and, ultimately, what Silverado might expect in terms of the yield per ton of the potential ore bodies themselves. The continued drilling and sampling will direct our next stage Production Plan."

Mr. Anselmo concluded, "The results would also allow our own Certified Professional Geologist, in conjunction with third party professional mining consultants, to estimate gold and antimony reserves, and their dollar value. This would be based on estimated ore body size and grade."

The balance of this Press Release was prepared by Dr. Karsten Eden, Certified Professional Geologist; who is a qualified person as defined under the standards of Canadian National Instrument policy 43-101. Only the balance of this Press Release can be considered certified.



<<
All Assay Results from Underground Exploration Program at Workman's
Bench Disclosed - Gold Grades as high as 1.04 toz/ton, and Antimony
Grades up to 64.34% in Tunnel A and as high as 0.7 toz of Gold/ton
and 58.76% Antimony in Tunnel C
>>


Silverado Gold Mines announced today that it has received all assays from its first phase underground exploration program on Workman's Bench. Workman's Bench is the company's prime exploration target for a lode gold and antimony deposit in the southwestern part of the extensive Solomon Shear Zone. Underground sampling has disclosed high grade gold and antimony mineralization. Gold and antimony values from samples collected from individual veins in Tunnel A assayed as high as 1.04 troy ounces gold per ton (35.8 g/t Au) and 64.34% antimony (see http://www.silverado.com/i/pdf/Figure-1.pdf). Samples collected from individual veins in Tunnel C assayed as high as 0.7 troy ounces gold per ton (24 g/t Au) and 58.76% antimony (see Table 1).

During winter 2007/08, Silverado Gold Mines drove an exploration tunnel into the Workman's Bench mineralized zones to intersect the gold bearing antimony- quartz vein systems. During this first phase underground exploration program, numerous quartz and antimony-quartz veins were exposed. To date three main mineralized zones have been identified through the correlations between the underground observations with the drill intercepts from the 2007 Workman's Bench drilling program (see http://www.silverado.com/i/pdf/Figure-1.pdf). The Workman's Bench mineralized zones have been confirmed over a strike length of 600 feet. They are well defined and contain antimony and gold bearing veins each of which are generally larger in width (up to one foot) than at the other drilled gold and antimony prospects (the Hillside and Pringle Bench) within the Solomon Shear Zone. This is not only evidenced by drilling, but also by underground and surface observations. The gold and antimony mineralized zones at Workman's Bench are open laterally and at depth.

A total of 28 samples from quartz and antimony-quartz veins exposed in the mineralized zones underground were collected at 12 sample locations (see http://www.silverado.com/i/pdf/Figure-1.pdf) and were sent to ALS Chemex in Fairbanks for analysis.



<<
Table 1: All Gold and Antimony values for samples collected at sample
locations 1 to 12.
-------------------------------------------------------------------------
Sample
Location Sample Number Gold (g/t) Gold (toz/ton) Antimony (%)
-------------------------------------------------------------------------
1 WBUG1 S1 0.24 0.007 46.69
-------------------------------------------------------------------------
1 WBUG1 S2 0.03 0.001 64.34
-------------------------------------------------------------------------
2 WBUG2 S1 0.26 0.008 5.67
-------------------------------------------------------------------------
3 WBUG3 S1 23.30 0.680 52.10
-------------------------------------------------------------------------
3 WBUG3 S2 11.35 0.331 57.89
-------------------------------------------------------------------------
3 WBUG3 S3 1.07 0.031 6.09
-------------------------------------------------------------------------
3 WBUG3 S4 15.55 0.454 55.71
-------------------------------------------------------------------------
3 WBUG3 S5 15.30 0.446 1.11
-------------------------------------------------------------------------
4 WBUG4 S1 0.44 0.013 32.52
-------------------------------------------------------------------------
4 WBUG4 S2 0.72 0.021 0.10
-------------------------------------------------------------------------
5 WBUG5 S1 1.81 0.053 21.02
-------------------------------------------------------------------------
5 WBUG5 S2 35.80 1.044 50.04
-------------------------------------------------------------------------
5 WBUG5 S3 1.09 0.032 13.38
-------------------------------------------------------------------------
6 WBUG6 S1 1.57 0.046 0.30
-------------------------------------------------------------------------
6 WBUG6 S2 0.54 0.016 0.08
-------------------------------------------------------------------------
7 WBUG7 S1 0.06 0.002 43.94
-------------------------------------------------------------------------
8 WBUG8 S1 12.40 0.362 57.52
-------------------------------------------------------------------------
8 WBUG8 S2 5.03 0.147 58.76
-------------------------------------------------------------------------
8 WBUG8 S3 24.00 0.700 58.02
-------------------------------------------------------------------------
9 WBUG9 S1 2.92 0.085 33.92
-------------------------------------------------------------------------
9 WBUG9 S2 4.47 0.130 17.34
-------------------------------------------------------------------------
9 WBUG9 S3 3.23 0.094 8.74
-------------------------------------------------------------------------
9 WBUG9 S4 17.75 0.518 7.34
-------------------------------------------------------------------------
9 WBUG9 S5 1.78 0.052 0.04
-------------------------------------------------------------------------
10 WBUG10 S1 2.26 0.066 1.36
-------------------------------------------------------------------------
11 WBUG11 S1 1.56 0.046 0.03
-------------------------------------------------------------------------
12 WBUG12 S1 4.89 0.143 0.02
-------------------------------------------------------------------------
12 WBUG12 S2 4.45 0.130 0.01
-------------------------------------------------------------------------
>>


Gold and antimony values from samples collected from individual veins at various points between sample locations 1 to 12 assayed as high as 1.04 troy ounces gold per ton (35.8 g/t Au) and 64.34% antimony. These assays confirm that high grade gold and antimony mineralization occurs in the Workman's Bench mineralized zones. Silverado Gold Mines plans to conduct a channel sampling program in April 2008 in the existing exploration tunnels, where defined channel samples will be cut across the mineralized zones. In addition, the company intends to undertake a mineralogical sampling campaign to obtain a better understanding of the metallurgical characteristics of the gold and antimony ores of the Workman's Bench area.

Workman's Bench is part of the Solomon Shear Zone that contains NE striking gold-antimony-quartz vein systems. These vein systems occur not only on Workman's Bench, but also across Smith Creek to Pringle Bench, further up on the Hillside, and have also been located north of Smith Creek Dome.

The NE striking gold-antimony-quartz-vein system represents the borderline between mesothermal (medium temperature) and epithermal (low temperature) mineralization. Several authors place the gold-antimony quartz vein systems in the southern Brooks Range in the lower temperature part of the mesothermal vein type deposit system.

Silverado Gold Mines is planning an extensive drilling program at Workman's Bench to define the gold and antimony mineralization at depth over a strike length of 1,500 feet from Smith Creek, down to the Nolan landing strip. Once this program is completed, drilling will continue on Pringle Bench. The drilling program at Pringle Bench will be designed to intersect the gold and antimony mineralized zones at the Workman's Bench level. The gold and antimony mineralized zones at Workman's Bench and Pringle Bench are both open laterally and at depth.

Further underground exploration of the Workman's Bench and possibly Pringle Bench will be dependant on current assays combined with the assay data gained from this spring and summer's drilling program as well as full channel samples to be cut in the Workman's Bench mineralized zone.



http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=SLGLF:US&sid=as_P1NpNrOGk