Silverado Gold Mines Ltd. (fka SLGLF)

[MUSHROOMKING]

Silverado Announces Balance of 2008 Drill Hole Assay Results at Nolan Creek Which Continue to Disclose Gold and Antimony Mineralization


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VANCOUVER, BC, Canada, October 23, 2008. Silverado Gold Mines Ltd. (the "Company" or "Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, announces that it has received assays of mineralized veins for drill holes 08SH25 through 08SH33, being the remaining drill holes from its 2008 diamond drilling program on its Nolan Creek property. This season, the Company completed 34 drill holes totaling 11,597 ft of drilling at Workman's Bench, the Company's prime exploration target on its Alaska Nolan Creek property. An updated drill hole location map for these zones can be found on the Company's website at http://www.silverado.com/i/pdf/2008-10-23_NCWBD.pdf.

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.

This year's drilling on Workman's Bench has focused on defining the lateral and vertical extent of the areas of known gold and antimony mineralization, 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. This year's drilling has extended the known lateral extent of the stibnite (antimony sulfide)-gold vein system on Workman's Bench from 600 ft to 1,000 ft.

Interpretation of exploration data suggests the 1000 ft long Workman's Bench stibnite-gold vein system extends northeast towards Pringle Bench, where it has been confirmed over a length of an additional 500 ft and appears to continue to the northeast as evidenced by geochemical and geophysical anomalies. To the southwest on Workman's Bench, the stibnite-gold vein systems appear to be offset to the east. An existing west-northwest cross cutting structure has been identified at this location and is the probable cause of the offset.

Selected drill hole assays are presented in the tables below. Most samples of vein material contain gold. The reader should note that assay results listed in the table present results of individual veins sampled and cut from the drill core.


Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH25 40.8 41.3 0.5 0.04 1.07
08SH25 374.8 376.5 1.7 2.86 43.20
08SH25 376.5 377 0.5 0.21 4.45
08SH25 378 378.5 0.5 0.07 4.46

Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH26 334.5 335 0.5 0.26 1.04
08SH26 337 337.5 0.5 0.07 3.59
08SH26 340.5 341 0.5 0.03 4.91

Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH31 272 273.5 1.5 0.09 0.01

Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH32 167 167.5 0.5 0.02 1.64
08SH32 167.5 168.5 1 0.06 1.37
08SH32 171.5 172 0.5 0.18 21.24
08SH32 172 172.8 0.8 0.03 8.02
08SH32 172.8 174.8 2 0.10 0.32
08SH32 176 177.5 1.5 0.06 12.62
08SH32 183 184 1 0.05 1.26
08SH32 186.5 187.5 1 0.01 1.22
08SH32 187.5 188 0.5 0.55 0.01
08SH32 203.7 205.7 2 0.09 1.94
08SH32 205.7 206.5 0.8 1.13 38.74
08SH32 206.5 209.5 3 0.06 2.22

Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH33 162 167 5 0.04 2.70
08SH33 242 242.6 0.6 0.04 19.38
08SH33 242.6 243.2 0.6 0.02 4.87



Although there are many mineralized veins within the Workman's Bench zone, one particular vein, the main vein, continues to be the focus of interest to the Company (for more information see Press Release dated August 14, 2008, "Silverado Announces Continued High Grade Gold and Antimony Mineralization in Drill Cores at Nolan Creek", available at: http://www.silverado.com/i/pdf/2008-08-13_NR.pdf).

With this year's drilling, the Company feels confident that it has traced the main vein over a strike length of 1,000 ft and to a depth of 336 ft. Information thus far indicates that the main vein at Workman's Bench is open laterally and at depth. The main vein system can be defined not only by its geologic characteristics, but also by its gold and antimony grades which show a higher average than the other mineralized veins. In addition, the occurrence of visible or native gold and higher gold grades have increased markedly as the drilling progressed to the southwest along the main vein. The last drill hole "08SH28" did not intersect the main vein which appears to have been offset to the east.

All drill core was logged and photographed by 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 and labeled with the assigned sample number. All samples were delivered to ALS Chemex in Fairbanks for analysis. With the shipment to the laboratory 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 laboratory to assay duplicate samples of the pulp from the drill core.

Dr. Karsten Eden, Certified Professional Geologist and European Geologist, and Vice President Exploration of Silverado Gold Mines Inc., 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.