News Release
Silverado's Nolan Property in Early Breakup
VANCOUVER, BC, Canada, April 22, 2009. Silverado Gold Mines Ltd (the "Company" or "Silverado") (OTCBB: SLGLF, Frankfurt: SLGL, www.silverado.com) is pleased to announce that an early thaw and breakup is being managed by our crew on the Nolan Gold/Antimony Mine in Alaska. Breakup should be over by mid May to early June and that would allow us to begin early diamond drilling for the 2009 season.
Our goals will be to increase our probable reserves on the Workman's Bench part of the property. Currently 42,412 tons of ore grading 28% antimony and 0.408 oz gold/ton and containing 11,880 tons of antimony metal and 17,300 oz of gold are disclosed in our Qualified Person's Report of January 1, 2009 (also known as a Canadian National Instrument 43-101 qualified Pre-feasibility Report).
Using a gold price of $US 700/oz with antimony at $2.25/lb as well as recoveries of 90% for gold and 85% for antimony, this reserve represents $US 56.3 Mln. The Qualified Person's summary of relevant operating costs is $US 22.2 Mln. The pre-tax profit therefore is $US 34.1 Mln. Except for a State Mining Tax of $US 0.8 Mln, corporate taxes are offset by the Company's $US 35 Mln tax loss carry-forward.
We intend to finalize a schedule for our 2009 diamond drilling program in the coming days.
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