VANCOUVER, British Columbia, April 27, 2009 (GLOBE NEWSWIRE) -- Silverado Gold Mines Ltd (OTCBB:SLGLF) (Frankfurt:SLGL) (www.silverado.com) (the "Company" or "Silverado") has been reviewing its budget and financing requirements for the commencement of further exploration and early stage production at its Nolan Creek property in Alaska.
Silverado management and on site operations have embarked on a review of the financing requirements for the Nolan property. With the extensive work and operations that Silverado already has in place in Alaska, this review is considered a management review of the already established budgets. The primary objective is to ensure that development costs are still current and that the budgets are up to date.
With the review and agreement of these budgets, Silverado will then continue the current process of arranging financing of those operational budgets, exploration and near term production to meet the requirements of the work program.
Silverado has also commenced discussions with various finance groups for its senior financing requirements for the Nolan Creek project and with the finalization and acceptance of the budget, it will commence primary presentations to those parties.
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. The Company's wholly owned subsidiary, Silverado Green Fuel Inc, is developing a new environmentally friendly low-rank coal water fuel technology. The fuel is designed to be produced from low-rank coal and processed into an environmentally friendly oil substitute. For more information about Silverado Gold Mines Ltd or Silverado Green Fuel Inc, please visit www.silverado.com and www.silveradogreenfuel.com, respectively.
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.