VANCOUVER, British Columbia, Sept. 4, 2009 (GLOBE NEWSWIRE) -- Silverado Gold Mines Ltd. (OTCBB:SLGLF) (Frankfurt:SLGL) (www.silverado.com) (the "Company" or "Silverado"), further to its technical news release of September 3, 2009 and its NI 43-101 report (available on the Company's website), is pleased to provide the following observations for its shareholders:
The Company's drilling this year at the Nolan Creek property has connected the Workman's and Pringle Bench areas and these now represent a zone of continuous gold and antimony mineralization over a length of 2300 feet from the prior reported 950 feet (2007/2008 data).
As a result of the 2009 drilling, the Company has potentially increased its quantified resource and assay results are expected to confirm this potential increase. (See NI 43-101 report referenced above.)
The block of ground drilled above the Workman's Bench probable reserve has thickened from 0.9 feet (2007/2008 data) to 2 feet, and currently grades have risen from 0.408 ounces per ton (opt) of gold to 0.48 opt of gold, and from 28 percent antimony to 50.76 percent antimony. Though the grades will change with further assays, it is expected they will hold an overall significant increase over grades established from 2007/2008 data due to the nature and abundance of mineralization observed in the drill core.
The widths and grades on Pringle Bench are also expected to increase. Visual observation of measurements combined with the existence of massive stibnite (antimony sulfide) and native gold support these expectations. (See massive stibnite and coarse wire gold in photo at: http://www.silveradoweb.com/i/04sep09-01.jpg)
Additional discoveries were made at Pringle Bench where a highly mineralized zone of gold and antimony measuring four feet in width was encountered on the hanging wall side of this 500 foot-wide mineralized zone. Also, very large boulders were encountered near the Smith Creek area of Pringle Bench and placer (nugget) gold was panned from gravels around them indicating new placer gold resources at that location.
On Behalf of the Board Silverado Gold Mines Ltd, /s/ G. L. Anselmo ______________________ G. L. Anselmo President & CEO
About the Company
Silverado Gold Mines Ltd, a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (100%) interest in numerous mining claims located on the Nolan Creek property.
Forward-Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates.
Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the US SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.