Silverado Gold Mines Ltd. (fka SLGLF)

[MUSHROOMKING]

Silverado Receives Encouraging Preliminary 2008 Drill Results at Nolan Creek


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Vancouver, BC, Canada, (July 21, 2008). Silverado Gold Mines Ltd. (the "Company" or "Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, announces today that it has completed 16 drill holes totalling 4,823 ft. as part of its 2008 exploration drilling at Workman's Bench, the Company's prime exploration target on its Nolan Creek property. This year's drilling has extended the known lateral extent of the stibnite (antimony)-gold vein systems on Workman's Bench from 600 ft. to 1,000 ft.

Visible gold was observed in drill core from holes 08SH1B and 08SH08. The Company has also collected four large underground samples of stibnite and gold mineralized rock from the main vein in Tunnel D, which assayed as high as 2.02 troy ounces of gold per ton, and 40.39% antimony.

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. The Solomon Shear Zone contains NE striking gold-antimony-quartz vein systems which also occur in other areas on the Nolan Creek property, including across Smith Creek on Pringle Bench and north of Smith Creek Dome.

This years drilling on Workman's Bench has focused on defining the lateral and vertical extent of the known gold and antimony mineralized zones, in particular on the main exposed vein in underground exploration Tunnels C and D. Information thus far indicates the gold and antimony mineralized zones at Workman's Bench are open laterally and at depth. A drill hole location map for these zones can be found on the Company's website on the Nolan Creek project page at http://www.silverado.com/i/pdf/2008-07-21_Fig1.pdf

The Company has received the first assay results for drill holes 08SH01A, 08SH01B and 08SH02, which are presented in the table below. The reader should note that assay results listed in the table present results of individual veins sampled and cut from the drill core. Assays from some of the veins cut in drill holes 08SH1B and 08SH02 are pending, and will be reported upon receipt. Additional assays for the remaining drill holes are also pending. Drilling continues on the Workman's Bench Zone, as warranted.


DRILL
HOLE
NUMBER SAMPLE
INTERVAL
(FROM) SAMPLE
INTERVAL
(TO) SAMPLE
LENGTH
(FT) GOLD
(OZ/TON) ANTIMONY
(%)
08SH01A 94.90 96.30 1.4 0.01 1.40
08SH01A 130.60 131.60 1 0.07 0.01
08SH01A 150.70 151.40 0.7 0.04 0.00
08SH01A 162.00 167.00 5 0.01 1.44
08SH01A 169.10 171.50 2.4 0.04 0.01
08SH01A 176.00 178.00 2 0.08 0.01
08SH01B 198.70 199.20 0.5 0.21 17.86
08SH01B 232.50 233.00 0.5 0.03 0.03
08SH01B 293.30 293.90 0.6 0.12 0.00
08SH02 125.00 127.00 2 0.04 0.86
08SH02 142.50 143.00 0.5 0.08 0.00
08SH02 145.00 146.00 1 0.11 0.01
08SH02 146.50 148.50 2 0.07 0.01
08SH02 154.60 155.40 0.8 0.07 0.01
08SH02 155.90 156.80 0.9 0.07 0.00
08SH02 160.00 160.60 0.6 0.03 23.33
08SH02 169.00 169.50 0.5 0.02 3.32
08SH02 170.20 170.70 0.5 0.02 7.95
08SH02 176.10 176.60 0.5 0.05 0.03
08SH02 182.00 182.70 0.7 0.08 0.03
08SH02 186.50 187.50 1 0.09 37.92
08SH02 198.80 200.60 1.8 0.04 0.01


The assay results at Workman's Bench returned significant antimony grades in drill holes 08SH1B and 08SH02. Drill core from hole 08SH1B showed visible gold in one vein. Assays for that particular interval are still pending. Drill hole 08SH02 intersected the main vein at 186.5 ft to 187.5 ft downhole. The vein has a true width of 5 inches, and assayed as high as 37.92% antimony and 0.09 troy ounces of gold per ton. Visible, coarse gold was also observed in a stibnite-quartz vein in drill hole 08SH08 at 348 ft to 348.2 ft (See http://www.silverado.com/i/pdf/2008-07-21_Pic1.pdf ) and 380 ft to 381.2 ft downhole.

All drill core was logged and photographed by Silverado geologists. Once all technical data was derived from the core, the core was cut lengthwise. The half-core was sampled by pre-determined intervals based on geology, and placed in sealed sample bags labelled with the assigned sample number. All samples were delivered to ALS Chemex in Fairbanks for analysis. Specific antimony samples of massive stibnite veins were delivered to Alaska Assay Laboratories in Fairbanks for analysis. With the shipment to the laboratories of every 20th sample, the Company submitted two (2) standard samples, and one (1) blank sample for analysis. From time to time, the Company instructed the laboratories to assay duplicate samples of the pulp from the drill core.

Silverado further announces that gold and antimony values from large vein samples collected underground from the main vein in Tunnel D at four different sample locations assayed as high as 2.02 troy ounces gold per ton and 40.39% antimony. These assays confirm the high grade nature of gold and antimony mineralization within the main vein over a length of 67 ft in Tunnel D. The stibnite ore samples were delivered to Alaska Assay Laboratories in Fairbanks for analysis. Duplicate samples have also been delivered to ALS Chemex in Fairbanks for analysis. Duplicate assays are pending.


SAMPLE
LOCATION SAMPLE
NUMBER GOLD
(OZ/TON) ANTIMONY
(%)
I 707081 0.38 33.13
II 707082 0.65 33.59
III 707083 2.02 34.46
IV 707084 0.73 40.39


Dr. Karsten Eden, Certified Professional Geologist, and Vice President Exploration of Silverado, is the qualified person as defined by Canadian National Instrument 43-101 for the Company and has verified the data contained in this news release.

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. The Company is developing low-rank coal water fuel that would 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, please visit http://www.silverado.com/.

CONTACT INFORMATION - SILVERADO GOLD MINES LTD.

Mailing Address
Suite 1820 - 1111 West Georgia St
Vancouver, British Columbia
Canada V6E 4M3

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